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Payday loan complaints my journey starts now


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Well a little bit of background Info

 

in a period from 2010-2014 I got caught In the payday debt spiral like many others did I would often move from one lender to next In a desperate attempt to try and make my month salary meet my everyday commitments, I eventually got out of the trap but not without a big impact to my credit score and mental health (I found myself to scared to open letters and ans phone calls I even changed email address to avoid dealing with the problem) I realise this was a stupid thing to do but believe this may have been caused by a mild form of depression caused by the stress of the situation.

 

I would often feel intimidated by these companies and would agree to repay amounts I couldn't afford when trying to get then to agree to repayment plans, I even had a period when I went on holiday with my partner where I would have mild panic attacks when my phone would ring as I knew my mum was staying at our house looking after my young son and was worried one of these lenders had rang her or had sent a collection agency around.

 

I have since started on a DMP with step change and started to get back on my feet, I am annoyed with myself for not acting sooner but honestly didnt have the confidence to deal with the issue and at the time I was mentally a mess unfortunately this resulted in me getting 2 ccjs one that should have been statue barred and one (uncle buck) where a defualt hadn't even been issued but because of my mental state I just wasn't in a position to fight these, I have however kept up with the repayments and both will be satisfied in next few months.

 

I have recently learnt that a number of these loans will have been classed as irresponsible lending and to begin with I just passed it off as not worth the fight (again scared of potential outcome and maybe being forced to repay more effect my dmp ect) but on Sunday decided I was going to fight them due to the effects these loans have had on me as a person.

 

I originally sent this email on Sunday night to all the lenders

 

dear sir/madam

 

 

 

I am making a complaint to you about irresponsible lending. To help me explain the details, I would like a list of my loans, showing when they were taken out and how much was repaid and when. Please note that I am asking for a Statement of my Account with you, not making a Subject Access Request.

 

I would like you to provide a Statement of my Account. The FCA Rules provide that a firm’s procedures must ensure that a complaint may be made free of charge. I require complete details of the loans you gave me and the amounts that I repaid in order to be able to clearly explain my complaint.

 

In addition, the FCA’s Principles set out that (6) a firm must pay due regard to the interests of its customers and treat them fairly and (7) a firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. I consider that you are being obstructive, delaying and not treating me fairly by not supplying me with a Statement of Account.

 

If you do not supply me with this information, I shall be taking my complaint about payday loan affordability to the Financial Ombudsman and I shall also be writing to the FCA pointing out the difficulties you are putting in the way to prevent me being able to make an effective complaint.

 

thank you for your time.

 

the loans would have been taken out with following details

 

I have since received rather speedy replies from a number of lenders and have just sent my first ever complaint and feel quite liberated in doing so.

 

Thankyou for your speedy reply.

 

I have had 9 loans from you between 14/03/2014 and 29/06/204.

I have been borrowing more often and the amounts tended to go up. Your loans trapped me into a debt spiral, with the repayment taking so much of my wages that I had to borrow again to cover my next month’s living costs and borrow form Other lenders in a attempt to cover my monthly living expenses.

 

For this period my income averaged about £1200 a month.

 

we have 1 son who was 15 at the time ,We had child benefit and credits which averaged about £ 88 a month. which was used to help pay for school meals and trips during term time but I also had other expenses not covered by this such as cadets subs, karting subs pocket money and school uniform and glasses as my son needed prescription glasses.

 

My living expenses were roughly: rent/mortgage £550. Council tax £88. Utilities and bills £180 Transport costs £120.45. Clothes £50. Food, toiletries, £220. Child expenses £30 Other debt repayments £.200 (est intererst charges on other rolled other loans from other lenders during this period) Total £1438.45 per month. This shows that there was no way I could afford these loans. When I repaid them, I had to borrow again to get through the next month and pay important bills such as rent council tax ect

 

You should have realised from the number of times I borrowed again that my loans and my debt problems were getting worse and it was not responsible to continue to lend to me, and seeing as you had access to my online banking you should have been able to see the issues I was having as well as the other loans to other lenders I was paying, you should have also noticed I would often request a new loan within days of paying off the last one another indication I was struggling to pay back these loans.

My credit reports would have showed my other debt repayments and problems including late payments / defaults (3 mobile, capital one, aqua) as well as a number of other loans to payday lenders, also as you had acccess to my online banking you would have been able to see the number off loans coming and going from my account from other lenders (sometimes 2-3 in one month) often the repayments of these would take my entire monthly income and I was using your company In attempt to ensure I had money to make it through a month.

 

 

You should never have given me these unaffordable loans. I would like to ask you to refund the interest and extra charges I paid and these loans deleted from my credit file . The Financial Ombudsman suggests that statutory interest is added to this sort of refund.

