Hi you lovely helpful people,

I have just found out that my brother has a loan with Safetynet credit. He owes nearly £600 and is at breaking point because the interest is increasing faster than he can pay it back.

He has been using them for well over a year and has borrowed and paid back thousands.

I am pretty sure that it could be classed as irresponsible lending because he is not working and is claiming benefits instead. Safetynet know this because apparently they log into his online banking!

Is it worth him complaining and trying to work out a deal to pay back over a longer period with lower interest (otherwise he is going to not be able to pay them)?

One other question is how will this affect his credit score if he makes an irresponsible lending complaint, does it go on his file as a default?

Thanks in advance

Jackie

Hi Josborn... Please get your brother to sign up so we can help...

We need lots of info to offer the best advice... Need to come from him

OK fkofilee, I will get him to sign up tomorrow Thank you

Thanks Josborn

Lets see what we can do

hello

its me, her brother, who has the payday loans. I have a loan with oakham at the moment and I have a safety net account.

I am not working, my income is PIP and IS. both oakham and safety net have access to my bank statements so would have known this.

I have also borrowed from lending stream a few months ago and paid them back. I lied and said I was working so I don't think I can do anything about that one.

is it possible to claim that this is wrong that they have lent to me?

thanks

tim

Welcome to CAG Timbuck

May i suggest reading this guide we wrote for IRR Lending Claims...

Once done come back to me with a full list of loans and lets see what we can do

https://www.consumeractiongroup.co.uk/forum/attachment.php?attachmentid=70679

hello fkofillee

I will have a read of that now. thank you

hello fkofillee

 

 

I will have a read of that now. thank you

Make sure you have a coffee / Beer and some food - Its a long read

hello fkofilee

thank you. I have had a read it is helpful.

I had two loans with lending stream one in December 2015 for £400, I paid back a total of £762.88 over 175 days. the second one was in march 2016, £400, I paid back £800 over 188 days.

I don't think I can do anything about that one because I lied when I applied and said I was working. they have done a credit check when they gave me the money.

I have a loan with oakham. I borrowed £200 in November 2017, I have paid back £202.16 and still owe £217.

I have had a safety net account since November 2015 and I have borrowed pretty much £500 every month and paid it back with interest. I currently owe them £540, they have put that on hold for 30 days because I told them I cant afford to pay them back.

both oakham and safety net have been in my bank statements so they know I am on benefit and have very little income.

I do gamble (only on one bingo site) but I honestly only ever break even and I do go for long spells without betting.

obviously I am not betting anything at the moment as I have no money and I am in control of my normal bills (rent, gas etc).

do you think it is worth me emailing both oakham and safety net to see if they can write some of the money off now, rather than going through the long process?

sorry for the long reply

thank you

tim

Hi Timbuck

So in short - The decision is up to you however i would advise against it... Note that any information on a credit file and any balance can be removed or adjusted at the drop of a hat. a Credit File entry can disappear instantly as they just delete the entry on their CRA Portals / Data Feeds.

So go through the process - Get your bank statements on this one and go for them

Go read the examples in the guide towards the back - There is one for SNC - They provide a very good example of how SNC might respond...

thank you for the advice.

do you think that I should stop paying them? I am going to really struggle if I do have to. I will start the process of and write the letters today.

Before sending - post your letters up

We will give you more advice tomorrow... For now i need to sleep

Hi,

I have sent the data requests off. I have not heard from them yet. I am going to send the following letter to safetynet credit. do you think it is ok?

thanks

Dear Safetynet Credit,

 

I am writing with regards to the ongoing loan that I have held with you for over two years. I would like to complain about the irresponsible lending of this loan and the cost of interest over this time. I am surviving on benefits and to make matters worse I suffer from bi-polar disorder which can affect the care I take with my finances. One of the issues I have had with this is a gambling problem, where I have spent thousands of pounds that I do not have.

 

As you know, I am unable to pay for everyday living costs at the moment, including rent, utilities and food. You are aware of this because you have been accessing my bank account through my online banking every day for over two years. On top of this you have regularly increased my credit limit with you.

 

I have paid you over £1300 in interest alone so far. I think this is unfair and irresponsible given that you are clearly aware of my problems.

 

I would like for you to clear the balance of the loan that is outstanding and remove details of this loan from my credit file.

 

Thank you for your time, I await your swift reply.

 

Yours sincerely

Hi Tim - Consider adjusting the template in the IRL Guide...

Hi fkofillee,

when I click on the link to that it comes up with

Invalid Attachment specified. If you followed a valid link, please notify the administrator

https://www.consumeractiongroup.co.uk/forum/attachment.php?attachmentid=71215&d=1522013729

Try that

brilliant fkofille, thank you

i got one written off with safetynet although it was a long battle of me simply saying i had no way to pay back and my situation wasnt going to improve anytime soon, then moved bank accounts