Payday Loan Assistance

[messedaround]

Hi Again

 

The dates seem correct on the CF.

 

I have made complaints to a number of PDLs regarding irresponsible lending, and here is my response from peachy. Based on what they say, is it worth me taking it any further? Can I even? My main complaint with them is that this loan was issued to me shortly after my DRO cleared. No income/expenditure details was asked for bar my at the time small salary. I was allowed to roll over more than 18 times, and take further credit after multiple rollovers at a time when my pdl debt was mounting and they were a prime contributor. I ended up paying around £400 interest and charges.

 

Any help would be appreciated.

 

 

 

 

Thank you for contacting Peachy Loans.

 

We can assure you that we have investigated your complaint competently, diligently and impartially. We would now like to provide you with our final response.

 

Please be advised that prior taking out your first loan with us, we have provided you with our Credit Agreement (signed 18th of August 2011), which contains a list of our Terms&Conditions and information how our Credit Cycle works. Our Credit Agreement was displayed to you on the screen before you were able to confirm the loan amount and the loan term and a copy of it was sent to your email address registered with us for future reference. This document was a rolling agreement, which means you did not need to agree to it each time separately, but it is valid for the whole time, until you choose to close your account with Peachy.

 

On 18th of August 2011, you have signed the Credit Agreement electronically and by doing that you have also confirmed you have read them carefully and understand the consequences. For example you have agreed to the following:

 

1.7 You agree that at the date of applying for and accepting an advance from us, 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 your employment status;

e) in receipt of Statutory Sick Pay or suffering from any medical condition which would cause

you to apply for Statutory Sick Pay during the period of the loan;

f) in receipt of any benefits instead of your usual wages, salary or other income declared to us in your application.

 

1.8 By signing this Agreement, you confirm that your wages are regularly paid into the Account. You also agree to ensure that there are sufficient funds available in the Account on the agreed repayment date(s) to repay any advance to us.

and also

4.1 It is important that you provide us with accurate information in connection with this

agreement. Prior to entering into this Agreement, or at the time of doing so, we may decide to

check your details with fraud prevention agencies. If you provide false or inaccurate information or we suspect fraud, this information may be recorded. Fraud prevention agency records will be shared with other organisations to help make decisions on credit, motor, household, life and other insurance proposals or claims for you and members of your household.

 

In relation to the last quote (Statement 4.1) we can confirm you have provided us with information about your income of £1,150.00 per month, without bringing out any regular expenses. Based on this information you have £1,150 disposable income, which means you should have had more than enough funds to cover a £115 loan repayment. Additionally we made sure you are employed by the company whose details you provided in your application by performing our work check via phone.

 

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. Since 2011 we have of course improved our systems and started working with other partners, therefore our procedures have changed.

 

Please be advised that during the period you had your loans with us (from August 2011 until the beginning of 2012) we were not regulated by FCA and hence the charges applied to your loans were under different limitations. We can assure you that all of the loans given out since 2nd of January 2015 are all in accordance with FCA's regulations.

 

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. Please find the copy of your Credit Agreement attached to this email.

 

Unfortunately, based on the above we are not able to uphold your complaint.

 

This has been our final response. If this is not satisfactory to youthen 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 circumstances.

You may contact them on the following details:

 

The Financial Ombudsman Service

South Quay Plaza

183 Marsh Wall

London E14 9SR

Website: http://www.financial-ombudsman.org.uk

Consumer helpline:

0800 0234 567 (calls to this number are normally free for peole 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)

E-mail: [email protected]

Switchboard: 020 7964 1000

Fax: 020 7964 1001

http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

 

 

--

Kind regards,

 

Peachy Customer Support Manager

http://www.peachy.co.uk

 

 

Peachy.co.uk is the trading name of Cash On Go Ltd. Registered in England and Wales. Registered Number: 7306662. Registered Address: 76 King Street, M24NH, Manchester, UK

[citizenB]

In relation to the last quote (Statement 4.1) we can confirm you have provided us with information about your income of £1,150.00 per month, without bringing out any regular expenses. Based on this information you have £1,150 disposable income, which means you should have had more than enough funds to cover a £115 loan repayment. Additionally we made sure you are employed by the company whose details you provided in your application by performing our work check via phone.

 

 

This seems a bit backward, are they not supposed to identify your disposable income and not simply assume that because you earn an amount each month, that is disposable ? Did they not ask about mortgage/rent - utilities/ other debts ?

 

IMHO

 

Wait whilst you receive comments from others on CAG so you can make your complaint to the FOS with confidence.

[messedaround]

This was my thoughts exactly. They asked for nothing except income. I will wait for other comments - thanks

[messedaround]

Can anyone help? How do I go about submitting a complaint to FSA?

[fkofilee]

FSA dont exist anymore, its FCA and they wont deal with complaints.

Your route is to the FOS.

