Payday Loan issue

steveh31

Hi

I noticed that some people are claiming money back from payday loan companies and I am interested in your views on my situation.

For the past 4 years I have been able to take out a payday loan with a certain leading company despite the fact I have not worked full time since 2014 and I have been able to just type in what amounts to lies on their application form and no one has checked this with me.

Right now I could go on their website and just type in any numbers I wanted and I would be given a loan within 30 minutes.

My question is if I claimed a refund on the fact they didn't bother to check would I be done for fraud for lying to them or would they be done for not checking any of the details I put in?

I could have been unemployed for all they know they haven't asked for any proof in the last 10 years their systems don't even throw up a warning that I am still getting the same wage as 10 years ago and it's never gone up.

[Deleted User]

If you've committed fraud, I'd keep your head down.

CIFAS markers are a pain to live with.

Pixie5740

steveh31 wrote: »

Hi

I noticed that some people are claiming money back from payday loan companies and I am interested in your views on my situation.

For the past 4 years I have been able to take out a payday loan with a certain leading company despite the fact I have not worked full time since 2014 and I have been able to just type in what amounts to lies on their application form and no one has checked this with me.

Right now I could go on their website and just type in any numbers I wanted and I would be given a loan within 30 minutes.

My question is if I claimed a refund on the fact they didn't bother to check would I be done for fraud for lying to them or would they be done for not checking any of the details I put in?

I could have been unemployed for all they know they haven't asked for any proof in the last 10 years their systems don't even throw up a warning that I am still getting the same wage as 10 years ago and it's never gone up.

If you successfully claim a refund then the PDL will be getting done.

I've never heard of anyone being prosecuted for lying on a PDL application so my guess is that worst case scenario is getting a CIFAS marker on your credit files.

steveh31

Deleted_User wrote: »

If you've committed fraud, I'd keep your head down.

CIFAS markers are a pain to live with.

I am not going to claim but what I am asking is should they be lending money to people who can lie to them and they do not ask for proof of documents.

Any person out there could just type in lies and they give you money, I mean 10 years and not a single we need your wage slip sending to us, this is one of the top payday loan companies not a dodgy one in a rented office in Milton Keynes.

[Deleted User]

Some lenders have higher risk allegories than others.

I don't do think it's wise to skimp on checks at the sub prime end of the market, but their business model might show that a higher default rate is offset by increased speed and volume.

steveh31

When I was made redundant I went from earning £1100 a month to having to take a job 16 hours a week at the start which means I was earning (without overtime) only £475 at the time, but I could still enter on the form that I was still working there and earning the same amount, even now I can type this in and have a loan by 9.30am in my bank account if I wanted.

With the Wonga issues you would think they would be more stringent in their checks.

DCFC79

steveh31 wrote: »

When I was made redundant I went from earning £1100 a month to having to take a job 16 hours a week at the start which means I was earning (without overtime) only £475 at the time, but I could still enter on the form that I was still working there and earning the same amount, even now I can type this in and have a loan by 9.30am in my bank account if I wanted.

With the Wonga issues you would think they would be more stringent in their checks.

Then they need reporting for not doing the appropriate checks.

steveh31

DCFC79 wrote: »

Then they need reporting for not doing the appropriate checks.

This is what I am asking they have not done the checks yes and issued a loan based on false information but also I have signed a contract with them so technically I have committed fraud so who will come off worse if I was to report them?

Would they prosecute me for committing fraud, this is a huge company who advertise on tv.

Can I point out I do not currently have a loan with them so do not owe them anything.

AndyPix

steveh31 wrote: »

My question is if I claimed a refund on the fact they didn't bother to check would I be done for fraud for lying to them or would they be done for not checking any of the details I put in?.

Jesus - are you serious ????


You want to claim because you lied to a loan company and they believed you :huh:


What is the world coming to ??




My ghast is flabbered

steveh31

AndyPix wrote: »

Jesus - are you serious ????


You want to claim because you lied to a loan company and they believed you :huh:


What is the world coming to ??




My ghast is flabbered

I am not claiming anything i am asking a question about a company who can lend me money without checking what I have told them?

foxy-stoat

steveh31 wrote: »

This is what I am asking they have not done the checks yes and issued a loan based on false information but also I have signed a contract with them so technically I have committed fraud so who will come off worse if I was to report them?

Would they prosecute me for committing fraud, this is a huge company who advertise on tv.

Can I point out I do not currently have a loan with them so do not owe them anything.

Why not find out and report back - if your credit file was hit with fraud markers it would serve as a lesson for everyone else who wants to lie on loan application forms to get money from lenders that offer loans with ridiculous interest rates.

Glad you dont owe them any money now though...good job.