Help - 247 moneybox irresponsible leaning refund response

[AVAYA19]

Hi all

Hoping you may be able to help me, I was stupidly heavily in debt in 2011 with 16 different payday loan companies (all clear and debt free since then) , I am now in the process of emailing them all regarding irresponsible lending, so far I have had generic responses but nothing further at the moment. I have received this from 247 moneybox and would like some advice on how to respond - not shocked with the response to be honest!

 

Dear....

 

Hope that you are well. Please find below a copy of our complaints procedure. We are aware that there are many forums and templated letters available on the internet to exploit any previous credit commitments under the wholly subjective banner of affordability. We have seen some legitimate claims upheld in the press such as with the lender Cash Genie. However, to compare our actions with their reported behaviour is inappropriate.

 

We are confident that the required assessments were carried out prior to the advance of all loans. We have had relatively few instances where customers have ultimately look to take recourse with the Financial Ombudsman Service and our record there is good as we are able to substantiate fully the information on which lending decisions were based.

 

Our relationship was based on responsible lending in addition to responsible borrowing. We provided you with all the facts about our product and the charges and costs involved. We treated you as a rational individual able to make a credible decision as to whether to borrow or not. For our part of the relationship we acted on the information available to us at the time and the prevailing regulations and guidance at the time.

 

I am your personal account manager and would be happy to discuss any of the above with you over the phone. I am available on 0207 183 8078 between 08:30 and 18:00 Monday to Friday. If you would prefer, please do feel free to provide a number and time at which I can reach you directly.

 

Kind regards,

 

Shahan

 

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

 

247Moneybox

20-22 Wenlock Road

London

N1 7GU

 

Complaints Procedure

 

Customer satisfaction is of utmost importance to 247Moneybox. Please do not hesitate to contact us if you are dissatisfied with our service in anyway.

 

We hope that it never comes to this, however should you wish to make a formal complaint in writing, please address your letter to:

 

Customer Services Department

247Moneybox

20-22 Wenlock Road

London

N1 7GU

 

If you have a complaint, please write to our Customer Services Department at the address set out above, e-mail us at

 

Upon receipt of your complaint we will do our best to resolve your complaint by the end of the next business day.

 

If we can't do this, we will send you a prompt written acknowledgement of your complaint within 5 working days and tell you who is dealing with it. In addition, we will provide you with a copy of our complaints procedure.

 

If we need to investigate your complaint further to respond fully, we will tell you and keep you regularly updated.

 

We will send you our final response as soon as possible but within eight weeks of receiving your complaint. Our final response will explain that you will have ultimate recourse to the Financial Ombudsman Service if you remain dissatisfied. We will enclose a leaflet (or provide a link to information) from the Financial Ombudsman Service with our final response to assist you if you decide to pursue this further course of action. If looking to do so, you will need to contact the Financial Ombudsman Service within six months of receiving our final response.

 

If you want to make a complaint to our trade association (BCCA), their contact details can be found at the end of this procedure. Our trade association will liaise with us to ensure your complaint is investigated fully and a response is sent out to you.

[silverfox1961]

Hi and welcome to CAG,

If by the time you took the loan with 247 you had other payday loans on the go, this should have alerted them that you were in financial difficulties. The same applies if you had to roll over any loan with them.

If they were the first PDL you took out, it may be more difficult as they would have had no info to go by.

 

As with all payday loan companies at the time, all they were after was the money without a care of whether you could afford it or not as they would then add on their unlawful charges.

 

I will see if there are any Financial Ombudsman cases to rely on.

[silverfox1961]

Well, having looked at the FOS decisions page:

 

http://www.ombudsman-decisions.org.uk/

 

and typing the name Active Securities Limited (they are the main company) the FOS may just disagree with the above statement from 247.

 

If you haven't raised this matter as a Formal Complaint, I suggest you do so by post and sent signed for delivery. they then have 8 weeks to resolve before you can go to the Ombudsman.

 

If you use the decisions on the FOS page, you may be able to convince them to do the same for you.

[AVAYA19]

Hi

 

Thank you for the reply, I will log it as a formal complaint as you suggested, I can safely say I had many many other loans on the go at the time and it wasn't my first loan and i did roll over and over, how do I get accurate loan information as this particular one is not on my credit report ?

Can I request it from them directly ?

 

Thank you

[silverfox1961]

You can request it but they can say no. The ideal way is to send them a Subject Access Request (SAR) which costs you £10 and sent to their registered office. They have 40 days to comply but make sure you include plenty of ID info so they can't delay responding.

[AVAYA19]

Great thank you - I have a feeling judging by their response computer says no! Wish they would have said no the first time I ever contacted them!

[acid53]

avaya, i wouldnt pay too much attention to their reply, it is just designed to try and put you off complaining. ive lodged complaints (and won) with nearly all the main payday lenders and not one has admitted any liability. the other thing that matches their terrible behaviour is their ability to try and balls it out and continue to lie about what they have done. as silverfox says, if you had multiple other lenders as well as lots of rollovers, you have a v strong case

 

would your bank statements not show you the loan history?

[AVAYA19]

Hi

My bank statements probably would yes but I was looking for the easier option first before I trawled through them, because I had so many of them and it was a while ago its not fresh in my mind. although it nearly cost me my marriage so I will fight them !

 

thanks to everyone for the replies it really helps in this minefield !

[fkofilee]

Hi Avaya

 

Welcome to the CAG Family.

 

May i please see the full summary of all loans?

Please also answer the following questions;

 

- Gambling Involved?

- Issues with Other PDL Companies? Spiral Debt with more than one PDL Company?

- How much was your income on a monthly basis compared to the loan? (Were you ever unemployed)

- Did you ever give incorrect info to acquire a loan?

- Rollovers... How many?

[AVAYA19]

Hi All

 

QUICK UPDATE - I have received a statement of account from PDUK, is there a way of working out a rough idea of the amount possibly owed back, the info is 3 pages long and there are about 59 entries of interest deposit, repayment and de-ferrals - the loans ran from Jul 09 - Mar 12 !

 

Here is a short example of what I have received

 

13/05/2011 Principal | Deferral (£300.00) £500.00

15/06/2011 Interest | Deferral £100.00 £600.00

15/06/2011 Principal | Deferral £400.00 £600.00

15/06/2011 Interest | Deferral (£100.00) £600.00

15/06/2011 Principal | Deferral (£300.00) £600.00

15/06/2011 Principal | Repayment (£100.00) £500.00

15/07/2011 Principal | Deferral (£300.00) £600.00

15/07/2011 Interest | Deferral (£100.00) £600.00

15/07/2011 Principal | Deferral £400.00 £600.00

15/07/2011 Interest | Deferral £100.00 £600.00

15/07/2011 Principal | Repayment (£100.00) £500.00

15/08/2011 Principal | Deferral (£240.00) £585.00

15/08/2011 Interest | Deferral (£100.00) £585.00

[acid53]

wow - you could be in for a stonking payback of interest! the amount of deferrals alone in the snapshot you have provided gives you a strong case. you basically just total up all the interest and charges you have paid - ignore the capital amounts borrowed as you have to pay that. So if you borrowed £500 and deferred it three times at £100 per go, it would be £300 interest

[fkofilee]

Can we see the entire list minus any personal details x

[AVAYA19]

I will try and upload the full list - may be a rather long post!

