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PDLVictim

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  1. I forgot to make clear: Do NOT repay them anything (as goodwill payment as they call it) before the repayment plan is setup and confirmed by them or they will simply use this money to cover their interest/charges before freezing them
  2. Hi bquk, Legally they can request your medical record if you stated medical reasons for non-payment of the loan, but cannot obtain it without your consent (which I understand you will not give them). That said I find it rather outrageous that they ask for medical record for mat leave, you are not ill. But the people working for them are probably not the brightest You can send them a very basic I&E overview (with very basic I mean income, outgoings (rent, council tax, electricity/water/gas/oil, car, phone, other loans)), leaving just enough in it for their 10 pounds. I would not even go into discussions with them about medical records or not because that is not worth the effort. Instead I would simply email them back something along those lines: "Dear xxx, Thank you for your email. I am in financial difficulties and therefore would like to request a repayment plan of 10 GBP monthly. I have attached an overview of my income and outgoings to support my request. I am willing to repay my debt and will make my first repayment of 10 GBP the first month after the repayment plan has been confirmed from your side. In order for me to repay my debt I would like to request that you freeze all interest and charges. Kind regards"
  3. I would not call them, but only communicate in writing, simply to be not talked into something and to have some trail of communication if it goes to fos. Had you sent your complaint to their complaint department email ([email protected]) or to their standard email address?
  4. Hi PDLVictim2, Good to hear I am not alone and congratulations to be PDL debt free. I would start by getting an overview what you have paid to which company over the years. The easiest way to get this might be from your bank statements, and if you do not have all, you might try to phone your bank and ask for assistance (beware of fees for re-sending statements because they might want to charge a fee per statement month, ask instead for a summary, e.g. all transactions to and from Wonga). Another option are the PDL websites, e.g. Quickquid or Minicredit have your loan history online when you login (if you still can or want to login). Finally, as you already said, you can contact the PDL directly and request your loan history with them, they have to provide this, but it might take time until you get it. It will not be nice and you probably will cry (I did ) when you find out how much in interest and fees alone you have paid over the years, it will probably be 1000s or even 10000s of pounds. But no use crying over spilled milk, it is time to limit the damage already done. 1) Claiming back interest/fees because of mis-selling: I strongly believe there is a chance to get at least some of the money back, if not all. The main idea is that PDL loans are clearly for short-term borrowing instead of long-term borrowing. I would consider any recurring loan with a PDL over 3-4 months as long-term borrowing. So in our cases where we had loans over years repeatedly this is clearly long-term borrowing and therefore mis-sold, as it was the wrong product for us. I am trying to think what reasoning the PDL can come up with to counter my claim and here is what I can think of: - PDL are advertising on their websites and in their T&C that this product is not for long-term borrowing as it is expensive: True, but this is exactly my point. If they do not want to sell this for long-term borrowing, why did they sell it to me month after month over years - You have taken out this loan by yourself and agreed to our T&C: Well, yes, but it was not clear to me that this would cost me 1000s of pounds to borrow a few hundred quid over a year. Your examples on the website indicate it will only cost me a few quid, not a few 1000s. Plus, every time I contacted you to ask how I should pay you ever back as I can only afford interest you told me not to worry, I can simply repay and take out another loan immediately after that - We limit rollovers to x-times to avoid long-term borrowing, but you did not rollover but took out a new loan agreement every month: True, so you sold it to me every month to avoid your own limitation? You have to do affordability checks, clearly if you have to sell me the same loan amount every month for years I can not afford to ever pay it back, can I? - We perform credit checks with the credit agencies and you met our criteria: Alright, so you have done credit worthiness (history) checks, that's great, but have you also done affordability checks? Have you asked for my bank statements, to discover I have 10 PDL loans where the interest alone is eating up my disposable income? Have you asked how many other PDL loans I have? Have you stopped lending to me once it went on for months? I had a closer look at the PPI mis-selling scandal. Some of the above can be transferred to what happened with PPI. Also for PPI (at least for some) the exclusions where PPI will not pay were mentioned in the T&C and people