Mr Lender Redress

[barafear799]

weird question. Received a letter out of the blue from Mr Lender. I have had several loans from them in the past. I have never claimed for non affordability of these loans even though they may probably were due to certain issues in my life at various times.

 

Also, to my knowledge, I have not asked for extra time to repay....I may have taken advantage of interest only options at various times.

 

Anyway my out of the blue letter states that as part of an historic review of affordability one particular loan was described as "we believe we could have carried out further checks to properly determine whether the loan was affordable, that we took into account all relevant information  at the time, and that our customers received the right outcome" 

 

The outcome is that for one loan they are repaying the interest I repaid. This begs the question as to what about any of the others? Was it my circumstances  were different at this particular time or were there checks just a big rubbish? 

 

They haven't given me a date of the loan but state they carried out a review between 1/4/14 - 1/3/2020. During that period I estimate I've probably had between 6 and 10 loans from them. 

 

I have six weeks to accept the offer of refund or they will assume I don't want to. 

 

Should I query the other loans or specifically  ask why just this one?

 

Thanks

[dx100uk]

yes accept 

 

are you aware of ALL the PDL companies you used and how many differing loans from each one you had?

 

if not find who they were (p'haps look at bank statement s and see who you paid?)

 

i'd be sending an SAR off to each PDL lender

then when you know the info

an IRL complaint for each loan.

 

this could be worth £1000's to you

[barafear799]

Thanks. I've always been wary about proving IRL. But as I say this has just come out of the blue.....and makes me wonder, why just one loan, why not more than one? My circumstances  were  pretty similar for a number of years. Most of the pdl companies I've used in the past have gone out of business 

[dx100uk]

its not really up to you to prove IRL.

it's simply for you to provide enough information that casts doubt upon should the creditor have loaned to you.

 

have a look at our IRL complaint sticky.

 

dx

 

[barafear799]

Didn't even realise one of my old pdl companies had also bit the dust.....unclebuck. so just in the last year or so, lenders I had used regularly that have gone under include 247moneybox, swift sterling, piggy bank, quick quid, sunny......and unclebuck. And wage day advance

[dx100uk]

they might have gone under but i believe that still doesn't absolve the insolvency administrators of possible redress.

 

dx

[barafear799]

Thanks DX for your comments and views.

 

Sorry not had access to a computer for a few days - so a bit tricky for me to reply fully.

 

So, going back to my OP - I was somewhat surprised to be getting the letter from Mr Lender ;

 

I have since tracked down which loan it was - looking at my bank statements, I did actually repay the loan early, but only because I got another loan from another lender. So on this basis, the loan probably was unaffordable.

 

Clearly, the starting point has to be "why has Mr Lender" only deemed this one loan to be unaffordable? Surely, my first point is to reply to them, rejecting their offer (i.e. the refund of interest from this single loan as "settlement for all loans in the last six years) and make a claim for all my loans and see where I get. 

 

In terms of other lenders - I've had quite a few Satsuma loans - who always used to annoy me because they "front loaded the interest" meaning that any early repayment was not really an option - and at times I had at least three separate loans from them - however, doing a bit of research shows that they've been very bad in dealing with complaints with people waiting way longer than the statutory time.

 

Which other payday lenders?

 

 

As I say - a lot have gone under - ones that still exist I think:

 

Cash4unow

Money Boat

Ferratum 

MyJar

Lending Stream (many years ago, possibly before 2014)

 

 

Have any other users had any IRL claims with any of these?

 

thanks

[dx100uk]

i would accept it as a F&F of ALL complaint om all loans with Me lender no.

 

as for other IRL successes you would have to use our search but yes there are many.