Payday loan complaint

Al1976

In 2012 I began to get very ill after taking out a variety of pay day loans and the stress of making repayments.

I made a complaint in 2018 about the companies involved and I have been asked by the person handling the complaint by a third party organisation ‘what I thought regards the lending and the loans I was given’.

It was a unfairly high interest loan over a short period. I considered the lending practice to be irresponsible and have already told them this.

However, they still want me to reply andI’m not sure exactly how they want me to respond or if there is anything specific they are looking for me to say.

Any help much appreciated.

[Deleted User]

They want some specific complaint reasons, rather that just the fact it was interest, which is simply s feature of PDLs, rather than a mis sale reason.

boo_star

Al1976 wrote: »

In 2012 I began to get very ill after taking out a variety of pay day loans and the stress of making repayments.

I made a complaint in 2018 about the companies involved and I have been asked by the person handling the complaint by a third party organisation ‘what I thought regards the lending and the loans I was given’.

It was a unfairly high interest loan over a short period. I considered the lending practice to be irresponsible and have already told them this.

However, they still want me to reply andI’m not sure exactly how they want me to respond or if there is anything specific they are looking for me to say.

Any help much appreciated.

Why was it "unfairly" high?


The riskier you are, the more interest you pay. That's the way loans work.

I'm not saying this to take a dig at you, but it's exactly what the caseworker wants to know.

You need to explain, in your own words, why charging whatever rate of interest they did was "unfair."

DCFC79

Al1976 wrote: »

In 2012 I began to get very ill after taking out a variety of pay day loans and the stress of making repayments.

I made a complaint in 2018 about the companies involved and I have been asked by the person handling the complaint by a third party organisation ‘what I thought regards the lending and the loans I was given’.

It was a unfairly high interest loan over a short period. I considered the lending practice to be irresponsible and have already told them this.

However, they still want me to reply andI’m not sure exactly how they want me to respond or if there is anything specific they are looking for me to say.

Any help much appreciated.

Who is the third party organisation ?

What was the cause for the loans ?

[Deleted User]

Al1976 wrote: »

In 2012 I began to get very ill after taking out a variety of pay day loans and the stress of making repayments.

I made a complaint in 2018 about the companies involved and I have been asked by the person handling the complaint by a third party organisation ‘what I thought regards the lending and the loans I was given’.

It was a unfairly high interest loan over a short period. I considered the lending practice to be irresponsible and have already told them this.

However, they still want me to reply andI’m not sure exactly how they want me to respond or if there is anything specific they are looking for me to say.

Any help much appreciated.

Pay day loans do carry very high interest because they are only meant to be used over a short period so that in itself is not grounds for complaint. If on the other hand you found that you had to keep borrowing in order to keep repaying the loans then you could claim the loans were unaffordable and it was irresponsible lending. Debt Camel has template letters you can use to reclaim interest under those circumstances.

https://debtcamel.co.uk/payday-loan-refunds/

Ben8282

Al1976 wrote: »

In 2012 I began to get very ill after taking out a variety of pay day loans and the stress of making repayments. Why did you take them out if the stress of repaying them was making you ill?

I made a complaint in 2018 about the companies involved and I have been asked by the person handling the complaint by a third party organisation ‘what I thought regards the lending and the loans I was given’.Why did you wait six years before complaining? Who did you complain to? What is this third party organisation?

It was a unfairly high interest loan over a short period. I considered the lending practice to be irresponsible and have already told them this.You were aware of the interest rate when you took out the loans. If it was irresponsible of the lender to let you have the money it was equally irresponsible of you to borrow it. What would you have done had the loans been refused? .

However, they still want me to reply Who wants you to reply? andI’m not sure exactly how they want me to respond or if there is anything specific they are looking for me to say.

Any help much appreciated.

You borrowed the money. You are not going to get your money back 7 years later.

iolanthe07

However, they still want me to reply Who wants you to reply?

I suspect the OP mean to write 'repay' rather than 'reply'.

sourcrates

I have a sinking feeling the OP has engaged the services of a claims management company to make this complaint on their behalf.

You do realise you will lose the majority of any refund you may eventually receive as they charge you a fee in the region of 35%.

A simple letter of complaint was all you needed to send at zero cost to you, and you would have kept 100% of any refund you received.