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  • FIRST POST
    • northernmod
    • By northernmod 18th May 17, 7:11 PM
    • 3Posts
    • 3Thanks
    northernmod
    Mr Lender Help
    • #1
    • 18th May 17, 7:11 PM
    Mr Lender Help 18th May 17 at 7:11 PM
    Hello and good evening!

    First post so here goes.

    I took an instalment loan out with Mr Lender just before Christmas last year and paid it off early this year with no problems at all, other than the ridiculous monthly instalments that I had to pay ( I knew this before I applied).

    I applied for a second loan of the same amount (£300) about 8 weeks ago. Received the usual email confirmation and a response saying I had to speak to an advisor before funds were paid out. Within minutes the phone rang and I ignored it as I decided if I was being stupid (of course i was) in getting another loan out with Mr Lender. Anyway the voicemail notification went and the phone rang again within minutes. I ignored the second call and that was that, no more calls.

    Here is where I need the help.

    About half an hour later I checked my online banking and found that Mr Lender had deposited the £300 into my account, with out me speaking to an advisor or agreeing I definitely wanted another loan with them.

    Obviously the £300 has long gone and I know I should have refunded it straight away but it was clear that they made no effort to get in touch with me again and confirming my need for the required amount.

    From my experience in the process of applying for my first loan with them, the phone calls in which I ignored were part of the affordability assessment. So how Could they have approved my loan without going through this process with me?

    All payments for this loan are up to date it's just something I could have really done without and it is most definitely making money more tight as more of my working wage is going towards these extortionate payments.

    Sorry if this is long winded but I'm a bit confused with where I stand. Could I go through the payday loan refund 'irresponsible lending' procedure?

    Yes I know I should have paid it back straight away, so I don't need a thread full of that but it was clearly irresponsible lending.

    Any help is highly appreciated!!
Page 1
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 18th May 17, 7:15 PM
    • 5,059 Posts
    • 5,202 Thanks
    poppasmurf_bewdley
    • #2
    • 18th May 17, 7:15 PM
    • #2
    • 18th May 17, 7:15 PM
    It sounds as though it was irresponsible lending AND irresponsible borrowing.

    Neither one trumps the other.

    You need to repay the loan and resolve never to get another one, and it's lesson learned.
    "Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery." Mr Wilkins Micawber in David Copperfield by Charles Dickens.
    • zx81
    • By zx81 18th May 17, 8:37 PM
    • 14,397 Posts
    • 15,194 Thanks
    zx81
    • #3
    • 18th May 17, 8:37 PM
    • #3
    • 18th May 17, 8:37 PM
    OP - you know the answer already.
    • northernmod
    • By northernmod 18th May 17, 10:05 PM
    • 3 Posts
    • 3 Thanks
    northernmod
    • #4
    • 18th May 17, 10:05 PM
    • #4
    • 18th May 17, 10:05 PM
    Thank you
    Lesson well and truly learned.
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 18th May 17, 10:20 PM
    • 2,934 Posts
    • 1,524 Thanks
    keepcalmandstayoutofdebt
    • #5
    • 18th May 17, 10:20 PM
    • #5
    • 18th May 17, 10:20 PM
    Why don't you take the risk as you at least have a payday - pay them off in a oner, politely get rid and you save on the 'extortionate fees' none of the lenders stop you doing this, as long as you can get them to pick up the phone.

    My last 'short term' loan actually saved me around £90 doing the above - turned out it was probably more an old roll over and loan + 1 month interest but best thing ever I could have done. Sure it was a hard month but the added financial pressure is of.

    A loan of around £366 went on to cost £271 at 6 weeks so it shows what is possible. Still waiting for a response though to conduct around the time which I guess will never really appear as loan is executed.

    Please look at Ombudsman decisions before relying upon everything you read on the internet about irresponsible lending.
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
    • AndyPix
    • By AndyPix 19th May 17, 1:49 PM
    • 3,049 Posts
    • 2,114 Thanks
    AndyPix
    • #6
    • 19th May 17, 1:49 PM
    • #6
    • 19th May 17, 1:49 PM
    You applied for the loan - you got the loan - You spent the loan






    Now pay the loan
    Running with scissors since 1978
    • northernmod
    • By northernmod 2nd Jul 17, 8:50 PM
    • 3 Posts
    • 3 Thanks
    northernmod
    • #7
    • 2nd Jul 17, 8:50 PM
    • #7
    • 2nd Jul 17, 8:50 PM
    2 month bump but I thought I'd let all the doubters know.

    After using a template from debt camel I complained to Mr lender about what I had mentioned.

    2 weeks ago to my surprise i received an email from Mr lender offering to write off the balance of the loan and remove any negative markers off Mr lender from my credit file as a goodwill gesture.

    So there you go, if you can be bothered complain anyway. Worked for me and saved me £372 in loans and interest.

    Peace!
    • McKneff
    • By McKneff 2nd Jul 17, 8:59 PM
    • 35,716 Posts
    • 45,988 Thanks
    McKneff
    • #8
    • 2nd Jul 17, 8:59 PM
    • #8
    • 2nd Jul 17, 8:59 PM
    Yeah,,, right....
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • keepcalmandstayoutofdebt
    • By keepcalmandstayoutofdebt 2nd Jul 17, 9:44 PM
    • 2,934 Posts
    • 1,524 Thanks
    keepcalmandstayoutofdebt
    • #9
    • 2nd Jul 17, 9:44 PM
    • #9
    • 2nd Jul 17, 9:44 PM
    Cool!

    Yep I was offered a 10% discount of my next loan with the particular lender I had problems with !!! I must admit. So I guess done quite well too, enough to put the cork in it and stop making someone's else life a misery.

    La la.
    "If you are caught in a rainstorm, once you accept that you'll receive a soaking, the only thing left to do is enjoy the walk"
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