Student loans and pensions

Gettingtherequickly

Danni8787 wrote: »

Some good news

Wonga have finally upheld my complaint on week 11 (Directly, tho I did send to the FOS on week 8)

I had 6 loans with them (Interest was around £700) they have refunded me on 4. They also wiped off £200 a few years ago on my last loan.

£529.87 interest and fees
£50 Compensation
£177.63 8% Interest
-£35.53 tax

I've been a bit cheeky and told them I will accept this if they pay into my account today.

Just QuickQuid to go now (With the FOS).

I have read this thread with interest, not been in the situation but reading personal stories makes the original story even worse.

However, looking at what you have been offered and guessing that you are not flush with cash, as of April this year, the first £1,000 interest is tax free, so they should not be deducting the £35 from the amount due to you.

debtfree2016x

I havent asked for the 8% interest just refund of interest and removal from credit file.
As the adj' has passed mine onto an ombudsmen shall I just wait and see what he says or shall I email them?

jackster123

sacha28 wrote: »

I'm 9 weeks in so could instruct MMS to involve FOS, I may just sit out the next week or so to see what comes forward.....if anything.

From the info above, could anyone hazard a guess at an amount??

I also don't understand what you mean by 'redress' Delete (sorry, my brain is being fried by ethics ironically :rotfl:) would you mind explaining it to me please?

What a horrible situation, Im so sorry you had to go through all of that

I would say for certain, that they should not have leant you another penny following the month that you couldnt pay back without them draining every penny in your bank. So I am reasonably certain that you will get everything you paid in interest and fees from that pont on, if that helps with a calculation. It all depends at what point they decide it became unaffordable...

For me, there was a month when I got paid £1100. Out if that, PDUK took their pound of flesh- £525. My credit card bill came out for £527. I had another PD loan (cant remember who- there were so many) and a £50 phone bill. So that month, my total debt repayments were about £200 more than my salary. Once they were all paid, I had -£200 to live on for the month. If FOS dont find that to be unaffordable, I will eat my hat!

The biggest problem I have got is that my cycle started in 2008, so its outside the 6 year deadline. It continued, without any gap, until 2012, so I am hoping that the fact that it was a continuous block they will look at the whole thing, and also I left the country in 2013 and didnt return until last year, so I didnt hear about all the wonga drama. Hopefully this will be enough to sway it in my favour!

The best advice I can offer is to cooperate as much as you possibly can. Ask to speak to the adjudicator once one is allocated- the company working on your behalf cant put a human slant on it the way that you can, and I think its really important that they see the damage it did to the first precious months with your new born. You can never get that time back, and I think it might change the decision if things arent going in your favour.

Send as much evidence as you possibly can- bank statements are a must.

I would echo deletes opinion of around £1000, but remember, all the transaction and late fees add up, so it depends on how much they piled on in extras- it could be more. Plus, the 8% simple interest will mount up too.

I really hope you get a win xx

jackster123

debtfree2016x wrote: »

I havent asked for the 8% interest just refund of interest and removal from credit file.
As the adj' has passed mine onto an ombudsmen shall I just wait and see what he says or shall I email them?

Every complaint I have seen or dealt with via FOS has had the interest added. I dont think you need to worry about it, I have yet to see a complaint where this isnt added on. If need be, you can question it once an offer has been made, but I dont think it will be necessary.

Ginger.ice

Playing the waiting game here. I only have 2 of my complaints left. One is with the Adjudicator and the other is with the Ombudsmen. In both instances the first opinion was in my favour however the lenders were allowed time to provide additional information and they are now arguing to the bitter end. I find this part of the process totally unfair. If they haven't bothered to provide the right level of information by the deadlines set then they shouldn't be allowed any more chances.


I have faith that at least one of these complaints will stay in my favour, but I have a horrible feeling that Satsuma (Provident), who are easily the worst business I've encountered, will worm their way out of it.


In addition to their irresponsible lending and the total distain they hold for their customers, they also won't stop harassing me with promotional emails and texts. I have given them plenty of warnings and last time I informed them that I would send an invoice for £30 for any more unsolicited emails/ texts that I receive. I got one today, so I've sent an invoice. Lets see how this gets handled. I won't think twice about raising another £550 FOS complaint.

Lewsl

An update:

I have been emailing companies since 18th Feb (no statements, just the request). Here is what has happened so far:

Zebit: 588.83 wiped off of balance (all interest and charges)
PDUK: Loan cleared and extra interest and charges repaid (£56) (I believe that this was automated, please call if you had a loan between 2013-2015)
SafetyNet Credit: £757.12 balance written off.

4 companies referred to FOS
5 awaiting final response.

Fantastic thread - many thanks to all who have posted their stories.

Delete33

I agree with Jackster regarding the 8%, I did not ask for this however my adjudicator said it is automatic and standard practice in law to ask for this to be added to any redress.

debtfree2016x

Spoke to my adj' today he said it should take approx 4 weeks for the ombudsmen to deal with my complaint.
2 weeks down, 2 to go

Welshie28

Hi all,

On Monday my adjudicator got in touch with me to introduce herself, I sent over all bank statements, breakdowns of my loans etc & my credit report and the next day Wonga emailed me with an offer of £226 which in my opinion is an unacceptable offer. I advised the adjudicator about their email & forwarded in on to her however I am now doubting myself as Wonga states the loans were clearly affordable as i never missed a payment. The only reason I didnt was because i borrowed from other payday lenders to pay them back. I was using 4 payday lenders at one time, my monthly income at one point was £1080 and one month they provided me with loans worth £1200. In total I ended up borrowing £10,000 off them over 4 years. Would anyone know where I would stand on this, do you believe I may have a strong enough case to win or am I right to doubt myself?

Many thanks for reading 😁

Delete33

Hi Welshie28, just because you paid on time does not mean the loans were affordable, if you were using 4 PDL at the same time I think you have a good case.:cool: