Offer of refund from 247MoneyBox

Les79

I would take their offer to be honest.

Most of the time an "irresponsible lending" complaint only results in:

- Refund of interest (which you got)

- Refund of charges (did you incur any?)

- MAYBE some compensation (only if they treat you really badly and cause a lot of distress/stress)

- (and the 8% statuary interest! Totally forgot about that)


To receive a refund of the interest and a loan written off (which can count as "compensation") is a pretty good result! More so with them removing the markers from your credit report!

I don't want to be too dismissive just yet, so could you perhaps explain what further things you are looking for in this situation which is causing you to be reluctant?

I do find one thing interesting, though. You (and others on here) keep getting accused (rightfully or wrongfully) of fraud. Yet the lender hasn't followed this line of enquiry with you/police here? It does make one wonder why not.... More from an academic point of view though really.

Les79

boo_star wrote: »

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.

Which begs the question, why aren't payday lenders taking a more proactive approach to investigating fraud if it could discourage "irresponsible lending" complaints/awards?

Would only take one or two high profile cases in the media to make people think twice about making an "irresponsible lending" complaint when someone like OP ends up in jail.

boo_star

Les79 wrote: »

I do find one thing interesting, though. You (and others on here) keep getting accused (rightfully or wrongfully) of fraud. Yet the lender hasn't followed this line of enquiry with you/police here? It does make one wonder why not.... More from an academic point of view though really.

Because they haven't told them what they did.

Willing2Learn

The OP lied because as they said 'they were desperate for money'. If the lender had carried out a full credit check then the poor financial position of the OP would have been noticed and then the lender could have rejected the loan application. Surely the problem here is the fact that the lender was prepared to lend irresponsibly without carrying out proper checks.

boo_star

Willing2Learn wrote: »

The OP lied because as they said 'they were desperate for money'. If the lender had carried out a full credit check then the poor financial position of the OP would have been noticed and then the lender could have rejected the loan application. Surely the problem here is the fact that the lender was prepared to lend irresponsibly without carrying out proper checks.

And if the OP had told the truth the lender may have declined the application without even needing to go as far as a credit check. Although I guess we'll never know what might have happened.

ndf9876

boo_star wrote: »

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.

Without wishing to derail this thread into a discussion on the matter, I personally think it's not so "black and white" as you are seeing it. For example - someone who is mentally unwell, someone who is so desperate for money they'll do anything, someone who just doesn't realise or even an unclear I&E form.

I'm not condoning lying on any sort of application - far from it - I'm just a bit more willing to look beyond why the figures may not have been accurate. So is the FOS too, if you look at some of their decisions against the payday lenders - who, in many cases it seems, should have twigged on that their customers were in dire financial straits. Or more accurately, should have performed proportionate checks.

Let's not forget that some of the lenders lied about the I&E their customers gave them too - for whatever reason - and that's not me making it up, that's documentary evidence from the Ombudsman Decision website.

Les79

boo_star wrote: »

Because they haven't told them what they did.

Bit risky for a financial institution not to be proactive with respect to investigating possible fraud on their platform.

Hopefully, though, identity thieves and money launderers send an email to advise of their fraudulent activities.

boo_star

ndf9876 wrote: »

Without wishing to derail this thread into a discussion on the matter, I personally think it's not so "black and white" as you are seeing it. For example - someone who is mentally unwell, someone who is so desperate for money they'll do anything, someone who just doesn't realise or even an unclear I&E form.

I'm not condoning lying on any sort of application - far from it - I'm just a bit more willing to look beyond why the figures may not have been accurate. So is the FOS too, if you look at some of their decisions against the payday lenders - who, in many cases it seems, should have twigged on that their customers were in dire financial straits. Or more accurately, should have performed proportionate checks.

Let's not forget that some of the lenders lied about the I&E their customers gave them too - for whatever reason - and that's not me making it up, that's documentary evidence from the Ombudsman Decision website.

I'm not suggesting that PDL Co's are angels, far from it. And I'm no fan of them either.

I just feel it's a bit rich for someone to wag their finger at them and tell them how naughty they've been when a large part of the problem was likely created as a result of them committing a criminal act.

And I do genuinely believe that people who lie on forms like this should avoid stirring things up as the potential consequences are disastrous, even if the likelihood of things going that far are fairly low.

iarniee

ndf9876 wrote: »

Without wishing to derail this thread into a discussion on the matter, I personally think it's not so "black and white" as you are seeing it. For example - someone who is mentally unwell, someone who is so desperate for money they'll do anything, someone who just doesn't realise or even an unclear I&E form.

I'm not condoning lying on any sort of application - far from it - I'm just a bit more willing to look beyond why the figures may not have been accurate. So is the FOS too, if you look at some of their decisions against the payday lenders - who, in many cases it seems, should have twigged on that their customers were in dire financial straits. Or more accurately, should have performed proportionate checks.

Let's not forget that some of the lenders lied about the I&E their customers gave them too - for whatever reason - and that's not me making it up, that's documentary evidence from the Ombudsman Decision website.

Thank you. I don’t think Boo_star quite understands the skitstipm I was in, my mental health didn’t help my decisions and I agree now they were poor.

Thank you for your posts they are very useful.

boo_star

Les79 wrote: »

Bit risky for a financial institution not to be proactive with respect to investigating possible fraud on their platform.

Hopefully, though, identity thieves and money launderers send an email to advise of their fraudulent activities.

Are banks any different here? They certainly aren't all that proactive when it comes to applications. Outside of a mortgage application I don't ever remember a bank asking me for payslips or bank statements when applying for credit.