Payday Loan Query

funkypriest

Hi I have complained to 'Peachy Loans' about unfair affordability checks during my stupid phase of taking out multiple payday loans.

I have their final response today. Apart from all of their speech about they acted fairly etc etc they have finished with this:

Unfortunately, based on the above we are not able to uphold your complaint regarding not assessing your affordability prior providing you with the loan.
As we value our customers, we are willing to offer you an option to reduce the outstanding balance. As a good will gesture, we are able to reduce the balance with your debt management agency. At the moment the balance stands at £372.82. We are able to reduce the balance to
£100.05 instead.

Should I accept or push for more?

As I only took out a couple of loans with them I didn't know whether I would be due redress on them at all.

Thanks,

Delete33

Up to you funkypriest, are you happy with the outcome? what were you hoping for?

Delete33

Take a look at another thread on this forum: Reclaiming money back from various payday loan companies, some good outcomes on here.

funkypriest

I am happy with it to be honest. If I accept this my debt has reduced by over £500 due to 2 emails to PDL companies !

sourcrates

funkypriest wrote: »

Hi I have complained to 'Peachy Loans' about unfair affordability checks during my stupid phase of taking out multiple payday loans.

I have their final response today. Apart from all of their speech about they acted fairly etc etc they have finished with this:

Unfortunately, based on the above we are not able to uphold your complaint regarding not assessing your affordability prior providing you with the loan.
As we value our customers, we are willing to offer you an option to reduce the outstanding balance. As a good will gesture, we are able to reduce the balance with your debt management agency. At the moment the balance stands at £372.82. We are able to reduce the balance to
£100.05 instead.

Should I accept or push for more?

As I only took out a couple of loans with them I didn't know whether I would be due redress on them at all.

Thanks,

Negotiate with them.

In cases like this I find picking up the phone and talking to the complaints people can get the best outcome.

I would be tempted to ask for the balance to be reduced to zero, they can only say no can't they !!

What I find works well is if you approach it with a bit of humour, try and engage the person your talking to, have a bit of a laugh and a joke with them, chat about something else first, the weather, if theve had a long shift today, anything to get them chatting.

Then mention the complaint, and how you'd like it resolving, they will be much more amenable trust me !!

Delete33

Brilliant!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

funkypriest

sourcrates wrote: »

Negotiate with them.

In cases like this I find picking up the phone and talking to the complaints people can get the best outcome.

I would be tempted to ask for the balance to be reduced to zero, they can only say no can't they !!

What I find works well is if you approach it with a bit of humour, try and engage the person your talking to, have a bit of a laugh and a joke with them, chat about something else first, the weather, if theve had a long shift today, anything to get them chatting.

Then mention the complaint, and how you'd like it resolving, they will be much more amenable trust me !!

Will give that a go Sourcrates, as you said nothing to lose! (Unless they then take a back step and ask for the whole lot!)

fermi

See: http://debtcamel.co.uk/payday-loan-refunds/

And debtcamel has just said to me on twitter:

"certainly worth trying to get balance written off in full. They know a FOS referral will cost them more than the balance. "

funkypriest

Please be advised that £100.05 is our utmost and best offer that we would be able to accept. As a good will gesture we offered to take off £272.77 from the outstanding balance. Unfortunately we are not able to write off the whole balance. As you chose not to accept our offer to reduce the balance, the offer has been withdrawn and the current balance still stands at £372.82

Boooo!

Ginger.ice

I have recently been going through a similar process and written letters to 8 payday lenders. All of them rejected the initial complaint, however after sending them a copy of my credit report, which showed clear indicators of financial difficulty at the time the loans were taken out they agreed that they should not have issued the loans to someone in my position. This changed the mind of Sunny, Wonga and Lending Stream - who have so far refunded approx. £2200 between them.


The rest are sticking to their guns, and the complaints are now in the hands of the Financial Ombudsmen. I would suggest that the fact that peachy have made any offer is a clear indicator that they knew they were in the wrong. I would escalate your complaint to the financial ombudsmen (complete with any evidence that shows how much financial difficulty you were in at the time of the loans being issued). If upheld you will be due all interest charged plus an additional 8% on top.


Since quitting gambling I have reduced my debt by £8k in 6 months, due in part to the refunds gained from the payday lenders who I feel cannot have acted responsibly.

fermi

Stroppy little ####s

http://www.financial-ombudsman.org.uk/consumer/complaints.htm