Weird Letter from Instant Cash Loans

[Deleted User]

Received this letter in the post today from Instant Cash Loans. I did have a loan from one of the brands listed on top of the letter back in 2011. It also says they wrote to me on the 19th July but I'm positive I've had no previous letter.

Anyone else got this letter or know about it?

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sourcrates

Hi,


Yes, the payday loan companies listed in that letter, all went bust, along with wonga, and a few others.


The administrators are realising all the companies assets that still exist, and are to make this pot of money available to past customers who may have had reason to make a complaint about past lending criteria.
You simply vote yes or no, as to wether you wish to be a part of this redress scheme or not, if you vote no, then thats the end of the matter.


If you vote yes, your past loans will be reassessed by the administrators and if they decide mis-selling took place, you will be included in the payout.


You wont recieve a massive amount of money back, just a small percentage of the pot shared with all the other past clients who have had their complaints upheld.

[Deleted User]

I don't think I ever paid the loan back to be honest as I took it out when I was between jobs. It's all statute barred and long gone from my credit files now though. Still, I think I'll vote for the claim.

Thanks.

sassy_one

So OP, you'll vote for a scheme when you opening admit you never repaid the loan?

Any reply to you is wasted, no morals though screams.

[Deleted User]

sassy-one wrote: »

So OP, you'll vote for a scheme when you opening admit you never repaid the loan?

Any reply to you is wasted, no morals though screams.

These pay day lenders had no morals when they were giving unaffordable high interest loans out to people in society who could least afford it. So you can keep your morals and put them where the sun don't shine.



.

Loki100

We also got this letter but we have never had a loan with any of this type of company - Inclined to ignore it? Advice please.

twhitehousescat

this us very much a publicity stunt


friend got simular letter , and voted yes

a few weeks later , email saying they had declined his claim

no one had asked him "why" he thought he should have interest repaid , or to ask him to submit evidence/documents

and I suspect that the administers are not obliged to answer to the financial ombudsman

yoshiyella

I received an email and was asked to vote. I voted but I had paid off all loans I had had over the years through various companies.


I don't expect anything back but if it helps someone on a low income then so be it.

sourcrates

sassy-one wrote: »

So OP, you'll vote for a scheme when you opening admit you never repaid the loan?

Any reply to you is wasted, no morals though screams.

People generally repay their loans according to the terms agreed as it preserves their credit status and facilitates further access to credit.

If they default on a loan, they will suffer the consequences of an adverse credit rating and find further borrowings more expensive or difficult to obtain at all.

I don't see what morals have to do with credit at all. Credit is simply a business transaction. The likelihood of the debtor defaulting is built into the interest rate charged.

If someone finds themselves in the situation where their debts have got out of control, the advice given should be the most applicable to that situation in a completely non-judgmental manner. The general well-being or otherwise of the credit industry is of supreme irrelevance when giving appropriate advice to an individual person.

[Deleted User]

twhitehousescat wrote: »

this us very much a publicity stunt


friend got simular letter , and voted yes

a few weeks later , email saying they had declined his claim

no one had asked him "why" he thought he should have interest repaid , or to ask him to submit evidence/documents

and I suspect that the administers are not obliged to answer to the financial ombudsman

Agree.

Whilst I had nearly 30 loans through PDE during years 2009 - 2011 (yes it really was a re loan every month) and 4 under PUk in year of 2011 even though it really does not bother me I have not heard a dickie bird. But it was suspected PDE lost my file conveniently long time ago when the likes of the FOS wasn't interested and it was difficult to be heard as having a problem.

TripleH

Loki100, hi, yes if you never had a loan from them ignore it.

They will be searching for previous customers and you had a similar name. They would seek more information out before paying out.