Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • northernmod
    • By northernmod 18th May 17, 7:11 PM
    • 2Posts
    • 2Thanks
    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
    • 4,942 Posts
    • 5,089 Thanks
    • #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.
    There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O.S. Nock
    • zx81
    • By zx81 18th May 17, 8:37 PM
    • 12,035 Posts
    • 12,175 Thanks
    • #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
    • 2 Posts
    • 2 Thanks
    • #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
    • 2,682 Posts
    • 1,402 Thanks
    • #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
    • 2,385 Posts
    • 1,556 Thanks
    • #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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,110Posts Today

7,669Users online

Martin's Twitter