should i try and get refunds

[burke666]

can FOS investigate Lending Stream as there American?

[silverfox1961]

Any company operating in the UK can be investigated although it may cause the FOS some issues. They are registered with Companies House with a UK contact address

 

https://beta.companieshouse.gov.uk/company/FC032134/filing-history/MzEzNDg5NzQwMGFkaXF6a2N4/document?format=pdf&download=0

 

They also are registered with the FCA so must follow UK rules of trading.

[burke666]

still unsure wether to give this to FOS or not....... LS did credit it checks every time i had a loan ..... 16 in total, although i dont agree with the credit score they said i had at the time.

i was taking out new loans with them on the same day i repaid the previous loan, also had had 3 loans at the same time with them on occasions.

 

or shall i just take the £300+ of loans theyre willing to wipe clean??

 

thoughts please

[silverfox1961]

If it was me, I would take the money and run. Is it worth spending more of your precious time chasing when you have no real idea if they owe you or not.

 

You have done brilliantly so far and had some good results. This could still be classed as a result too.

[fkofilee]

If it was me, I would take the money and run. Is it worth spending more of your precious time chasing when you have no real idea if they owe you or not.

 

You have done brilliantly so far and had some good results. This could still be classed as a result too.

 

Agree take it and run

[burke666]

email from Wonga today.........

 

Outcome

 

 

Based on the above, there may have been more that we could have done to assist you in relation to the loans identified and so we have decided to uphold your complaint relating to those loans.

 

 

Additionally, we will also request for the redressed loans to be removed from your credit record. This may take up to 30 working days to be updated fully on your credit file.

 

 

 

thats 9 loans out of 12 loans with Wonga in my favour

 

i think that

Payday UK

Payday Express

Pounds to Pocket

Swift Sterling arent going to be as easy........ but im confident that ive now got enough to settle my DMP in full and give a donation to the forum..... and see what i can do with the last 4 companies.

[silverfox1961]

You are doing amazingly well and showing that it CAN be done with a little perseverance. You could well be an inspiration to others.

[burke666]

thank you........... wish id had the sense not to get in the mess in the 1st place.

 

to anyone reading this who has large problems with PDLC, please get help from StepChange, DONT bury your head and get deeper like i did for 4 years.

[burke666]

matching emails today from Payday Express and Payday UK

 

Dear Mr Keen

 

 

I refer to your complaint against Payday UK.

 

I am sorry for the delay in replying to you and advise that we are not yet in a position to respond to your complaint as our investigation is not complete.

 

The Financial Ombudsman Service gives a business eight weeks to respond to a complaint and, as this time has passed, this means: You have the right to refer your complaint to the Financial Ombudsman Service, free of charge. The Ombudsman might not be able to consider your complaint if:

 

• What you are complaining about happened more than six years ago; and

 

• You are complaining more than three years after you realised (or should have realised) that there was a problem.

 

If this is the case and the Ombudsman agrees with us, they 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 can visit their website at http://www.financial-ombudsman.org.uk

 

On behalf of Payday UK, please accept my sincere apology for the delay in responding to your complaint.

 

Should you wish to contact Payday UK with any further information or queries regarding this issue, please either telephone or email us using the details below. Our telephone opening hours are from 9am to 5pm Monday to Friday.

 

Kind regards,

 

A Westbury

Customer Relations

 

 

 

 

Not sure this will go with FOS because they did do credit checks......... But still kept lending etc and rolling em over.

[silverfox1961]

Not sure this will go with FOS because they did do credit checks......... But still kept lending etc and rolling em over.

 

Wanna bet!

 

Earlier today, I was looking at some FOS decisions although regarding Wonga and the amount of times I saw that they had lent irresponsibly and the Ombudsman upheld the complaint.

 

In those cases, it was suggested that Wonga repaid back all interest and charges plus statutory interest at 8% (less any tax due) plus compensation.

 

I know your case is nothing to do with Wonga but the principle is the same whomever the lender is.

[burke666]

im annoyed theyve had 8 weeks and done bugger all about my complaint.

 

ill get sent off to FOS this weekend.

[burke666]

an update

 

email from Pounds To Pocket..............

 

"A thorough review of your account has determined that we followed all our processes and conducted a creditworthiness and affordability assessment on each credit application and extension. Therefore, we do not agree with your complaint for the reasons stated.

 

However, we pride ourselves on looking after our customers by attempting to resolve any issues in a straightforward, efficient and amicable manner. Having taken all your comments on board and as a gesture of goodwill and without prejudice, we would like to make you an offer that we believe is fair and honest.

 

In full and final settlement of your complaint, we would like to offer to discharge your debt with us, which amounts to approximately £330.88 (this would be calculated exactly on acceptance of our offer)."

 

 

 

well im happy with getting my outstanding debt wiped with them, i only ever had 2 loans with them and hadnt paid alot of interest........... so another positive result.

[silverfox1961]

And another one bites the dust. Standard response though, 'We have done nothing wrong etc.' however a result nonetheless.

 

Well done. keep it up.

[fkofilee]

Keep it going,m very impressed

Did you use the letter i sent you in any form?

[burke666]

yes i did but re wrote it on my own words.............. thank you

[burke666]

Mr Lender

 

Todays response.......

 

the usual "we have done nothing wrong" email........... but as a gesture of goodwill we would like to clear the exsisting debt of £466.93.

 

that'll do for me.

