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Pay Day Loan Complaints soar 168% - the draining of accounts by 'brokers'


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http://www.ibtimes.co.uk/payday-loan-broker-complaints-soar-draining-accounts-1461678

 

Payday Lending Complaints Rocket 168% in Two Years

 

Around 10,000 customers claim that they were misled into thinking that they were signing up for a loan, when entering their bank details, as they were unaware that they were using a broker, rather than a loan company itself.

 

The result was hundreds of pounds leaving their bank accounts before they'd even obtained a loan.

 

One of the worst examples that Fos revealed was of one woman who was charged £70 by ten different credit broking websites, which resulted in her losing £700 in the process.

 

 

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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"In too many of the cases we sort out, no loan is provided and people's bank accounts have been charged a high fee, often multiple times," said Juliana Francis, the senior Ombudsman.

 

Meanwhile, FoS revealed that most of the credit broking websites have since refunded customers the money as soon as it learned the Ombudsman was involved.

 

 

 

So the answer is simple - as soon as this happens - make a complaint to the ombudsman.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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From the Times

 

Complaints soar as credit brokers help themselves

 

The financial ombudsman has warned that cases involving credit brokers have more than doubled, with consumers complaining of unscrupulous firms taking money from their accounts without their permission.

 

 

In one particularly severe case, the ombudsman said that the bank account of a single mother with three children had been emptied by 25 different broking firms charging her a “membership fee” after she completed an online survey for a short-term loan.

 

For the full horror story read : - http://www.thetimes.co.uk/tto/business/industries/banking/article4180401.ece?shareToken=daa254496fba0b7557339fc73a09003d

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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