Wonga Precedent?

Talyn

Gaz83 wrote: »

What do you expect the Ombudsman will do in this situation?

Check to make sure the complaint was dealt with fairly and impartially?

Gaz83

Talyn wrote: »

Check to make sure the complaint was dealt with fairly and impartially?

The poster said to contact the Ombudsman if the complaint comes back as a "no" - nothing to do with it being dealt with fairly and impartially.

cifpower

Gaz83 wrote: »

What do you expect the Ombudsman will do in this situation?

To ensure that all checks that should have been carried out were actually done to the standard expected.

Gaz83

cifpower wrote: »

To ensure that all checks that should have been carried out were actually done to the standard expected.

And if they weren't?

Remember: Wonga weren't forced to cancel loans that shouldn't have been given in the first place, it was their decision. There is absolutely no need for another company to do so - there is certainly no precedent. It remains the decision of a company whether to loan money or not.

As a result, any complaint to the Ombudsman wouldn't be entertained on those grounds. That's what I'm getting at.

financial_ombudsman_representative

Talyn wrote: »

Hi;


I wonder if anyone has any information on this?


I am one of the (probably many) people who were taken in by the Pay Day Loan trap. After falling ill at work long term and being made redundant on ill health grounds I became trapped in a cycle of taking out one payday loan to pay off another. After clearing off some of the smaller loans I was left with 2 large Loans - one with Wonga and another with QuickQuid. In the end I had to admit defeat and managed to get all my debts frozen and negotiated repaying an affordable amount (thanks to MSE for that!).


Now, I was one of the lucky ones recently contacted by Wonga to advise that after a review (and hefty abuse from the FCA no doubt) I should not have been given the loan and it has now been written off.


What I would like to know is - how does this effect my still outstanding loan with QuickQuid? If my circumstances at the time meant I was ineligible for the loan with Wonga but their due diligence failed, surely the situation is exactly the same for QuickQuid who provided a loan at the same time under the same personal circumstances with the same checking criteria?


Has anyone else started challenging the other Pay Day Lenders after the Wonga verdict? Or is the FCA decision specific to only Wonga?


Also - the QuickQuid loan is now with a debt collector. If I did challenge them, who do I write to? QuickQuid or the debt collector?


Many thanks in advance!

Hi Talyn,

Wonga chose to write off outstanding loans based on their new criteria that they set, but this doesn’t mean that we can’t look at complaints against other lenders if you feel that they have done something wrong. So if you feel a loan was miss-sold or wasn’t suitable for you, then making a complaint is the right thing to do.

Even though your debt has been passed to a collection agency Quick Quid will still be liable for complaints about miss-selling. If you’d like we can contact them for you and have a look at what’s happened.

You can send us an email to [EMAIL="paydayhelp@financial-ombudsman.org.uk"]paydayhelp@financial-ombudsman.org.uk[/EMAIL]or call us on 0300 123 9 123.

Kind regards,

Sarah

MikeMouse

I agree with you. Quickquid would have the same responsibilities as Wonga when it comes to lending and doing proper checks although as I understand it Wonga were not legally obliged to do what they did so Quickquid may be keeping their head down and hoping for the best.

Regardless of who they sold the debt onto it any complaint you have is for Quickquid to deal with.

While not all will agree on this site I would live to hear other payday loan companies either voluntary or been forced down the Wonga route.

I would be interested to hear how your complaint goes and what the ombudsman has to say if you raise a complaint with them.