Pre April 2007 Pay Day Loans
Shalloffame
Posts: 1 Newbie
in Loans
Good Morning ,
Just seeking some advice really I'm currently in the middle of a number of pay lay loan claims with the FOS. I have been successful with one (Elevate Credit) and unsuccessful with another (Wage Day Advance) . I'm currently battling a number of others (QQ , PDUK , Wonga etc) . A lot of these loans were predominantly pre April 2007 before the OFT started regulating them , however the FOS have even ruled some pay day loans after this date might not be eligible for the mediation (I.E. Wage Day Advance only became regulated in a December 2008 ) . Essentially I seem to be having success with most claims post April 2007 but I have a lot of money left on the table through charges and interest before this date that the FOS say they are powerless to look at despite me having all the paperwork . Aside from the FOS is there anyway of challenging these companies who made thousands from me during a particularly hard period of my life , it seems criminal they can't be held accountable for these when I have all the information. In black and white . I considered small claims court but without relevant legislation I imagine it will be a futile endeavour .
Cheers
Sam
Just seeking some advice really I'm currently in the middle of a number of pay lay loan claims with the FOS. I have been successful with one (Elevate Credit) and unsuccessful with another (Wage Day Advance) . I'm currently battling a number of others (QQ , PDUK , Wonga etc) . A lot of these loans were predominantly pre April 2007 before the OFT started regulating them , however the FOS have even ruled some pay day loans after this date might not be eligible for the mediation (I.E. Wage Day Advance only became regulated in a December 2008 ) . Essentially I seem to be having success with most claims post April 2007 but I have a lot of money left on the table through charges and interest before this date that the FOS say they are powerless to look at despite me having all the paperwork . Aside from the FOS is there anyway of challenging these companies who made thousands from me during a particularly hard period of my life , it seems criminal they can't be held accountable for these when I have all the information. In black and white . I considered small claims court but without relevant legislation I imagine it will be a futile endeavour .
Cheers
Sam
0
Comments
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Alas, no.
If they weren't regulated at the time and broke no laws, you have nobody to claim to other than the companies themselves. They can then make their own judgements but are not required to act.
The FOS cannot rule on companies actions pre-regulation.
Court action again wouldn't work. What legal claim would you have to the money? Charging high interest isn't illegal in criminal law, but as part of being regulated means accepting civil regulations, which you are able to then complain to the relevant regulator in case of breach.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0
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