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FOS issue compensation against Speed Credit/Toothfairy/Marshall Hoares bailiffs/NDR.but bal is still wrong


sianib
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Hi all,

 

I lodged a complaint with the FOS about a PDL that refuses to help people in financial difficulty, illness and other difficulties.

 

What was originally a loan of £400 has gone up to £3500 in 18 months despite having paid off £390 through my DMP.

 

I lodged the complaint over a year ago and now have had a phone call from the adjudicator saying that he has investigated the claim.

 

The PDL have "kindly" agreed to decrease the debt to £1000 and have been ordered to pay me £250 in compensation.

 

I said that I was not happy with that, I mean the debt, I was not expecting compensation. The adjudicator then said that he would pass this on to the (chief) ombudsman now.

 

My question is,

 

can the FOS force the PDL to pay me compensation?

 

Has anybody had any experience of this?

 

I am not happy that the debt still stands at £1000 considering the 18 months of sheer hell, I have had with these clowns.

 

The loan was originally £400, what would be a reasonable figure?

 

I was thinking of a final figure of £496 bearing in mind, I have only £100 to go.

 

If I'm not happy with the FOS what is my next port of call?

 

I really do not think that I can go through this again and I really don't want to go to court.

 

Any suggestions/advice would be gratefully received.

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name & shame please

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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yes the FOS can force them to pay compo

 

however like you I disagree with the remain bal though!

 

moved to the speedcredit forum

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks dx,

 

Would you consider £496 in total to be a reasonable fiqure? I just can't believe the phone call. It's been so long and when I originally phoned by the FOS, I was told that PDL could charge what they liked.

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FOS wont usually get involved in charges/balances etc disputes

 

only compo if they have acted 'badly'

 

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Ok thanks dx.

 

Would the next action be court or what? They have also defaulted me for the past 18 months, the FOS is aware of this.

 

I will let you know how I get on.

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Hi sianib,

 

A reasonable figure would be

 

400 GBP original loan

72 GBP original interest

12 GBP default fee

12 GBP second default fee

48 GBP interest (=8% of 400 GBP over 18 months)

 

This is a total of 544 GBP owed. You already paid 390 GBP and you should receive the 250 GBP compensation (for the hassle you had), so currently they should owe you (and pay you) 96 GBP (544 GBP - 390 GBP -250 GBP) to settle.

 

The fos deals mostly with banks. They have no idea that PDL companies like Toothfairy hike up fees and interest unproportionally with the intention to then offer a huge discount - you have to tell them that this is what you suspect. Tell the fos also that these PDL loans are for short term purposes only and it is unproportionate to keep adding these high interest rates, only 8% is reasonable.

24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

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Why 2 default fees? Only one is acceptable and even then, thats after they send a default notice.

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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NO default fees are acceptable!!

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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You sure? If the person defaulted, isnt a single FAIR default fee allowed to be charged? It would be good to get some clear clarification.

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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any PENALTY fee under FCA [FSA] guidelines are considered unlawful

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Hi guys,

 

Update!

 

I received a phone call from the adjudicator today and MCO have agreed to reduce the outstanding balance to £350,

pay £250 compensation so my balance is effectively £100.

 

This is actually pretty much where I expected to be but I don't think that I am getting any compensation for any distress etc.

That to me isn't important,

I just hope that finally this whole mess is nearly over.

 

A big issue is that on my call credit report it is showing a default for ridiculous amounts for 18 months,

F0S just thinks this is how it's being reported and that it will update next month.

Does anybody have any advice?

I am also making a seperate complaint against Marshall Hoare "Bailiffs".

 

I hope that anybody who is having problems with this company keeps the faith.

I have not received texts/emails since months and got them to back down from a debt of nearly £4000 to £100.

Keep the faith, I also have some news to report re Barclays.

 

Thank you so much to those of you who offer advice in a practical and non-judgemental way. You, along with Step Change have been amazing and I hope that I am able to help someone.

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Give them the benefit of the doubt as some cra records do get updated every 30 days. If yours doesnt, then reopen the complaint

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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