Hi all,

Below I have attempted to outline my dealings with Pounds to Pocket.

Agreement No:7166***

Interest Principal

14/06/13 £1150 borrowed

28/06/13 £173.79 repaid 061.75 112.04

31/07/13 £173.79 repaid 131.38 042.41

30/08/13 £173.79 repaid 114.55 059.24

14/09/13 LOAN REFINANCED

£155.00 disbursed to my account

£1145.18 new loan amount (no idea how this was calculated)

Confirmation email: "Please note that the status of loan #7166*** will be "paid off" as it's been rolled into your new loan #7734***"

Agreement No: 7734***

Interest Principal

14/09/13 £1145.18 borrowed

30/09/13 £172.89 repaid 070.27 102.62

09/10/13 LOAN REFINANCED

£065.00 disbursed to my account

£1145.84 new loan amount (no idea how this was calculated either)

Confirmation email: "Please note that the status of loan #7734*** will be “paid off” as it’s been rolled into your new loan #7857***"

Agreement No: 7857***

Interest Principal

09/10/13 £1145.84 borrowed

31/10/13 £181.29 repaid 101.65 079.64

29/11/13 £181.29 repaid 124.70 056.59

31/12/13 £181.29 repaid 122.15 059.14

31/01/14 £181.29 repaid 119.89 061.40

14/02/14 LOAN REFINANCED

£235.00 disbursed to my account

£1147.59 new loan amount (no idea how this was calculated either)

Confirmation email: "Please note that the status of loan #7857*** will be “paid off” as it’s been rolled into your new loan #8427***."

Agreement No: 8427***

Interest Principal

14/02/14 £1147.59 borrowed

28/02/14 £172.36 repaid 061.62 110.74

31/03/14 £172.36 repaid 123.28 049.08

30/04/14 £172.36 repaid 113.66 058.70

30/05/14 £172.36 repaid 106.90 065.46

30/06/14 £172.36 repaid 102.68 069.68

31/07/14 £172.36 repaid 094.40 077.96

29/08/14 £172.36 repaid 079.63 092.73

Repayment becomes erratic at this point - my stepson took his life.

P2P sympathetically charged me £24 in late fees, which I did not pay.

Interest Principal

31/10/14 £172.36 repaid 076.49 095.87

01/11/14 £172.36 repaid 062.70 109.66

29/11/14 £172.36 repaid 044.86 127.50

The final two payments were not made:

Interest Principal

31/12/14 £172.36 036.73 135.63

30/01/15 £172.36 017.78 154.58

I received a "notice of default sum" (i.e. a £12 late fee) on 01/01/15 and again (a further £12 late fee) on 31/01/15, plus a "notice of arrears" informing me that my "customer status has been changed to In Default".

An actual Default marker landed on my credit record on 02/02/15 (for loan 8427***).

This was accompanied by 2 emails, both with the subject "Notice of Acceleration", one for loan 8427*** stating "your entire loan amount of principal, accrued interest and fees of £404.72 is now due", and one for loan 7857*** stating "you are in default of the above referenced loan and have failed to take corrective action as detailed in the Notice of Default Sums sent to you at least 15 days ago" (which did not "reference" loan 7857*** at all), and "your entire loan amount of principal, accrued interest and fees of £181.29 is now due".

Both emails stated - for the first time - that "We may notify the credit reporting agency of your default on this loan", but, as the default was registered the same day, there wasn't much I could do about it...

My loan summary for the final loan only is as follows:

Total borrowed: £1147.59

Principle repaid: £0857.38

Interest repaid: £0866.22

TOTAL REPAID: £1723.60

Principle outstanding: £290.21

Interest outstanding: £054.51

TOTAL OUTSTANDING: £344.72

DEFAULT FEES APPLIED: £060.00

DEFAULT AMOUNT £404.72

It has taken me months to piece this together, partly because P2P advised me that I had been defaulted on the 3rd loan (even though I hadn't - that's when I gave up paying - what's the point if I've been defaulted anyway?) due to an amount outstanding (even though there isn't, because it was refinanced into the 4th loan).

The information presented online is very confusing.

