Thanks, I have only just recently got around to filing the complaints, I have been really busy!
I have also had quick quid reply, asking for:
1) Bank statements (which I can provide)
2) Pay slips from the times I have had a loan with them (which I cant provide - but payment in from my employer shows up in the bank statements)
3) Any additional information relating to my financial circumstances at the time I have held loads with QQ - What do they mean by this?
Here is the reply from peachy :
Thank you for contacting Peachy!
We are sorry to hear that you have not been satisfied with our service and have raised a complaint regarding affordability assessments made on your account.
We have investigated your complaint competently, diligently and impartially. We have assessed the subject matter of the complaint and would now like to provide you with our response and decision on it.
Firstly we would like to bring out that in total you have had 7 loans from us. These loans were issued to you between 28/07/2014 and 16/10/2015. Before issuing your first loan we also called you to make sure we have your correct payday information and banking details in the system and to confirm that all the repayment dates fall on suitable dates for you.
We also would like to point out that after you repaid all the loans with us, we have never issued any further credit to you although you have tried to apply with us in two more occasions and this attempts are recorded on our system and can be presented to the Financial Ombudsman as evidence if requested.
We kindly advise that all your seven loan agreements were paid back on time, in fact most of them were repaid before the original due date, therefore the daily interest was deducted from the amount and you paid us less than the original contractual amount agreed. We can also confirm that you have not extended any of your loan agreements with us and was never advised to do so either.
We can assure you that as creditors, we abide by our statutory obligation under the Consumer Credit Act 1974 to undertake a sound, proper and appropriate assessment of creditworthiness to assess the borrower's ability to afford the proposed credit commitment. In addition to assessing creditworthiness, we always undertake an adequate assessment of affordability. The affordability check is based on information, obtained from the borrower and from a Credit Reference Agency. The affordability assessment is also based on the borrower’s financial position as a whole and takes account of information that we are aware of at the time the credit is granted.
As creditors, we employ the use of a variety of types and sources of information to assess affordability which include some or all of the following examples:
information about income [£2450.00]
a credit score
a credit report from a credit reference agency
information obtained from the borrower, whether on an application form or separately.
We would like to point out that the OFT (whose rules and guidances are now under the FCA) does not consider that the creditor could be held culpable under circumstances in which it made a reasonable request for information from the borrower, in order to inform its assessment of affordability, and the information provided by the borrower was substantively incorrect/untrue and the creditor was not aware of this.
We would like to remind you that by signing the Credit Agreement, you confirmed that you are not:
a) in a Debt Management Plan (or similar scheme) or considering entering a Debt Management Plan (or similar scheme);
b) in an I.V.A or are considering entering into an I.V.A.;
c) bankrupt or considering filing for bankruptcy;
d) under notice of termination of employment, redundancy or any other notice which could affect my employment status;
e) in receipt of Statutory Sick Pay or suffering from any medical condition which would cause me to apply for Statutory Sick Pay during the period of the loan;
f) in receipt of any benefits instead of my usual wages, salary or other income declared in my application.
We kindly advise that before getting loans with us, you filled in an income/expenditure form, in which you confirmed that your monthly income stands at £2450.00 and your total monthly expenditures equal £250.00. Therefore, based on the information you have provided, you should have had more than enough funds to afford loan repayments with us.
We also took account of your employment conditions and job stability. For example, when you took out the loan you confirmed to be full-time employed as XXXXX and had been working there for a substantial period of time (6 years or more). In addition, you provided us with the information about your financial commitments including any repayments due in respect of mortgage contracts, council tax, electricity, gas, telecommunications, water and other major outgoings and we were also aware that you were single living with your parents and therefore did not have any expenses in this regards.
In case the provided information was incorrect, then you would be responsible for providing us with false information, therefore making it impossible for us to ensure your affordability in any other way.
The process of assessing affordability is assisted by all of your creditors registering accurate data with Credit Reference Agencies, in a timely manner, about the performance of an account and/or settlement of outstanding debts/arrears.
We would advise you to contact Call Credit UK to check if all of your creditors have reported accurate information on your Credit File to make sure that when you make a loan application, the information received from the Credit Reference Agencies is correct.
When you took out the loan, the credit information received about your account, did not suggest that you are experiencing financial difficulties or might not be able to afford the loan repayment. If the information you provided was incorrect or the information your creditors reported on your Credit File was incorrect or insufficient or if you have any questions as to how the credit score is made up, please contact Call Credit UK.
The FCA has also encouraged borrowers to always undertake their own assessment of affordability concurrent with that undertaken by the creditor.
Please note that we lend out short term loans to you and our customers in good faith and therefore, we expect full repayment on the due date. If you have any problems in paying back the loan, it is important that you contact us immediately, and preferable in advance and before the due date. Please note that you have never contacted us to inform about any change in your financial circumstances or to arrange any alternative repayment options with us. We always aim to consider cases of financial difficulty sympathetically and treat our customers in default or difficulties with understanding, forbearance and due consideration.
We have done everything from our side to ensure you have all the necessary information prior to applying for a loan, it is your responsibility to read through the information we provide you with. You have also signed and agreed to the Standard European Consumer Credit Information document, which explained thoroughly about the product and that it is meant for short term lending purposes only.
We can assure you that we conduct our business in compliance with all relevant legislation, regulations, regulatory guidance and requirements and we can justify our practices and procedures used in assessing affordability in the event of a regulatory challenge.
Unfortunately, based on the above, we are not able to uphold your complaint as we are confident we carried out sufficient checks. However to resolve the complaint in an early stage with us, we are willing to refund £88.00 of interest paid on your last two loans as a gesture of goodwill and remove all entries made to your credit file. Kindly confirm your bank account number and sort-code, that we could process the refund.
We hope this will suffice to rectify the situation, kindly confirm if you would like to accept our offer as the full and final settlement of the complaint and that your complaint has been resolved to your satisfaction. In case you remain dissatisfied with our offer, you are welcome to come back to us and we will be happy to have a second look at your complaint.
This has been our final response. If this is not satisfactory to you then 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
You may contact them on the following details:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
0800 0234 567 (calls to this number are normally free for people ringing from a "fixed line" phone – but charges may apply if you call from a mobile phone)
0300 123 9123 (calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs)
Switchboard: 020 7964 1000
Fax: 020 7964 1001
Any advice on where to go next with QQs questions and Peachys response?
Total interest paid to peachy was £441