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  • FIRST POST
    • Jamie__
    • By Jamie__ 13th Sep 17, 12:19 PM
    • 2Posts
    • 0Thanks
    Jamie__
    How can I get a loan company to act?
    • #1
    • 13th Sep 17, 12:19 PM
    How can I get a loan company to act? 13th Sep 17 at 12:19 PM
    Hi, so I'll try to make a long story as short as possible.

    I took out a monthly loan, I wanted to extend it, but because it was the first time I had used the company they refused. So I repaid the original loan, and reapplied for a second which was accepted the same day.
    A few days later, the money for the original loan payment reappeared in my bank account. I left it feeling certain the company would take it back again. Sure enough a few days later I received an email saying they had had issues with their collections, and that I still owed them the money (no problem there) A few more days pass, and again, sure enough the money is taken from my account once more, but I then receive another email saying theyve taken the money without permission and will return it back to me, two days later, the money is back in my account once more...
    With the end of the second month now approaching, I contact their helpdesk and arrange a date for them to take their original payment. I receive an email comfirming the conversation and the date the payment will be made... The money is taken from my account, and two days later the payment (exact same amount) for the second loan is also taken from my account.

    Hope all that makes sense.. So that should be the end of the story, I assumed everything was settled, but then a week later I received a further email from them saying my account was now in default! I checked my bank, both payments had still both been taken, no returns this time, so I contacted their helpdesk, explained the situation, and they said they would look into it. A dozen conversations later, I've supplied them with two bank statements (because the first one was the wrong type of bank statement) proving the money has been taken from my account on the dates that we had previously agreed, and they still refuse to acknowledge them. I keep receiving emails from them either telling me that Im still default, or asking me to set up a payment plan.

    I'm not really sure what more I can do, everytime I speak with someone they say "the issue will be escalated to management" but nobody ever gets back in touch, I have to keep contacting them, and then they do nothing.
    They dont seem interested in solving the issue, just increasing the chargers on a debt that Ive already paid. Does anyone have any advice on how to deal with the situation, I feel like I should be charging them for all the time thats been wasted.
Page 1
    • StopIt
    • By StopIt 13th Sep 17, 12:33 PM
    • 1,391 Posts
    • 1,176 Thanks
    StopIt
    • #2
    • 13th Sep 17, 12:33 PM
    • #2
    • 13th Sep 17, 12:33 PM
    You exhaust the complaints procedure of the company involved, and if they still wont sort this out (It looks like an IT system mess up), take the complaint to the FCA.
    • Fireflyaway
    • By Fireflyaway 13th Sep 17, 12:46 PM
    • 1,296 Posts
    • 1,321 Thanks
    Fireflyaway
    • #3
    • 13th Sep 17, 12:46 PM
    • #3
    • 13th Sep 17, 12:46 PM
    Be assertive and ask to speak to the manager. If they say the manager is not available say you will hold.
    I find putting things in writing sometimes helps and I agree, go to the FCA if they don't sort it out.
    Most importantly try to avoid payday loans. I got stuck in the cycle of having to reloan. Unless you suddenly have extra money the following month that's what will happen. Then you default and screw up your credit file....
    • Jamie__
    • By Jamie__ 13th Sep 17, 1:31 PM
    • 2 Posts
    • 0 Thanks
    Jamie__
    • #4
    • 13th Sep 17, 1:31 PM
    • #4
    • 13th Sep 17, 1:31 PM
    Thanks for the replies, I've never had such a loan before, clearly more hassle than theyre worth.
    I wasnt aware of FCA, so I've just looked at their website. Thanks again, at least I now know the next step to take if they continue to refuse to acknowledge the situation.
    • PeacefulWaters
    • By PeacefulWaters 14th Sep 17, 12:18 AM
    • 7,165 Posts
    • 8,824 Thanks
    PeacefulWaters
    • #5
    • 14th Sep 17, 12:18 AM
    • #5
    • 14th Sep 17, 12:18 AM
    It's the FOS you go to. Not the FCA.
    • StopIt
    • By StopIt 14th Sep 17, 7:48 AM
    • 1,391 Posts
    • 1,176 Thanks
    StopIt
    • #6
    • 14th Sep 17, 7:48 AM
    • #6
    • 14th Sep 17, 7:48 AM
    It's the FOS you go to. Not the FCA.
    Originally posted by PeacefulWaters

    Thank you for the correction.


    I always get this circle confused between the regulator and your rights to complain to the Ombudsman.


    I'll remember to put a note to say the right place to complain when I post!
    • sourcrates
    • By sourcrates 14th Sep 17, 12:24 PM
    • 12,432 Posts
    • 11,842 Thanks
    sourcrates
    • #7
    • 14th Sep 17, 12:24 PM
    • #7
    • 14th Sep 17, 12:24 PM
    http://www.financial-ombudsman.org.uk
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
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