Mr Lender Help

northernmod

Hello and good evening!

First post so here goes.

I took an instalment loan out with Mr Lender just before Christmas last year and paid it off early this year with no problems at all, other than the ridiculous monthly instalments that I had to pay ( I knew this before I applied).

I applied for a second loan of the same amount (£300) about 8 weeks ago. Received the usual email confirmation and a response saying I had to speak to an advisor before funds were paid out. Within minutes the phone rang and I ignored it as I decided if I was being stupid (of course i was) in getting another loan out with Mr Lender. Anyway the voicemail notification went and the phone rang again within minutes. I ignored the second call and that was that, no more calls.

Here is where I need the help.

About half an hour later I checked my online banking and found that Mr Lender had deposited the £300 into my account, with out me speaking to an advisor or agreeing I definitely wanted another loan with them.

Obviously the £300 has long gone and I know I should have refunded it straight away but it was clear that they made no effort to get in touch with me again and confirming my need for the required amount.

From my experience in the process of applying for my first loan with them, the phone calls in which I ignored were part of the affordability assessment. So how Could they have approved my loan without going through this process with me?

All payments for this loan are up to date it's just something I could have really done without and it is most definitely making money more tight as more of my working wage is going towards these extortionate payments.

Sorry if this is long winded but I'm a bit confused with where I stand. Could I go through the payday loan refund 'irresponsible lending' procedure?

Yes I know I should have paid it back straight away, so I don't need a thread full of that but it was clearly irresponsible lending.

Any help is highly appreciated!!

poppasmurf_bewdley

It sounds as though it was irresponsible lending AND irresponsible borrowing.

Neither one trumps the other.

You need to repay the loan and resolve never to get another one, and it's lesson learned.

[Deleted User]

OP - you know the answer already.

northernmod

Thank you
Lesson well and truly learned.

[Deleted User]

Why don't you take the risk as you at least have a payday - pay them off in a oner, politely get rid and you save on the 'extortionate fees' none of the lenders stop you doing this, as long as you can get them to pick up the phone.

My last 'short term' loan actually saved me around £90 doing the above - turned out it was probably more an old roll over and loan + 1 month interest but best thing ever I could have done. Sure it was a hard month but the added financial pressure is of.

A loan of around £366 went on to cost £271 at 6 weeks so it shows what is possible. Still waiting for a response though to conduct around the time which I guess will never really appear as loan is executed.

Please look at Ombudsman decisions before relying upon everything you read on the internet about irresponsible lending.

AndyPix

You applied for the loan - you got the loan - You spent the loan






Now pay the loan

northernmod

2 month bump but I thought I'd let all the doubters know.

After using a template from debt camel I complained to Mr lender about what I had mentioned.

2 weeks ago to my surprise i received an email from Mr lender offering to write off the balance of the loan and remove any negative markers off Mr lender from my credit file as a goodwill gesture.

So there you go, if you can be bothered complain anyway. Worked for me and saved me £372 in loans and interest.

Peace!

McKneff

Yeah,,, right....

[Deleted User]

Cool!

Yep I was offered a 10% discount of my next loan with the particular lender I had problems with !!! I must admit. So I guess done quite well too, enough to put the cork in it and stop making someone's else life a misery.

La la.