Payday Lenders Success - Irresponsible Lending

Charlie800

 I got into large debt which spiralled out of control with payday lenders. This was after a divorce and being left to run my home on my own. I had low credit scores at time of taking out the loans and a large number of payday lenders all waiting to be paid on my credit files at the same time. After years of struggling to make repayments, some successful to the end of the loans and some not and borrowing off one lender to pay another, I wrote to them all and put in an ‘affordability complaint’ . A few of the payday lenders came back and said no they didn’t lend to me irresponsibly, I then sent their replies to my complaints on to the Financial Ombudsman who ‘UPHELD’ ‘every’ single complaint. These payday lenders were made to refund me back the interest I had paid (on closed and open loans), plus 8% compensation. Payday lenders such as : Lending Stream, Safety Net Credit, Provident, Quik Quid, many more. I also wrote to Amigo loans, the most bullying and ruthless company I have ever come across. They recently upheld my complaint and gave me back over £4,000 in interest, without having to take it to the FOS. The loan wasn’t yet completed but I had paid off the amount I had borrowed already plus an extra £4 grand. I no longer have that £300 a month now to find. Even if you have filled in the forms & it appears you could afford the repayments, if they haven’t checked your credit files properly and seen other payday lenders, bank charges, loans that you may not have disclosed on the forms then they haven’t done their checks properly and should have not lent you the money. Many of the companies I was with should have seen there was no way I could have afforded the repayments, by they lent to me anyway. At the time I was desperate and it was the only way I could feed my children. 

I urge anyone who is in debt and spiralling out of control with payday lenders to contact them with an irresponsible lending complaint and see what happens. You will be surprised at how they should have looked into your finances first properly before lending you the money, especially if you have several loans running at the same time. It has taken nearly 2 years to get all the interest I paid back as they have streams of similar complaints to get through, but it is so worth it. Do it today before the companies go Under. One by one my payday loans have been ended by the FOS for irresponsible lending and any interest due to me was paid back. These people are loan sharks and prey on the most vulnerable people in times of great need. Please anyone in this situation look into it. 

*for anyone who wants to reply to me with negative comments about taking payday loans out, I will bypass the comments. I’m here to help and offer advice for people in the terrible situation I got myself in only” 

sourcrates

Hi,

Thanks for posting, we have a dedicated thread here -

https://forums.moneysavingexpert.com/discussion/5289150/reclaiming-money-back-from-various-payday-loan-companies#latest

richardadc

Takmon said:

Charlie800 said:

Many of the companies I was with should have seen there was no way I could have afforded the repayments, by they lent to me anyway. At the time I was desperate and it was the only way I could feed my children. 

So your saying the best outcome would have been for them all to tell you that you couldn't afford the loans and refused to lend you any money which would have resulted in your children going without food?

Potentially that is what resulted anyway just at a later date and this time with the extra burden of the interest to pay.  It can be very easy to judge when you're not in or have experienced such a dire situation but a lot of people taking out these loans were living day to day and would do anything just to move that situation down the road a bit.  

In the end it's not like the lenders were not aware of what they were doing.  If they were lending responsibly they wouldn't have had so many defaulted accounts on their records and I'm sure they had enough data to determine that the people that they were lending to had no real realistic way of paying it back.

It's not so say however that people haven't taken advantage of the situation either but that certainly doesn't apply to everyone.

Lolli863

Charlie 800 with safety net they have agreed to refund me too, do you know how long it takes to reach your account? I’m also in process of claiming from a few but this was the worst one in terms of how much I borrowed/paid