I have a few threads going at the moment as due to health issues and finance issues, myself and my husband have got ourselves into a mess with loans and PDLs and I have been advised to write a thread for each loan.

Without going into the whole story of our sorry finances, I took out a loan in 2016 with a company called Bamboo.

I havent had a good credit rating for years due to financial problems and this was probably the start of the rel downward spiral as work was drying up and I thought that by getting a loan and paying off some things it would help.

I got knocked back by most but Bamboo agreed a loan without a guarantor eventually and I paid this for about 8 months when things got really bad again and I approached them and they agreed to top up the loan by about £700 which I did to give us a bit of breathing space.

I had already started the PDL trap by this time and they told me on the phone when they agreed the top up, not to take out any more PDL which I agreed to because I thought everything would be ok but in reality I was in denial!

They cleared off the first loan and took out a new loan with the increased amount.

I have made 3 payments and did not make Decembers because I couldnt afford it. I wrote an email to Bamboo explaining my current circumstances and they emailed back saying I should phone them, so I did. I explained everything again to the advisor and they commented that I could not have a deferrment where the missed payment was added to the end of the loan because I had not had the loan for 6 months. I explained to her about the top up and that I had actually been with Bamboo over a year but they said they would have to refer it which could take upto 48hrs and they would come back to me.

About 10 days went past and I heard nothing but I was getting txtx/emails from the collections department chasing payment and telling me that I had received extra charges etc.

I then emailed then again asking why nobody had called me back and the reply they sent said that they had been trying to phone me but couldnt reach me and had left voicemails.

I had no missed calls or voicemails from them to I emailed back again saying that I had no record om phoning and I provided my e number in case they had it down wrong.

A couple of days went passed and I got another email basically saying the same that they had tried to call me but couldnt reach me and they would try again later but could I call them so I did.

I questioned these calls with the person I spoke too advising that I had no missed calls or messages from them and I could prove it and the person got a bit arsey and started rattling off all these dates and times that they had supposedly tried to contact me and wouldnt have it that I really did not have any calls from them and why would I lie? I was trying to sort the problem out in a responsible way!

Anyhow they then went on to say that the request for a deferred payment had been rejected and I needed to arrange to make up the missed payment.

They then went on to say that they needed to go through my I & E and could I do it then and there and I said no. I asked them to email me an I & E Form and l wolud get back to them. They also said I should consider contacting Stepchange.

They emailed me yesterday asking me to contact then regarding my I&E.

I have missed another payment on 2nd and they have now added another charge and sent me an email advising me that I will receive a default sums notice in the post.

I cant afford to pay this loan in full, they have been very unhelpful in the scheme of things and I need to know what to do now.

The problem I have is I am not working at the moment and my husband is SE and on a low wage that varies considerably month to month depending on how much work he is given.

I did go to Stepchange but because my husband is SE, you have to do it through a different site and its very difficult to enter into payment arragements when you really dont know if what you earn in a month is going to cover your essentials let alone debts.

should I send Bamboo an offer letter of say £5 pm if the stop interest or should I get someone to look into it as the APR is high? I need to do something now.

Many thanks

LTB

no you send bamboo an IRL claim .

dx

Dx, do you think that they lent irresponsibly? How can I prove that is the case? I will compile a letter later.

Many thanks

LTB

credit file was shot

loads of pdl's already running and in default or late

they knew your financial situation yet loaned you more money so you could afford to repay them.

If that isnt irresposnsible it certainly isnt good business.

It could fall foul of the practice of "churning" and that alone will get them into bother with the FCA

Thank you dx and ericsbrother. By the way, what does the term "Churning" mean?

LTB

you have google too..

https://www.investopedia.com/terms/c/churning.asp

Dx, I am just trying to put together a IR letter to Bamboo and I am using the template letter in PDL claim guide as a starting point, but I was unsure as to whether the info about the FCA taking over regulation of HCSTC is relevant to my case as although the interest rate is h, it is not a payday loan. Its term is 3yrs?

doesn't have to be a PDL nor high int rate loan to complain.

I attach the start of a letter to Bamboo for IR and I would really appreciate comments/feedback as to anything I should change/add and also how to end the letter as I dont really know what I am expecting them to do. Thanking you all in advance. I would like to get this in the post asap as they are obviously pressurizing me.

"Address**

**Post Code**

**Date**

Dear Bamboo,

Formal Complaint Regarding Irresponsible Lending

Loan Ref; xxxxxxxx

I am writing this letter following on from the emails I have written and the telephone conversations I have had with your Company explaining the financial difficulties I am experiencing and my inability to maintain my payments.