agreed to them. Still they were mis-sold for two main reasons: People were not really aware of the issues and it was the wrong product for them. Well, regarding PDL, I was not really aware that it cost me so much and it was the wrong product for me. Then I am thinking from a PDL perspective: Where do I make the most profit with? Well, I make the most profit with returning customers who have to borrow from me again and again. What is the greatest business threat to me? Well, one of the greatest is actually mis-selling, because if at some point the fos or a court or someone else indicates that the majority of my loans were mis-sold I have to refund some or all of the money I earned from these returning customers. But this is the money I need to finance my business as I have a lot of other customers who defaulted and cannot ever pay me back the original loan amount. So if I have to repay for loads of mis-sold loans I might go into administration (which actually happened for some companies with PPI). So chances are that if more and more complaint cases come in to the PDL in this direction that they will notice this (some are really small companies) and will try to settle before it goes to fos and court. So what have I to lose making these complaints and trying to getting my money back? Well, nothing at all. I have repaid all my loans, so they cannot harrass me. Complaining to the PDL cost me nothing. Complaining to fos cost me nothing. Going to court via small claims cost me little. I truly believe the more of us are trying this, the better the chances are that the PDL and/or fos or anyone else will recognize that these loans were mis-sold. In addition I believe that some of these companies do not have much buffer in monetary terms (Wonga might make millions, but others are smaller, and most of them work with money they borrow themselves), so if this really will go into the direction where PPI went it is better to start claiming sooner rather than later, i.e. before they are out of business. 2) To credit rating: You might have seen my other post:PDL and credit rating - Removal of record and compensation for higher interest rates I think that is also at least worth a try
  5. Good luck to you as well! I will definitely post updates as they come. Also interesting to read how you will get on (as I will probably end up with going to fos once the 8 weeks I gave the PDL are over (or once I have final responses from them).
  6. Hi, Having read through the other threads about credit rating I give it a go with one of the PDL advertising positive effect. I take it one step further claiming compensation for the higher interest rates I had to pay due to negative rating (I could actually watch my rating going down the more PDL I had, despite paying all on time in the beginning). Here is my email to them: "Dear Madam or Sir, This is a complaint. Per your complaints procedure please see below the required details: Full name: xxxxx Address: xxxxxx Date of birth: xxxxxx Daytime telephone number: Not existent, please communicate in writing only. Full details of my concern: I am writing in relation to the effect on my credit rating and on the interest I incurred with other credit providers due to my credit rating, in relation with loans associated to my account with you. The loans were taken out from from 19 July 2010 to 04 November 2011 When I took out the loans with you your website stated: "As soon as you repay your loan on your payday, we will report that to the Credit Reference Agency, so that they will know that you have repaid your loan. This may help to improve your credit rating, as the Credit Reference Agency can see that you have repaid a loan. We will report this every time you take out a loan and repay it to us. However, if you do not repay your loan, this will also be reported to the Credit Reference Agency, which will have a negative impact on your credit rating as other credit providers will be able to see this. This may adversely impact your ability in the future to obtain credit facilities for things such as mobile phones, vehicle finance or other credit products." This statement is still present on your website as of 08 August 2013. This statement indicated to me that: - A positive effect on my credit rating is expected if I take out a loan with you and repay on time - A negative effect on my credit rating is expected if I take out a loan with you and do not repay on time However I have now learned that if I take out a loan with you and repay on time this in fact had a negative effect on my credit rating as other credit providers see having a payday loan as negative criteria. This situation worsened as having payday loans over a longer period of time has even more detrimental effect. This was not made clear to me by you and therefore I was treated unfair. Unless you can provide proof that taking out these loans had no negative effect on my credit rating, I will expect - A full compensation of costs I have incurred having this negative credit rating impact and therefore having received higher interest rates (+20% APR) from other credit providers from 03 August 2010 to 04 November 2011 (676.62 GBP), plus 8% interest on these (126.74 GBP), in total 803.36 GBP - The complete removal of all entries from your company with any credit reference agency you reported to I look forward to your prompt response to this email. If I have not had a satisfactory response from you within eight weeks of this letter I will contact the Financial Ombudsman Service to formally investigate my complaint. Kind regards"
