118 Loan

SteveHayes88

Hello,

I took out a 118 Loan two years ago for £3,800 or so. I paid this off and then have since taken another two year loan for a similar amount.

The issue I have is that I don't believe they carried out any credit checks on me at all to assess affordability. I sent them my bank statements before my first loan. For the second loan they didn't ask for them. The reason I believe they didn't do these checks correctly is because my address is completely wrong on my loan agreement. For example, the agreement says 24 The Street but my actual address is 36 The Street. I don't understand how this would have happened....my ID would have had my correct address and the bank statements I sent over also had the same, correct address.

I am considering making a complaint for a refund of interest paid but the issue then comes from me still have an existing loan with them. I can afford to pay this loan but at the time of taking it out I had two existing payday loans and numerous deposits to online gambling sites clearly shown on the bank statement. The payday loans were paid from a different account which I didn't send to 118.

Any advice? Reference the address, I'll admit that I just rushed through and clicked away when signing up. Definitely my bad but it just raises the question whether they actually did the correct checks?

Thanks in advance.

Aqua1985

You may have cause for an irresponsible lending complaint. Check out debt camel for template letters to send to 118 118. In the short term if your loans are unaffordable cancel your direct debit / CPA and set up an affordable payment plan with the lenders.

Bermonia

The onus would be on you to confirm that the lending was unaffordable at the time... given it was only the second loan with them they would only be required to undertake ‘proportionate’ checks as such as long as income and expenditure said you could afford then there is little else they are expected to do... with regards to your gambling problem, agin there would be no way of knowing this... had you continued to keep taking loans with 118 then they would’ve got to the point of asking for additional docs to ensure you can afford and no gambling abuse.

From what you’ve said I would expect them to respond to say that they undertook the ‘proportionate’ checks required of them.

jonesMUFCforever

OP I would be very careful with going down this route - hope you have a cached copy of the application you sent them.
If say you nudged a figure here and there for salary etc then they could come back and say you entered a fraudulent application ---- just saying.

[Deleted User]

OP did you spend the money? Why has it taken you until now to decide they were wrong to lend you money?
Just saying.

gabanker

Hello,

I would be careful with this one, make sure you have all paperwork I take all my loans out with either nationwide or HSBC can you not go to your bank and see what they say??