35 Payday Loans - Irresponsible lending claims on ALL

[Pierre GA]

Hi Guys

 

So a number of weeks ago I began the process of opening IRL claims on 35 payday loans. 

 

15 of the loans are ongoing, with monthly credit commitments standing at around £2k per month. 

 

I have so far written and sent letters of complaint on these 15 loans (to 10 different companies). 

 

I have outline drafts for the other 20, although the structure is largely the same. 

 

I have run out of momentum in a big way but having had a short break with my young family I am getting back on the case. I have begun to receive replies from the Companies in question, none of which have been favourable thus far. I have also not spoken with and come to an arrangement on a payment plan for a handful, which is adding to the stress and impact on my mental health. 

 

My intention with this topic is to try to lay out in as concise a way as possible the history of these loans, the key figures involved and also an example of the letters that I have sent thus far. 

 

From there I will share the responses that I receive and further action thereafter. 

 

I am unsure on a number of issues if I am honest. I do not think that I provided anywhere near enough evidence in my letters, which is probably going to lead to a string of rejections. I can not afford to repay the loans under the initial terms and in any case I have no intention of repaying a single penny over the loan capital. 

 

I am concerned about the effect that this will have on my credit file, the security of my mortgaged house, the prospect of bailiffs etc. should I run into problems while waiting for The Financial Ombudsman. 

 

I feel it is therefore in my favour that I have not yet sent the other 20 letters, which request a refund of interest totalling nearly £4k, as I expect to have a much stronger case within a couple of weeks. 

 

I am off to search the forum as I recall seeing a post about Etiquette when posting files, and I will have quite a few to upload. First being a spreadsheet which I hope will give a clear understanding of all of this. 

 

Most of all I am hoping that, by the end of this process, my journey will give even a single person the means and hope to get themselves out of a similar position. 

 

Thanks for reading.

 

Pierre.

 

 

[dx100uk]

make a new topic for each company.

scan up to PDF their full responce

 

that way we wont be getting your knickers in a twist

 

most likely scenario will be straight off to the FOS if they've sent their final response

don't forget very few will ever cough they did wrong at the 1st try

use this thread for general info concerning all of them

[Pierre GA]

Great thanks dx, good advice. I have had a few letters back so I will try to post later this evening. The one from Cash4UNow was a disgrace. 

 

My favourite part is

 

'Your complaint makes reference to your circumstances in October 2017; this is not relevant as this was 19 months prior 
to your loan being funded in May 2019, you may have experienced some personal and financial issues and we are 
sympathetic to the personal circumstances that you may have been facing at the time, however 19 months is ample time 
for your personal and financial circumstances to improve.'

 

Surely that type of comment at the end would be frowned upon by any reasonable adjudicator? 

[fkofilee]

Did you explain to them that you had multiple loans on the go at that time?

[Pierre GA]

Yeah I gave each lender the number of concurrent loans, loans taken in 30 days prior and loans taken in 90 days prior. 

 

All the ones that haven't lent to me before are coming back to say that a recent response by the FoS has told them that they can rely on borrower disclosures on income and expenditure on the early loan cycles. 

 

Does anyone know anything about this? I lied on some applications. 

 

The other defence I'm seeing is that Transunion credit reports (lenders version) does not schedule individual loans and contractual payments and so they had no way to know that I had such large shoes term credit commitments. 

[dx100uk]

trying to put up smoke and mirrors me thinks

off to the fos time