I would also like to add that even though I contacted you as soon as I was aware I had a problem, I don’t feel that you have been particularly helpful.

I have taken advice with regards to the situation and I wish to log a formal complaint in relation to irresponsible lending.

To begin with, you should formally be aware, the FCA took over regulation of the credit market from April 2014 where rules were put in place to stop irresponsible lending and they included;-

· Affordability checks for every credit agreement to ensure that only consumers that can afford a loan can get a loan.

· Limiting loan rollovers to two.

· Limiting the number of attempts by a lender to use CPAs to pay off a loan, to two.

· Information on where to get free debt advice will be given to every borrower that rolls over a loan.

· Treat Customers in Arrears more fairly.

· Do not relend to customers who appears to have taken numerous loans in a short period.

· Report information correctly to the CRAs & limit daily interest to below 0.8% per £100 borrow.

· Default charges limited to £15 or less / Can only be applied once per loan.

The FCA also stated that lenders should implement their own policy and change how they lend to customers.

Well I believe that you HAVE failed because, when you agreed to top up an existing loan I had with you, you either didn’t do the appropriate check or you disregarded them. Should you have used the appropriate Due Diligence, you would have seen that I was under a tremendous amount of financial pressure with other debts that with any change of circumstances would make this loan unaffordable.

Should you have done you did not carryout the appropriate affordability checks at the time of the loan, you would have declined the top up as you would have seen a large proportion of my income servicing other debts including payday loans for which your representative on the phone at the time commented that I should try and refrain from taking out any more payday loans. The fact that you knew I had payday loans in itself should have rang alarm bells.

Whilst checking my credit files you would have been aware of the very low score I have due to defaults and late payments on the other outstanding financial agreements I have, along with many “footprint” searches recorded at the time and the months leading up to the loan.

I was using these loans to pay off other loans to **Companies** and this ended up creating a spiral of debt.

I am bringing this to your attention because I believe that you as a lender did not treat me with Due Respect or use Due Diligence and have allowed me to get into this position.

I also would expect a company to check bank statements as part of their underwriting criteria."

blue bits need to go

and you need to be more assertive

Thank you dx.

I have amended and copied below.

I would appreciate if you could let me know if you think this is ok to send

as yesterday I received more texts from them saying they were adding more default charges for late payment.

I want to get something off asap.

Formal Complaint Regarding Irresponsible Lending

Loan Ref; xxxxxxxx

.

Following on from my recent contact with your company, I have taken advice with regards to the situation and I wish to log a formal complaint in relation to irresponsible lending.

To begin with, you should formally be aware, the FCA took over regulation of the credit market from April 2014 where rules were put in place to stop irresponsible lending and they included;-

· Affordability checks for every credit agreement to ensure that only consumers that can afford a loan can get a loan.

· Limiting loan rollovers to two.

· Limiting the number of attempts by a lender to use CPAs to pay off a loan, to two.

· Information on where to get free debt advice will be given to every borrower that rolls over a loan.

· Treat Customers in Arrears more fairly.

· Do not relend to customers who appears to have taken numerous loans in a short period.

· Report information correctly to the CRAs & limit daily interest to below 0.8% per £100 borrow.

· Default charges limited to £15 or less / Can only be applied once per loan.

The FCA also stated that lenders should implement their own policy and change how they lend to customers.

You HAVE failed! You agreed to top up an existing loan I had with you, you either didn’t do the appropriate check or you disregarded them. Should you have used the appropriate Due Diligence, you would have seen that I was under a tremendous amount of financial pressure with other debts that with any change of circumstances would make this loan unaffordable.

With the appropriate affordability checks at the time of the loan, you would have declined the loan, as many companies did before you, and you would have seen a large proportion of my income servicing other debts including payday loans for which. I may add, your representative on the phone at the time commented that I should try and refrain from taking out any more payday loans. The fact that you knew I had payday loans in itself should have rang alarm bells.

Whilst checking my credit files you would have been aware of the very low score I have due to defaults and late payments on the other outstanding financial agreements I have, along with many “footprint” searches recorded at the time and the months leading up to the loan.

I was using these loans to pay off other loans to **Companies** and this ended up creating a spiral of debt.

I am bringing this to your attention because I believe that you as a lender did not treat me with Due Respect or use Due Diligence and have allowed me to get into this position.

I also would expect a company to check bank statements as part of their underwriting criteria.

Regards

LTD

Anyone?

looks ok see what FKO thinks