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Irresponsible Lending Claims - Some over 6 Years

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Hi,

 

 

Since September last year, I have been pursing claims against a total of 17 Payday Loan providers whom I had taken various loans from during the period 2010 to 2014. Of the 17 providers, 6 have settled directly with me and I have currently have 9 claims lodged with the FOS.

 

 

The FOS have stated that they are currently trying to decide whether they are able to consider loans taken out more than 6 years before the start of an irresponsible lending claim, and cannot provide any timescales for the resolution of the issue. Does anyone have any guidance on a likely timescale for this to be resolved as I cannot find any further information?

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Funny thing you asked... Read the guide on 6 + 3 :)

 

https://www.consumeractiongroup.co.uk/forum/attachment.php?attachmentid=69475

 

 

 

Thanks for the link.

 

 

My dilemma relates specifically to a claim against QQ with whom I had a total of 36 Loans (inc 11 rollovers), and 2 instalment loans with Pounds to Pocket from 2010 to 2014.

 

 

QQ initially offered to refund £1294, against an outstanding balance of £1450. I rejected this and raised a claim with the FOS, QQ have now offered to wipe the outstanding balance and refund £5,800, before the FOS has even considered the claim. However, QQ are refusing to consider the first 15 loans as they are all over 6 years.

 

 

I now have to make a decision as whether to ask the FOS to consider the claim without the first 14 loans or wait for the FOS to decide whether they have the power to rule on claims over 6 years.

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Its up to you... 5,5k is a lot of money and to be scotfree of a balance outstanding is substantial...

FOS do quite often rule on loans over 6 years, but its whether you want to push it. I think you should accept 5,8k as a resolution IMHO.

 

As a calculation, how much do you think you should get back?

Have they agreed to wipe all negative info?

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The total interest paid on loans 16 to 36 is just over £6K, plus the usual 8% simple interest.

 

 

If you consider all loans then the total is nearly £8.4K plus 8% simple interest.

 

 

They have offered to remove a number of the loans from my credit file. But not the last 3, which for me is a bit of sticking point.

 

 

Does the FOS ever make a decision that is for less than the PDL lender has already offered?

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It has been well worth the wait for the FOS. QQ has accepted their ruling and are refunding £8.5K and wiping out a £1.4K debt!!

 

 

Just waiting for the payment and decisions on other IRL claims against other PDL's. Will make a donation once I have the Cash!!

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well done!


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