Payday loans - how far can I claim back?

[gav2000]

Hi,

Thanks to all those who post such great advice. I am currently in the process of claiming for irresponsible lending. I have had a great number of payday loans due to a gambling problem. I have had an offer from Quickquid via the FOS to repay interest on the last two loans made in October. I am just after some advice as to have far I could reasonably claim back for to see if it is worth shortening the fight. I have outlined the dates and amounts below. I have already had a judgment from the adjudicator that one in August was irresponsibly lent so I am working on the basis that everything after is. Would it be worth try to ask for interest from the loan in April as I had borrowed 3 times already and paid off the March one only to borrow two days later and on my payday no less?? When do you think that the FOS would start presuming that money was being irresponsibly lent?

 

Quickquid Oct 2014 £400

Quickquid Dec 2014 £600

Quickquid Oct £1000 (paid off and then...)

Quickquid Oct £1100

Quickquid March £700

Quickquid April £700 (paid off the previous loan and then borrowed 2 days later - on my payday)

 

Satsuma August £500 (The adjudicator has said that this has been irresponsibly lent)

Satsuma Feb 2015 £350

 

Sunny Feb 2015 £700

Sunny May £750

Sunny June £100

Sunny Sep £750

Sunny Oct £350

 

Payday Express Feb 2015 £400

Payday Express May £400

 

Uncle Buck July £200

Uncle Buck Oct £300

 

Lending Stream Sep £250

Lending Stream June £150

 

Whizz Cash Sep £250

 

Western Circle Sep £200

 

Pixie Loans Sep £200

Pixie Loans Oct £300

 

Piggybank Nov £100

 

Ferratum Nov £110

Edited February 21, 2016 by fkofilee
Grouped Each Lender

[fkofilee]

Hi Gav

 

Let me fully digest this and ill come back to you shortly.

Also welcome to CAG.

[fkofilee]

So you have had a few loans but not the worst I have seen. Your key here will be bank statements.

It would need to show a clear link between all the loans from month to month and money going out to the Gambling companies.

 

Ive already dealt with a few cases similar to yours, If you need any help just let me know. You will need to complain to each individual lender however from checking the dates, RTLA from Callcredit (Real Time Lending Analysis) kicked in around about this time.

So the lenders should have seen loans that were open at that time.

 

One good case to look at is

 

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

 

Payday has done really well and maybe you could see how hes come to it so far. Please also check your CRA Through Noddle and Clearscore. See what comes up for each lender?

[Payday]

Same situation as me buddy, first step is facing the problem of gambling before claiming anything back, or the money you get baxk will be no help. Hopefully you've self-excluded on all gambling sites

I still have over 7,500 left to pay and then follow fkofilee he's able to help no end

[fkofilee]

Correctomundo, if you cannot face up to the Gambling issue then you will fall back into the act again.

[gav2000]

Cheers for the help so far. I've read through that thread. I am a little ahead of you in claiming as all my loans are with the FOS now. And yes, getting sorted with the gambling is a priority. I haven't gambled since the 1st Nov but this is the third time I have got myself into a big hole of debt. Once is more than enough so don't follow my poor example, payday!

Each place did do a search when I took it out. I am not sure Sunny did one for each time though. When would be a good time to assume that the loans became irresponsible?

[fkofilee]

Seraches are saved upto 2 years (Depends on the CRA in question)

 

What does Noddle and Clearscore say?

[gav2000]

Clearscore really don't register many searches at all! Mostly with Noddle but I can't see any for sunny after a certain date which gives me some ammunition.

It's odd as I listed all the loans in a time line and now they are arranged by lender in my post! Sorry, just to clarify, I mean how far back in my loan history could I say that there has been irresponsible lending based on what I posted in my first post. Eg. could I say that Quickquid were acting irresponsibly by the time I took out the fourth loan with them as I had already taken out 3 loans with them and 3 other loans in the interim?

