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Payday Loan Ombudsman Victories - Large Refunds!!!!

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  • sourcrates
    sourcrates Posts: 31,573 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Could you please provide me with the example of financial institution that in case of arrears - goes straight to the court?



    That is only reserved for council tax debts mainly, the usual course of events, if for example, you default on a pay day loan, is for the collections debt to hound you, then if no suitable agreement can be reached, the debt is usually sold on to a bottom feeder DCA who will attempt to scare you into paying up, if they still have no success then its either sold on and the cycle starts again, or, if its a large amount you owe, court action is possible, but usually just gets passed around DCA`s till either you pay up, or it becomes statute barred.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • ChellyD86
    ChellyD86 Posts: 19 Forumite
    Hi,

    That's an excellent success story - well done.

    I just wondered if you had wording or could confirm what template letter you used for this? Obviously it is as much responsibility on the borrower as well as the lender but agree they need to play their part ensuring responsible lending!

    Well done!
  • Hi Simon

    I just wanted to say well done to you, for facing up to your gambling; for challenging the payday loan companies; and for dealing with the astounding hostility from some of the posters on here. I try to hold the 'there but for the grace of god go I' attitude - not saying I am always able to ;) - as don't find that being judgemental or superior helps me to feel good, let alone the person I am sitting in judgement of!

    I thought that you might be interested in my own recent success with the FOS, shown on the consumeractiongroup website under the thread 'Mis-sold-PDL-Claim-back-interest-fees-any-experience' (I am 'mummyfightsback' on this). Sorry, I wasn't allowed to post the full link but hope you can find it.

    I for one am pleased to see the Ombudsman agreeing that the lending by many of these companies is irresponsible and that they are being brought to task. I do hope that we are not isolated cases and that others are able to make their own challenges. Like you, that was my reason for posting - to support others and offer hope and encouragement through sharing my story.

    Good luck with a gambling free future :T
  • sourcrates
    sourcrates Posts: 31,573 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 23 January 2016 at 6:27PM
    Unfortunately when someone applies for a PDL, the provider is not aware of any addictive behaviour you may or may not have.
    Whilst I do agree, certain lenders do specifically target certain groups of people in there marketing, the ultimate responsibility for borrowing the money, does lie with the borrower.


    I think if you keep borrowing, on a regular basis, then that should alert lenders to possible problems, but, this is how these firms make there money, so it is not really in there own interest to do anything about it.


    I understand how addictions can cloud our judgement in these matters, been here myself, and there are no easy solutions, when getting access to this type of loan is so easy.


    My view is six of one, half a dozen of the other.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • linxen
    linxen Posts: 5 Forumite
    Yes in 2012, I got in a mess too. But I agree with sinmonp96 and say,' well done.' Is it ok for anyone who has not been in such a situation to comment. At least he is honest. Due to a serious illness and unable to work, I had 15 payday loans. I did my upmost to pay them back, until there was so much money being taken from my bank at random times, random sums, even more money than I owed them. They were all very unreasonable, very threatening and unreal. Ok there is irresponsibility from the borrower, but you will be surprised what the lenders can do to you. quick quid have e-mailed me to say they owe me money, they were the ones that took me £900 overdrawn and my bank account was closed. Great. Perhaps all the 'commenters', will be pleased to know, I am still struggling and still claiming. Genuinely wishing no-one ever to be in my shoes.
  • I appreciate it is now 18 months old, but thank you for writing this post. I do not think it comes across as gloating or that you have done anything wrong in your actions or writing about them.


    I have been in a very similar scenario since 2013. I have managed to not gamble for over 2 months and the clarity of thought that comes with not thinking about gambling 24/7 is remarkable. I have lodged complaints with 8 payday lenders and have so far had offers to refund all interest charged (+8%) beyond a date where I felt my credit report would have indicated severe financial difficulties. If their checks were even remotely fit for purpose they would have identified multiple defaults / DMPs / Arrangements to pay / Late payments etc., but they didn't and they continued to lend to me.


    Whilst I fully appreciate some may see my gambling addiction as a personality flaw or a life choice that I should pay for, informed people will understand that it is a terrible illness which removes your ability to act rationally, and makes you incredibly vulnerable to making decisions so bad that most people would think you were mad. For this reason lenders have been told that they have a responsibility to ensure the information provided by the customer appears reasonable, and that the loan is truly affordable. The lender's responsibility overrides that of the borrower in the same way that they should have professional scepticism and controls in place against identity fraud.


    For this reason I decided to complain, and thus far I have had my complaint upheld by Wonga and a partial settlement (which I have rejected) from Lending stream. Pounds to Pocket, Quick Quid, Uncle Buck and Moneybox 24/7 have rejected my complaint, so I will escalate these to the financial ombudsmen. Satsuma and Sunny are yet to issue a final response.


    My message to anyone who doesn't agree with what I've done, is to try researching Gambling Addiction, and have some compassion for those who have fallen into it. They have not decided to become a gambling addict, there is something in their genes which makes them more susceptible to becoming addicted and you won't know about it until its too late.


    My message to anyone in a similar circumstance is to make a complaint. If you get knocked back escalate it to the financial ombudsman. You have nothing to lose from it.
  • Got to be said. Some absolutely clueless people on here who have absolutely no idea how much gambling etc can damage lives.
  • Delete33
    Delete33 Posts: 802 Forumite
    Eighth Anniversary Combo Breaker
    To True matt0410
  • Hello Simon96,
    thank you very much for your very interesting story. I hope you are not gambling still.
    Can I ask which template did you use to contact the Pay Day Loan companies?
    Thank you very much
    Charity worker
  • sourcrates
    sourcrates Posts: 31,573 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Hello Simon96,
    thank you very much for your very interesting story. I hope you are not gambling still.
    Can I ask which template did you use to contact the Pay Day Loan companies?
    Thank you very much
    Charity worker

    Hi,

    Simon 96 hasent been online in over a year, I doubt very much he'll read your message.

    Everything you need to know about payday loan reclaiming can be found here :

    http://debtcamel.co.uk/payday-refunds-faqs/

    Thanks
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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