  7. Have contacted now the 5th PDL. I had so many of these loans with so many companies it will take forever to contact all. I need to automate the process "Dear Madam or Sir, This is a complaint. Per your complaints procedure please see below the required details: Full name: xxxxx Address: xxxxx Date of birth: xxxxx Daytime telephone number: Not existent, please communicate in writing only. Full details of my concern: I am writing in relation to loans associated to my account, which I do not believe were sold to me correctly or fairly. The loans were taken out from from 19 July 2010 to 04 November 2011 The reason I believe that these were not sold to me correctly is that this type of loan is a short-term loan and not intended for long-term borrowing. Unless you can provide proof that these loans were appropriate for my circumstances, I will expect a full refund of all fees and interest that I have incurred with you as a result of having these loans (2,687.50 GBP), plus 8% interest on these (500.94 GBP), in total 3,188.44 GBP. I look forward to your prompt response to this email. If I have not had a satisfactory response from you within eight weeks of this letter I will contact the Financial Ombudsman Service to formally investigate my complaint. Kind regards"
  8. Hi, Just noticed that Minicredit changed their terms and conditions and renamed the 19.50 GBP transmission fee now a drawdown fee. Makes me wonder why? So I thought it is time to reclaim this so I sent them this: "Dear Madam or Sir, I am writing in relation to loans associated to my account, for which I incurred transmission fees which I do not believe are fairly and reflecting the actual costs of fund transmissions. The loans were taken out from from 17 January 2012 to 06 July 2012 The reason I believe that these transmission fees (19.50 GBP for each transmission) are unfair and not reflecting the actual costs of fund transmissions is that these are very high and unclear. Unless you can provide proof that these transmission fees were reasonable and actually incurred, I will expect a full refund of these transmission fees (136.50 GBP), plus 8% interest on these up to 8 August 2013 (14.94 GBP), in total 151.44 GBP, plus daily interest of 8% after 8 August 2013. I look forward to your prompt response to this email. If I have not had a satisfactory response from you within eight weeks of this letter I will contact the Financial Ombudsman Service to formally investigate my complaint. Kind regards" Can't wait for their reply
  9. Hi Johnboy73, Per their terms and conditions (see below) you have the right to cancel within 14 days and will receive your complete money back. If 14 days are already passed you still can cancel and receive money back less 5 GBP (In my opinion they have to refund all money minus 5 GBP in all cases where you have not taken out a loan from them, not only in cases where they have not offered you any). You have to do this in writing (e.g. email) to them. If you do this and do not have your money back within 30 days I would go directly through the small claims court as might be quicker (but which will cost you a small fee for court). Alternatively FOS (after you sent them complaint after 30 days and then another 8 weeks passed), which will cost them 550 GBP Here are their terms and conditions: 6.2 Under the Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days in relation to the provision of Our Services commencing on the day which You receive these terms and conditions; and receive a refund. To cancel Your application You must inform Us in writing. In this event we will refund your fee within 30 days of the date on which we receive your written request to cancel your application. 6.5 If you are not offered a loan by a lender within the 6 months We act for You, We will refund the fee less the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing
  10. That's a great idea. PDL are probably really busy with other things these days I will try this as well
  11. Have contacted now the 4th PDL company: "Dear Madam or Sir, I am writing in relation to loans associated to my account, which I do not believe were sold to me correctly or fairly. The loans were taken out from from xxx January 2011 to xxx November 2011 The reason I believe that these were not sold to me correctly is that this type of loan is a short-term loan and not intended for long-term borrowing. Unless you can provide proof that these loans were appropriate for my circumstances, I will expect a full refund of all fees and interest that I have incurred with you as a result of having these loans (2,653.23 GBP), plus 8% interest on these (508.75 GBP), in total 3,161.98 GBP. I look forward to your prompt response to this email. If I have not had a satisfactory response from you within eight weeks of this letter I will contact the Financial Ombudsman Service to formally investigate my complaint. Kind regards"
