payday loan problems - ask the ombudsman

IAmWales

Tshaney wrote: »

I wasn't in a debt management plan when I applied for a loan,I used them 2 years ago a company called Valour Finance and came out of the debt management plan as they ripped me off,I then got a loan a year or so later with savvy.co.uk who are part of Valour Finance

Could you afford the repayments when you took out the loan or not?

Tshaney

Not really as I got it out to pay off another pay day loan I had defaulted on and now I have been getting payday loans from lots of others to pay of other payday loans and now have 12 payday loans that I keep defaulting on because I can not afford all of them

Rainbowgirl84

Tshaney wrote: »

Not really as I got it out to pay off another pay day loan I had defaulted on and now I have been getting payday loans from lots of others to pay of other payday loans and now have 12 payday loans that I keep defaulting on because I can not afford all of them

Did you inform any of them that you already had payday loans from elsewhere when you applied for your next one?

Tshaney

They were all informed and they checked my credit file which had them on there and I also provided bank statements indicating that I had payments from many payday loans in and out of my account,I have defaults and CCJs also and my credit rating is very poor

IAmWales

Tshaney wrote: »

Not really as I got it out to pay off another pay day loan I had defaulted on and now I have been getting payday loans from lots of others to pay of other payday loans and now have 12 payday loans that I keep defaulting on because I can not afford all of them

Then you need to accept responsibility for taking out lending that you could not afford.

Have you contacted one of the debt charities for support in managing your debts? They'll be able to help you deal with creditors and arrange more manageable repayments.

https://www.stepchange.org

Tshaney

It was actually a debt charity that advised I may have a case to put forward for irresponsible payday loans lending and I am going this route first and then seeing if I can resolve this way

[Deleted User]

Tshaney wrote: »

Not really as I got it out to pay off another pay day loan I had defaulted on and now I have been getting payday loans from lots of others to pay of other payday loans and now have 12 payday loans that I keep defaulting on because I can not afford all of them

Does this now stop you though? I'd have thought things got easier to deal with the existing debt, I mean with these companies stating they now mark your credit file pretty much instantaneously must at some point have an effect of no more lending - how does this behaviour continue.

I mean I'm due a late payment marker from a PDL and think it's over, don't go without bag over head a payday loan on there alone is bad enough without confirmation you were late paying just the once, I just invisage if I was ever to try for a loan again I'd be declined as it were.

Stupidguy87

My complaints been going on since July 2017. Wonga wrote a final response offering to pay me fees/interest charges for 2 out of 16 loans. Loans 14 and 15. Loan 16 was written off years ago. Offer was about £600. Took my complaint to FOS. Lengthy wait as some loans were over 6 years, Wonga refuses to allow FOS to investigate.

Advised FOS to just review the loans that’s Wonga would allow them to. Wonga have now offered £1300 - but less the loan that was written off so now the offer is £450. They’re such con artists. I really do hope that Wonga’s investments dry up and the company goes under. Yes I may lose my £450 offer but I’d rather see the financial leaches at the top lose their Bentleys.

I’ve now asked for my complaint to move from an Ajudicator to the Ombudsman. FOS can’t give me a timescale for this. FCA needs to step in and sort things out.