claims, doortsep lenders?

[yorkieboy1]

Could anyone advise if doorstep lenders (i.e. Shopacheck, Provident ) can be included in a claim for unaffordable lending?

 

 

I had 13 payday loans when I applied for a doorstep loan, but unsure if I can claim with this?

[citizenB]

Yes, you can - these companies have a duty to make affordability checks just as any other lender does.

[dx100uk]

you mean irresponsible lending.

[fkofilee]

I am currently assisting on one for someone here, and it involves provident.

 

You can also do that.

[yorkieboy1]

you mean irresponsible lending.

 

 

Oh sorry, not sure what difference between unaffordable and irresponsible lending is?

[Piratesteve]

irresponsible implies the fault is with them and not you

[Tawnyowl]

How interesting.I had never considered Provident and Shopacheck before.

Let me see what Provident is all about and what they perhaps should do before offering a loan.

I suppose the agent deals with this.Put me right if this is not the case.

So yorkieboy1

Did the agent

When will the Affordability Assessment be performed by my Agent?

The Affordability Assessment will be completed as part of your loan application process. It will take place when your Agent comes to your home to discuss your loan requirements.

 

In order to complete the Affordability Assessment, your Agent

may

ask to see one or more of the following:

The latest payslip(s) from your employer;

Letters/statements from the DWP or HMRC showing Benefits amounts;

Letters/statements showing your Pension income;

Any documentation you may have which shows your self-employed income;

 

Your rent book;

Documents showing the amounts you repay on loans that you have with other lenders;

A court order or CSA letter showing maintenance payments you receive from an ex-partner.

You must also agree to a credit check which will leave a 'footprint' on your credit file.

 

Here is the link to those kinds of questions.For those who would like to look at things closely.

https://www.providentpersonalcredit.com/faq-affordability-assessment/

 

It seems to myself if you had all these payday loans and told them at the time you would not get a loan from them.

Did they ask you.

I wonder what pressures if any the agents are under.

Is this a commision job.

 

Somewhere on the website i read this can improve your credit file.But surely these would be seen by lenders as loans that you take when desperate for some money.

And perhaps could affect your credit file adversely as do payday loans.

When Banks or Mortgage men sometime maybe in the future take a look at things.

 

Shopacheck Financial Services merged with Morses Club Limited on 1st March 2015 and Shopacheck is now operating under the name of Morses Club Ltd.

 

So Provident and Morses Club head offices are both in Yorkshire Bradford and Batley.

Morses

Will I need to provide any documents?

When you fill out our online application form you will not be asked to provide any documents. If you are approved in principle, when the agent visits they will need to see:

 

Passport/Drivers License

Plus one of the following

Utility Bill/Payslip/Official Letter/Birth Certificate

 

Who carries out the affordability assessment?

Your Agent will conduct an affordability assessment with you in the comfort of your own home. Completing this in person means that you can ask as many questions as you like and also helps your Agent to assess your requirements on an individual basis. The same Agent will then collect your loan repayments from your home at an agreed time each week.

 

What do you mean by 'outgoings'?

Outgoings are any payments being taken from you on a regular basis. The most common outgoings are:

 

Rent/mortgage

Utility Bills

Living Costs (e.g. food, transportation)

Loan Repayments

Any other payments e.g. Child Support payments

 

So perhaps if you are completely honest about being deep in debt it would be difficult to get a loan.

Unless some know different.And do not get asked which would interest us quite a bit.

And lead to other thoughts and actions.

 

You get the feeling some agents may be under pressure to deliver.Anyone know.

Perhaps prizes are awarded to some if targets are met.A shiny cup perhaps,a holiday for the ones that get the most new loans.Who knows the answer to these questions.

Very interesting thread

 

Yorkieboy1-how did you get the loan when your circumstances were so bad.

But perhaps all your payday loans were paid and up to date.When you applied. Were they.

Did they ask these questions.

[yorkieboy1]

 

Yorkieboy1-how did you get the loan when your circumstances were so bad.

But perhaps all your payday loans were paid and up to date.When you applied. Were they.

Did they ask these questions.

 

 

 

My loans were well behind, most defaulted, but they didn't ask many questions so I didn't offer. A payslip was asked for and only major questions such as did I have a CCJ or debt management plan, my outgoings were never really mentioned, I was economic with the truth and only stated my normal household bills etc

[Tawnyowl]

Hi yorkieboy1-

1st thing is which doorstep lender was it.Provident or Shopacheck-now called Morses Club Limited.

Already i am wondering how deeply the doorstep lenders delve into peoples debts etc.If they did perhaps you feel the businesses will perhaps lose a high % of the loans given out.

 

I wonder what the default level is on doorstep loans.

And if i am correct and commission is paid to agents who give the loans well if i was a agent i would perhaps not delve to deeply otherwise not that many people would be getting the loan.

Targets,Targets,Targets there must be some pressure for agents.

 

See how the FOS looks at things after all normal channels have been spent.

Which at the moment you are only beginning to think of complaining to the lender.The FOS is much further down the line if things go that far.

Which i feel you may well do.It will be interesting to look into this in more depth as the week goes on.And try to find more information.And think about credit checks taken out before lending.

Surely in your case the computer when checking would fuse when they saw the Payday Loan situation you were in.

Which makes you wonder,but a SAR would soon find some things out.

 

Shopacheck-i suppose you now complain to Morses.

Why is my loan no longer with Shopacheck?

On 1st March 2015 Shopacheck merged with Morses Club Ltd. The two companies are now one legal business and operate under the name Morses Club Ltd. As part of this merger, all Shopacheck customers have been transferred over to Morses Club. There is no change to the terms of your Credit Agreement and your loan will carry on as normal.

 

Also yorkieboy1 with 13 payday loans taken out i hope you have read this thread.

Were you caught in a Pay Day Loan Trap ? - You may be able to make a claim

http://www.consumeractiongroup.co.uk/forum/showthread.php?455382-Were-you-caught-in-a-Pay-Day-Loan-Trap-You-may-be-able-to-make-a-claim

 

Financial hardship and unaffordable lending

Overview

We deal with a significant number of cases from consumers who complain that they are in financial hardship and that their lender is not providing them with an appropriate level of help. This includes complaints that the lending was unaffordable from the outset, and should not have been allowed by the lender in the first place.

 

Complaints about financial hardship and affordability are often linked. The consumer's financial difficulties may stem from unaffordable lending.

http://www.financial-ombudsman.org.uk/publications/technical_notes/financial-hardship-unaffordable-lending.htm

[acid53]

you may have a case yorkie but i believe that it will be more difficult than the cases against payday lenders. if you look at the ombudsman decisions database, you will see that relatively few complaints get upheld for irresponsible lending other than the payday ones

 

there are a number of differences as well with provident/shopacheck loans (home loans) and payday loans or high cost short term credit (hcstc) as they are known now. the interest rate is one big difference and the definition of hcstc means they are more likely to be upheld

[yorkieboy1]

you may have a case yorkie but i believe that it will be more difficult than the cases against payday lenders. if you look at the ombudsman decisions database, you will see that relatively few complaints get upheld for irresponsible lending other than the payday ones

 

there are a number of differences aprovident/shopacheck loans (home loans) and payday loans or high cost short term credit (hcstc) as they are known now. the interest rate is one big difference and the definition of hcstc means they are more likely to be upheld

 

Thanks for the reply. The loan is with shopacheck , as you say now Morses. You are right about the interest rates, the reason I considered a claim was because they "topped up " the loan 4 times to even higher amounts ( started at £350, ended up at £1600). On each top up occasion no questions or payslips were asked for even though the last one was a year later.

 

On a different note, I have been scrutinising the pdl claims, and have already emailed each company asking for full breakdowns etc. I won't go any further yet until I'm sure what I'm doing. At the peak I had monthly payments of £3200 and an income of £1200 so may have a chance.

 

I do have some experience of the FOS as I currently have a claim against A car HP company for broadly the same reasons but not much hope for this and first adjudicator did not uphold, but that's another story!

[Tawnyowl]

Hi yorkieboy1

Good luck with the Payday Loan Companies.

Perhaps when you feel like it open a thread on how you are doing.It would be interesting to see how things develop.

13 Payday Loans.

Sounds like you are going about things the right way.

If they do not send you the info from your emails,well then it would be the SAR.

At the peak I had monthly payments of £3200 and an income of £1200 so may have a chance.

I would think you have a good chance.