Quidie Ltd T/A Fernovo Payday Loan Irresponsible Lending Offer

[Baz1994]

Hi,

My Son took out various payday loans in which I suggested that he submitted various Irresponsible Lending Complaints due to the state of his finances at the time in which he is now on a Debt Management Plan.

He has received an offer on one from Quidie offering reduction of balance to Nil from £29.38 plus refund of interest of £8.36.

They also said that his Credit File would also be updated accordingly.

I know it is now a small amount but in principle should he accept or escalate to the Financial Ombudsman?

Details of original loan :

Opened: November 2022

Period: 4 x Months

Credit: £200.00  

Interest: £100.87

Total Payable: £300.87

APR: 1,272.20% 

Thank-you for looking.

[fkofilee]

Ombudsman

[Baz1994]

Ok many thanks and thought as much.

I will keep Forum updated of any developments.

[fkofilee]

Or negotiate a removal of the entry from his CF - Maybe quicker. 

[Baz1994]

Ok cheers again.

So accept their offer with removal from Credit File?

I was a bit unsure whether to hold out and submit to FOS for a better recompense. 

[dx100uk]

hope that dmp is a self managed one?

as for this refund, so he had paid everything bar this £29 left to pay?

dx 

[Baz1994]

Hi dx

It's with Step Change.

Yes that is the balance outstanding plus interest.

Edited April 18 by Baz1994

[dx100uk]

dump stepchange do it yourself!

esp if some of the debts are historic and or could be subject t oany IRL complaints in the pipe line.

stepchange simply advise to blindly paY DEBTS NEVER ACTUALLY HELP CHECK IRL OR ENFORCABILITY.(opps caps)

as for this debt.

then surely he should have some of his payments returned too>?

the typical IRL action is to remove all interest then that leaves just the principle sum to pay. 

then deduct from thAT sum any payments made, then either request remaining paYMENT TO REACH PRINCIPLE SUM OR REFUND any EXCESS paid + 8% simple int .

dx

[Baz1994]

A belated thanks dx.

Yes I may take your advice regarding StepChange.

I am finding that I am telling them (on behalf of my Son) the true balances outstanding? They never seem to check properly in which worries me.

If I was to take on myself is there another way of dealing with various debts?

I have already submitted other IRL complaints on his behalf.

Today I have received a further response from Quidie T/A Fernovo confirming that they will waiver all interest paid.

[dx100uk]

have a good read in the debt selfhelp forum.

its easy to do a self managed one..only on the debts you find ARE enforceable mind..

as i guessed re interest then..they are removing it... has he paid it off then if you add up his payments to date?

dx

 

 

[Baz1994]

Sorry for late reply dx been away and appreciate your replies.

Yes he has paid the original borrowed amount off but obviously interest on top in which is owed and offer to write off.

I know it is only a small amount owing but I didn't know whether to attempt to pursue with reclaim of previous paid amount plus interest.

Or just to accept their offer and have removed from Credit File.

[dx100uk]

under typical fos/fca redress guidelines...a successful IRL complaint should mean ALL charged interest is REMOVED. and only the initial borrowed sum has to be repaid. they shouldn't be holding him to ransom with regard to £29 to remove it from his cra file.

your call.

dx