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  • FIRST POST
    • woody53
    • By woody53 17th Jul 15, 9:32 PM
    • 28Posts
    • 69Thanks
    woody53
    Reclaiming money back from various payday loan companies
    • #1
    • 17th Jul 15, 9:32 PM
    Reclaiming money back from various payday loan companies 17th Jul 15 at 9:32 PM
    Hi all just wanted to share some good news regarding payday loan companies.....
    From early 2011 until mid 2014 I too was caught in the payday loan trap, all my own fault may I add, I borrow the money and in the end paid every penny back, would estimate 15000 over the years maybe 20.
    Early this year I saw all the news regarding payday loan companies and irresponsible lending, unfair interest etc etc etc, so I decided to have ago and try and get a few quid back myself.
    So far I have been in contact with 5 of the companies I was lending multiple loans from at the same time with many roll overs too, I have received 4 apologies and offers totalling over 5000 and the other complaint is now with the ombudsman.
    I never expected these amounts back but if you too were in the same situation, get all your facts in order and get complaining, from the initial email sent I had the money back within 8 weeks.
Page 2
    • Stevie Palimo
    • By Stevie Palimo 10th Sep 15, 7:57 AM
    • 3,099 Posts
    • 4,417 Thanks
    Stevie Palimo
    Thanks sourcrates.....just gets on my tats how good some people on here think they are.....
    I mean take mr palimo/psychic sally for instance his psychic powers are that good he seems to 100% know how much I got paid back....am sure mr palimo's many many friends can back him up on this instance and tell me how much of a leg end he is and is always right at guessing compensation claims.....but am thinking he can not possibly have many friends less than 25% of what he tells us, he vastly inflates everything...see you in cloud cuckoo mr palimo........
    Originally posted by woody53




    Blimey you have such a way with words don't you Woody, For the record I work in this field and do know what is offered out in relation to goodwill gestures to previous clients and can say that your figures of between 25-33% against what has been paid to you from the payday Companies is utter nonsense made up rubbish so claiming I am in cloud cuckoo land is really taking the biscuit. Good luck in your little jackanory world though.
    • woody53
    • By woody53 10th Sep 15, 12:16 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Well mr palimo just a little snippet from a complaint I had with an unnamed company......you do math....hope it was not yours......and all the best for the future in the loan industry....I mean that from the heart of my bottom.........

    To investigate your complaint I have reviewed the account opening procedures in place at the time. Having done so, I am able to inform you that we conducted creditworthiness checks, we assessed your ability to afford the repayments which would fall due under the proposed agreement and we considered how you were managing other debts at that time.!Based upon these checks it was considered responsible to advance credit to you. It does however appear that the product may not have been suitable for your needs, namely longer term borrowing. Please note that we clearly state in our adequate explanations that our product is not suitable for borrowing over long periods as it is expensive if so used.!

    Bearing in mind the above, I am unable to uphold your complaint, as we believe that the aforementioned checks were proportionate and responsible. However, as a gesture of goodwill, we will repay the difference between what you borrowed (£1647.50) and what you repaid (£4714.86) which is £3067.36 and will refund this to your chosen bank account. Please can I ask that you provide me with!your account number and sort code so I can arrange for the refund to be processed.

    I appreciate my response may come as a disappointment to you, however I hope you understand the reasoning behind my decision. Should you remain unhappy you can escalate your complaint to the Financial Ombudsman Service
    • Stevie Palimo
    • By Stevie Palimo 10th Sep 15, 12:41 PM
    • 3,099 Posts
    • 4,417 Thanks
    Stevie Palimo
    Well mr palimo just a little snippet from a complaint I had with an unnamed company......you do math....hope it was not yours......and all the best for the future in the loan industry....I mean that from the heart of my bottom.........

    To investigate your complaint I have reviewed the account opening procedures in place at the time. Having done so, I am able to inform you that we conducted creditworthiness checks, we assessed your ability to afford the repayments which would fall due under the proposed agreement and we considered how you were managing other debts at that time.!Based upon these checks it was considered responsible to advance credit to you. It does however appear that the product may not have been suitable for your needs, namely longer term borrowing. Please note that we clearly state in our adequate explanations that our product is not suitable for borrowing over long periods as it is expensive if so used.!

    Bearing in mind the above, I am unable to uphold your complaint, as we believe that the aforementioned checks were proportionate and responsible. However, as a gesture of goodwill, we will repay the difference between what you borrowed (£1647.50) and what you repaid (£4714.86) which is £3067.36 and will refund this to your chosen bank account. Please can I ask that you provide me with!your account number and sort code so I can arrange for the refund to be processed.