 

I look forward to your reply, If i do not receive a acceptable resolution to this complaint within 8 weeks I will be taking my complaint to the financial ombudsman.

 

any further advice would be greatly appreciated, I know this wont be a short process and I am hoping that I can continue with the positive mental state and not sink back into the shell im gradually crawling out of.

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Well done for wising up - Welcome to CAG - Read the below :)

 

http://www.consumeractiongroup.co.uk/forum/attachment.php?attachmentid=65832&d=1480636213

 

Need extra help ? Let us know :)

 

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thanks for the reply. I have sent a further 4 complaints today. have received this reply from saftey net

 

Dear Mr xxxx

 

Thank you for your recent contact.

 

We are sorry to learn that you have been dissatisfied with a part of our service and will be conducting a thorough investigation into your complaint.

 

You should expect a final response within a time period of 4 weeks from today. In some cases this period can be extended to 8 weeks, for example if it takes a little longer than anticipated to gather all the required information. In such circumstances where an extension is necessary, you will be informed via e-mail.

 

If you remain unhappy with our final response, you have the option to refer the matter to the Financial Ombudsman Service, so long as you do this within six months of the date of our final response. Within the final response we will enclose a leaflet providing contact details and information about their service as well as how you can complain.

 

In the meantime if you have any further questions or queries please do not hesitate to contact us on 0800 180 8400, our lines are open from 8am – 7pm Monday to Friday and 9am – 5pm on Saturdays.

 

Im a little annoyed with myself as after some digging it appears that the uncle buck loan I have a ccj regarding has never had a default showing on my credit file and also shows all loans as satified on report it appears that during the period of burying my head in the sand I may well have accepted responsibility for a debt that wasn't even mine im awaiting a statement from uncle buck atm, if this is the case can i challenge it even after court ruling?

 

also once I get the initial offers or rejections is it worth adding the stress and issues with mental health and how it has changed my personality and caused anxiety ect in other replies ?

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received this back from pixie loans a less than 2 days from making complaint. should a take this further or am I wasting my time? they say the took out relevant checks which if they did would have clearly shown my other loans and defaults on file even though it was a small loan with the file I had I feel it was unafordable especially seeing as its taken me nearly 2 years to pay it back.

 

Final Response

 

Dear Mr xxxxxx

 

RE: Pixie Loan Application ID xxxxxx

 

Following an email Pixie Loans received from you on the 26th April 2017 in which you stated Pixie Loans has not completed appropriate affordability checks and trapped you in a debt cycle, therefore the loan provided was not affordable and you request a refund of the interest you have paid.

 

We have now investigated your complaint fully, and I am now able to provide you with an explanation and outcome of our decision.

 

After reviewing the loan you have had with us we can see that a suitable affordability assessment was completed using a third party called “Call Credit” and the information obtained from your income and expenditure form. The Call Credit check consisted of a credit check and current debt level check. We can you have only had one loan from us, we do not believe this would have trapped you in a debt cycle.

 

In conclusion as the affordability assessment completed was in proportion with the loan amount of £100 we believe the loan was affordable and we are unable to uphold your complaint or refund any interest you have paid.

 

If you are not satisfied with our response you can find details of how to contact the Financial Ombudsman Service below.

 

“You have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this letter.

 

If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances”.

 

The address for the Financial Ombudsman Service is:

 

Financial Ombudsman Service

 

Exchange Tower

 

London

 

E14 9SR

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Unfortunately we are flying a little blind here.

So list all of your loans, when taken and how much for etc

 

Group them together. Also go get your credit files...

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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Also go get your credit files...

yes, get the full info reports. which shld show searches etc

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Thread moved to the appropriate forum...please continue to post here to your thread.

 

 

Regards

 

Andy

We could do with some help from you.

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sorry been on holiday will group together all loans in morning and post, have escalated my complaint wit pixie to the FOS as decided there was nothing to loose.

 

right then loans as follows.

 

safety net 9 loans in total £1193.00 borrowed £230.96 interest paid

quid market 6 loans £1675 borrowed £2260 repaid

nova loans 2 loans £425 borrowed £593 repaid

payday express (wont give me a statement without paying)

quick quid 5 loans £1550 borrowed £2850 paid loan rolled over a number of times.

wonga not yet replied

sunny not yet replied

moneybox not yet replied

lending stream not yet replied

wageday advance not yet replied

 

credit report shows issues I had in that period but doesnt show searches from theses companies so is that proof they havent taken correct steps also some of these loans are not registered on my file

 

all above loans taken during the same period

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There should definitely be some indication that searches were done by these companies - if they didn't - then that would certainly be irresponsible of them.

 

 

Did they all use Call Credit ? I would have assumed them to use one of the others Exquifax or Experian.

