Student loans and pensions

Danni8787

Well I must say I am very pleased with the FOS

To give people an idea of timescales:

I complained to QuickQuid on the 04/04/2016, received a reply at the end of the 8 weeks, rejecting my complaint but willing to wipe my remaining debt (£400, tho they claimed it was £585.40 which was wrong) I rejected and sent my complaint to the FOS on the 30/05/2016.

8/07/16 I am assigned to an adjudicator, they emailed me with an offer from QuickQuid on the first email they sent me. The offer for all interest and charges from my 9th loan loan + 8% and removal from my credit file. However they would be deducting the £400 owed. Leaving me with just over £250. I declined this.

Today 11/07/2016 My adjudicator emailed me his findings and what he has sent to QuickQuid. He wants QuickQuid to refund all interest and charges from the 4th loan + 8% and removal from my credit file. After they have deducted the £400 and with the 8% I am looking at around £1000. Expecting QuickQuid to reject and send to the Ombudsman but at least its moving along now. Cant understand why they drag it out so long.

I also complained to:
Mr Lender – 1 loan, rejected by Mr Lender and FOS (Didn’t expect anything tbh)
Wonga – 7 loans, 1 top up, sent to FOS on week 8, Wonga replied first on week 11, refunded on 5 loans £721 in my bank within 3days

Adamsssss

Danni8787 wrote: »

Personally I think thats a really good offer for only 2 loans.

However you could ask Mr Lender to add the 8% and mention if they agree they would save the £550 they would have to pay if you went to the FOS.

Yes and amazing how quick it was too. Can you go back and ask them to reconsider as they have already said this is their final response?

Danni8787

Yeah you can still ask.

Just say you would be willing to accept this offer if they added the 8% and mention the FOS.

The FOS would offer what Mr Lender have offered plus 8% and it would cost Mr Lender a further £550 fee and time spent dealing with the complaint again so in theory I cant see why they would disagree.

If they do say no you can still accept their original offer.

Adamsssss

Just a quick question... I had this email back from the FOS:

"Dear Sir/Madam

Thank you for contacting the ombudsman. We’ll look carefully into everything you’ve sent us – and will get back to you within the next two weeks to let you know how we can help.

If we need anything else from you, we’ll be in touch – and if you want to send us any other information in the meantime, please use our reference xxxxxxxx

Yours faithfully"

It is signed off at the bottom by 'administrator (customer help)'

Does this mean it has been assigned to an adjudicator or is it just an acknowledgement that they have received it?

Sorry for all the questions but I would just like to know where I stand!

stuart30

Ive had an email from MyJar and appreciate your thoughts on the content.


Dear Mr ,

We write to advise you that we are now in a position to provide you with our final response. We take all complaints very seriously and we are grateful to you for having taken the trouble to raise this matter with us. We will use the information you have provided to try and prevent similar issues arising in the future.

Your complaint relates to the loans you have had with MYJAR (previously trading as TxtLoan).

Relevant facts

You have had 11 loans from us. You have explained that these loans were unaffordable for you and you believe insufficient affordability checks were conducted before issuing loans to you. You have asked us to refund you the interest and charges you have paid.

Investigation

We have carefully reviewed all of the relevant information. Having done so, it is our opinion that all the required checks at the time when you registered with us were carried out. You registered with us on 19 December 2014. At that time, lenders were required to run checks that were proportionate to the amount of credit provided. As such, we undertook a number of checks which included searching on public databases, fraud checks and our own credit scoring. A credit check with a credit reference company called CallCredit was also performed. Additionally, we used the information gathered from your application. In your application form, you said that you were self-employed, earning £1,500 net per month, against which you listed monthly payments of £400 towards housing. The application form also stated that you were married and had two dependants living with you.

We note that you updated your employer to @@@@@@@ on 5 February 2016. We would like to apologise for the mistake made in our previous email to you regarding your employment details.

As stated above, we have provided 11 loans to you in total. You repaid all of your loans before the original repayment date without indication of any financial hardship you might be experiencing. You left up to 17 days between loan repayments and new loan requests, and did not request the loans in a strictly increasing order – the borrowing pattern did not indicate you were experiencing financial difficulty, nor did you discuss the matter when you contacted us.

Your last advance from us was requested on 28 August 2015, scheduled to be repaid in three instalments. You repaid your loan early and it was closed on 5 November 2015. You contacted us again on 21 December 2015 to request a new loan. On that occasion, we were unable to lend you as the credit bureau (CallCredit) believed that you had several credit commitments at the time.

On 5 February 2016, you contacted us again to request a new loan. We then updated all the necessary details on your account and run further affordability checks on your application. We also asked you to provide us with a recent bank statement, covering a full 30 day period, including your income, to ensure that we are only providing you with affordable credit services. Unfortunately your application did not pass our affordability checks and it was declined. Your account has remained inactive ever since.