In my account overview it says:

7857*** IS IN DEFAULT, DUE ON 30/09/14 (it was rolled over/paid off 14/02/14)

8427*** IS IN DEFAULT, DUE ON 30/01/15

I OWE £576.01

(which could be the £181.29 from loan 7857***, plus £344.72 from loan 8427***, plus Default sums of £60.00, total £586.01..eh??)

In my loan history it says:

7857***

£122.15 OWED FROM 31/12/13 (a full payment of £181.29 was made on 31/12/13 and the loan was refinanced on 14/02/14 - I assumed and was told that all payments due on the loan had been paid off due to being rolled into the new loan)

NO LATE/DEFAULT DISHONOUR FEES

AMOUNT DUE £0.00

8427***

£36.73 INTEREST/£0 PRINCIPAL OWED FROM 31/12/14

£17.78 INTEREST/£0 PRINCIPAL OWED FROM 30/01/15

£60.00 LATE/DEFAULT FEES

AMOUNT DUE £0.00

In summary, according to my online account, I owe £576.01.

This consists of £122.15 + £36.73 + £17.78 + £60.00 = £236.66. However the amount due is £0.00, against a default amount of £405 (!!!)

I'd like to reclaim the interest charged, default fees + interest, and have the data wiped. I'm particularly annoyed with P2P as if they hadn't told me I'd defaulted when I hadn't, I would have paid them off, and then NOT DEFAULTED! More than anything I am disgusted with their attitude. I did contact them to explain I was having difficulty paying due to a child suicide (which isn't an easy call to make from an open-plan office) - their reply was "right, so can you make a payment today?".

I sent a SAR on 12/04/16. However, if the above is any example of the quality of information I can expect from them, should I bother waiting, or just press on with a claim based on my own evidence?

Thanks in advance!

P.S. Sorry about the tabs completely and utterly not working - I did try!

First and foremost, very sorry for your loss, i cannot begin to imagine.....

Onto the loans, have you written to request the interest back and remival of data due to irresponsibke lending practices?

If so have you had a final response?

Thanks Martin.

Other than submit a SAR, so far all I've done is email them regarding their customer redress scheme to which their reply was "We have received your e-mail and your account was not affected by the redress.", which sounds fairly final. Presumably something to do with the magic 1st April 2014 date, the logic of which completely escapes me.

That is not a final response. Final response has to be a letter saying, this is our final response and enclosing details of the FOS.

I think you need to follow up with a letter by recorded delivery stating your case and what you expect. Advise them that if they are unable to come to an agreement with you, that they should issue their final response and you will then take matters further.

Too early at this stage to go to FOS or even think about any court claim.

Thanks unclebulgaria67.

Quick question, for which I apologise in advance, but I've read through so much information my head is spinning. So for clarity, am I correct in thinking that a standard PDL reclaim strategy would be to ask for:

1)repayment of all interest paid + 8% interest from the original payment date

2)repayment of all charges paid + 8% interest from the original payment date

3)all outstanding balances (principal, interest, charges) to be written off

4)removal of all data from CR

(I know it might sound a bit hard of thinking but I think the prospect of £-signs might tempt some people (me included if I'm honest) to believe they can claim for all interest charged, whether they paid any of it or not.)

And finally, which is the correct spreadsheet to use? My brain hurts.

Can anyone answer my previous post?

Meanwhile, the SAR deadline passed, but a failed SAR letter produced an immediate response from their Compliance Manager, who even managed to find the £10 postal order (once I'd emailed her copies of the original request, and proofs of posting and delivery). The information has been promised to me by the end of next Tuesday.

http://www.consumeractiongroup.co.uk/forum/showthread.php?455382-Were-you-caught-in-a-Pay-Day-Loan-Trap-You-may-be-able-to-make-a-claim

The above is a good guide to what you can and cant do and what you should and shouldnt do.

You shouls also make a separate complaint about the failed SAR and demand some compensation

SAR information received today by email. In 24 separate pdf files.

My payment difficulty phonecall to them is there in black & white - "finances awry due to the loss and cost of funeral expenses for his son...aware collection activity will continue". My blood boils reading that.

Elsewhere, the loan summaries contain something of potential interest.

"requested time: 13/06/2013 16:39:06

loan creation time: 13/06/2013 16:40:37

loan approval time: 13/06/2013 16:42:12"

and again...