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Have just received this interesting email from money box

24/7 maybe I'm reading it wrong but almost feels like it has a threatening tone to it. How would people advise I proceed with this one ideally I'd be happy Right off but would also like the loan and default with them removed from my file, they have the balance marked on credit file as over at over £430 and have still not given me statement I asked for and I still haven't made a actual complaint yet just request for statement Or should I just escalate to ombudsman and let them decide

 

[qoute]

Dear

 

Hope that you are well. Please find below a copy of our complaints procedure. If you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Service (FOS). Separately, you may also refer the complaint to our trade association (BCCA), this does not stop you taking your complaint to FOS.

 

Happy to provide information requested (though do be aware that all of this information was provided upon the advance of any loan as the loan agreement was sent to you via email - do check your junk or spam for this and also check any other email address' you may have provided us with.)

 

You have borrowed a total of £230.00 from us. You have repaid a total of £130.27.

 

This means that you have not even repaid the principal amount lent to you (ie minus any charges). If you ask a third party mediator to look into this, they are likely to ask you to repay what you have borrowed (the principal amount). In this case that would mean they would tell you to repay £99.73to us.

 

Where you hear comments about refunds, this often relates to payments of interest and charges over and above the principal amount we have advanced to your account. As you have not paid any, there is nothing to refund.

 

We are happy as a gesture of goodwill to resolve by accepting £99.73 as final settlement of your balance.

 

We are aware that there are many forums and templated letters available on the internet to exploit any previous credit commitments under the wholly subjective banner of affordability. To compare our actions with the reported behaviour of other lenders is inappropriate.

 

We are confident that the required assessments were carried out prior to the advance of all loans. We are able to substantiate fully the information on which lending decisions were based.

 

Our relationship was based on responsible lending in addition to responsible borrowing. We provided you with all the facts about our product and the charges and costs involved. We treated you as a rational individual able to make a credible decision as to whether to borrow or not. For our part of the relationship we acted on the information available to us at the time and the prevailing regulations and guidance at the time.

 

I am your personal account manager and would be happy to discuss any of the above with you via email.

 

Kind regards

 

Fiona

 

[\qoute]

Edited by rich23121977
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Have just received this interesting email from money box

24/7 maybe I'm reading it wrong but almost feels like it has a threatening tone to it. How would people advise I proceed with this one ideally I'd be happy Right off but would also like the loan and default with them removed from my file, they have the balance marked on credit file as over at over £430 and have still not given me statement I asked for and I still haven't made a actual complaint yet just request for statement Or should I just escalate to ombudsman and let them decide

 

[qoute]

Dear

 

Hope that you are well. Please find below a copy of our complaints procedure. If you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Service (FOS). Separately, you may also refer the complaint to our trade association (BCCA), this does not stop you taking your complaint to FOS.

 

Happy to provide information requested (though do be aware that all of this information was provided upon the advance of any loan as the loan agreement was sent to you via email - do check your junk or spam for this and also check any other email address' you may have provided us with.)

 

You have borrowed a total of £230.00 from us. You have repaid a total of £130.27.

 

This means that you have not even repaid the principal amount lent to you (ie minus any charges). If you ask a third party mediator to look into this, they are likely to ask you to repay what you have borrowed (the principal amount). In this case that would mean they would tell you to repay £99.73to us.

 

Where you hear comments about refunds, this often relates to payments of interest and charges over and above the principal amount we have advanced to your account. As you have not paid any, there is nothing to refund.

 

We are happy as a gesture of goodwill to resolve by accepting £99.73 as final settlement of your balance.

 

We are aware that there are many forums and templated letters available on the internet to exploit any previous credit commitments under the wholly subjective banner of affordability. To compare our actions with the reported behaviour of other lenders is inappropriate.

 

We are confident that the required assessments were carried out prior to the advance of all loans. We are able to substantiate fully the information on which lending decisions were based.

 

Our relationship was based on responsible lending in addition to responsible borrowing. We provided you with all the facts about our product and the charges and costs involved. We treated you as a rational individual able to make a credible decision as to whether to borrow or not. For our part of the relationship we acted on the information available to us at the time and the prevailing regulations and guidance at the time.

 

I am your personal account manager and would be happy to discuss any of the above with you via email.

 

Kind regards

 

Fiona

 

 

Thats new... And quite frankly a terrible response they have sent you. They should be doing all they can to help you. But at the same time they may have a point about the principal amount being paid.

But if you have enough ammo to say they shouldnt have let to you in the first place then I would say that you raise a formal complaint with them and drop an email to the MD of the firm too...

