We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Minimum information needed to apply for a pay day loan
Ian_Washbourn
Posts: 1 Newbie
in Loans
I have recently discovered that I have been a victim of online fraud as my details have been used to apply for a pay day loan.
The first I knew of it was when I received a letter from a debt collection agency regarding an unpaid account.
Further investigations showed that some of my personal information had been used to obtain the money but none of my financial/banking information had been used.
I'm trying to identify if the lender has broken FCA regulations as the money lent was not placed in an account which was associated with me. My assumption would be that the lender should only be paying the funds in to a UK account which is in the name of the applicant.
Having reported the incident to Action Fraud and looked in to my credit report it became apparent that there had been many applications for many pay day loan companies made without my knowledge. I have contacted these companies and the reoccurring feedback is that there wasn't sufficient information for these companies to grant a loan. As this is the view from so many companies, has one company issued, without fulfilling their obligations in terms of what they are required to do before granting the loan?
Any advice on this would be greatly appreciated.
The first I knew of it was when I received a letter from a debt collection agency regarding an unpaid account.
Further investigations showed that some of my personal information had been used to obtain the money but none of my financial/banking information had been used.
I'm trying to identify if the lender has broken FCA regulations as the money lent was not placed in an account which was associated with me. My assumption would be that the lender should only be paying the funds in to a UK account which is in the name of the applicant.
Having reported the incident to Action Fraud and looked in to my credit report it became apparent that there had been many applications for many pay day loan companies made without my knowledge. I have contacted these companies and the reoccurring feedback is that there wasn't sufficient information for these companies to grant a loan. As this is the view from so many companies, has one company issued, without fulfilling their obligations in terms of what they are required to do before granting the loan?
Any advice on this would be greatly appreciated.
0
Comments
-
No, they haven't broken FCA regulations.
Ensure that details of the loan and searches are removed from your credit files. Remember to check all three.0 -
Ian_Washbourn wrote: »I'm trying to identify if the lender has broken FCA regulations as the money lent was not placed in an account which was associated with me. My assumption would be that the lender should only be paying the funds in to a UK account which is in the name of the applicant.
The lender has no way of knowing the name of the account holder and banks don’t check the name given in a transfer against the account holders name.
As far as this part of your post goes, nobody has done anything wrong here.
The lender should probably have done more extensive checks on the applicant, if for no other reason than to avoid flushing a few hundred quid down the toilet.0
This discussion has been closed.
Categories
- All Categories
- 347.2K Banking & Borrowing
- 251.6K Reduce Debt & Boost Income
- 451.8K Spending & Discounts
- 239.5K Work, Benefits & Business
- 615.4K Mortgages, Homes & Bills
- 175.1K Life & Family
- 252.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards