I'm in a big payday loan mess, from gambling and reckless lending. After reading these forums I decided to complain to most the lenders I've taken loans from in the last five years. This totalled to around 14 and I currently owe around 20k to PDLs, a guarantor lender, a loan from Avant and a couple of credit cards.

I've had some success with some already wiping £2k from my list and I have a number of complaints currently with the FOS. Some have come back and disagreed, due to incorrect affordability information from my side. My question is, if they are correct can I continue or should I continue regardless?

Here's a recent reply from Cashfloat.

A thorough review of your account has determined that we followed all our processes and conducted a creditworthiness and affordability assessment on each loan application made by you. According to our calculations, based on real-time data received from leading credit reference agencies, your net monthly household income of £3,500 left you with sufficient funds to comfortably cover the agreed repayments on each of your Cashfloat loans, without jeopardising your existing credit commitments and priority living expenses at the time. I note that you did in fact repay all of your previous loans with the Company on time, or! early, and did not default on any agreed repayments.

Furthermore, our records indicate that our underwriters spoke with you on two separate occasions, on 03/05/2016 and 22/08/2016, in order to verify the exact level of monthly payments to which you were committed at the time. Your loans were approved only after they had reviewed your income and expenditure with you, and been assured that you had sufficient disposable income to cover your existing commitments, as well as the repayments on your Cashfloat loans.

Any advice would be much appreciated.

HI there... Consider checking out the CAG PDL reclaim guide.

It's in my signature below...

Please tell me more about all loans you've had.

Thanks for the reply and thank you for the guide I have already been using it to form most of my claims, I cant thank you enough there.

My loan history:

Current:

Satsuma £2200

Vivus £900

CashFloat/Western Circle £800

The Money Shop £400

Moneybox247 £250

CashAsap £500

Credit cards: Totaling 3.5k

Defaulted on almost all of these and they're all maxed cap.

Overall history (Since 2012) and complaints:

Wonga, 25+ loans - success £950 received

Sunny, 15+ loans - success £960 received

Mr lender, 5 loans - success - £450 received

Lending Stream, 3 loans - success - £550 received

Payday UK. 15+ loans - rejected, now with FOS (£1500 interest total)

Quickquid, 5 loans - rejected with FOS (£400 interest + fees total)

Cashfloat, 3 loans - rejected (£800 interest + fees total)

MyJar - 3 loans - rejected with FOS (£1370 interest + fees total)

Vivus, 3 loans - rejected with FOS (£766 interest + fees total)

Satsuma, 3 loans, rejected (£1200 interest + fees total)

SafeLoans, 2 loans, rejected with FOS (£300 interest + fees total)

CFO, 2 loans rejected with FOS (£200 interest + fees total)

Avant have agreed to lower the repayment to £1.4k if i do within the next 30 days.

Most of the rejects are a similar response to Cashfloat, "You've managed to pay your loans off ok until now, and it's your affordability assessments that were entered incorrectly at the time"

The FOS has just come back to me on the Vivus complaint and there asking about my affordability at the time.

Please tell us more about the history of your loans etc...

Please can you put in a spreadsheet dates etc amounts defaults etc

I'm thinking about how we can help.

Out of interest how long was the cycle of complaining and the payday lenders reimbursing you? I submitted my complaint letters today for all of my payday loans and some of them were Wonga, Payday UK, Cashfloat and Lending Stream. Just wondering how long it took you to get anywhere with them?

Sorry I've been really busy and forgot to come back to this post.

@rascal

Once with the FOS it takes them a few weeks to assign an adjudicator. This varies, some have take 1-2, others are 4 weeks in and still nobody has been assigned to some cases.

I'm currently negotiating with QuickQuid, Vivus and MyJar at the moment. The Adjudicator will give them around two weeks after their decision to confirm. What you will often find is the PDL will disagree with their decision and it almost resets the process. The adjudicator may change their mind or a lower offer from the PDL will be given and this leads to another two weeks for a new decision.

So far the adjudicators have been weighted heavily in my favour, but the lenders keep disagreeing and deploying what seems to be deliberate stalling of the process.

Most of my cases are 8 weeks in from FOS submission and i feel it could be another few weeks before the first conclusion is made.

Thank you that's good to know. Appreciate your reply. ta.