Student loans and pensions

jackster123

stuart30 wrote: »

Thats good to know,in my case will be just intrest as made sure they were always paid back on time so no charges.

Should be an intresting few weeks waiting.:T

Yep, interest and charges- if you look at your account statement, you may well find that they charged you £5.50 for transefering the money on each and every loan... DO you think it cost them £5.50? I highly doubt it.

So it will be everything you paid, less the money you borrowed. So a loan for £100, with a repayment of £150 will get you the £50 difference back, is the easiest way to put it.

I dont work for FOS, so nothing I say is a guarantee, but I have dealt with them many times and have a fairly good idea of what they will say.

To make yourself feel a bit better, seach for Ombudsman decisions, and then put WDCF as the company name. You will see gazillions of complaints. You can then filter them into 'Upheld' or 'Not upheld'. Just the numbers will make you feel better! You can read through individual cases, and how the adjudicator came to that decision.

Almost all complaints for irresponsible lending are upheld. The ones that aren't upheld are generally for 1 or 2 loans, spaced quite far apart, with no issues paying them back. In those cases, its assumed that the lender didn't realise that the borrower was in financial difficulty, and as it was only once or twice there was no way for them to realise. Anything more than 3 loans, and the compaint is successfull, as a general rule of thumb.

Again, just from my experience, and not a promise!

I would recommend a read through for anyone considering making a complaint. it gives you a really good idea of how the FOS work, what makes a successful complaint, and which lenders are likely to argue about the adjudicator decision. Its a good way to have an idea of what to expect.

Delete33

Brilliant post jackster123,:T

jamess1982

Have many people had success with paydayuk, my Wonga one went well but just cant see anyone really getting a result with Paydayuk is this the case??


keep going everyone

Delete33

Lots of upheld cases against PDUK on the FOS website James 1982.:cool:

a_fresh_start_:)

Hi everyone,
I completely forgot that 2 months ago (before I knew about this forum) I submitted a complaint to CFO with regards to harassment (as they called all the time and frequently to my workplace), the fact that most of my emails to them went unanswered and the interest they kept adding to my last loan. This complaint was only in reference to my last loan. I have since created a new complaint (12 days ago) asking for the full interest paid back.
Today they have said they would pay £40 redress for the level of stress caused, and that they removed some of the interest at the time of the dmp. If I accepted this would it jeopardise the other complaint?
What shall I do?

stuart30

jackster123 wrote: »

Yep, interest and charges- if you look at your account statement, you may well find that they charged you £5.50 for transefering the money on each and every loan... DO you think it cost them £5.50? I highly doubt it.

So it will be everything you paid, less the money you borrowed. So a loan for £100, with a repayment of £150 will get you the £50 difference back, is the easiest way to put it.

I dont work for FOS, so nothing I say is a guarantee, but I have dealt with them many times and have a fairly good idea of what they will say.

To make yourself feel a bit better, seach for Ombudsman decisions, and then put WDCF as the company name. You will see gazillions of complaints. You can then filter them into 'Upheld' or 'Not upheld'. Just the numbers will make you feel better! You can read through individual cases, and how the adjudicator came to that decision.

Almost all complaints for irresponsible lending are upheld. The ones that aren't upheld are generally for 1 or 2 loans, spaced quite far apart, with no issues paying them back. In those cases, its assumed that the lender didn't realise that the borrower was in financial difficulty, and as it was only once or twice there was no way for them to realise. Anything more than 3 loans, and the compaint is successfull, as a general rule of thumb.

Again, just from my experience, and not a promise!

I would recommend a read through for anyone considering making a complaint. it gives you a really good idea of how the FOS work, what makes a successful complaint, and which lenders are likely to argue about the adjudicator decision. Its a good way to have an idea of what to expect.

Thank you great information...the help from this thread has helped a huge amount.

Big thanks for all those who have taken the time to help...what a great place this is.:T

Ginger.ice

DanDaniel wrote: »

Morning

After reading post on here, and as a person getting trapped in the PDL cycle I decided to give it a go. I had approx 30 loans from Wonga and QQ. I estimate that it cost me in excess of £6000 in interest alone. I have my credit files showing the inability to pay back priority debts etc at that time and evidence of severe financial hardship following entering this cycle. We almost lost our home because of it. I'm happy to say that's all behind me now!

Quick question, I wrote to QQ and Wonga 2 weeks ago requesting statement of accounts with them listing all the details they may need to Trace these loans, I haven't heard a thing from them, not even an acknowledgment of my request, so following advice on here I submitted my complaint with the limited info I have of my credit file.
I still haven't had a response or acknowledgment and I feel as though my lengthy complaint documents to both companies have not been received, although in sure this isn't the case. So I set the time rolling with them stipulating the time frame of 8 weeks for response but do I need to do anything to verify they have this complaint in there hands? Or could they simply turn around when it's time to go to the ombudsman and say they never received it ? Any thoughts ?

Also, if it gets to the ombudsman stage, how long do they take to investigate ? I had a PPI complaint with them that took 2 years to resolve and I hope the same isn't said of PayDay complaints.

I have tried calling QQ and wonga but no answer.

Thanks All :-)

For the quick quid one try emailing:
foscomplaints@enova .com


Their job is to deal with complaints that have already been picked up by the FOS, but I found them to be more useful than the plebs you get elsewhere in the business.


Tell them the timeline of your previous requests, and inform them that any redress expectation will include additional compensation for delaying the complaints process unless they provide the information you have requested within 48 hours.

a_fresh_start_:)

QUICK UPDATE!
So despite only sending my complaints off on the 1st June, today I received my Final response from quick quid. Very long email, they dismissed some of the loans and they are stating they were affordable but as a goodwill gesture will give me £150 - will be sending this to the ombudsman.
Lending stream also responded (not a final response) - again that they performed affordability checks etc etc, then followed by this paragraph

"Considering the circumstances, we are ready to refund the amount of £663.50 as there were certain procedural errors at the time of approval of the loans (9623, 31749, 95767 and 142259), which may have made your circumstances difficult."

I have replied saying if there were in fact procedural errors then I should be refunded this regardless, but I am requesting the total interest etc. I have requested for a final notice and explained that I will escalate to the FOS.

MARKOS72

a_fresh_start_:) wrote: »

QUICK UPDATE!
So despite only sending my complaints off on the 1st June, today I received my Final response from quick quid. Very long email, they dismissed some of the loans and they are stating they were affordable but as a goodwill gesture will give me £150 - will be sending this to the ombudsman.
Lending stream also responded (not a final response) - again that they performed affordability checks etc etc, then followed by this paragraph

"Considering the circumstances, we are ready to refund the amount of £663.50 as there were certain procedural errors at the time of approval of the loans (9623, 31749, 95767 and 142259), which may have made your circumstances difficult."

I have replied saying if there were in fact procedural errors then I should be refunded this regardless, but I am requesting the total interest etc. I have requested for a final notice and explained that I will escalate to the FOS.

Thats less than they offered me to basically make it go away-£250 I was offered.Probably the same drawn out long winded email I got too.

Delete33

Same here QQ offered me £350 to go away.:rotfl: