Payday loans...getting out of this mess

[FootballPlayer]

Thanks for the address. I will give them till next week to get a response. If not I'll write them a letter. But I think that step wont be needed as I already have all the loan agreement details with them in my email.

 

Fko, what is the next step after getting all the statements of the account mate?

[Guest]

ok, you've prob seen these then for eg

instant cash loans (paydayuk), part of dollar financial uk

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11955470/Payday-lender-Dollar-Financial-to-pay-15m-in-compensation.html

https://www.fca.org.uk/news/payday-lender-dollar-to-provide-154-million-redress

[FootballPlayer]

thank you for the info ford.

Payday uk granted me two loans

1) £220 on 5th June 2015

2) £850 on 29th June 2015.

 

Tomorrow morning I will upload the official loan agreement document with payday uk

[fkofilee]

PDUK are based in Bicester...

The next step is for me to look at all the statements...

 

Question. Did they do Credit checks on you? If so Screenshot them..

[FootballPlayer]

Yeah all of the lenders did a credit check.

I will post a screenshot soon.

[FootballPlayer]

Screenshots of Credit check by the lenders.

[FootballPlayer]

Last one:

[FootballPlayer]

I will post the loan agreement and summary details with payday uk soon.

[fkofilee]

Jesus christ... I can see lots of searches really close together...

 

They should have picked this up sooner... Callcredit do realtime CRA amendments for PDL...

[FootballPlayer]

I am posting the loan details with payday uk

 

 

1s Loan was of £220 taken out on 5th June 2015

2nd Loan was of £850 taken out on 29th June 2015

 

 

The agreement for the £850 one states the number of repayments. I have also posted the payment arrangement that I made.

paydayuk.pdf

PAYDAYloanagreement20671016.pdf

[FootballPlayer]

Statements:

1) Peachy: Done

2) Mr Lender: Done

3) Safety Net Credit: Done

4) Wonga: Soon

5) Lending Stream: Soon

6) Payday UK: Done

7) Satsuma: Soon

8) Wageday advance:Soon

[FootballPlayer]

Added point if this has any impact:I was lent all the loans whilst I was still in overdraft arrears with my bank. Also I took out these loans to pay the other one off.

[fkofilee]

Post #99 Here

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?457677-Im-looking-for-some-advice-Piggybank-Sunny-Wonga/page2

[FootballPlayer]

Hi mate,

thanks for the response.

 

 

The letter you mentioned does it go to the following so far:

1) Safety net credit

2) Payday uk

3) Peachy

4) Mr Lender

5) Lending stream(they just sent me the summary)

 

 

I am waiting on

6) Wonga

7) Satsuma

8) Wageday advance to get back with the summary

[FootballPlayer]

Address

Address

Address

Post Code

 

Date

 

Formal Complaint Regarding Irresponsible Lending

 

Loan Ref; xxxxxxxx & xxxxxxxx

 

I wish to log a formal complaint in relation to irresponsible lending with has been caused by company. I wish to start by saying that as you are formally aware, the FCA took over regulation of the credit market from April 2014 and then imposed caps on all high-cost short-term credit (HCSTC) in 2015.

 

These rules were set to stop irresponsible lending and they included;

 

- Affordability checks for every credit agreement to ensure that only consumers that can afford a loan can get a loan.

- Firms that do higher risk business and pose a greater risk to consumers will face a tougher supervisory approach. Specific rules for the payday sector have been proposed and include:

o Limiting loan rollovers to two;

o Limiting the number of attempts by a payday lender to use CPAs to pay off a loan, to two;

o Information on where to get free debt advice will be given to every borrower that rolls over a loan

- Treat Customers in Arrears more fairly.

- Do not relend to customers who appears to have taken numerous loans in a short period.

- Report information correctly to the CRAs.

 

But also the FCA also stated that lenders should implement their own policy and also change how they lend to customers. Well I believe that you are in contradiction of that because;

 

- Both before and after the regulation dates, you were lending to me on a near monthly basis across the board as shown in a monthly statement.

- You did not do appropriate checks on where the money was being sent to. Should you have asked to see bank statements, you would have seen that this money was being used for Gambling purposes

- Should you have done the appropriate affordability checks at the time of every loan, you would have seen that I would have had more than 1 loan on the go.

