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Redress on a Payday Loan


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Hi

 

Looking for some advice. Dont want to give too much information to prevent them from identifying me.

 

I made a complaint to a payday lender regarding the affordability of my loan and the default on my credit file.

 

 

They have responded offering to write off the balance and consider the account settled, remove the default and offer a goodwill credit to my account.

I only ever had this one loan from the company.

 

I have still not paid back the original advance,

therefore writing off the account and a goodwill gesture would mean I only paid back approx 25% of the original advance,

never mind the original agreement with interest.

 

I am a little surprised that they have offered this, and they have advised that I can take the issues to FOS if I am not happy with their offer.

 

 

Now I know FOS takes a long time - but I am curious as to the gesture, I doubt FOS would do anything more?

 

I welcome your thoughts

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obv following the FCA bashing and what happened to Wonga I suspect

 

 

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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How much is the GWG?

 

I think what they are offering is extremely good...

 

It's £175. With that, it does take it down to me paying back 25% of the original advance that was in my account. I think I've already answered my own question, it's good enough to accept rather than go to FOS

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I've had 2 similar offers which I accepted, not including the Wonga write-off. The FOS would only cancel the interest of loans like this, if they found in your favour, so I think the lesson is if you have maybe one or a couple of loans with a company you're complaining to, you should ask for the full debt to be written off, even if you know the FOS would not accept that if it went to them.

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Why would you want to go to the FOS when theyre willing to write it off and remove any and all adverse credit information on your file? I'd be jumping at them.

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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Why would you want to go to the FOS when theyre willing to write it off and remove any and all adverse credit information on your file? I'd be jumping at them.

 

Hi. This is what I was thinking. It was more because they suggested FOS if I wasn't happy. I was surprised it was such a good offer that I thought I was missing something!

 

I'll accept it. Thanks for your help!

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Hi. This is what I was thinking. It was more because they suggested FOS if I wasn't happy. I was surprised it was such a good offer that I thought I was missing something!

 

I'll accept it. Thanks for your help!

 

They have to include that statement, it appears on all final resolution letters.

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Yep. Youd be stupid not to jump at this.

 

And remember, stay away from PDL's!

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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