Student loans and pensions

2catsandcounting

charliebella wrote: »

Hi

Newbie here, ive been reading this forum with great interest, and its inspired me to reclaim against the payday loan companies.

I got into a bad way with these loans, to the point whereby as soon as i got paid my wages would go to paying them, leading me to immediately reloan, sometimes on the day i'd been paid.

The main 2 were:
Payday Uk
Poundstilpayday (i know:()

I also used:
Quickquid
Lending Stream
Poundstopocket
Sunny
Wnga
Satsuma
MyJar

Anyway I asked for a refund from all, except poundstilpayday, and have just received an offer from payday UK.

Heres what they say:
As an existing PaydayUK customer you completed an application for credit on 20 November 2010.
You confirmed your personal details, including your net monthly income evidencing the loan was
affordable to you. You electronically signed your new loan agreement consenting to our terms and
conditions and Privacy Policy. Given the information provided your application was accepted pending
our internal and external final checks.
Following our final checks being completed the loan sum of £200.00 was deposited to your chosen
bank account on 21 November 2010. This left you with a repayment of £250.00 (£200.00 loan
principal, £50.00 contractual interest) due on 17 December 2010. In line with the Continuous Payment
Authority (CPA) you had consented to under the terms and conditions of your loan agreement your
payment of £250.00 was received and the loan settled.
Following this you received fifteen further loan deposits, choosing to defer your loans on twenty two
occasions. This lending was provided to you at your request and left you with a final repayment due of
£831.16 (£639.60 loan principal, £191.56 contractual interest) due on 30 May 2014.
On 24 May 2014 you contacted PaydayUK requesting to defer the repayment of your loan due to an
unexpected expense. Unfortunately PaydayUK advised that we were unable to authorise another
deferral on your account and offered a reduced monthly repayment plan, consisting of three monthly
payments of £250.00 and a final payment of £81.16, to which you agreed. Your loan was settled upon
your final payment of £81.16 being received on 29 August 2014.

The 15 other loans were for between £500-£750, as i would always borrow the full amount on offer, and as you can see deferred loans 22 times.

They have offered me a refund of £1212.10.

I would love some advice on whether to accept this or take my case to the FOS

Many thanks for reading

The decision is entirely yours at the end of the day, but things to consider are:

How much do you think you have paid in interest and fees over the course of the loans?

The FOS is now also overwhelmed because of these complaints so it could be up to another 3 months before you get a final decision from them.

charliebella

Hi 2cats

Thanks for your response. I'm in a position now where I no longer need these loans, its took a while but i'm out of their clutches, so needing the money immediately isn't an issue.

I just wondered if any on here could advise from there dealings and complaints, as i'm not sure what constitutes as a good offer.

I would guess that each deferral cost me £118 in interest (thats an estimate) then 22 of them would be at least £2500

Delete33

You need to have a figure in mind, if you are happy with any offer then accept it. You may get more compensation if you go to the FOS, but if you need funds straight away then I would accept. Boils down to individual circumstances.

Ginger.ice

I have just raised my 3rd complaint against Provident (Satsuma). When will these scumbags learn that they cannot keep treating their complainants like mugs?


1) Incorrectly closing down an account meaning I was harassed for payment of a settled loan for 2 months. (Upheld - £100 compensation)
2) Irresponsible lending. (currently with the Adjudicator)
3) Failure to remove me from their mailing lists despite 5 separate warnings. (Raised today)


In total they will incur £1650 in FOS fees. What on earth is wrong with them? If they dealt with these complaints properly they would not have incurred these charges!

Delete33

I have mentioned this before, it is down to bad management.

SeenTheLight2016

Good afternoon all,

I have been reading the posts on this thread for a number of weeks now.

I went through a stage of gambling addiction (took me 2 years to realise it was an addiction!) and got myself into a terrible mess financially, I lost cars, obliterated any chance of getting a mortgage and got myself into the red badly. This wouldn't have been possible if payday loan companies had done any form of proper check or assessment of me as a borrower.

Anyway, after facing my problems I do not gamble...... each week I go without betting on anything makes me feel better about myself.

I am now payday loan free, although I am contstantly getting e-mails and texts from Satsuma and quickquid offering me short term loans still.

Thanks to this forum I am currently 10 weeks into claims against Quickquid and Wonga for what must amount to 70 + loans that were taken out one after the other for at least two years.

I would pay them off and immediately get a new loan, it was crazy - I don't know what made me think it would ever lead to anything other than disaster!

At present, Quickquid have refused my claim so this has been referred to the FOS now, Wonga have asked for an extra 6 weeks to respond (2 weeks ago) and this has also been referred to the FOS.

Hopefully I will get something back, it could help me clear my remaining debts and be the end of a very important life lesson!

I would like to thank everyone who helps on this forum, some of the advice and understanding is truly priceless.

Delete33

I would think you would be getting back a sizeable sum from these Predators seenthelight.

paddyposh

I sent emails to Sunny and Mr Lender today using the template style thing on DC. I had several defaults around the time and just after, credit cards, PDLs, loan.

I only borrowed as I couldn't afford to pay my credit card at the time.

I am paying back the other debts, but not the PDLs atm. Hoping to get something on these, although they are only smallish. One was £250 one was £350, but gone up to way over 500 each with charges etc.

Delete33

Hope you get some redress Paddyposh,keep posting.:cool:

SeenTheLight2016

Well I hope so but it seems to be that the majority of these claims are having to be decided by adjudicators and I have been warned that it all depends on the personal view of the adjudicator.

I guess it depends if they sympathise with my situation!

Looking at the results on the FOS website, many people have been awarded sums in situations nowhere near as bad as mine.

I also had 3 defaults on my credit file when I started borrowing from them but have no proof of this as they have since dropped off!