[acid53]

messedaround - check the ombudsman decisions on the FOS website and search for Peachy. I believe your case will get upheld due to lack of relevant checks by Peachy - I have an exact same case with them at the minute (they are one of the last of a long list of lenders that I have worked through and had most cases upheld). The FOS can be a bit of a roulette but given the length of your lending with them I would be surprised if you did not win. you can get the complaint form from the FOS website as well - happy to help if you need advise/help completing

[messedaround]

Thanks - I submitted it last night with all the relevant documentation as I had seen last night there were some very similar cases to mine

 

Now awaiting replies from the rest of them - so far Cashgenie sorted, Peachy complaint sent, Myjar written off.

[messedaround]

Is it normal for all of the lenders to reject my complaint?

 

So far I have been rejected and encouraged to go to the FOS by:

 

Peachy

Ferratum

Wageme

 

I have now submitted these to the FOS.

 

Still awaiting responses from the rest..

[fkofilee]

Yep Perfectly normal. You will be in this for the long run.

[acid53]

yes agree, you would think by the responses of the PDL's that they have not done a thing wrong - you will need lots of patience and stamina as the fOS can also be a long drawn out process

[messedaround]

I have another quick question..

 

Months.. maybe a year? Ago, I received the wonga redress letter.

 

Wonga were included in my DRO so the balance should have been cleared. Their offer to me was something like £50 off my balance.

 

As I had a zero balance from the DRO, I contested this, especially since Wonga started all my PDL issues and were horrible. I never heard back. I have sent numerous formal complaints and heard zilch. What can I do?

[fkofilee]

I have a good contact for them. I used him when I had issues.

Let me dig it out, post it up shortly.

[fkofilee]

[email protected] - Team Leader Complaints

[email protected] - New MD Wonga

[email protected] - Legal Counsel Etc

[email protected] - General Complaints Email

 

Balls in your court now.

[messedaround]

Awesome - thank you!

[fkofilee]

No problem. Im not always around so if you need me please PM me.

[messedaround]

Okay, I have now contacted those.

 

My remaining lenders who are totally ignoring me are:

 

SpeedyCash

APS group (iadvance)

Poundstilpayday

[messedaround]

Some good news!

 

Quickquid say they did no wrong.. but have offered me a payment of £150 and to delete my loan from my credit file

 

Accepted. One more down!

[fkofilee]

Are they actually going to give you £150?

[messedaround]

Yep

 

Full and final settlement of £150 refund as compensation, and deletion of the loan!

[fkofilee]

Wow id take it

[messedaround]

They said they will pay within 10 days

 

On another note, I have just received this regarding my money in advance loan:

 

Thank you for your email.

 

The company that you borrowed money from did undertake full credit checks and affordability checks based on the information that you supplied in your application. To help assist make a responsible lending decision the CRA data combined with other scoring methods such as your past payment history was carried out. In light of this we believe sufficient checks were carried out to ascertain affordability of the loan. Please note the original creditor Money in Advance has had no sanctions placed on it by the regulators.

 

Your accounts were purchased under the Section 136 of the Law of Property Act 1925 from the original lender Money in Advance.

 

You currently have 2 outstanding accounts with us –

 

Agreement No.

Agreement Date

Amount of Credit

Outstanding balance

04/06/2013

£200.00

£311.00

13/06/2013

£100.00

£199.00

 

Unfortunately we only received the details for your outstanding loans and have no record of your previous accounts, we suggest you contact Money in Advance administrators for further information.

 

SLL Capital Limited and its core business practises promote ethical collections whereby the procedures that we follow have due regards to our customers and embodies treating our customers fairly. Therefore to help you settle the debt we will wipe off all interest and charges meaning all that you will need to repay on each of your accounts is the principal sum that you borrowed. This means that the total amount you will need to repay to our company is £300.

 

I hope you are satisfied with our response and in our removing of all interest and charges from your loan.

 

Please reply to us within 14 days confirming if you wish to take up our reduced settlement offer.

 

Any advice on how to proceed with this? I wanted really to get the loans wiped as they lent two to me in a very short space of time and my credit report was a disaster..

[fkofilee]

Well refer to the FOS. Simple. Or play them and say that how do they know as MIA no longer exists,

Challenge them.

[messedaround]

I will give challenging them a go. No harm in trying. If that does not work, I will refer to FOS. Thanks!

[messedaround]

The following lenders are totally blanking my request for a financial statement:

 

SpeedyCash

APS group (iadvance)

Poundstilpayday

 

I wanted this, so I could then launch a formal complaint. How can I proceed with these?

 

Also, I was served court papers in 2013 by Monkeydosh, so ended up paying them in full. Is it worth complaining to them too?

 

Oh, another bit of good news! SLL capital have responded to my challenge about money in advance with:

 

After taking into consideration the points you have raised we have decided not to pursue the matter and close both of your accounts with an immediate effect. We can confirm both of your accounts are closed and the balances written off.

 

[messedaround]

Wonga have rejected my complaint..