Student loans and pensions

jackster123

We have had success with an adjudicator today for a young lady who lied on her application and said she earnt £2500 per month, when in reality, she was on benefits. She also had issues with an online bingo site, so there were a number of gambling transactions on her bank statements.

Her loans were generally around the £50 mark, and all were paid back on time, with the odd exception where the loan was a couple of hundred.

She has been panicking about showing her adjudicator the statements, but it turns out it she didnt need to. The adjudicator has found in her favour and recommended a refund of all fees and interest.

So, regardless of how big your loans were, there are success stories out there, and you have nothing to lose! Go for it

stuart30

Well a big thank you too you both..will certainly be going for this now.


Oddly Jackster 123with MyJar a lot of the loans were small £50/£60 but quite a few were £200 upto £400,so that is certainly good news.


I was self employed in 2014 so wouldn't have had an employer to put down...certainly not the firm I'm with now.


Regards incorrect loans being deleted from credit file...does that mean they can actually take them off the CRA"s...?


Sorry not upto speed with this yet so all a bit up hill at the moment.


Just had a look at My Jar statement and its not a huge amount...looks like ive borrowed £2325 and paid intrest around £330.


Do I assume the £330 is plus 8% intrest...yes its not much but will certainly help.

jackster123

You may not be reimbursed for all loans, so it might be a little less than you hope for, particularly as the first loans were quite small.... Its difficult to say how they will decide in this case because a lot of payday lenders tended not to lend to those who were self employed. If your income varied, it makes your case for unaffordability stronger I guess so that may well go in your favour here.

In many cases, the FOS say that anything after the third loan was irresponsible, but as you didnt have a guaranteed income, they may well find that even the first loan shouldn't have been issued.

The 8% interest can add up to more than you think- it depends on how long ago your loans were, many people have been pleasantly surprised!

The made up employer is interesting... They clearly didnt ask to see bank statements showing your salary being paid in, or they'd have known that no such employer existed! To me, this is evidence that they didnt perform the required checks, or any checks at all, and this will certainly help your case.

All in all, I think you have got a great chance here!

LittleBitLost

Can I ask, when putting in a report to the FOS, when they ask, "How do you want the business to put things right for you?" are people just saying interest repaid and 8%?


Thanks!

sourcrates

LittleBitLost wrote: »

Can I ask, when putting in a report to the FOS, when they ask, "How do you want the business to put things right for you?" are people just saying interest repaid and 8%?


Thanks!

Basically yes, you should ask for all charges and interest to be refunded, and for statutory interest to be added at 8%.


If you don't ask, you don't get.

You can also ask for your credit file to be expunged of negative information by the creditor as well, if that's applicable to you.

Ginger.ice

I also ask for compensation for time spent and distress caused (£50 each) as a result of the lenders failing to deal with the complaint within FOS time guidelines.


So far only 1 adjudicator has recommended this, but its £100 I wouldn't have got otherwise.

debtfree2016x

The adjudicator didn't mention in his recommendation of a 8% per year interest as well.
No it has gone to the ombudsmen will he add that to his recommendation if he upholds the complaint or do I need to mention it?

Delete33

The Ombudsman will add 8% interest to any award.

LittleBitLost

For anyone who "lied" about their income, is there any way to counter this? I feel as though a lot of PDL customers would have done this. I'm guilty of it, but not really be an obscene amount. Peachy have come back to me stating that the income differed in my complaint from their records which indicates fraud and based on their records I would have had enough disposable income to make repayments. I know that in and of itself doesn't prove there wasn't irresponsible lending on their part, but if this ends up with the FOS (which it likely will), how bad does it look? Feedback appreciated.

sourcrates

Delete33 wrote: »

The Ombudsman will add 8% interest to any award.

No, they won't, you have to ask for it.

Seriously, don't ask, you don't get, golden rule.