Hello

I'm wondering if you can help me.

I've got myself in a mess with payday loans. I've put a stop to the borrowing and tried to get some payments reduced etc.

One of the longest borrowing periods is from CASH ASAP and I'd had a loan from them every month for 18 months. I recently asked for current loan to be written off and some of interest to be refunded as a gesture of goodwill.

They have responded 6 weeks later saying they can't uphold my claim because of what I filled in on the expenditure form made it look like I had a lot of disposal able income - when I really didn't, otherwise, why would I be taking a loan every month for 18 months....

This is there response

-----------------------------------------------------------------------------

We have investigated your complaint and our findings are presented below.

We consider a variety of factors before approving one of our clients for a cashasap.co.uk loan and always carry out credit and affordability checks. We considered the information that you provided to us in the application form, the information that we store in our own database and your credit file information that we received back from Callcredit Information Group before we made our lending decision. You can get a copy of your credit file by contacting Callcredit Information Group directly:

You had a total of 15 loans from us including the loan that is currently overdue. You evidenced the accuracy of our assessment by settling 10 of your loans in advance of your scheduled repayment date, 2 loans on your scheduled repayment date and 2 loans 1 day after and 5 days after your scheduled repayment date which was after you contacted us in advance to notify us that you made a mistake with your pay date. You can always access your Summary of Borrowing in the My Account section of our website.

You are responsible for the information in your application form being accurate and not misleading. You told us that you earn £1,180 for your first two loans, and you confirmed a steady increase in your income over several months.

You summarised your expenditure at £400 for your first 4 applications. We asked you to give us a breakdown of your expenditure for your 5th loan onwards and you explained that you are living with your parents and spend your money on rent (approx. £200); clothing and food (approx. £35); Internet, landline and mobile phone bills (approx. £45); other loan or credit card payments (approx. £45); travel (approx. £30) and other regular monthly expenditure (approx. £150).

We did a credit check for each of your applications and your credit file showed that you did not have a single default in the last 3 years and made all your repayments in a timely manner. Given the amounts that you were looking to borrow, relative to your monthly income and expenditure and your credit history, we approved your applications.

It is also clear from your income and expenditure that you did not have to borrow again if you spent the loan proceeds on your living expenses. If you chose to spend your loan proceeds on discretionary expenditure and not your living expenses those were the choices that you made and it does not mean that the lending decisions which we made were unaffordable. The average cost of your cashasap.co.uk loan was £49.70 which we hope you would consider affordable and a fair and reasonable price to pay for the times when we helped you out with your cash flow needs.

We therefore cannot uphold your complaint.

Although we cannot uphold your complaint we want to help you settle your cashasap.co.uk loan in a way that you can afford and close this case in a way that is acceptable to you and recognises the fact that we appreciate you being our customer. Your cashasap.co.uk loan was due on 28th April 2017 and your account is currently overdue. Your current balance is £425.06 and we can write off all interest and charges on your loan and accept £172.63 as full and final settlement of your complaint.

To take advantage of the reduced balance settlement offer please make your payment by bank transfer using our bank account details below. We can also accept the repayment of this amount in manageable monthly repayments of £30 a month if that helps you to manage your current financial commitments.

----------------------------------------------------------------------

Where do I stand here? Thanks

Were you borrowing to repay other loans?

I must admit, I am at a loss to understand why you needed to borrow from them every month as well ?

I'd take it to the FOS and see what they say, worse case is they say their offer is fair so nothing ventured nothing gained. Personally I think you have a realistic chance of getting some money back, lending to you 18 months running on what is supposed to be short term loans isn't very responsible from them. No defaults on credit report could be meaningless, how many accounts have you opened during this period? you've opened 18 with cashasap alone, if you have been borrowing from somewhere else that will be on there too and it suddenly paints a lot worse picture than a single default.