Everyday loan help

jojo1007

Hi All,

Long story short .
I took out a loan with Everyday loans with crazy APR, at the time when I was gambling addict .
I started to sort out my finances and also claiming some money back from payday companies who were taking advantage of my situation .
Now I am stuck with everyday loan I took out , and I am thinking about doing affordability complaint , because at the time I took out this loan , I already had 2 big loans and 4000 overdraft I was charged daily fees on .
Basically, my income was about 1500 after tax and my expenditures are £1040 plus £420 in loan repayments and bank charged.
When I applied for everyday loan online , I’ve got rejected .
2 days later their local branch called and guy on the phone said to pop in and bring my payslip and 1 month bank statement with me.
He said because I have overtimes on my last payslip and occasional second job ,he can make my income look higher and therefore my application will be accepted .
Because I was desperate for the money , I’ve agreed .
Now I know I should never be given this loan
Do you guys think , there is anything I can do with it ?

[Deleted User]

Pay it back as soon as you can.

The more you overpay, and the earlier, the more you'll save in interest.

jojo1007

xz81 that’s exactly what I am trying to do .
They are very annoying company , I managed to make payments on time , but when I missed one , they wouldn’t stop calling , sending letters through post and saying about visiting me at home , when I made it clear , that I am struggling financially, I’ve had to borrow again , just to paid them , because at the time I borrowed from them , that loan was simply unaffordable.
What I was thinking about doing is to put affordability complaint in place , simply because when they gave me this loan my credit score was very poor , I had some missed payments with other creditors (lesa than 6 months before i took loam with them and given my income and expenditure I couldn’t afford that loan unless you take my overtime’s under consideration, but they were only occasional.

Is it worth it trying ? What do you think ?

[Deleted User]

You can make a complaint about anything you want.

But you would have known better than them that you couldn't afford it, so they may want to know why you asked for, and then accepted the loan, if you knew you couldn't repay it.

If you're now struggling, you need to stop applying for any further credit. The DFW boards will give advice on how to cut your costs and manage your existing debts.

jojo1007

I agree with you 100%
I knew what I am getting myself into .
On the other hand , these companies also have responsibilities to check properly if it’s affordable for you and if you’re not in financial difficulties.
The problem is , that is the only reason why these pay day loan exist .
They pray on people with low income and on vulnerable
Anyway , thank you for your help
I am going to have a look on this DFW board

SnowTiger

jojo1007 wrote: »

Hi All,

Long story short .
I took out a loan with Everyday loans with crazy APR, at the time when I was gambling addict .
I started to sort out my finances and also claiming some money back from payday companies who were taking advantage of my situation .
Now I am stuck with everyday loan I took out , and I am thinking about doing affordability complaint , because at the time I took out this loan , I already had 2 big loans and 4000 overdraft I was charged daily fees on .
Basically, my income was about 1500 after tax and my expenditures are £1040 plus £420 in loan repayments and bank charged.
When I applied for everyday loan online , I’ve got rejected .
2 days later their local branch called and guy on the phone said to pop in and bring my payslip and 1 month bank statement with me.
He said because I have overtimes on my last payslip and occasional second job ,he can make my income look higher and therefore my application will be accepted .
Because I was desperate for the money , I’ve agreed .
Now I know I should never be given this loan
Do you guys think , there is anything I can do with it ?

Worth a complaint.

According to their website:

Applying for a loan with us is simple, simply fill out our quick online form and receive a decision in seconds. Once you have been approved, you’ll be invited into your nearest Everyday Loans branch to complete the agreement with one of our friendly account managers.

And:

We are an independent personal loan lender based in the UK. We're not just another call centre. You apply online, receive a decision in seconds and we finalise the loan in person at our branches throughout the UK.

We can genuinely offer a case-by-case approach to customers. This, in certain cases, means we can be more flexible deciding when, and how much, we lend.

Everyday Loans is committed to professional, responsible lending. After verifying income and outgoings, we will do our very best to ensure we ONLY lend any applicant what they can comfortably afford to repay.

It appears Everyday Loans only finalise a loan agreement after having a face-to-face interview with the borrower and physically checking documents to confirm income and outgoings.

Given the information you've mentioned here, it appears they haven't adhered to their own lending criteria.

Send them a letter with screen grabs from their website to highlight their lending criteria and your own documentation (bank statements from the time, etc) to show they haven't followed it. In your letter mention the negative affect repaying the loan has had on you: worry, sleepless nights, having to borrow from elsewhere to make payments, unable to afford basics items such as food, etc. Tell them what resolution you want.

You're obviously a naughty bunny for taking out the loan; however I don't have much sympathy for a lender who lends money to someone after seeing documentary evidence it would be nigh impossible for them to make repayments.

jojo1007

That’s right !
So many people complained about this on their reviews with chosen wisely .
They will reject your application online , invite you in to their local branch and depending on circumstances ( whether there is anything they can do to make your application look affordable or not I imagine ) they make another decision to lend you money or reject you again .
I am going to point this out as well as my credit score which was very poor at the time , and also the fact that within 6 months before I was granted this loan , I had several missed payments with my other loan companies , and they knew about it , because the guy asked my about certain company and what happened .
I would imagine in this situation , they have to go deep with their checks , not just ask for 1 payslip and 1 month bank statement if they are going to lend you 3 grand.

dealer_wins

Really, you went in and showed proof of income and confirmed you get overtime, yet now accuse them of mis-selling. Oh dear what has this country become!!!

Bermonia

So long as the documents you supplied showed you had capacity to repay the loan then you don’t have a complaint - in fact you have provided them with sufficient evidence to reject your complaint

jojo1007

First of all , I do realise that entire situation is the fault of my own .
When it comes to overtime/commission income lender has responsibility to make sure this income isn’t shore term/irregular or one off , that’s what FCA says . So they should check around 3 months to make sure that income is regular or make average .
And they didn’t do that .

System

jojo1007 wrote: »

First of all , I do realise that entire situation is the fault of my own .
When it comes to overtime/commission income lender has responsibility to make sure this income isn’t shore term/irregular or one off , that’s what FCA says . So they should check around 3 months to make sure that income is regular or make average .
And they didn’t do that .

They don't have to. You signed to say it was a true and factual representation of the facts. In short you lied to get the loan, whether that was with the help of the member of staff or not.