payday loan problems - ask the ombudsman

Ed-P

I couldn't agree more - big up the financial ombudsman! There payday loan advice was incredible, which transformed my financial state remarkably. massively recommended!

Join them now - http://forums.moneysavingexpert.com/showthread.php?t=5072990

rizla_king

PDL company refusing to give their bank details to let someone pay by standing order. http://forums.moneysavingexpert.com/showthread.php?t=5164733

Alfred1985

For those asking if other companies will have to write off loans after Wonga's decision... I have complained to other companies since then about their affordability and credit checks. One lender has agreed and written off my loan in full, one has reduced the balance, several are still in the complaints process. Only one has rejected the complaint, but their defence is poor and wont stand up to scrutiny.

[Deleted User]

Alfred1985 wrote: »

For those asking if other companies will have to write off loans after Wonga's decision... I have complained to other companies since then about their affordability and credit checks. One lender has agreed and written off my loan in full, one has reduced the balance, several are still in the complaints process. Only one has rejected the complaint, but their defence is poor and wont stand up to scrutiny.

Care to advise whether this was through the Financial Ombudsman Service?

Really I'd be grateful lenders obviously don't have the power to issue bankruptcy forms eh.

Alfred1985

Deleted%20User wrote: »

Care to advise whether this was through the Financial Ombudsman Service?

Really I'd be grateful lenders obviously don't have the power to issue bankruptcy forms eh.

No I've not referred any to the FOS yet. You will have to clear up the second part, I dont understand it.

acid53

Hi, can i ask what the FOS position is in relation to minicredit complaints now that they have are closing down the business. Has some arrangement been made to ensure they make redress to oustanding complaints?

financial_ombudsman_representative

acid53 wrote: »

Hi, can i ask what the FOS position is in relation to minicredit complaints now that they have are closing down the business. Has some arrangement been made to ensure they make redress to oustanding complaints?

Hi acid53,

Thank you for your query. We can still look at Mini Credit complaints as normal at the moment and each complaint will be investigated individually.

Kind regards,

financial_ombudsman_representative

Alfred1985 wrote: »

For those asking if other companies will have to write off loans after Wonga's decision... I have complained to other companies since then about their affordability and credit checks. One lender has agreed and written off my loan in full, one has reduced the balance, several are still in the complaints process. Only one has rejected the complaint, but their defence is poor and wont stand up to scrutiny.

Hi Alfred195,

It’s really good to hear that you’ve managed to get somewhere with these businesses. If you’re unhappy with any of the outcomes or feel they haven’t looked at it fairly then please feel free to call us on 0300 123 9123 or email us at [EMAIL="paydayhelp@financial-ombusdman.org.uk"][email protected][/EMAIL].


Kind regards,
Sarah

financial_ombudsman_representative

danidav88 wrote: »

Hi,

Myself and my partner both had debt outstanding with Wonga and luckily have had the debt cleared due to the change in legislation and affordiabiltiy. Is this something every payday lender will have to look at doing or just Wonga? We are currently in a DMP with Payplan but unfortunately still owe money to Quickquid and Sunny?

Hope this makes sense
Many Thanks
Danidav88

Hi danidav88,

It’s good to hear that Wonga wrote off your loans.

It was their decision to write off the loans and isn’t something we would necessarily expect the other lenders to do as well. If you’re unhappy with Quick Quid and Sunny or you feel they’ve done something wrong we can look into what’s happened.


Kind regards,
Amy

financial_ombudsman_representative

net6 wrote: »

I am hoping that you can offer me some guidance.

Firstly I am in full time employment, however over the past few months I have got myself into debt with the Lending Stream. I realise that on my part I should have ignored their emails advising I can have further loans, however being depressed and low I agreed.

I have 5 loans ongoing with this company, the first which was taken out on the 22.09.14. Another 4 loans were then taken out on the; 25.09.14 & 06.10.14, 12.10.14 and the last on the 25.12.14. Yes Christmas Day I received an email saying I was entitled to a further loan. I realise what a HUGE mistake I have made,

Although I have not missed any payments to date, I know I am going to really struggle to make the payments on the 30.01.15. They have a CPA in place so I am now really starting to stress, due to them having my card details.

I know I am at fault however what is really concerning me is that this company has allowed me to get into this position. I feel that Lending Stream have been extremely irresponsible in allowing me to get into this position. As I say I have not missed a payment to date, but I will be in trouble come the 30.01.15.

Please can you advise can this company consolidate all the 5 loans and freeze the interest or lower it? Hopefully I could make one payment each month.

I really would appreciate any advice and guidance you can give me. I have been a silly fool and let my emotions get me into this mess.

Hi net6,

I’m sorry it’s taken so long to reply to you, it sounds like you’re going through a difficult time at the moment.

I can see your payment was due on the 30 January, did you manage to speak to them about this?

If you’re struggling to pay your loans then the best thing to do is to speak to Lending Stream and let them know about your situation. We would expect them to help you to set up an affordable plan and freeze interest and charges.

You could also speak to Step Change who are a debt charity and can also help with repayment plans. You can visit their website here.

If you feel that you have done as much as you can with lending stream and you’d like to speak to us, you can call us on 0300 123 9 123 or email us at [EMAIL="paydayhelp@financial-ombudsman.org.uk"][email protected][/EMAIL]


Kind regards,
Sarah