Student loans and pensions

Danni8787

Adamsssss wrote: »

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.

Hi Adams,

I dont think I have seen a case where the FOS has refunded on the first loan. From what I have seen on here and DebtCamel, its always the 2nd/3rd. If you went to the FOS they would offer the £219 + 8% which would be less than the £369 you are being offered. In my opinion you should take the money. Its a really good offer, probably the best I have seen on 2 loans. Mr Lender usually pay out really quick too Good luck in whatever you decide.

Adamsssss

Thanks for the advice Danni.

I sent them another email last night and decided to try and push them a bit further:

"Dear Sirs,

I will be happy to accept this offer as long as 8% statutory interest is factored into the redress of £219 for loan two as well as both of the loans in question be removed from my credit file. This works out at about £273.

Therefore my proposal is now the following:

£273 + £150 = £423 to be paid to me.

I would also like both of these loans removed from my credit file.

I feel this would be an agreeable settlement for both parties and would therefore avoid this escalating to the Financial Ombudsman Service.

I look forward to receiving your confirmation."

And they replied this morning agreeing to it so I am going to gladly accept £423. I was amazed to be offered the £219 originally and it goes to show that with a gentle push they can be persuaded to pay out more - almost double the first offer in my case.:beer:

Danni8787

Well done :beer:

Wishing you the best of luck for any other complaints.

That really is a brilliant outcome

fusionx212

stuart30 wrote: »

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.

Stuart, did you have any loans with other providers at the time you had myjar, they stated they performed their affordability checks when you last applied, but they did not mention these checks were performed before on the other loans.

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.

this also ring alarm bells to me as well can you prove you had these commitments when they offered you the loans previously...

you're loan ended on the 5th November 2015, one month later you tried again and was declined... my argument here would be you were trying to get out of the debt spiral you were caused by these PDL'S.

fusionx212

So adjudicator contacted me, to say she has made her final decision and it is in my favour, she said all loans bar the 2nd should of been marked as un-affordable, I can live this, adjudicator said they are waiting for wonga, to respond to her decision so it's with them.

she advised she is upholdin my complaint against myjar, as well as quick quid,

she said her colleagues have reviewed my complaint and he specialises in PDL's and is in agreement with her decision.

I promised to stop harassing my adjudicator with emails for this week lol.

SeenTheLight2016

Has anyone had any joy chasing Wonga by phone? They just give me a standard 'sorry for the delay' email when I chase them via email.

Would I be wasting my time?

fusionx212

Wonga, always do the same just keep chasing them.

once it hits 8 weeks log it to the FOS do not give them there extra 6-8 weeks they ask for as it's a waste of your time.

Go to the fos the Second it hits 8 weeks.

krakra

sorry to jump on this thread but I have been reading back through the thread and I am not sure where I stand

I took out some PDL one I am still paying back via debt agency and one I paid back fully, how do I know if I am entitled to challenge them?

SeenTheLight2016

Hi Fusion,

Oh I have logged it with the FOS, it's over 12 weeks now, Wonga asked for an extra 6 weeks but if they give me a good enough offer I will accept.

I get the feeling i'll need to wait to be assigned to an adjudicator and leave it to them, was hoping it wouldn't need to go that far though!

Adamsssss

Well I accepted Mr Lender's offer yesterday and the money was in my account this morning. Fair play to them I guess. If only all the others were as easy to deal with!

Peachy rejected although I only had one loan with them. Paid more than double back though.

Could I ask, has anyone had any dealings with Speedy Dosh. Don't even know if they still exist - their website seems to be a bit vague...