Hi All,

Can someone let me know what my chances of getting a refund from these PDL is? All the loans were repaid, except my last ever one with Payday Express which remains unpaid as a default on my credit file.

I have read elsewhere that proving affordability is key, but in the case of PDUK/Express despite them being smaller/less loans - can I expect them to atleast write-off/remove the default on the basis, my credit file was trashed, my income was circa £1000k p/m at the time and I had numerous other loans out with both their sister company and other PDL?

I have issued the template letter to all four companies, but none have yet to respond.

QuickQuid:

Payday Express/PDUK:

Still waiting on Express to send a statement, but PDUK and Payday Express amounts to 7 loans from sister/same companies also during the same time period I was borrowing from QQ. Circa £800 interest from 2012.

Wonga:

Statement received, corroborates my own bank statements - sent the template letter but no response as of yet.

Anyone heard of NEXUS? Express have stated my historic loans are now with them, but I can't find any information about them anyway.

So did you read the guide in full?

I ask because you should already know the answer

Nuff Said

So, What Should I Be Looking For?

 

There are no set circumstances in reclaiming for what we call Irresponsible Lending. But there are

some noticeable signs that a reclaim may be successful if you have suffered from the list below;

- Lots of loans over a period. Either Same or Different Companies

- Loans with increasing values over a period from either the same or different companies.

- Poor affordability checks / no checks completed at all or Missing bank statements

- No Credit Check completed.

 

- Checks completed but affordable income was quite low - IE 15% after all repayments

- Lending more after 1 account defaulted with the same lender

- Not checking other companies under the same umbrella that there were running / outstanding loans

 

- Lots of charges IE £5 for failed payment attempt - £35 for failed DD - £15 for letter sent etc

- Repayments were unaffordable on the amount lent which the chances of default were high

- Signs of gambling / addiction if checking bank statement if they were requested

 

Thanks for the heads up on that guide.

Just one other query I have, during the same period around 2010-11 I stupidly managed to get a Cap 1 credit card - reading that guide makes it seem like I could argue a case for irresponsible lending for the credit card? Would it be worthwhile trying to pursue that also? At that time I would have had over 3000k in overdraft, a Vanquis Credit Card and 4-5 payday loans on the go.

Woah... So you sent a template and you have only just seen the guide? What template did you send?

I used the one I found via debt camel

Oh I see �� Unfortunately we cannot comment on other forums I'm afraid however I would say that in you case... It depends upon the APR and credit limit... PDLs are easier to claim on than CCs

Can you please post up what you sent minus personal info?

I sent this:

To whom it may concern:

 

I have had 24 Loans from you between 2009 and 2013.

 

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 expenses.

For this period my income averaged about £1000 a month.

My living expenses were roughly: rent/mortgage £300, Utilities and bills £200. Transport costs £100. Clothes £50, Food £200, toiletries, Total £850 per month. Moreover, you would have seen that the money was being put forward to gambling firms if my bank statements had been checked. 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.

 

You should have realised from the number of times I rolled loans or borrowed again that my debt problems were getting worse. It was not responsible to continue to lend to me.

The statements you have provided detail approximately 24 loans including numerous roll overs, some equating to three month roll overs.

My credit reports would have shown my other debt repayments and problems including late payments.

You should never have given me these unaffordable loans.

I would like to ask you to refund the interest and extra charges I paid. The Financial Ombudsman suggests that statutory interest is added to this sort of refund.

I only found out I could make this sort of irresponsible lending complaint in February 2018, I understand the Financial Ombudsman will consider all my loans, including those that are more than 6 years old.

Kind Regards,

Credit Limit was £1000 and APR was from memory about 35-40%

Oh I see �� Unfortunately I cannot comment on Debt Camel I'm afraid however I would say that in you case... It depends upon the APR and credit limit... PDLs are easier to claim on than CCs

Credit Limit was £1000 and APR was from memory about 35-40%

Well lets see... - Did they offer £1000 from the get go?

Yeah, and at that time I already had a £3k overdraft, numerous PD loans, a Vanquis Card maxed out (£250), defaulted GE Capital/Currys Finance.

Yes well you need to balance this out...