 

 

Payday UK and Payday Express ............. im still waiting on the adjudicators , strangely i thought they were the same company as the letters from both companies come from the same address, but FOS have got them as 2 companies Express Finance (Bromley) Limited and Instant Cash Loans Limited.

 

then theres just Swift Sterling.

[silverfox1961]

Thanks for the update. At the rate you are going, you will make a profit out of this

[Dale1985]

My update.

 

Wonga - refund of interest, fees plus 8% statutory interest - £619 (took 10 weeks to get a response but I got there and no FOS involved)

 

Quick quid - final response due tomorrow

 

Payday express - offered a measly £87.50 when FOS got in touch before they investigated, I refused and told FOS to go ahead and investigate

 

Payday UK - FOS investigating

 

Moneybox 24/7 - received an offer the day after I submitted to FOS - offered to write loan off and remove entries in credit file - that'll do for me!

 

Pounds to pocket and wageday advance- still waiting for responses.

 

I only started claiming irresponsible lending mid January so don't think I'm doing too badly! Hopefully we can get these companies closed down together!

[burke666]

Payday UK have now made an offer now FOS have got involved.......they say that if you roll over 3 times then its classed as unaffordable and the Adjudicator says their offer of £817 and to amend my credit file is a fair offer.

 

Just Payday Express and Swift Sterling to go.

[silverfox1961]

Oh well done.

 

Your long (ish) battle seems to be nearly over.

[burke666]

think SS will be a loss lol

[Dale1985]

Advice would be appreciated - I don't really agree with the FOS.. Surely 10 consecutive loans screams irresponsible lending?! This is the FOS response:

 

your complaint

You feel Payday Express was irresponsible by lending to you. And that the loans you took out were unaffordable. You’ve said you rolled your loan over several times as well, which helped to put you in a spiral of debt.

my findings

You first took out a loan with Payday Express on 25 October 2011 for £200. You entered into a running account credit agreement. This agreement works by allowing you a credit limit (of £300 in this case) and you’re able to borrow up to this amount over time.

From October 2011 to May 2012, you borrowed ten times from Payday Express for amounts of £90 to £290. You stayed within the £300 credit limit of your agreement throughout your borrowing with Payday Express.

On 1 June 2012, you borrowed £290. Interest was applied to this amount when it was borrowed. On 11 June 2012, you emailed Payday Express to say that you were in financial difficulties and were unable to make your loan payment. You also mentioned that you had debts with other payday lenders and would like to arrange a repayment plan.

On 14 July 2012, further interest was applied to the loan along with a default charge due to non-payment. From August 2012 payments of £20.21 were received towards your balance on a monthly basis until 31 July 2013 and you had informed them of your involvement with a debt management company. After your last payment to Payday Express in July 2013, a balance of £227.69 was left on your account.

 

Payday Express has shown the credit score check it performed back in October 2011. At the time you took out your loans, the lending guidance at the time was by the

Office of Fair Trading (OFT). OFT lending guidelines were less strict on the affordability checks that needed to be performed compared with today’s guidelines. The credit score check that Payday Express performed was acceptable at the time to meet the affordability check requirements under the lending guidance at the time.

I’ve also looked into how Payday Express managed your account. I can’t see that you went over your credit limit when borrowing from Payday Express and the borrowed amounts were paid off on time. So I don’t think Payday Express ought to reasonably been aware you were in financial difficulties from how your account was managed until you told it in June 2012.

Payday Express’ offer

Payday Express has offered to refund £87.50 of the additional interest and charges from your remaining balance. This will bring your payable balance to £140.19.

my conclusions

After you told Payday Express of your financial difficulties, it applied one more month’s interest and a default charge. However, this wasn’t paid as your following repayments didn’t cover the initial £290 borrowed in June 2012.

When a financial business learns of its customer’s financial difficulties, it should act positively and sympathetically. But by positively and sympathetically, it doesn’t mean it’s obliged to refund interest and charges, just that it should work with you to get the debt paid off. I can see Payday Express accepted a repayment plan from August 2012.

I think Payday Express’ offer is fair and reasonable in the circumstances. For my reasons above, I’m not in a position to ask Payday Express to refund any further interest and charges. I’m sorry this isn’t the outcome you may have been hoping for, but I hope you can understand my reasons why I’ve come to this conclusion.

what happens next

You now need to let me know if you agree with what I’ve suggested.

If you do, then please sign and date the enclosed form and send it back to me by 18 May 2016. I’ll let Payday Express know so it can arrange to process what’s been agreed.

But if you don’t agree with what I’ve said – and you have any new information you’d like me to look at – then please let me know as soon as possible.

If we don’t hear from you by 18 May 2016, we might not be able to look at your complaint further. So if you want to reply but you think you’ll need longer, please tell me as soon as possible.

In every case, both the business and its customer can ask an ombudsman to make a final decision. But I think it’s unlikely the outcome would be different – unless there’s any important information that you haven’t already given us.

[fkofilee]

Refer to an Ombudsman if you are not happy.

[Dale1985]

Isn't there a very low chance the ombudsman will disagree with the adjudicators?

[acid53]

yeah they don't often overrule the adjudicator but when you have nothing to lose then it is worth a shot. I'd raise the "pattern of lending" with the adjudicator - that as a short term product it was not intended for borrowing over 10 months and the credit checks they did for the original amount may have been adequate but surely they should have doen additional checks over this much longer term period as you were effectively borrowing 3000 (300 * 10) not 300...