"requested time: 14/09/2013 12:01:52

loan creation time: 14/09/2013 12:02:44

loan approval time: 14/09/2013 12:02:46"

So their credit checking and affordability assessment process can take anywhere from 56 seconds to as much as 3minutes 6 seconds. There's diligence for you...

Just to create even more confusion and mess, Pounds to Pocket have registered another default on my credit report. This is for the first of my loan agreements with them (see agreement No. 7166*** above) which was refinanced in September 2013 and thus fully paid off. The default states that the default balance is £576, and also £405, and that the default date is 02/02/15 (same as the other one) but the marker only appeared on 01/05/16.

Needless to say, I don't know what the hell is going on here, or where to start. I consider this harassment.

If you are happy that you should not have had these loans and feel improper checks were done then its time to put that complaint in including removal of all cra data.

Look for like threads to get you started

Hello, it's been a while, but I'm back on the case.

I sent my Prelim to Poundstopocket on 29th September. They replied this morning "We take complaints seriously and confirm that we will be conducting a thorough investigation into your concerns" blah blah.

They go on:

"To help us reach a fair complaint outcome in a timely manner (and where appropriate provide an offer of redress), please provide us with the following information as soon as possible:

• Bank statements (at the point/s you took out your loan/s with us)

• Payslips (at the point/s you took out your loan/s with us)

• Any additional information relating to your financial circumstances (at the point you took out your loan/s with us)"

Initial thoughts are that whilst I am not obliged to provide this information (and why didn't they ask for it at the time?...) it does paint a rather dire picture of my circumstances (my bank statement from the month I first took a loan with Poundstopocket alone shows 4 other PDL lenders and £2000 more going out than coming in) and perhaps gives them less room for manoeuvre?

Quite..they are asking you disclose information to build their response and reject your claim.

Andy

Alternatively tho, providing the info asked for could show that you were in no financial postion to be able to afford the loan and as such should never have been approved for it, this would then show irresponsible lending on the part of P2P.

Alternatively tho, providing the info asked for could show that you were in no financial postion to be able to afford the loan and as such should never have been approved for it, this would then show irresponsible lending on the part of P2P.

I'm inclined to agree.

I'm inclined to agree.

Its up to you on this one - Sorry i missed your update.

Andyorch and Martin2006 are both correct - Some PDLs are much better when dealing with complaints but Casheuronet and Quickquid companies etc seem to be a pain in the backside.

if they reject then go to the FOS

Choice is truly yours.

Final Response from P2P:

"We are in receipt of your complaint dated 29/09/2017 where you allege that QuickQuid irresponsibly lent to you. As a responsible lender, we have reviewed your lending as it relates to QuickQuid and Pounds to Pocket as these brands are both owned by CashEuroNet. Both brands will collectively be called CashEuroNet moving forward in this correspondence. In our assessment we look at:

• Affordability

• Creditworthiness

• Dependency

• Hardship

I’ve investigated your complaint and would like to bring your attention to the following points:

AFFORDABILITY & CREDIT WORTHINESS

I have reviewed your file and can confirm that, in line with our internal process, at the time of each application, we conducted our standard credit assessment, which included pulling your credit report. As part of our assessment, we analyse your current financial commitments, insolvency records, delinquency records, County Court judgements, credit enquiries and other credit accounts currently open.

Lenders are required to make an assessment that is proportionate to the type and amount of the loan as well as the associated costs and risk to the borrower. It would not be proportionate for a lender which provides small loans, which are unsecured and which do not require a guarantor, to conduct the same assessment as a bank which provides high loan amounts which are secured by your home or vehicle. Your loans were unsecured. We did not provide a guarantor loan where you would have needed to have had someone else share the responsibility of repayment.

The investigation of your complaint also considered all relevant information contained in your application. It was noted your monthly income was stated as £2325 per month. I compared your income to your total monthly repayment for each loan you took with us. From this I can see that the income you made during each payday loan with us was always more than enough to cover the amount you had to repay us for each loan and thus I cannot agree with you that your loans were unaffordable.

DEPENDENCY

You are claiming that you were dependent on loans. Yet if you were dependent on taking out one loan to repay the other then you would have taken out numerous loans, for equal or increasing loan amounts, and with very little time between paying off one loan and taking out the other. When I reviewed your loan history I see that you held a total of 1 loans which given the low number does not exhibit financial dependency.

