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bigbenn123

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  1. Does anyone know if lol companies are subject to the same rules as pdl companies? I had 3 loans (now cleared in full) but no affordability checks were completed at all. None of the loans were affordable and the 2nd and 3rd were issued even though I had failed to keep up repayments on the previous ones. Is it worth putting in a complaint to the fos for interest refund as many have with pdl companies?
  2. Over the last 10 years I have made so monumentally bad financial decisions. I got caught in the payday loan trap for a year or 2 and out of desperation walked straight into the logbook loan trap as a get out of the payday loan cycle. Once out of the frying pan and into the fire I struggled to make payments as they were way higher than I could afford. I ended up rolling the loan twice at the end of the term, both times having arrears from the previous loans. The loans were issued with no affordability checks at all being done, even though I had difficulty paying previous loans. The loan is now paid in full (thank god). I have recently claimed refunds from the pdl companies through the fos and have received refunds from most with the last 2 cases still with the ombudsmen. My question is are logbook loan companies subject to the same requirements as pdl companies and has anyone had any joy claiming a refund for an unaffordable logbook loan either with or without the assistance of the fos? Thanks
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