  12. Well, received a second response from same company, this time from the complaints manager (was not even aware they have one, or actual people with actual email addresses ) Here is their response: [The usual complaints procedure standard email] + "These loans were issued following the business liasing with a credit reference agency which showed a creditworthiness higher than our required minimum. Furthermore, the business had taken into consideration employment information you had provided in your loan application. Additionally, the fact that you had taken out previous loans beforehand indicates that you were fully aware of the consumer responsibility of an identical product in relation to your personal finances. Finally, as you had agreed to the terms and conditions of each loan to repay interest and charges as explained in section 9 of the loan agreement, we cannot consider any activity on your account to be unfair. As the business had conducted proper credit checks and applied interest and charges in line with the OFT Guidelines, we believe that no refund is due." And here is my response to the above to them: "Dear Mr xxxxx, Thank you very much for your quick reply. I do not doubt or question that your company has checked with a credit reference agency my creditworthiness, however I question that the products you sold me were suitable for my financial circumstances. These loans are only suitable for short-term borrowing, yet you sold them to me over a period of more than one year continuously as long-term borrowing. I therefore still have the opinion that these were mis-sold to me and therefore expect a full refund plus interest. Thank you and Kind regards" Well, I will not give up so quickly
  13. Very good update. Also from an article in June this year never forget that :"In addition to securing this commitment, the largest banks and mutuals have agreed to review every individual complaint they have received about the non-cancellation of a CPA and to pay redress where payments have continued to be made despite the customer cancelling the arrangement. This applies to all complaints since November 2009 when the Financial Services Authority (FSA), the FCA’s predecessor, began regulating banking conduct."
  14. Hi AlbertH, In another post I have read that the bank has cancelled CPA for 90 days. In my opinion the reason the bank is limiting is probably that if you setup a CPA with the company again in the future you would like it to be honored. Regardless, in my opinion, Peachy is not allowed to reinstate the CPA (as they need your agreement for this to do so, as you have terminated the CPA). I would respond to them stating that you have not re-instated or give them permission to re-instate the CPA, therefore you consider any money they take under the cancelled CPA or any CPA they have re-instated without your explicit permission as fraudulent transaction which you will report to your bank, the FOS, and the police. They are also liable for any costs in doing so and for any bank charges this might incur.
  15. Hi rodgerramjet, Compucredit = ArrowGlobal / MONUMENT
  16. Hi rodgerramjet, Pacific network se = Company transferring/collecting money for LendingStream
  17. Hi rodgerramjet, Glad I am not alone in making complaints in this direction. The more the better Make sure (similar to successful PPI complaints) that you complain to the PDL first asking for refund and give them at least 8 weeks to resolve before taking it to FOS. Once you have final response from PDL it can go straight to FOS. Also do not forget to add 8% interest on the fees/interests/charges you paid to PDLs.
  18. I assume, as PPI will soon be over, that a lot of the firms currently handling PPI complaints will switch and target PDL complaints. I have started complaining about the PDLs I had, being prepared to take it to FOS and court, and I am curious how this will end.
  19. Well, I received the first response from one of the companies I wrote to so far. Here it is: "Thank you for your message. These loans were issued based on your history of timely repayment, as well as credit worthiness. It is your responsibility as a consumer to borrow within your personal financial means. You were sent the terms and conditions of each loan to review and accept before the loans were issued. We have blocked you from taking any future loans. Should you require further assistance, please do not hesitate to contact us." And here my reply: " Complaint – To the Complaint Manager. Dear Madam/Sir. Thank you for your email dated 06 August 2013. You have not provided information why the loans you sold me between XXX XXX 2010 and XXX XXX 2012 were appropriate for my circumstances and for long-term borrowing, nor have you agreed to refund all fees and interest. During the time between XXX XXX 2010 and XXX XXX 2012 every time I called you I was informed by you that you do not offer repayment plans and that I can easily repay in full and take out a new loan for the same amount immediately or soon afterwards. I still expect a full refund of all fees and interest that I have incurred as a result of having these loans. I calculated 1,522.00 GBP for fees/interest paid to you during this time period and in addition 8% interest (228.64 GBP up to 6 August 2013 and 0.33 GBP daily from 7 August 2013 onwards until full refund is received). Please send me your final response. Kind regards," Let's see. Next step will be FOS.
