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Shaggy3179

lots of paid off PDL's - irresponsible lending claims ? - help

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throughout 2012 -2013 i had a large number of Payday loans

it came to a head 2013-2014 as they were unsustainable

and arrangements were made all of them and all of the loans were paid off during 2014-2015

as a result i have no outstanding balances left

 

Wonga - who wrote off about 150 left of what was a 1400 loan when they did their refund action and removed their information from credit reference files.

 

Pounds to Pocket – Interest written off and removed their information from credit reference files.

 

Ladder loans – Interest written off, but no credit reference action taken.

 

Mr Lender – Nothing requested

 

Payday Express – Nothing requested

 

Money shop – nothing requested

 

I am looking to place affordability claims against Mr lender

– Payday Express

– and the Money Shop,

 

 

the reason being that at any one time I had out about between 1500 and 2250,

at any one time when I was earning approx.

 

 

1400 per month, my debt spiral was bad as I borrowed from one to pay another and such.

 

the loans were plainly unaffordable as overall they were more than I was borrowing and don’t even take into account my priority bills and living expenses at the time.

 

What really annoy me and convinced me to do this is that Ladder/Payday express/money shop were all dollar companies and would surely have known I was lending from each and if they didn’t share even that basic information within the group surely that’s wildly negligent of them?

 

I’m looking for advice as regards the following,

 

Should I bother claiming from Wonga during Jan to April 2013

I was borrowing between 500 and 1000 a month and having to take it straight back out again

as I could not afford to pay it off with fees of between 200 and 400 per month,

I was part of their enforced redress scheme but they seem to have got of pretty light.

 

Anyone had any joy with MR Lender loans for a similar period as mine?

 

Anyone had any Joy with Payday express loans for a similar period as mine?

 

The Money shop items were personal cheques guaranteed with a CQ guarantee card (old school)

anyone had any joy with reclaiming interest/rollover fees for this kind of thing.

 

 

Thanks in advance

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I have already requested and in some cases got statements from lenders..

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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

 

If you believe that you have been a victim of irresponsible lending, then you can and should make a complaint about it. Aside from the link I have posted above, there are other information threads at the top of the PDL forum which you should read. Then have a quick trip round the PDL forum and see what other caggers are currently doing.

 

Then you will have an idea of what you will need to do. Just shout if you have any questions and someone will be with you ASAP.


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4: Staying Calm About Debt

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2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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How many loans did you take with Mr Lender - as could be worth a complaint of irrisponsible lending.

Payday Express will be a pain to deal with, they will probably respond to you with "we have not been able to look into your complaint due to a heavy workload - when you get FOS involved they will eventually respond with some half hearted offer whci hwill fail to address your complaint in full - which you will probably reject - so back to FOS to get their verdict.

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My loans were as follows:

 

Mr Lender x 2 loans

Wonga every month for 6 to 8 months

Money shop every month for 8 to 12 months

Payday express x 2 loans

Ladder loans and pounds to pocket were 12 to 18 month loans with payments of about 150 each...

 

I shall be making the crux of my complaints to all companies on the grounds of lending without engaging in correct and proper affordability checks and as a result lending amounts that were clearly not sustainable, essentially each one of them seems to have only assessed my ability to repay them rather than my ability to repay them and whatever i had outstanding at the time.

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Ok, well I had 3 loans with MR L - Mr L rejected my complaint so off to FOS who upheld it - got 2 of 3 loans removed from my CRA and a refund of £700

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Ok, well I had 3 loans with MR L - Mr L rejected my complaint so off to FOS who upheld it - got 2 of 3 loans removed from my CRA and a refund of £700

 

good to hear success stories.

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So MR Lender were the first to get back from me agreed information to be removed from credit ref and a cash refund offer that after a bit of negotiation over the phone was acceptable to me and paid within 24 hours of agreed resolution.

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Wonga got back to me with a full list of statements seems that from jan 2012 to mar 2013 i was able to borrow 14 out of 15 months amounts totaling £6940 with charges of £1449 ish complaint issued, i had been part of their previous FCA driven remediation policy and had about 100 of my final 1400 debt paid off and records removed from credit ref?

 

Has anyone had any joy in the above circumstances?

 

Money shop got back to me saying they do not have to provide statements as no debt is outstanding as per their terms and conditions, which i suppose is fine if a bit small of them, not sure if i should just complain or make the subject access request 1st?

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I would say obtain a Subject Access Request, that way they will have to provide you with statements :)


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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