Decision

In light of the above, it is our view that despite our obvious sympathy, we are unable to uphold your complaint. We believe MYJAR has acted responsibly in conducting all required checks prior to your loan applications. We made the borrowing decision based on all the information available to us, and trusted the details you provided to us to be true and accurate. Based on the information available to us, we believed that we were providing you with affordable borrowing options. As you repaid all of your loans before the scheduled due date and left a reasonable amount of time between your loans, there was no reason for us to suspect our loans were unaffordable for you. Nevertheless, we understand how stressful it can be to overcome financial hardship and as a gesture of good faith, we are willing to refund you the interest and charges you have paid on one loan that was requested shortly after repaying the previous balance in the amount of £16.87.

Kindly let us know as to whether you accept our proposed resolution. Should you agree, please provide your preferred banking details to us so that we could process the payment without delay. This offer is made in full and final settlement of your claim and acceptance by you will indicate your agreement to this condition.

We hope the reasoning set out in this letter resolves the complaint to your satisfaction.

You have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this letter.

If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional circumstances.

You can find information about how to do this on the Financial Ombudsman Service website: http://www.financial-ombudsman.org.uk. There is helpful information about how to complain in the leaflet Your complaint and the Ombudsman which you can find at: http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm.

Kind regards,


So is that a standard !!!!!! off letter or is the general opinion they are right in what they state.

Appreciate any thoughts on this.

Adamsssss

Hi Stuart.

Interesting reading - This part caught my eye:

"Decision

In light of the above, it is our view that despite our obvious sympathy, we are unable to uphold your complaint. We believe MYJAR has acted responsibly in conducting all required checks prior to your loan applications. We made the borrowing decision based on all the information available to us, and trusted the details you provided to us to be true and accurate."

So does that mean they just go by whatever everyone says and don't actually check this? They acknowledged this by waiting until the very end to request a bank statement... Also, 11 loans in a 9 month period would suggest you were dependent on them.

Just my thoughts though.

Adamsssss

Adamsssss wrote: »

Hi all.

I have received a final response today from Mr Lender. Quick background about this one:

I took two loans out with them. First loan was for £200 (less £17 transfer fee so £183 deposited) in October 2012. Eventually repaid £469 with final payment being in May 2013. This was made up of some rollovers plus a repayment plan.

Second loan in June 2013 also £200 (less £17 so £183 deposited). Repaid £419.05 in a similar situation to the first loan.

So in total I borrowed £366 if you exclude the transfer fees and repaid £888.05

They have offered me a refund of £219.00 which is the interest paid on loan two. Considering I wasn't expecting anything from this one I was surprised to be offered anything at all, however, would this be worth escalating to the ombudsman in the event that I could then get 8% interest added to this? Or is it possible to negotiate with Mr Lender even though they have said it is their final response if I mention I am considering taking it further with the FOS.

Even more shocking is the fact I sent my email to them on Saturday. In two days I have had an offer.

Many thanks. I look forward to the day I can give the advice to others!

Update - I emailed them this afternoon saying I was unhappy with this and requested the full difference of £522 or I would be willing to go to the FOS. I got a reply 28 minutes later from the same person saying we would like to increase our offer by £150 to £369 in the hope of resolving the complaint amicably.

This is turning into a game of Deal or no Deal! I think I will accept this as the FOS may well agree that the first loan was ok and I would be back to £219 again. Thoughts welcome.

stuart30

Adamsssss wrote: »

Hi Stuart.

Interesting reading - This part caught my eye:

"Decision

In light of the above, it is our view that despite our obvious sympathy, we are unable to uphold your complaint. We believe MYJAR has acted responsibly in conducting all required checks prior to your loan applications. We made the borrowing decision based on all the information available to us, and trusted the details you provided to us to be true and accurate."

So does that mean they just go by whatever everyone says and don't actually check this? They acknowledged this by waiting until the very end to request a bank statement... Also, 11 loans in a 9 month period would suggest you were dependent on them.

Just my thoughts though.

Yes seems odd that at a time when my income wasn't good they lent me money no questions asked.


Then declined me when in a better postion...couldn't work that out..lol

Danni8787

Adamsssss wrote: »

Just a quick question... I had this email back from the FOS:

"Dear Sir/Madam

Thank you for contacting the ombudsman. We’ll look carefully into everything you’ve sent us – and will get back to you within the next two weeks to let you know how we can help.

If we need anything else from you, we’ll be in touch – and if you want to send us any other information in the meantime, please use our reference xxxxxxxx

Yours faithfully"

It is signed off at the bottom by 'administrator (customer help)'

Does this mean it has been assigned to an adjudicator or is it just an acknowledgement that they have received it?

Sorry for all the questions but I would just like to know where I stand!

It just means they have received your complaint.

At the moment it is 5 weeks + to be assigned to an adjudicator.

stuart30

Quick question MyJar have ignored the request for Statement of the account...recieved final letter as posted above.
Is it worth spending £10 on SAR or let FOS deal with it from here on.