Offer of refund from 247MoneyBox

iarniee

Thoughts on this?

I complained about irresponsible lending with this company and they have partially accepted my complaint and offered me the below.

‘However, we do uphold loans 5 to end:

For loans 5 to end, you have borrowed a total of £2680.00 from us, and repaid a total of £2765.04 to date. Redress is calculated from interest and charges paid over the principal amount funded. This figure is £85.04.

We are happy to resolve this by actioning this as a refund + 8% statutory interest (to be calculated).

In addition to this, we can remove all negative reporting from your credit file and write off your outstanding balance.

Please confirm you accept by confirming your sort code and full account number.

By accepting this, you are confirming this acts as full and final settlement.
’

So I have a loan of 600 with them most recently and I only paid £200 back so they’d be writing that off too.

Should I accept this offer or not?

Also what is the 8% interest? When is it calculated from.

boo_star

Take the money and run.

Hopefully they don't find out about the fraud.

iarniee

boo_star wrote: »

Take the money and run.

Hopefully they don't find out about the fraud.

The fraud?

They are aware of the £609 unpaid and willing to write it off.

Willing2Learn

iarniee wrote: »

Should I accept this offer or not?

Also what is the 8% interest? When is it calculated from.

It all depends. If you think that the money they loaned was done irresponsibly and/or without proper affordability tests, then I would escalate to the FOS and see what they say. Maybe the FOS will fully uphold your complaints. I'm not an expert on this though (as I've never had a PDL). I don't know what the 8% interest represents and don't know when it is calculated from either.

iarniee

Willing2Learn wrote: »

It all depends. If you think that the money they loaned was done irresponsibly and/or without proper affordability tests, then I would escalate to the FOS and see what they say. Maybe the FOS will fully uphold your complaints. I'm not an expert on this though (as I've never had a PDL).

Thanks,

I mean they are writing off £600 and offering me a refund of set monies so I can’t really complain but surely them doing so is them admitting they have lent irresponsibly.

I’m torn.

[Deleted User]

If they're paying you back the interest you paid, with 8% on top, AND clearing your current balance, I don't think there's much more you can really ask of them? Take the money

boo_star

iarniee wrote: »

The fraud?

They are aware of the £609 unpaid and willing to write it off.

In your other thread on the subject you admitted to lying on the I&E forms in order to get some of these loans. That would be fraud.

[Deleted User]

I would take it. If it's one of those where you lied about your income, they may uncover the fraud if they investigate again and are told to go into more depth.

That will cause you a lot more problems than the hope of another couple of hundred pounds is worth.

boo_star

Willing2Learn wrote: »

It all depends. If you think that the money they loaned was done irresponsibly and/or without proper affordability tests, then I would escalate to the FOS and see what they say. Maybe the FOS will fully uphold your complaints. I'm not an expert on this though (as I've never had a PDL). I don't know what the 8% interest represents and don't know when it is calculated from either.

8% would be statutory interest.

ndf9876

That's about what you would get from the FOS I reckon (based on reading a few past decisions) - decent enough offer that I personally would accept if I were in your shoes.

Ignore the comments about fraud; no police are coming to your house (despite what the curmudgeonly comments would suggest) and have a look here if you are in any way worried about that : https://debtcamel.co.uk/payday-lender-says-lied/

boo_star

ndf9876 wrote: »

That's about what you would get from the FOS I reckon (based on reading a few past decisions) - decent enough offer that I personally would accept if I were in your shoes.

Ignore the comments about fraud; no police are coming to your house (despite what the curmudgeonly comments would suggest) and have a look here if you are in any way worried about that : https://debtcamel.co.uk/payday-lender-says-lied/

I don't think anyone has said the police will turn up, only that they might. Even if the chance is quite low, stirring things up is only ever going to increase that chance and some (perhaps many) of us would personally not take the chance over a fairly small sum of money.

Honestly if someone had the cheek to come to me screaming "Irresponsible lending!" and I subsequently found out that they'd committed fraud to get them I'd be justifiably cheesed off and I'd do everything I could to get them prosecuted. But maybe the PDL Co's won't be so into getting vengeance.