[AVAYA19]

Loan Summary

Original Term of Loan: 25 days

(This is the term of your loan starting from the date the agreement was made through to the last payment date as provided in the agreement-

any Changes will have been notified to you)

Date of Initial Advance: 03/07/2009

Amount of Credit: £230.00

Total Amount Due: £287.50

 

 

AMOUNT BALANCE

03 July 2009 Principal | Deposit £230.00 £287.50

03 July 2009 Interest | Deposit £57.50 £287.50

28 July 2009 Principal | Repayment (£230.00) £0.00

28 July 2009 Interest | Repayment (£57.50) £0.00

04 August 2009 Principal | Deposit £340.00 £425.00

04 August 2009 Interest | Deposit £85.00 £425.00

28 August 2009 Principal | Repayment (£340.00) £0.00

28 August 2009 Interest | Repayment (£85.00) £0.00

03 September 2009 Interest | Deposit £75.00 £375.00

03 September 2009 Principal | Deposit £300.00 £375.00

28 September 2009 Principal | Repayment (£300.00) £0.00

28 September 2009 Interest | Repayment (£75.00) £0.00

30 September 2009 Principal | Deposit £350.00 £437.50

30 September 2009 Interest | Deposit £87.50 £437.50

28 October 2009 Interest | Repayment (£87.50) £0.00

28 October 2009 Principal | Repayment (£350.00) £0.00

02 November 2009 Interest | Deposit £87.50 £437.50

02 November 2009 Principal | Deposit £350.00 £437.50

27 November 2009 Principal | Repayment (£147.50) £290.00

27 November 2009 Interest | Deferral £72.50 £362.50

27 November 2009 Principal | Deferral £290.00 £362.50

27 November 2009 Principal | Deferral (£202.50) £362.50

27 November 2009 Interest | Deferral (£87.50) £362.50

18 December 2009 Principal | Repayment (£290.00) £0.00

18 December 2009 Interest | Repayment (£72.50) £0.00

06 January 2010 Interest | Deposit £105.00 £525.00

06 January 2010 Principal | Deposit £420.00 £525.00

15 February 2010 Interest | Repayment (£105.00) £0.00

15 February 2010 Principal | Repayment (£420.00) £0.00

16 February 2010 Principal | Deposit £400.00 £500.00

16 February 2010 Interest | Deposit £100.00 £500.00

15 March 2010 Principal | Repayment (£100.00) £400.00

15 March 2010 Principal | Deferral £400.00 £500.00

15 March 2010 Interest | Deferral £100.00 £500.00

15 March 2010 Interest | Deferral (£100.00) £500.00

15 March 2010 Principal | Deferral (£300.00) £500.00

15 April 2010 Principal | Deferral £340.00 £585.00

15 April 2010 Interest | Deferral £85.00 £585.00

15 April 2010 Interest | Deferral (£100.00) £585.00

15 April 2010 Principal | Deferral (£240.00) £585.00

15 April 2010 Principal | Repayment (£160.00) £425.00

14 May 2010 Principal | Repayment (£145.00) £280.00

14 May 2010 Principal | Deferral £280.00 £350.00

14 May 2010 Interest | Deferral £70.00 £350.00

14 May 2010 Principal | Deferral (£195.00) £350.00

14 May 2010 Interest | Deferral (£85.00) £350.00

15 June 2010 Interest | Repayment (£70.00) £0.00

15 June 2010 Principal | Repayment (£280.00) £0.00

10 January 2011 Interest | Deposit £100.00 £500.00

10 January 2011 Principal | Deposit £400.00 £500.00

15 February 2011 Principal | Repayment (£100.00) £400.00

15 February 2011 Interest | Deferral (£100.00) £500.00

15 February 2011 Principal | Deferral (£300.00) £500.00

15 February 2011 Principal | Deferral £400.00 £500.00

15 February 2011 Interest | Deferral £100.00 £500.00

15 March 2011 Principal | Repayment (£100.00) £400.00

15 March 2011 Principal | Deferral (£300.00) £500.00

15 March 2011 Interest | Deferral (£100.00) £500.00

15 March 2011 Principal | Deferral £400.00 £500.00

15 March 2011 Interest | Deferral £100.00 £500.00

15 April 2011 Principal | Deferral £400.00 £600.00

15 April 2011 Interest | Deferral £100.00 £600.00

15 April 2011 Interest | Deferral (£100.00) £600.00

15 April 2011 Principal | Deferral (£300.00) £600.00

15 April 2011 Principal | Repayment (£100.00) £500.00

13 May 2011 Principal | Repayment (£100.00) £400.00

