Irresponsible Lending From Satsuma??

wanderer2020

Hi all, 

 This is my first post on here but I’m looking for some advice. Back in August of last year, whilst I was unemployed I borrowed £680 from Satsuma Loans. (Before anyone comments, yes I understand applying for a loan whilst I was unemployed was an incredibly irresponsible decision on my own part, I was a homeowner and was struggling and worried about meeting my payments on the house.) Fast forward to now, I’m in employment but this account has gone through the roof. I now owe the company over £1700, it’s been taken over by a collections agency and I am struggling to sort it out because the payment amount is ridiculous.

When I applied for the loan, I registered on the website and informed the company I was unemployed but regardless of this, they still allowed me to borrow the money. Would I be able to challenge them on the grounds of irresponsible lending and if so how would I go about doing so? I’m new to all of this sort of stuff and would like some advice. 

Many thanks. 

mwarby

What are you hoping for the loan to be written off? IMHO unlikely to happen, you might be able to negotiate a reduced payment if it’s been sold on the new owners of debt would probably be happy to get the original loan amount back

going forward I think you need to draw up a budget and workout what you can afford, what debts need to be repaid and go from there. You might want to ask on debt free wannabe or bankruptcy forums

DCFC79

wanderer2020 said:

Hi all, 

 This is my first post on here but I’m looking for some advice. Back in August of last year, whilst I was unemployed I borrowed £680 from Satsuma Loans. (Before anyone comments, yes I understand applying for a loan whilst I was unemployed was an incredibly irresponsible decision on my own part, I was a homeowner and was struggling and worried about meeting my payments on the house.) Fast forward to now, I’m in employment but this account has gone through the roof. I now owe the company over £1700, it’s been taken over by a collections agency and I am struggling to sort it out because the payment amount is ridiculous.

When I applied for the loan, I registered on the website and informed the company I was unemployed but regardless of this, they still allowed me to borrow the money. Would I be able to challenge them on the grounds of irresponsible lending and if so how would I go about doing so? I’m new to all of this sort of stuff and would like some advice. 

Many thanks. 

Now what you should have done is looked at your spending and drastically cut back and made sure your mortgage was paid over something not as important.

A complaint letter might be a start.
No harm in giving it a try but why now and not say in december 2019.

[Deleted User]

No judging here, I paid 2 of there 3 payments back whilst unemployed (I knew not to ask for any help as a role play ironically last year I remember one of the lines were to make the customer aware of interest accruing at a similar type of company) and I also starting to highly wonder how they qualified me back in October 19 as they certainly didn't ask for bank statements that is now typically asked for.  It is something I struggle with knowing when I reapplied I got a true 'provident' unsuccessful message appear, and then the Provident appeared ironically on my credit file only at the start of this month and all the negative connotations that brings.
It's ridiculous that you can get put against your wish into paydown plan if you've a credit card for quite a while but not for this type of thing.

Hasbeen

wanderer2020 said:

Hi all, 

 This is my first post on here but I’m looking for some advice. Back in August of last year, whilst I was unemployed I borrowed £680 from Satsuma Loans. (Before anyone comments, yes I understand applying for a loan whilst I was unemployed was an incredibly irresponsible decision on my own part, I was a homeowner and was struggling and worried about meeting my payments on the house.) Fast forward to now, I’m in employment but this account has gone through the roof. I now owe the company over £1700, it’s been taken over by a collections agency and I am struggling to sort it out because the payment amount is ridiculous.

When I applied for the loan, I registered on the website and informed the company I was unemployed but regardless of this, they still allowed me to borrow the money. Would I be able to challenge them on the grounds of irresponsible lending and if so how would I go about doing so? I’m new to all of this sort of stuff and would like some advice. 

Many thanks. 

Op perhaps more advice about irresponsible borrowing and possible solutions to your debt can be found on this part of the forum: Debt-Free Wannabe

poppasmurf_bewdley

The company lent you £680 after you presumably told them you were a home owner.

They will have assumed that being a home owner, you had reasonable financial security. You cannot blame them for your silly and irresponsible borrowing decision.  

SnowTiger

wanderer2020 said:

This is my first post on here but I’m looking for some advice. Back in August of last year, whilst I was unemployed I borrowed £680 from Satsuma Loans. (Before anyone comments, yes I understand applying for a loan whilst I was unemployed was an incredibly irresponsible decision on my own part, I was a homeowner and was struggling and worried about meeting my payments on the house.) Fast forward to now, I’m in employment but this account has gone through the roof. I now owe the company over £1700, it’s been taken over by a collections agency and I am struggling to sort it out because the payment amount is ridiculous.

When I applied for the loan, I registered on the website and informed the company I was unemployed but regardless of this, they still allowed me to borrow the money. Would I be able to challenge them on the grounds of irresponsible lending and if so how would I go about doing so? I’m new to all of this sort of stuff and would like some advice. 

In 2019 JSA for a single person was £73.10 a week.  £3801.20 a year.  ~£316.77 a month.

A £680 Satsuma loan paid back over twelve months would cost £1,354.56, including £674.56 interest.  With repayments of £112.88 a month.

A loan based on those figures doesn't appear to be responsible lending to me.

Satsuma Loan's complaints procedure is here: https://www.satsumaloans.co.uk/existing-customers/complaints.

If I were you I'd send a written complaint to them at the address on that webpage.  Obtain a Certificate of Posting (often referred to as proof of posting) from the Post Office when you send your letter.  It's free.  Do not send your letter recorded delivery.

If after 56 days you haven't received a response (or you don't receive a response you like) you can take your case to the FOS.

The FOS is likely to be extremely busy with complaints from customers who feel they've been treated unfairly during the coronavirus fad, so your case could drag on for a while.