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king_olaf

Multiple PDLs, spiraling debt

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Hi All.

 

Looking for some advice if possible.

 

I am in a pretty bad debt trap which I need to work through. Have agreements with some creditors but not all. Mixture of PDL's, Credit Cards, Loans etc

 

PDL's

 

Uncle Buck £600

Wonga £550

Cash4UNow £700

Satsuma £1390

Wage Day Adv £600

Mr Lender £220

Payday Express £300 (with BCW, years old one that I had forgotten until last year)

My Jar £620

 

That's just the PDL's. There are loans, credit cards etc, totals over 20k. Bankruptcy and IVA are not an option for me due to my employment.

 

As I said I am working towards getting agreements in place with all of my creditors. There has been an element of gambling over the years, not massive but some.

 

I was wondering if it is worthwhile looking into irresponsible lending claims - the issue I have is that I was not very honest at times with my outgoings - I always stated the correct income figure, but the expenditure details were always understated. I guess the question would be is that I have so many of these why the hell did some of the later ones even lend to me in the first place? This isn't me trying to get out of these - if i could just get some of the interest removed I would be happy. The Satsuma loan was originally £800 and is now nearly £1400 as a prime example,

 

I have buried my head in the sand too long now - my wife has found out about it and my name is currently mud, marriage is pretty much on the line.

 

I have read the reclaim guide which is excellent. Any thoughts on next steps?

 

Cheers.

 

KO

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Welcome back to CAG...

 

You can thank us later :)

 

Read; https://www.consumeractiongroup.co.uk/forum/attachment.php?attachmentid=70679

 

Please list all loans you have had! We can offer some help :)

The reclaim guide if you've read it in full offers your next steps :)


 

We could do with some help from you.

 

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

 

**Fko-Filee**

Receptaculum Ignis

 

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Hi Fkofilee

 

Thanks for the response!

 

I need to go through all my various statements over the last few years to get that information which I plan to do over the weekend.

 

I have read the reclaim guide quickly which is an excellent read - need to look at it in depth. The main concern I have is the references to understating my outgoings, i'm guessing that could make it a little difficult as I have lied essentially.

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Yes but then its on the PDL company to check if this is the case... They should ask for bank statements and check CRAs as whenever you apply for a loan all the info goes into places like N Hunter & Experians Databases...

How do you think DCAs get your number when you havent given them? They use tracing techniques to get stuff.


 

We could do with some help from you.

 

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

 

**Fko-Filee**

Receptaculum Ignis

 

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Very fair point. Interestingly when I took the loan out with Mr Lender they said the system had asked for a bank statement. When I said I didn't have one to hand they replied "not a problem, I will just override it"!

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Very fair point. Interestingly when I took the loan out with Mr Lender they said the system had asked for a bank statement. When I said I didn't have one to hand they replied "not a problem, I will just override it"!

 

See what i mean...


 

We could do with some help from you.

 

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

 

**Fko-Filee**

Receptaculum Ignis

 

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So going to try and deal with these 1 by 1 to start with just to ensure i get it right.

 

I want to look at my Satsuma Loan first of all.

 

Borrowed £700 in total in July 2017. Balance outstanding is now £1,368.50

 

At the time, I had a number of defaults which I will list below. I was also in a payment plan with Vanquis for a credit card, so surely as I already owned essentially the same company nearly 3 grand already then they should have not lent to me in the first place??!!

 

Capital One Nationwide (ARC) Halifax Vanquis Avant Credit (ACI) OnStride Jacamo Premier Man Very Lending Stream Myjar

Thoughts

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Does anyone have any thoughts on the above?

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I was in a similar situation.

Eventually, I decided to take control.

 

With Pay Day Loans I sent them a letter saying I could no longer pay,

I have stopped the payments (in reality I had to open a new bank account, which was a basic one with the co-op) and they were only to contact me by post, and if they did contact me by any other means I would report them to the ICO. This worked.

 

Eventually I took each one of them to the Ombudsman for unfair lending and one every case, getting the loans written off and recieiving refunds of about £6K.

This did take about a year in total.

 

I would write to the PDLs today and inform them you are planning to take the case to the Ombudsman and do so straight away.

While the case is with the Ombudsman pending an outcome, they can collect till the Ombudsman has ruled - this will take at least 4 - 6 months and at least will by you breathing space.

 

With the other loans, get in touch with National Debtline straight away.

I was with PayPlan for a few years and this held off the wolves while I was able to get myself straight again.

Also check that any lenders are actually able to claim the debts through a CCA or an SAR.

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Sorry Olaf... I missed your post...

Put in a claim - Its free... Check the guide out and follow it and if you have any questions that arent on there, please let us know.


 

We could do with some help from you.

 

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

 

**Fko-Filee**

Receptaculum Ignis

 

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I was in a similar situation. Eventually, I decided to take control. With Pay Day Loans I sent them a letter saying I could no longer pay, I have stopped the payments (in reality I had to open a new bank account, which was a basic one with the co-op) and they were only to contact me by post, and if they did contact me by any other means I would report them to the ICO. This worked. Eventually I took each one of them to the Ombudsman for unfair lending and one every case, getting the loans written off and recieiving refunds of about £6K. This did take about a year in total. I would write to the PDLs today and inform them you are planning to take the case to the Ombudsman and do so straight away. While the case is with the Ombudsman pending an outcome, they can collect till the Ombudsman has ruled - this will take at least 4 - 6 months and at least will by you breathing space.