- On my CRs, I cannot find any searches that had been completed at said times of a loan being offered.

- I was using these loans to pay off other loans to **Companies** and this ended up creating a spiral of debt.

 

Now I am also aware that Callcredit offered an update to their reporting facilities where it would essentially be Real Time Reporting. But I am also aware that under these loans, the actual product being offered changed from a pay day loan to a revolving credit facility. From that you should have still seen that I was constantly in and out of using these.

 

I am bringing this to your attention because I believe that you as a lender have not followed treated me with Due Respect or Due Diligence and I believe that I am now in this position because you continuously lent to me.

 

**Input Summary of Loans Here**

 

I will be reporting this to the FCA for breach of the new lending practices and also because you didn’t do the appropriate checks at time of lending etc. and after every withdrawal which should have been done.

 

Should you wish to contact me;

 

**Name**

**Address**

**Telephone**

 

Kind Regards

Payday

[fkofilee]

Might be worth amending it something about more suited to your situation... Its not a one job fits all category...

MYJAR for example, you need to add a small bit about there fees which are above the normal £15 default maximum these days.

[FootballPlayer]

I just had these following questions

1) In my case the lenders did credit check so do I mention that they should've seen it I had a lot of outstanding loans when they credit checked me?

2) Money wasn't used for gambiing purposes

3) I was unemployed when I took the loans (was a university student)

4) When you mention input summary of loans do I put the actual documents provided to me by the lenders?

 

 

Sorry was constantly side tracking you..Thanks alot

[fkofilee]

I just had these following questions

1) In my case the lenders did credit check so do I mention that they should've seen it I had a lot of outstanding loans when they credit checked me?

2) Money wasn't used for gambiing purposes

3) I was unemployed when I took the loans (was a university student)

4) When you mention input summary of loans do I put the actual documents provided to me by the lenders?

 

 

Sorry was constantly side tracking you..Thanks alot

 

Thats okay... Ill answer your questions NTL...

1) So they did Credit Check you... But they should have seen that you had xx number of loans on the go. The time they gave you these, Callcredit hadnt fully launched its realtime lending platform for Their CRA.

2) Like I said, amend to your circumstances

3) If you were a Uni student then they shouldnt have given you money in the first place. They should have done affordibility checks which included checking Bank Statements and even then they still lent you too much for someone in your shoes.

4) No... Summarise all the loans taken with **x** Lender... Explain all the loans.

 

Amend it accordingly and if you have any questions please let me know

[FootballPlayer]

I have attached the statement from Lending stream

 

 

 

 

So they did Credit Check you... But they should have seen that you had xx number of loans on the go. The time they gave you these, Callcredit hadnt fully launched its realtime lending platform for Their CRA.

 

 

So I should eliminate the point that "they credit checked me and yet I had so many loans" as you say at that time Callcredit didn't do real time lending updates?

 

 

Again sorry this..thanks

lending stream.pdf

[FootballPlayer]

I will use the letter you have provided..i will modify it and add my circumstances. I will post it here once done when you can give it a final check.

 

 

Again sorry and thanks a lot for all your help.

[fkofilee]

I have attached the statement from Lending stream

 

 

 

 

So they did Credit Check you... But they should have seen that you had xx number of loans on the go. The time they gave you these, Callcredit hadnt fully launched its realtime lending platform for Their CRA.

 

 

So I should eliminate the point that "they credit checked me and yet I had so many loans" as you say at that time Callcredit didn't do real time lending updates?

 

 

Again sorry this..thanks

 

No dont remove it because they should still see loans on there.

[fkofilee]

I am posting the loan details with payday uk

 

 

1s Loan was of £220 taken out on 5th June 2015

2nd Loan was of £850 taken out on 29th June 2015

 

 

The agreement for the £850 one states the number of repayments. I have also posted the payment arrangement that I made.

 

I think that this little comment here is prime example of bad practices. £220 in the first loan and less than a month later a 400% (almost) increase...

[FootballPlayer]

Alsoi wantedt to mention when i was given all these loans i still had a £23000 car loan. So i was paying £520 finance each month

[FootballPlayer]

Will the above point put extra weight on this case?

[fkofilee]

Possibly but did you lie to them on the I+E when applying?