  20. Hi Placidbob, I would pay them the remaining 37.50 GBP into their bank account. Their bank details are Sort code 20-03-53 Account 43882942 This will give you a better position when it goes to FOS (although I doubt it will go there, they probably settle). Once you have paid them the 37.50 GBP send them an email asking for confirmation that the account is now closed.
  21. Thanks for your replies so far. Well, 10 days have passed and no response yet, not sure if this is a good or a bad sign, but I will just sit here and wait, have nothing to do Have also sent now email to the second PDL, they actually have a complaint procedure and should reply within 7 days, let's see. Here it is: "Dear Madam or Sir, I am writing in relation to loans associated to my account, which I do not believe were sold to me correctly or fairly. The loans were taken out from from xx xxx 2010 to xx xxx 2011 The reason I believe that these were not sold to me correctly is that this type of loan is a short-term loan and not intended for long-term borrowing. Unless you can provide proof that these loans were appropriate for my circumstances, I will expect a full refund of all fees and interest that I have incurred as a result of having these loans, in total 1,581.59 GBP. I look forward to your prompt response to this email. If I have not had a satisfactory response from you within eight weeks of this letter I will contact the Financial Ombudsman Service to formally investigate my complaint. Kind regards" Will keep you updated...
  22. Thanks, Jamie. Well, I think I am probably willing to fight it in court, at least with the companies who sold me PDL for years month after month. Have started with the first email now being sent: "Dear Madam or Sir, I am writing in relation to loans associated to my account, which I do not believe were sold to me correctly or fairly. The loans were taken out from from xx xxx 2009 to xx xxx 2011 (Loan IDs:xxx, xxx) The reason I believe that these were not sold to me correctly is that this type of loan is a short-term loan and not intended for long-term borrowing. Unless you can provide proof that these loans were appropriate for my circumstances, I will expect a full refund of all fees and interest that I have incurred as a result of having these loans, in total 5,615.00 GBP. I look forward to your prompt response to this email. If I have not had a satisfactory response from you within eight weeks of this letter I will contact the Financial Ombudsman Service to formally investigate my complaint. Kind regards" They have 30 days to reply so I will sit back and wait for things to come...
  23. Hi everyone, I had several payday loans over the years and after 18 months of repayment plans I am finally PDL debt free since a few months. It all started with one payday loan in 2008 and then quickly spiralled out of control with in the end 15 paydayloans every month in 2012. Over the years I paid over 20,000 GBP interest. I have googled a bit and some sites suggest that some payday loans might be mis-sold and list criterias for mis-selling. I am sure some of the criterias are meeting my case, so I will now start the procedure to claim back the interest paid due to mis-selling. I will start with the first company I started with back in 2008. When I could not afford to pay back the first loan in full they offered over the phone to pay back and re-loan the same day a higher amount (to cover loan plus interest), which I did. When, after a few months, I reached their maximum loan amount, they again offered over the phone to pay back and re-loan the same day, which I did... for another 3 years month after month. I will argue that the mis-selling started when I reached their maximum and they still loaned me month after month for 3 years, ignoring that I clearly could not afford to pay back loan in full and therefore contradicting the short-term purpose of this type of loan (therefore "mis-selling"). The interest alone for this company is over 6,000 GBP. I would like to know if anyone of you ever tried to reclaim interest on basis of mis-selling, and if yes, how it went and what your experience is? I will post updates as I go along. Thanks
  24. Hi roxiejarrigan, Samedayloan365 is an unlicensed broker, not a lender. Actually it is more a gateway webpage to other PDL. Anyway, if your sibling has not heard back the application was probably declined. The only thing provided should be card type and bank account and sort code. I doubt that they will use this to obtain money, for that they would usually ask for the card number and expiry date, so if your sibling has not given that information to them (or agreed to a brokerage fee) should be fine.
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