 

With the other loans, get in touch with National Debtline straight away. I was with PayPlan for a few years and this held off the wolves while I was able to get myself straight again. Also check that any lenders are actually able to claim the debts through a CCA or an SAR.

 

Remember though - You need to make sure that you Raise a complaint to the lender first before going to the FOS - Otherwise you become stuck :p


 

We could do with some help from you.

 

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

 

**Fko-Filee**

Receptaculum Ignis

 

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Thanks Fkofilee.

 

Claim submitted to Satsuma today.

 

At the time my application with Satsuma was accepted I had 4 defaults on my credit file and 6 Arrangements to pay. I have provided evidence from my credit file to them, and also highlighted the fact that I was in a payment arrangement with Vanquis when they agreed this loan, yet they still approved.

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Well there you go - 4 Defaults 6 APs and arrears with Vanquis, their own firm that they share data with...

They did a cross sale a little while ago between Moneybarn and Vanquis... So they DO share data in the group...


 

We could do with some help from you.

 

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

 

**Fko-Filee**

Receptaculum Ignis

 

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Satsuma have responded to my complaint today and have rejected it. They have completely disregarded the point about already being in a payment arrangement with another entity within the Provident group - they have not even mentioned it. Is it worth going back to them to state this or straight to the FOS now? Copy of the response below

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Dear Mr Olaf

 

Our reference: XXXXXXX

 

Customer number: xxxxxxxxxxx

 

I am sorry you have had to contact us to make a complaint and I would like to thank you for your patience whilst I have been looking into this for you.

 

Your complaint

My understanding of your complaint is in regards to the affordability checks conducted at the time you applied for credit from Satsuma Loans and your circumstances at the time when you successfully obtained credit.

 

My investigation

From my investigation I have found one agreement issued to you to investigate. The details of the agreement issued are as follows:

Agreement

Loan Amount

Interest Applied

Term of loan

Monthly amount

Status of loan

xxxxxxxxx

£700.00

£694.40

12 Months

£116.20

Active

 

In order to determine whether Satsuma Loans did lend to you irresponsibly, I have revisited your initial application in detail to understand what you told us at the time of applying for the loan.

Please be aware that it is the responsibility of the applicant to enter true and accurate information on their application for credit. Any omissions could result in applications being treated as fraudulent.

What you told us at the time of application:

Agreement

Income Declared

Mortgage/Rent

Other Loans

Other Expenses

Disposable Income

xxxxxxxx

£2230.00

£600.00

£300.00

£300.00

£1030.00

 

You also confirmed at the time of application future payments were sustainable and affordable to you and you did not foresee any change of circumstance. It is not possible to complete an application fully without completing this stage of the application.

Along with the information you submit on your application, Satsuma Loans also use a wide range of data sources to ensure we are using the most accurate and up to date information about your existing credit commitments, living expenses and income and outgoings you provide on the application.

We perform checks with the Credit Reference Agencies (CRA). If the costs we check return a higher expenditure than you declared, we will process your application with the higher figure obtained.We use your verified outgoings, along with the proposed new loan repayment amount, to determine the minimum amount of income you require to afford the new loan. This value is then sent to the CRA Call Credit for verification and only when your income can be verified by the bureau your application is automatically accepted.

Below are the extra safeguards and buffers we applied to your expenses where necessary to reflect the electronic information gathered from the Credit Bureau and based on our internal models. This also takes into account the loan repayments on your agreement on a monthly basis.

Agreement

Declared Disposable Income

Safeguards

Monthly Loan Repayments

Disposable Income (After additional safeguards)

xxxxxxxxx

£1030.00

£65.00

£116.20

£848.80

 

The above information shows the agreement was affordable and left you with a comfortable disposable income.

I have reviewed the information obtained at the time of application. The Bureau checks conducted did not demonstrate the loan issued was not affordable or sustainable at the time of application. Please be aware that submitting an accurate reflection of your outgoings is a legal requirement of any loan application.

Outcome of our Investigation

Based on the information above, I can confirm the loan was issued responsibly in line with the Satsuma lending policy and therefore I am unable to uphold your complaint. There is a legal requirement for you to declare honestly, your income and outgoings at the time of application and you failed to do so.

I understand this may not be the response you were hoping for, however, I trust my response has fully explained the reasons for my decision.

 

I would like to assure you that your feedback is important, as it helps us improve the level of service we provide our customers. With this in mind, I would like to thank you for bringing your concerns to our attention and for giving me the opportunity to look into this matter for you.

 

If you remain unhappy with our decision you have the right to refer your complaint to the Financial Ombudsman Service, free of charge, but you must do so within six months of the date of this letter.

 

If you do not refer your complaint in time, the Ombudsman 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 will find more information about the Ombudsman here:

http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

 

Alternatively, you will find more information on the Ombudsman website:

www.financial-ombudsman.org.uk

 

 

Yours sincerely

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Hi Olaf - Yes plz go straight to the FOS Now...

What company were you in arrangements with?

 

Check the updated guide - https://www.consumeractiongroup.co.uk/forum/attachment.php?attachmentid=71214

We specifically mention provident and their sub brands...


 

We could do with some help from you.

 

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

 

**Fko-Filee**

Receptaculum Ignis

 

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My complaint to the FOS was submitted back in the middle of July, reference etc provided. Since then I have heard nothing. Is this normal timescales?

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Ring and ask


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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I would give them a ring asking for a progress update, and requesting an estimate of when it might be dealt with. They have such a lot of these it can take a long time.

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