13 May 2011 Principal | Deferral £400.00 £500.00

13 May 2011 Interest | Deferral £100.00 £500.00

13 May 2011 Interest | Deferral (£100.00) £500.00

13 May 2011 Principal | Deferral (£300.00) £500.00

15 June 2011 Interest | Deferral £100.00 £600.00

15 June 2011 Principal | Deferral £400.00 £600.00

15 June 2011 Interest | Deferral (£100.00) £600.00

15 June 2011 Principal | Deferral (£300.00) £600.00

15 June 2011 Principal | Repayment (£100.00) £500.00

15 July 2011 Principal | Deferral (£300.00) £600.00

15 July 2011 Interest | Deferral (£100.00) £600.00

15 July 2011 Principal | Deferral £400.00 £600.00

15 July 2011 Interest | Deferral £100.00 £600.00

15 July 2011 Principal | Repayment (£100.00) £500.00

15 August 2011 Principal | Deferral (£240.00) £585.00

15 August 2011 Interest | Deferral (£100.00) £585.00

15 August 2011 Principal | Deferral £340.00 £585.00

15 August 2011 Interest | Deferral £85.00 £585.00

15 August 2011 Principal | Repayment (£160.00) £425.00

15 September 2011 Principal | Deferral £280.00 £495.00

15 September 2011 Interest | Deferral £70.00 £495.00

15 September 2011 Interest | Deferral (£85.00) £495.00

15 September 2011 Principal | Deferral (£195.00) £495.00

15 September 2011 Principal | Repayment (£145.00) £350.00

14 October 2011 Principal | Deferral (£160.00) £407.50

14 October 2011 Interest | Deferral (£70.00) £407.50

14 October 2011 Principal | Deferral £230.00 £407.50

14 October 2011 Interest | Deferral £57.50 £407.50

14 October 2011 Principal | Repayment (£120.00) £287.50

31 October 2011 Principal | Deferral (£142.50) £337.50

31 October 2011 Interest | Deferral (£57.50) £337.50

31 October 2011 Interest | Deferral £50.00 £337.50

31 October 2011 Principal | Deferral £200.00 £337.50

31 October 2011 Principal | Repayment (£87.50) £250.00

30 November 2011 Principal | Repayment (£80.00) £170.00

30 November 2011 Interest | Deferral £42.50 £212.50

30 November 2011 Principal | Deferral £170.00 £212.50

30 November 2011 Principal | Deferral (£120.00) £212.50

30 November 2011 Interest | Deferral (£50.00) £212.50

30 December 2011 Principal | Deferral (£97.50) £247.50

30 December 2011 Interest | Deferral (£42.50) £247.50

30 December 2011 Interest | Deferral £35.00 £247.50

30 December 2011 Principal | Deferral £140.00 £247.50

30 December 2011 Principal | Repayment (£72.50) £175.00

31 January 2012 Principal | Repayment (£65.00) £110.00

31 January 2012 Principal | Deferral (£75.00) £137.50

31 January 2012 Interest | Deferral (£35.00) £137.50

31 January 2012 Principal | Deferral £110.00 £137.50

31 January 2012 Interest | Deferral £27.50 £137.50

02 February 2012 Principal | Repayment (£110.00) £0.00

02 February 2012 Interest | Repayment (£27.50) £0.00

02 February 2012 Principal | Deposit £420.00 £525.00

02 February 2012 Interest | Deposit £105.00 £525.00

29 February 2012 Principal | Deferral (£315.00) £630.00

29 February 2012 Interest | Deferral (£105.00) £630.00

29 February 2012 Principal | Deferral £420.00 £630.00

29 February 2012 Interest | Deferral £105.00 £630.00

29 February 2012 Principal | Repayment (£105.00) £525.00

30 March 2012 Principal | Deferral (£315.00) £630.00

30 March 2012 Interest | Deferral (£105.00) £630.00

30 March 2012 Interest | Deferral £105.00 £630.00

30 March 2012 Principal | Deferral £420.00 £630.00

30 March 2012 Principal | Repayment (£105.00) £525.00

13 April 2012 Principal | Repayment (£420.00) £0.00

13 April 2012 Interest | Repayment (£105.00) £0.00

Current Amount Repayable £0.00

Edited April 8, 2016 by AVAYA19
adding headers to columns

[UKDomains]

I have a similar list that I've submitted to the FOS as part of my complaint. Can you see on your credit file when they started reporting to your credit file? Mine was only about two years after my first loan.