    I appreciate my response may come as a disappointment to you, however I hope you understand the reasoning behind my decision. Should you remain unhappy you can escalate your complaint to the Financial Ombudsman Service
    Originally posted by woody53


    I don't need wishing any luck thank you as I am doing quite well for myself with this industry, Your figures are made up and as stated no payday lender would offer you this much back and say hey Woody we will offer you all of the costs we charged you for borrowing the money from us, It is all in the land of make believe and perhaps when you get back to the real planet you may wish to post the correct amounts reimbursed as a guide for others.
    • woody53
    • By woody53 10th Sep 15, 1:13 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Ok ok ok you no better as you are a major player in this industry, am sure many others will agree with me and have had similar results....... happy to forward each email to anyone who wants to see, not that I should have to or need to, my bank balance looks good for the first time in many years so no matter how many times you say am lying it has no effect....I understand you have to defend your industry, a bit like the tobacco industry saying for many years that cigarettes were good for you and don't cause cancer.....I will think about this while am on my sunbed next week.....that money has come in handy....bonus....
    I sincerely hope your loans business does not end up down the poo pan like many others, lend fairly and you should be ok pal.......
    • Stevie Palimo
    • By Stevie Palimo 10th Sep 15, 1:20 PM
    • 3,099 Posts
    • 4,417 Thanks
    Stevie Palimo
    Ok ok ok you no better as you are a major player in this industry, am sure many others will agree with me and have had similar results....... happy to forward each email to anyone who wants to see, not that I should have to or need to, my bank balance looks good for the first time in many years so no matter how many times you say am lying it has no effect....I understand you have to defend your industry, a bit like the tobacco industry saying for many years that cigarettes were good for you and don't cause cancer.....I will think about this while am on my sunbed next week.....that money has come in handy....bonus....
    I sincerely hope your loans business does not end up down the poo pan like many others, lend fairly and you should be ok pal.......
    Originally posted by woody53












    • woody53
    • By woody53 10th Sep 15, 1:27 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Is that the advert from your loan company.....its a belter pal really catches the ethics of your industry, keep up the good work......
    • kay159
    • By kay159 10th Sep 15, 3:13 PM
    • 43 Posts
    • 4 Thanks
    kay159
    Hi woody53 I dont have your PM could you resend. Thanks
    • woody53
    • By woody53 10th Sep 15, 9:01 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Done kay159 let me know if you get it.........
    • Rossim1985
    • By Rossim1985 28th Sep 15, 12:29 AM
    • 81 Posts
    • 147 Thanks
    Rossim1985
    Wow this thread went a bit south!

    Anyway I complained to both Wonga and Quick Quid who I used extensively in the past (see my previous posts for more detail of my previous debt problem).

    I am pleased to say that Wonga after a bit of chasing, came back to me after 7 weeks and upheld my complaint. Please see an (brief / edited) extract below of their response (I've just left the important bit as it was really long)!

    Having looked in detail at your loan history, we see that all loans prior to 25 November 2011 were affordable and you paid these back with no signs of reported difficulty.

    However from 25 November 2011 the value of your loans increased significantly. Having reviewed your borrowing history against your stated income at the time we accept that loan values of £700-£800 taken between 25 November 2011 and 1 November 2012 may not have been affordable.

    Outcome

    Based on the above, there may have been more that we could have done to assist you in relation to the loans identified and so we have decided to uphold your complaint relating to those loans.

    We would like to offer £1,323.51 which is an amount equal to the interest and fees on the following loans.....
    Whilst this figure is nowhere near the several thousand pounds of interest / fees Wonga made out of me, I thought this offer was reasonably fair and as I'm currently in the process of buying a house after working my nuts off to become debt free in the last 2/3 years, this cash will be put to good use, going towards the solicitors bill. Just out of curiosity I logged into my old Wonga account after they had made the payment and I got a message up straight away that they are unable to lend to me! I guess they must hold a grudge against people that complain, not that I ever want to use their services again of course!

    Sadly Quick Quid came to a different decision despite an almost identical pattern of borrowing and after I pointed out to them that their main rival, Wonga had upheld the same complaint. They offered a derisory £250 as compensation for the time spent on correspondence which I have rejected. The complaint against them is now with the ombudsman.

    Having a quick look at some of the (interesting I might add) stats on the ombudsman's website, a staggering 80% of complaints by consumers against Quick Quid have been upheld by the ombudsman in the last 6 months. Their average (across all financial sectors) is 57% of complaints being upheld.
    • Grzegorz Kowalski
    • By Grzegorz Kowalski 2nd Oct 15, 10:04 AM
    • 18 Posts
    • 8 Thanks
    Grzegorz Kowalski
    Did you write a letter to them or just complained by email?
    • woody53
    • By woody53 3rd Oct 15, 7:40 AM
    • 28 Posts
    • 69 Thanks
    woody53
    Well done rossim1985, glad you got some good news, sounds like you had similar outcomes to me.......grzegorz kowalski I have sent you a message hope it helps....
    • Rossim1985
    • By Rossim1985 4th Oct 15, 1:39 AM
    • 81 Posts
    • 147 Thanks
    Rossim1985
    Did you write a letter to them or just complained by email?
    Originally posted by Grzegorz Kowalski
    I complained via email but it was quite a long / detailed message. They do have a dedicated complaints address which is easily found on their website.

