Money Shop Cheque Loan Refund

[taximan45]

 

A few years ago I had a lot of cheque cashing loans rolled over with the Money Shop.

 

I only found out very recently that these are still classed as pay day loans and are therefore claimable for irresponsible lending.

 

I sent them the SAR which I recieved, and then the complaint.

 

After a bit of padding out they have sent me their 'final response', which is copied below.

 

Could someone please advise me how I should proceed.

Many thanks

 

Thank you for taking the time in bringing your complaint to my attention on 04 Apr 2019 and for giving me the chance to put things right. I have now finished my investigation.

 

complaint

Please read this part carefully as I will explain how I understand your complaint.

 

This is important in how I have reached my decision:

We received your complaint via email on 04/04/2019.

You believe that the loans were mis-sold to you by Your us.

You claimed that the loan payments which you paid to us left you with too little money and that the loans were unaffordable.

You claimed that you not afford these loans and after making the repayments to us, you had to borrow again to get through the next month.

You claimed that we should have realised from the number of times you borrowed that your debt problems were getting worse and it was not responsible to continue to lend to you.

Your lending took place between 10/03/2008 and 28/12/2012.

 

My Decision:

We handle complaints following rules set out by the Financial Conduct Authority (FCA).

 

One rule is that a customer must complain within 6 years of the problem.

Another rule is that if more than 6 have passed, you must complain within 3 years of knowing you could complain about the problem.

 

I can see that all of the loans that you are complaining about are more than 6 years old.

So for me to consider these loans, I need you to tell me why you didn’t complain about these loans until now.

 

Next Steps:

I appreciate that this may not be the response you may have been hoping for but I hope you can see how and why I have come to my decision.

If you are not satisfied, you may also ask for an independent review by the Financial Ombudsman Service.

 

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.

 

Please also see:

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

A leaflet from the Financial Ombudsman Service, “Your Complaint and the Ombudsman” is available by post only; please contact us if you would like a copy to be sent to you.

 

If you have any queries, please do not hesitate to contact us either via telephone or email using the details below and quoting the Case Reference number above. Our telephone opening hours are from 9am to 5pm Monday to Friday.

Yours faithfully,

 

Customer Relations Department T: 0800 280 2548 E: [email protected]

The Money Shop is a trading name of Instant Cash Loans Limited. Instant Cash Loans Limited is a company registered in England and Wales, Company Number 2685515 Registered Address: 6 Bevis Marks, London EC3A 7BA Regulated by the Financial Conduct Authority in relation to credit-related activities. VAT Registration Number: 896 1022 16

 

*Please note that for training and security purposes, telephone calls may be recorded Letter Code - FRL

 

[fkofilee]

Hi Taximan

 

I will respond to this tomorrow at a better time - Ill have a further response for you.

 

 

[taximan45]

Thank you

[fkofilee]

Hi Taximan 

 

Sorry is late - So with this they are quite right. Due to the age of your loans only some of them could potentially be considered. 

I would say anything from May 2010 onwards (6+3 rule) Should be sufficient. 

I would get this sent to the FOS Quick as ICL are in the process of winding up their Payday Loan Ops. 

 

Based upon this - It maybe prudent to remove any delay on referring it immediately.  

 

 

 

PDL_Claim_Guide.pdf

[fkofilee]

The guide attached is the reclaim guide I wrote for the site. Pay close attention to the 6 + 3 section. 

Notice that it is 6 years from date of limitation + 3 from realising. i would say that 2016 is a fair estimate of the minus 3 years plus - 6 due to Limitations Act. 

[taximan45]

Hello

No need to apolgise, thanks for taking the time to help.

So from the above do you think I should go back to them now with that information or just go direct to the FOS?

[dx100uk]

AFIAK....there is no such thing as the 6+3yrs rule...………..

 

the 3yrs only runs from when you reasonably became aware...

 

now if the creditor wrote to you at the correct address..then so be it...

if they didn't then the 3yrs has never started..?????

 

 

[taximan45]

Update, I went back to them saying that I've only recently found out the loans were able to be complained about. They have now got back to me saying they need some more information and would like to speak to me over the phone. Should I do this or insist everything is kept in writing, or just ignore now and go straight to the FOS?

Thanks

[dx100uk]

reply in writing only.

 

 

[taximan45]

They phoned me this morning asking me to answer some further questions.

 

I refused and said I want to keep everything in writing,

they refused and said they need to actually speak to me,

this went back and forwards for a good few minutes with them saying they don't email customers as they need to ask over the phone.

 

Strange given everything has been done by email so far.

So I guess its off to the Ombudsman I go...

[taximan45]

I'd appreciate a bit more advice on this complaint.

After the non budge phone call they've actually emailed me this morning which I've copied below. 

 

I have now complained to the fos but haven't heard anything from them yet.

Should I respond now to this email, and if so what should I write?

Or just leave it now to the ombudsman? 

Thanks again

 

Good afternoon

 

Further to your recent email, I have reviewed your comments about why you didn’t complain about your loans until now, and I need some more information from you. Please be aware that without speaking with you I may not have enough information to come to a conclusion as to whether or not the 3 year exception applies to your circumstances.

 

Please can you provide more information to help us understand what led you to make your complaint.

Was there anything specific that triggered you to make your complaint?

Please provide as much information as you can.

[dx100uk]

my complaint concerning yourselves is now in the hands of the FOS.

they have advised to no longer communicate by any other method than letters as they need a clear papertrail.

should you wish to ask me questions 

place those in a letter.

 

thank you.

 

for want of avoiding any further errors or misunderstandings regarding my complaint

you are instructed to not use this email address regarding this matter, neither any phone numbers you may hold for me.

writing only.

 

[taximan45]

Thank you 

[fkofilee]

Bad news for you... 

 

https://www.thisismoney.co.uk/money/markets/article-7166393/Hundreds-jobs-risk-payday-lender-Money-Shop-shuts-shop.html