[AVAYA19]

Just out of interest, with regards to my above list - when working out a refund amount, do I take into consideration interest deferral, deposit or repayment and amounts in brackets does this mean money paid out ?

so confused at the moment !!

[Oceanic83]

Hi all

Hoping you may be able to help me, I was stupidly heavily in debt in 2011 with 16 different payday loan companies (all clear and debt free since then) , I am now in the process of emailing them all regarding irresponsible lending, so far I have had generic responses but nothing further at the moment. I have received this from 247 moneybox and would like some advice on how to respond - not shocked with the response to be honest!

 

Dear....

 

Hope that you are well. Please find below a copy of our complaints procedure. We are aware that there are many forums and templated letters available on the internet to exploit any previous credit commitments under the wholly subjective banner of affordability. We have seen some legitimate claims upheld in the press such as with the lender Cash Genie. However, to compare our actions with their reported behaviour is inappropriate.

 

We are confident that the required assessments were carried out prior to the advance of all loans. We have had relatively few instances where customers have ultimately look to take recourse with the Financial Ombudsman Service and our record there is good as we are able to substantiate fully the information on which lending decisions were based.

 

Our relationship was based on responsible lending in addition to responsible borrowing. We provided you with all the facts about our product and the charges and costs involved. We treated you as a rational individual able to make a credible decision as to whether to borrow or not. For our part of the relationship we acted on the information available to us at the time and the prevailing regulations and guidance at the time.

 

I am your personal account manager and would be happy to discuss any of the above with you over the phone. I am available on 0207 183 8078 between 08:30 and 18:00 Monday to Friday. If you would prefer, please do feel free to provide a number and time at which I can reach you directly.

 

Kind regards,

 

Shahan

 

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

 

247Moneybox

20-22 Wenlock Road

London

N1 7GU

 

Complaints Procedure

 

Customer satisfaction is of utmost importance to 247Moneybox. Please do not hesitate to contact us if you are dissatisfied with our service in anyway.

 

We hope that it never comes to this, however should you wish to make a formal complaint in writing, please address your letter to:

 

Customer Services Department

247Moneybox

20-22 Wenlock Road

London

N1 7GU

 

If you have a complaint, please write to our Customer Services Department at the address set out above, e-mail us at

 

Upon receipt of your complaint we will do our best to resolve your complaint by the end of the next business day.

 

If we can't do this, we will send you a prompt written acknowledgement of your complaint within 5 working days and tell you who is dealing with it. In addition, we will provide you with a copy of our complaints procedure.

 

If we need to investigate your complaint further to respond fully, we will tell you and keep you regularly updated.

 

We will send you our final response as soon as possible but within eight weeks of receiving your complaint. Our final response will explain that you will have ultimate recourse to the Financial Ombudsman Service if you remain dissatisfied. We will enclose a leaflet (or provide a link to information) from the Financial Ombudsman Service with our final response to assist you if you decide to pursue this further course of action. If looking to do so, you will need to contact the Financial Ombudsman Service within six months of receiving our final response.

 

If you want to make a complaint to our trade association (BCCA), their contact details can be found at the end of this procedure. Our trade association will liaise with us to ensure your complaint is investigated fully and a response is sent out to you.

 

 

They sent me the same rubbish response.

 

I had around 19 loans back to back, most times borrowing then paying back and borrowing again the same day, sometimes the day after.

 

My complaint is with ombudsman just now. Fingers crossed.