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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Have just received this interesting email from money box

24/7 maybe I'm reading it wrong but almost feels like it has a threatening tone to it. How would people advise I proceed with this one ideally I'd be happy Right off but would also like the loan and default with them removed from my file, they have the balance marked on credit file as over at over £430 and have still not given me statement I asked for and I still haven't made a actual complaint yet just request for statement Or should I just escalate to ombudsman and let them decide

 

[qoute]

Dear

 

Hope that you are well. Please find below a copy of our complaints procedure. If you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Service (FOS). Separately, you may also refer the complaint to our trade association (BCCA), this does not stop you taking your complaint to FOS.

 

Happy to provide information requested (though do be aware that all of this information was provided upon the advance of any loan as the loan agreement was sent to you via email - do check your junk or spam for this and also check any other email address' you may have provided us with.)

 

You have borrowed a total of £230.00 from us. You have repaid a total of £130.27.

 

This means that you have not even repaid the principal amount lent to you (ie minus any charges). If you ask a third party mediator to look into this, they are likely to ask you to repay what you have borrowed (the principal amount). In this case that would mean they would tell you to repay £99.73to us.

 

Where you hear comments about refunds, this often relates to payments of interest and charges over and above the principal amount we have advanced to your account. As you have not paid any, there is nothing to refund.

 

We are happy as a gesture of goodwill to resolve by accepting £99.73 as final settlement of your balance.

 

We are aware that there are many forums and templated letters available on the internet to exploit any previous credit commitments under the wholly subjective banner of affordability. To compare our actions with the reported behaviour of other lenders is inappropriate.

 

We are confident that the required assessments were carried out prior to the advance of all loans. We are able to substantiate fully the information on which lending decisions were based.

 

Our relationship was based on responsible lending in addition to responsible borrowing. We provided you with all the facts about our product and the charges and costs involved. We treated you as a rational individual able to make a credible decision as to whether to borrow or not. For our part of the relationship we acted on the information available to us at the time and the prevailing regulations and guidance at the time.

 

I am your personal account manager and would be happy to discuss any of the above with you via email.

 

Kind regards

 

Fiona

 

[\qoute]

 

 

 

So in summary, they can't be bothered to send you a final response as they believe they can prejudge any FOS decision? Not sure DISP rules suggest this is allowed but there you go!! Likewise they claim to have made checks but aren't willing to provide them?

 

Have a look through the Ombudsman Decisions website, it doesn't appear the firm are bothered that the majority of complaints send for a decision are upheld in the customers favour.

 

It seems an odd response in it's tone, there seems an undercurrent of threat to it? I'm not sure if it's deliberate or otherwise - in any event I think it's worth a FOS complaint.

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  • 2 weeks later...

little update received a reply from safety net and have accepted there offer as feel it was fair? and the removal of negative factors from credit file is more important to me than actual cash refund.

 

Dear Mr

We are writing in response to your complaint of the 25th April 2017. The basis of your complaint is

that we should not have lent to you as you clearly could not afford to repay.

Having reviewed the complaint fully it is our view that your complaint is valid. We would like to

propose that we refund all interest paid to date (£190.46) plus an additional 8% statutory interest

(£45.83). In accordance with guidelines set out by the Financial Ombudsman Service, this amount

will be credited to the principal outstanding balance you have with us (£100). These are funds you

have had the direct benefit of. The remaining interest outstanding will be written off, bringing your

account to £0.00. The difference of £136.29 will be refunded directly to you. Any adverse marker

relating to this account will be removed from your credit file.

 

24/7 moneybox still being obstructive with actualy issuing a statement

payday express are hiding behind complaint not being within timescale

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little update received a reply from safety net and have accepted there offer as feel it was fair? and the removal of negative factors from credit file is more important to me than actual cash refund.

 

 

 

24/7 moneybox still being obstructive with actualy issuing a statement

payday express are hiding behind complaint not being within timescale

 

 

 

oh you got the same as me sorry to overtake this post but 24/7 are **** been fighting them for months and i got a final response last week on a £100 loan charges and on my noodle as active security,

 

Hope that you are well. Please find below a copy of our complaints procedure.

 

I would like to take this opportunity to write to you to set out our final response to the complaint you raised with regards to your account. As part of this response we have taken into consideration a number of factors including a review of the notes on your account and all correspondence. The courses of events, as we see, are as follows and will provide context to our conclusions.

 

If you remain dissatisfied, you may refer your complaint to the Financial Ombudsman Service (FOS) but you must do so within six months of the date of this final response. Separately, you may also refer the complaint to our trade association (BCCA), this does not stop you taking your complaint to FOS.

 

As per my email below, I notice we never received a response to our offer.

 

We are still happy to accept £50.00 in final payment on your account in order to settle your complaint in full.

 

Kind regards,

 

Fiona

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