payday type loans - advice please

System

twhitehousescat wrote: »

multiple instances of this



no apr stated , amount of interest not shown

its the legality of this I need to establish , the person does not recall being given a carbon copy of agreement , in fact he is sure he did not sign for some loans

No APR, no amount of interest shown = not legally enforceable loan. He could refuse to repay it and if Provident went to county court the case would get thrown out when he produced that.

You need to be speaking to the Financial Services Ombudsman and report it to the Financial Services Authority.

twhitehousescat

thanks , however all loans are now settled , additional info came to light , see post above , this clearly shows that there reps were filling in / forging signatures at will

much as we know it might not have been enforceable in court of law , have they actually broken any rules under which action by authorities can act

I appreciate it may not get him his interest back , but is there anything in law that can now hurt them

twhitehousescat

ok Financial Services Ombudsman can only act on mis selling this is after deadlock letter (8 weeks) they will not act on non APR and interest charged , nor on the fraudulent loan taken out , those need to be referred to Financial Services Authority HOWEVER this setup will not act on individual cases , and gathers info from other regulatory bodies

Financial Services Ombudsman have had those jpegs dowardced and are now on file , they will contact provident to make them aware that a clock is ticking and info has been gathered and will be used (mis selling) if they decline claim and when they issue deadlock letter


perhaps that last action will spur provident into action

nyermen

I'd have thought no indication of the amount of the actual loan (just the total amount) is key as much as the missing APR (obviously the maths link them all together). Where is the evidence of what has actually been borrowed?

twhitehousescat

however if the rep fakes the amount and tells customer it say 800%APR and payable at "x" weeks , lets say 500 in total at say £30 per week, but then fills in ipad/head office to say 25% payable at £5 per week , he pockets a lot of money , customer does not know , head office do not know

proof that there reps are fiddling and pocketing money and forging signatures can be clearly seen by the fraudulent loan taken out by the rep

boo_star

twhitehousescat wrote: »

however if the rep fakes the amount and tells customer it say 800%APR and payable at "x" weeks , lets say 500 in total at say £30 per week, but then fills in ipad/head office to say 25% payable at £5 per week , he pockets a lot of money , customer does not know , head office do not know

proof that there reps are fiddling and pocketing money and forging signatures can be clearly seen by the fraudulent loan taken out by the rep

These things don't work like that.

If a rep "fakes" the amount/rate they won't get a cut of it. There's no incentive for the rep to lie about rates in that regard, although getting someone to take out a loan and having it repaid are likely to be beneficial to the rep.

twhitehousescat

I thought as per post 11 , that it was beneficial , ie: to the tune of say £600 ? there is certainly no way that the person named would EVER pay it back ,

sourcrates

For future reference, if your unhappy, you send a written complaint to the company concerned, they then have 8 weeks to investigate and issue you with a final response.

If you remain unhappy, you forward the complaint to the financial Ombudsman Service (FOS) who have the power to put things right, the FCA is the regulator, the FOS enforces the regulators rules.

twhitehousescat

yup that action has been taken , admittedly in slightly wrong order , FOS have written to them , reminding them that clock is ticking

twhitehousescat

and 28 days for a SAR

should the SAR show the "fake" loan , taken our using friends name but by rep , the one for £600 that appeared on credit file

this could cause them a problem , include it or not , dammed if they do , dammed if they do not

either way they could be in trouble