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Payday Loans - how to deal with them

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Just wanted to let everyone know how I dealt with some these companies.

 

I had loans with Payday Express, Quick Quick, Speed-e-loans, 1 Month, Mr Lender, CFO Lending, Txt Loan, PDUK, 247 Moneybox, and Wonga.

 

Right, after a a few email exchanges, Wonga, 1 Month, Mr Lender, 247 Moneybox, Txt Loan, and PDUK, all agreed to repayment plans, freezing interest and only charging the amount in the loan agreement of initial loan + 1 months interest.

 

Quick Quid, I had advised them that I was in financial trouble, but they kept lending to me. So when I defaulted I wrote a complaint and threatened to go to OFT and FOS. After over a month of email negotiations and me standing firm, they reduced my balance by nearly £1,000.

 

The remainder was repaid on on a repayment plan.

 

CFO Lending and Payday Express, both ended up with the FOS.

 

I got a repayment plan agreed with CFO and Payday Express, whilst my complaint was being investigated. Basically, mid way through investigation, I made my proposal and it was accepted to my surprise, both over 12 months. All interest frozen/charges frozen. My guess is they wanted to be seen as wanting to help. Initially, they were adding on silly charges, not freezing interest etc...Speed e loans, are a funny bunch. They would still would still want to add on charges.

 

It ended up with FOS, I then decided to withdraw my complaint (as they were just about to investigate it), and sent the complaint to the BCA, which is still ongoing.

 

Right in regards to FOS, I have found them to be, quite frankly, useless. They mainly favour the payday loan companies. Also they make huge mistakes. In regards to my complaint with Speed e loans, 8 weeks had already passed, therefore they should investigate my complaint.

 

However, they ended up writing to Speed e loans asking them to respond to my complaint and gave them another 8 weeks!!! I submitted the complaint to FOS in March and in August, they were still no where near investigating the complaint due to their mistakes - hence why I withdrew it.

 

On another occasion, I submitted a complaint in March to FOS regarding my insurance company (incident happened in Jan and I gave them 8 weeks), after 3 more mistakes by FOS, I am sitting here in October, wondering when it will begin being investigated!

 

Overall, the FOS are not brilliant, after communicating with 6 different people on different complaints, I have only met one that seemed to be clued up. However, dont expect miracles from the FOS, but use them to get what you i.e. the repayment plan, as the payday loan companies do seem to be far more cautious with them than how they would deal with you directly.

Edited by ims21

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Can you add some paragraphs? It's kinda hard to read. Especially on a phone.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Can you add some paragraphs? It's kinda hard to read. Especially on a phone.

I did, not too sure why paragraphs have not shown. Apologies for spelling mistakes, really should have proof read it.

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Dont worry about spelling mistakes. That doesnt matter. I only posted to let you know that the post is hard to read. Mainly on a phone, but i assume the normal browser too.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I've formatted it for you :-)


If I have helped you please leave me a message by clicking my star

 

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Update...I have now had contact from the BCA regarding my complaint with Speed e loans, and all my interest/charges is removed and frozen. That is now 11 payday loan companies, that i now have a repayment plan with (although 247moneybox are playing up at the moment)...and on all of them interest has been frozen and no charges added!

 

Personally, i think taking the complaint to the trade associations such as the BCA may be better than the FOS!

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Who are the BCA?

 

And whilst the FoS may not act in the way you'd expect them to, and are prone to mistakes, I would in all instances where necessary advise people to still raise the complaint with them.

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British Cheque credit association, i think it stands for, basically Speed e loans were a member of them.

 

I agree still raising complaints with FOS, however, if you can take them to a trade assocation, it may work out better and also in less time. Once you receive a final response from the trade association, if you are still unhappy, then you can still refer it to the FOS - best of both worlds!

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