[fkofilee]

That was me Just easier for grouping per lender than per month IMHO. However Yes, you are right, but the trick is to get the PDL company to admit that they lent to you even though you had 3 loans on the go etc... They shouldn't have lent to you. In 2015 the new rules came into effect and if you sstill had loans coming over at that point, then this will also be a massive thing to take into account. However like I said ... BANK BANK BANK STATEMENTS! These will showing a true financial picture of your situation. If you need them then you can send a SAR Request to them

[gav2000]

Cheers. I will decline Quickquids offer then and show the FOS my bank statements for the time period. I have them all online through online banking. I will let you know how I get on.

Thanks

[gav2000]

Sorry to be a pain and ask lots of questions. When looking through the credit report from noddle, should Quickquid have performed "Checking credit application" each time rather than a "Quotation search" or "Administrative Review". I can only see the search and review around the dates I took the loans out rather than a checking credit application. Does that mean they did not do a search when I took out the loans?

[fkofilee]

CEN (Casheuronet) doing Quotation Searches? How strange?

I think an administrative review should be enough to mean a Credit Check was done - Reason being is because you had an account opened which you were being lent against so I think its valid. However even though they did a CRA Check, they could have been naive in lending that amount even though you had loans open

 

What was CEN offer? (PS CEN is QQ Parent CO.)

[gav2000]

They offered to pay back interest from the last two loans I had with them in October. I am going for the last ones I had from them in March though. After a bit of research I found out that Quickquid/ Casheuronet is tied to a company called OnStride financial. I took out a £2900 loan with them in March and 20 days later went to Quickquid for a loan. Surely that should have raised some alarm bells!

[fkofilee]

Oh yes OSF Are also part of CEN... And yes it should and this changes it completely because its not a HCSTC loan and is more longer term. What APR were you given on your contract?

[gav2000]

A whopping 89.9%!

[fkofilee]

Over how long?

[gav2000]

It was over 30 months.

[gav2000]

Hi,

Just a bit of an update. The ombudsman has gone against what the adjudicator had decided and has said that the £500 loan from satsuma had enough checking for it to be fine. This is provisional and I am wondering if there is anything I can say to get them to change their mind. By this point this was my 6th payday loan in 3 months (12 in the last 8) and the adjudicator said I was stuck in a cycle of unsustainable borrowing. Is there anything I can argue against the ombudsman?

Thanks

[citizenB]

Why did you escalate if the Adjudicator had found in your favour ?

[gav2000]

I didn't, Satsuma asked them to escalate.

[gav2000]

Another update. An adjudicator has found that a loan that I took two weeks after the Satsuma one was not lent responsibly. Another adjudicator has found that a loan I had two weeks after this one was lent responsibly. How can they all come to different conclusion?!?!?

[acid53]

consistency is not the fos strongpoint - out of 10 cases with basically the same facts I had about 7 different opinions - all bar one of them all upheld but sometimes you need to stick their nose in the main facts....the recent curveball I have had thrown at me was an adjudicator not upholding complaint against safetynetcredit despite another ombudsman saying I was in a clear cycle of payday debt with another lender who was lending to me at same time and another adjudicator confirming it was clear I had a gambling problem!!

[SteveHolt]

consistency is not the fos strongpoint - out of 10 cases with basically the same facts I had about 7 different opinions - all bar one of them all upheld but sometimes you need to stick their nose in the main facts....the recent curveball I have had thrown at me was an adjudicator not upholding complaint against safetynetcredit despite another ombudsman saying I was in a clear cycle of payday debt with another lender who was lending to me at same time and another adjudicator confirming it was clear I had a gambling problem!!

 

Does having a gambling problem have any bearing on an attempt to claim interest/fees back due to irresponsible lending?

[acid53]

yes, from the point of view of those companies who look at bank statements - it would be clear that anyone with a gambling problem does not have control of their finances and therefore not suitable candidates for payday loans

[gav2000]

Should I make my argument based around the fact they should have looked at my bank statements which would have shown a lot of gambling transactions? The fact I was heavily in debt and had asked for 10 payday loans in the preceding 8 months should have alerted to them to the fact I was not managing my money well.