You are claiming that you were dependent on loans. Yet if you were dependent on taking out one loan to repay the other then you would have taken out numerous loans, for equal or increasing loan amounts, and with very little time between paying off one loan and taking out the other. When I reviewed your loan history I see that you never had more than four consecutive loans with less than 15 days between loans.

HARDSHIP

Finally, our records indicate that at no point did you notify us of any financial detriment or financial hardship. Had you alerted us to your difficult financial situation, we would have put you in “hardship” status, as is our process. We then would have frozen additional fees and interest while we worked with you to find an affordable repayment option.

CONCLUSION: COMPLAINT NOT UPHELD

Therefore it is for the above reasons we cannot agree that CashEuroNet irresponsibly lent to you.

As this is our Final Response regarding your concerns to the above referenced account, if you are not happy with this outcome I need to ensure that you are aware of the ultimate availability of the Financial Ombudsman Service. 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. I have provided you with a link to the leaflet for your information to assist you if you decide to pursue this further course of action. They can be contacted at:

The Financial Ombudsman Service,

Exchange Tower,

London,

E14 9SR."

My response to that:

"Thankyou for your reply.

1)Affordability & Credit Worthiness.

If you had indeed examined my credit report, you would doubtless have been aware of a CCJ for £9845, and defaults for £59, £226, £471, £1532, £3018, £3648, and £13030. On the whole, credit worthy borrowers do not approach high cost short term lenders. If you had reviewed my bank statements you would have been aware of numerous loans with various lenders, borrowing from one to repay the other in an escalating spiral, month after month after month. You would also have been aware that this was completely unsustainable as the loans were unaffordable. The unaffordability of each loan from each lender, including you, led in turn to other loans. Even if you were not aware at the time, I have since made you aware and supplied bank statements from the period in question. It's all there in black and white, and you calling it affordable despite overwhelming evidence to the contrary does not magically make it become affordable.

2)Dependency.

"if you were dependent on taking out one loan to repay the other then you would have taken out numerous loans". I did. See above and please refer to my bank statements. You will find ample evidence of numerous loans from multiple lenders.

"you held a total of 1 loans". My initial loan was refinanced 3 times to squeeze out £155, £65 and £235 as I was so desperate for money. It is therefore quite disingenuous - or dishonest if you prefer - to state that I only had one loan. Please explain why I had 4 agreement numbers for 1 loan.

3)Hardship.

See above and please refer to my bank statements. You will find ample evidence of hardship.

"our records indicate that at no point did you notify us of any financial detriment or financial hardship."

Your records state that I contacted you on 25/09/2014. The account notes state "did not want to schedule payment at this time...finances awry due to the loss and cost of funeral expenses for his son"

"Had you alerted us to your difficult financial situation, we would have put you in “hardship” status, as is our process. We then would have frozen additional fees and interest while we worked with you to find an affordable repayment option."

The account notes state "collection activity will continue". Again, it is all there in black and white.

Suffice to say I cannot agree with your response in any part whatsoever and am "not happy with this outcome". I shall therefore refer the matter to the Financial Ombudsman and consider court action for compensation and damages."

B45t4rd5

I'm wondering whether I should take this to the FOS or go straight to a claim. Does anyone have any experience of claiming against P2P?

I'm applying for a mortgage at the moment, and the difference between the 2 year deal I can get and what I could get with this off my credit report is something like £400pcm. It really annoys me that I may end up stuck with a mortgage that ends up costing me another £9600 just because companies like P2P insist on doing this long drawn out dance before doing what they should have done in the first place...

don't think we've seen a court claim on IRL yet/

FOS imho.

dx

FOS is free - Court not so much although you can reclaim costs depending on the track.

I stick with FOS They are siding more and more with debtors

email received today demanding full repayment by the 7th of this month.

FOS complaint submitted.

Keep us posted. Was that P2P who sent the email demanding full repayment??

Just had an email informing me that my Pounds to Picket account - currently the subject of an FOS complaint and thus under dispute - is now owned by MMF, along with my Sunny account (recently refunded and removed from my credit report).

Muppets.

bounce the emails

and block them

as long as they know your correct address

FOS decision is in - P2P to refund all interest and charges, plus simple interest, plus £150 compensation for being horrible

Well done john...let us know when you get payment and we can amend your thread title.

Andy