    I don't really see the point of complaining by letter in 2015. Email is faster and not going to get lost on the way there and as far as I'm concerned not too informal or anything.
    • peteuk
    • By peteuk 5th Oct 15, 12:56 AM
    • 327 Posts
    • 144 Thanks
    peteuk
    Ive probably borrow 5-7k in the last few years off Wonga and a couple of others.


    I never missed a payment though.


    Could I claim money back ???
    Originally posted by 00947
    Wonga had a very large and very public review of their lending criteria and software review......so as for claiming I very much doubt it.

    However I was like many that had Wonga debts written off.Mine was more about the lack of facility to cater for my needs rather than anything else.
    Proud to be dealing with our debts
    Starting debt £53.7K. Current debt £9k and decreasing. Debt free at some point in 2016
    Hoping to be debt free ASAP!
    • woody53
    • By woody53 14th Oct 15, 8:03 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Hi just a quick thanks to the guys and gals at the ombudsman who have been very helpful and understanding with some off the complaints I have put to them regarding a few of these payday loan companies.......these guys do a great job and what ever the outcomes may be thanks again.....
    • sazzle63
    • By sazzle63 20th Oct 15, 3:11 PM
    • 1 Posts
    • 1 Thanks
    sazzle63
    Help
    Hi Woody


    I have sent you a private message I hope you don't mind. Any guidance you could give me on my current situation would be much appreciated.


    Thanks S
    • woody53
    • By woody53 8th Nov 15, 4:32 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Hi just a quick update.....ombudsman are upholding my complaints, have received one offer and just waiting on the other two.....looking good from the recent news about payday loan refunds, when I first posted about this I received a lot of negative feedback but I was right and the big companies are finally been brought into line.....
    • sourcrates
    • By sourcrates 8th Nov 15, 6:40 PM
    • 11,902 Posts
    • 11,400 Thanks
    sourcrates
    Hi just a quick update.....ombudsman are upholding my complaints, have received one offer and just waiting on the other two.....looking good from the recent news about payday loan refunds, when I first posted about this I received a lot of negative feedback but I was right and the big companies are finally been brought into line.....
    Originally posted by woody53
    Well done woody, ignore the trolls !!!!!
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
    • woody53
    • By woody53 22nd Nov 15, 8:17 PM
    • 28 Posts
    • 69 Thanks
    woody53
    Hello all, just received the money from one of my complaints which was with the ombudsman....happy days....still not heard about the other two, no firm offers received so am keeping my fingers crossed.....any of you guys out there had any luck........
    • Rossim1985
    • By Rossim1985 3rd Dec 15, 11:52 PM
    • 81 Posts
    • 147 Thanks
    Rossim1985
    Sadly Quick Quid came to a different decision despite an almost identical pattern of borrowing and after I pointed out to them that their main rival, Wonga had upheld the same complaint. They offered a derisory £250 as compensation for the time spent on correspondence which I have rejected. The complaint against them is now with the ombudsman.

    Having a quick look at some of the (interesting I might add) stats on the ombudsman's website, a staggering 80% of complaints by consumers against Quick Quid have been upheld by the ombudsman in the last 6 months. Their average (across all financial sectors) is 57% of complaints being upheld.
    Originally posted by Rossim1985
    So following the offer of £250 from Quick Quid. As stated above I took my complaint to the FOS. They were absolutely fantastic and upheld my complaint in full and told Quick Quid to refund all interest and charges and a small amount of additional interest.

    Total refund of £2,580

    I was absolutely over the moon and wish I could do more to thank the lovely case handler at the FOS. I wanted to send her a bottle of wine or flowers or something just as a thank you, but I guess that might make me look a bit creepy!?
    • UrbanDanceSquad
    • By UrbanDanceSquad 4th Dec 15, 5:36 PM
    • 49 Posts
    • 72 Thanks
    UrbanDanceSquad
    Why all the negativity.....most of these companies have been screwing people for many years.
    Originally posted by woody53
    Payday loan companies simply filled a gap in the market which the banks vacated after the credit crunch. For some, taking out a payday loan was cheaper than bank and/or credit card OD charges. Yes, some of those charges have come down but I remember back in 2009 when HSBC charged me £350 for going £150 over my limit. I think a payday loan would have been a cheaper option.

    Oddly enough, .gov.uk are keen to bash the payday outfits yet they're determined to prevent many from reclaiming excessive bank charges?

    For 2013/2014 I was a payday loan user and such loans, although expensive, got me out of what you could call "short term" trouble. I've learned my lesson and my debts are nearly gone, just Eurodio Student Loans left to nuke - that'll be next month.

    However, I applaud you for getting your money back with regards to your own payday loan experience. Well done.
    Last edited by UrbanDanceSquad; 04-12-2015 at 5:39 PM.
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