Student loans and pensions

Delete33

Just received an e-mail response from Quickquid ( very fast response ) they are looking into my complaint and as has been stated on this forum they have 8 weeks to give a final response. I am impressed with how quickly they have responded to my 2 e-mails. Will update as soon as they respond to my complaint, no news from Paydayuk however.

Delete33

Have you started the ball rolling louised???????????

carol1963_2

Hiya Everybody, I took pay day loans out, I am paying back via Stepchange but would like to do something about them but get very confused on what I need to do, do I just say I couldn't afford them and should not have been given them or shall I just keep paying.


Thanks, Carol

Delete33

Hi carol1963, ask for a statement of your accounts with the company, easy by e-mail. Then look to see if you were rolling over loans to pay off other loans etc. E-mail back and ask them to look at your complaint. The idea is to explain that the loans you have taken out were unaffordable and placed you in financial difficulties.

Ginger.ice

I got into serious financial trouble because of compulsive gambling. This is a mental illness that makes you highly vulnerable to the exploitative practices and targeted marketing of these awful payday loan companies.


Many people say that I was wholly responsible for the position I found myself in, however it is not until you've got your addiction under control that you realise how out of control and how irrational you have been behaving (in my case for over 12 years).


Responsible lending controls are vital to protecting people who cannot make rational decisions and I feel that the entire payday loan industry have made the commercial decision to ignore their responsibilities in exchange for monstrous profits. I therefore make no apology for seeking refunds from these immoral organisations and nor should anyone else on this thread. Anyone who tries to make you feel bad for doing so has clearly never been in this sort of position and has no right to comment on the actions you are currently taking to improve your life.


I recently complained to 8 payday lenders about irresponsible lending. All 8 rejected my initial claim, however I responded by providing them a copy of my credit report which showed numerous defaults and arrears, high debt levels and numerous short term loans taken out at the same time. All of these negative indicators were evident on my credit file prior to many of my payday loans being issued, and therefore should have been picked up in their 'decision making process'. It was clear that these loans were not suitable or affordable however they were still accepting my applications and in some cases actively encouraging me to take out bigger loans via email or text.


Having received this additional evidence, 3 of the lenders changed their mind and issued a refund for all interest incurred on all loans after the date that the first default was evident on my credit file: Sunny (approx. £1100), Wonga (approx. £600), Lending Stream (approx. £500). This is precisely the outcome I was hoping for.


The other 5 lenders were not prepared to re-open the complaint after saying their 1st response was also their final one, so I have escalated these complaints to the financial ombudsmen. I suspect that if upheld, the remaining complaints could also be worth £2-3k.


Since May 2015 (when I came clean) I have reduced my overall debt balance by 8k and expect to be fully debt free by the end of 2016. The fact that my financial position has improved (partly because of these refunds) reduces the (stupid) temptation to try and gamble my way out of trouble. If these refunds were not being granted, the end of the tunnel would seem so much further away and the dangerous thoughts would be harder to resist.


Whilst I do encourage everyone in a similar position to seek full reparations, I must recommend that you do not do so if you still have an active addiction, as any compensation you receive would likely be just wasted in a matter of days. If you can get your addiction under control (which I have) you will be in a better position to handle the temptation that comes with receiving cash lump sums.


I'll keep you updated on the Financial Ombudsmen investigation, and I wish everyone else success against these vile, immoral, exploitative scumbags.

Ginger.ice

Stevie_Palimo wrote: »

I don't need wishing any luck thank you as I am doing quite well for myself with this industry, Your figures are made up and as stated no payday lender would offer you this much back and say hey Woody we will offer you all of the costs we charged you for borrowing the money from us, It is all in the land of make believe and perhaps when you get back to the real planet you may wish to post the correct amounts reimbursed as a guide for others.

Woody is completely correct. I have been refunded the full amount of interest charged on the affected loans plus 8% additional interest. Anyone who works in this industry needs their head sorting. I'd hate to explain that I worked for a payday lending company. Embarrassing.

Delete33

Well said Ginger.ice, enthralling and inspirational posts. I gambled for years before payday loans were available, I soon realised there is only one winner ( Bookies ). Hope you are successful with your outstanding complaints.

Boatdweller

Having read this thread the other day I thought it would give it a try as a few years ago I was stuck in a PDL cycle with various lenders.

I'm still waiting for a response from Wonga, who were my biggest creditor.
Mr Lender have just responded within 24 hours offering £239 which is apparently my interest.
I also had loans with a company called viva, but it appears they no longer exist, so I assume I can't pursue them.

anywhoo, so far I'm pretty happy with my progress.

Delete33

Well done Boatdweller.

Delete33

You can not have had too many large loans with Mr Lender I guess judging by the amount of interest repaid to you ? Boatdweller.