At what stage was the CC offered? The APR would represent the fact that you had a default or had a poor credit history so its not just a case of reclaiming against a CC...

Its mostly large increases in Credit Limits that its viewed as being irresponsible...

If i could be honest about your first post, I dont think that you will get the refund of what you want as per the spreadsheets you posted up...

Not putting you down i promise however, there has to be some give - IE 2 loans close together isnt really Irresponsible lending if small amounts however, you have a very good case with QQ and Wonga but im afraid that if youd like my help you need to give me more info.

We need to know loan amounts... etc to give you the best advice

Ignore your total refund column... This is not what you will get and reclaiming doesnt work like that

As soon as I get the SAR back from Capital 1 I will provide more detail, I don't recall any credit limit increases to be honest - I believe it was a straight £1000 with high APR from the offset.

With re. to your comments on the smaller loans i.e. Payday UK, Express and Money Shop.

PDUK amounts to 1 loan rolled over 2 times paid on third, Payday Express I will confirm in detail but also from 2009-2012 looking at my statements it totals 7 loans and finally The Money Shop in 2009 16 loans total £2750.

are you stating I am calculating the interest incorrectly, or just to not expect that amount if any back?

I used this formula - 8% simple interest = payment being refunded x number of days x 8 / 36500.

There is no set way to calculate a refund because what is reasonable for a compensation claim is different to each person and how it is viewed by the FOS etc...

Yes they may offer 8 pc on top similar to PPI but this isn't PPI...

Let's say you had 15 loans in a short space of time, but you complain... It gets rejected... You go to FOS

They rule in your favour saying 11 were lent irresponsibly...

They would consider the below:

Refund of interest equal to 11 loans with possible 8 percent *OR* Goodwill Gesture

Removal of information from credit file for All loans

Removal of any searched

Write off outstanding debt

Did you get all that from the forum your referred to... There is no black and white scenario... Each is different...

Ive just had another thought... You have loans going back further then 6 years... This may prove troublesome as its on a case by case basis for IRR Lending...

But if i may ask, before your next steps after the responses - Come back here and we will advise...

Afternoon all,

If PDUK/Moneyshop/Express are messing me around with regards to statement of accounts then can i proceed directly to FOS?

They started with refusing to send it without payment,

then I disputed that they couldn't charge me to make a complaint and I needed that information in order to complain.

They then agreed to provide it,

but have sent partial information,

I have bank statements with contradicts the statements they have sent me etc.

They've sent account info for 1/3 of the umbrellas orgs,

despite repeated asking for ALL transactions across all companies

- just generally being difficult.

DSAR time - £10... Force them to comply...

Probs get this back with refund

Well we are on!

Both PDUK and QuickQuid have responded with FRL stating they do not agree and to go to FOS now.

So I have got SOAs from QQ, PDUK, The Moneyshop, Wageday Advance, Wonga, Sunny and Mr Lender. I have put all these SOAs into a document, along with my complaint and the FRL - I have also included bank statements from that time showing my £2.5k overdraft maxed, credit card default, store catalogue default, mobile phone default. I also have included a SAR from HMRC showing my earnings for the years in question.

Will this evidence be sufficient enough to now send to the FOS?

Still no word from Payday Express re the SOA from their Nexus System.

Thanks

Id say Yes - Send it to the FOS... Lets see how you get on

Update:

Finally had some movement on my 6 complaints, the Wonga one is being disputed by them due to age so requires more investigation apparently.

The one with PaydayUK has been rejected by the adjudicator as they feel it was affordable, however I've asked for this to go to the ombudsman along with a letter from The Money Shop (another sister company) which details I actually had a default with their sister company for unpaid loans prior to them lending to me under a different company name.

The others I've yet to hear back on FOS seem to be dragging their feet.

Welcome back Dale...

FOS do take a while so dont worry - All i can say is just keep an open mind.

If the Ombudsman rejects then unfortunately that isnt much more you can do.

Update 2...

FOS still dragging their feet, only one has got to an adjudicator stage which I rejected. The primary one which is QQ is under some form of review, to see if they will uphold the complaint as some of the loans date back to 2010.