Student loans and pensions

Danzz21

Hi All

I have been reading a few stories in this thread and thought maybe I will give this a try. I have had quite alot of pay day loans in the past, stupid I know! But you live and learn.

So I have contacted some of them and requested a statement of account. The first to come back to me was:

Safety Net Credit
Total Borrowed £12631.10
Total Interest Charged £1437.75
Total Repaid £13702.05
Outstanding Balance £366.80

I'm not quite sure how the refunds are worked out can anyone tell me if successful what I may be looking at and also has anyone been successful with Safety Net credit?

I was quite shocked at the amounts you don't realise when your lending and paying back then borrowing again just how much it adds up quite a shock tbh

Thanks for any help in advance

Adamsssss

Danzz21 wrote: »

Hi All

I have been reading a few stories in this thread and thought maybe I will give this a try. I have had quite alot of pay day loans in the past, stupid I know! But you live and learn.

So I have contacted some of them and requested a statement of account. The first to come back to me was:

Safety Net Credit
Total Borrowed £12631.10
Total Interest Charged £1437.75
Total Repaid £13702.05
Outstanding Balance £366.80

I'm not quite sure how the refunds are worked out can anyone tell me if successful what I may be looking at and also has anyone been successful with Safety Net credit?

I was quite shocked at the amounts you don't realise when your lending and paying back then borrowing again just how much it adds up quite a shock tbh

Thanks for any help in advance

Hi Danzz.

Any refund will be the difference between the amount borrowed and the amount paid back. So for you if all loans are refunded you would be due £1,437.75 back. If the balance owing is still there when any refund is processed then that should be cleared using the proceeds and you will receive the difference.

If it goes as far as the FOS they may say that only a certain number of loans should be considered for a refund. Generally, the first few loans might be considered reasonable but once you continually borrow from a lender one after the other that is when you have good grounds for complaining. You seem to have a good case there so good luck!

Some lenders are quite helpful at looking into your complaint and some aren't - you might have noticed from reading through this forum. I haven't used safety net but I'm sure someone can let you know what they are like to deal with.

Danzz21

Thank you Adamsss

Adamsssss

No worries. Let us know if you're not sure about anything else. I'm no expert by all means but I'm about 2-3 months down the line with my complaints and have had advice from others so it's only fair that I should pass it on!

Danzz21

Thank you very much, I have contacted a few others asking for statements but only had one reply up to now, ill keep you posted, thanks again

Perpetual_Miser

sourcrates wrote: »

Hi,

The historic loans you may have some luck with, however it may not be so easy with the outstanding loans.

It depends on the information you provided when you took out the loans, if you gave income/expenditure figures, that shows you could afford the repayments, you won't get any write offs.

On the other hand, if it shows you could not afford these loans, then anything is possible.

I can only try.

At the end of the day I have nothing to lose and everything to gain.

Write-offs would be amazing. However, some of my outstanding creditors still haven't written off the full amount of interest either.

In some cases the outstanding loan is off the back of 2-3 others with the same company which should hopefully help my case.

Looking at my borrowing history these loans were all taken out within roughly the same period of 2015. I clearly had a problem and things snowballed very quickly.

I do believe that I was treated badly.

ooitsme

Quick question. I have sent all my complaints off to the various payday lenders and am now in the waiting game. However, I have realised that as well as the five PDLs I was having on a regular basis - I also used an "overdraft" facility, on my Cashplus prepay MasterCard. Which basically meant they put a balance on there, at my request, which I then paid back at a similar rate to a PDL. I used this a lot. Has anyone tried this route too? I've asked them for a statement. There is still about £400 outstanding on it and I haven't heard from them for years but I'd like it gone.

Thanks guys

Hilly12

Morning some help would be much appreciated.
Sent the first batch of emails out on Sunday night and had my first reply from myjar. I borrowed loans of 100, 100, 200 then 300. Paid the first 3 back on time but the last took 4 years! They claim on my i&e I stated £1800 salary with £100 rent a month which made these kind very affordable. At that time j wasn't earning 1800!! And definitely had more than £100 outgoings each month. Below is part of the email. Any advise for a reply would be much appreciated!


We have provided four loans to you, two of them for the amount of £100.00. The third loan was provided for £200.00 and the fourth loan for £300.00. Please note that the first two loans was repaid on the due date or early, and because of your good loan history with us, we went ahead and provided a higher credit limit of £200.00. Your third loan was also repaid on time, therefore, the credit limit was increased to £300.00. During the fourth loan, you contacted us on 3 January 2013 to inform about the change in your financial circumstances. We immediately froze the future interest charges and accepted payments towards the reduced balance of £537.00. The last reduced payment we received was on 25 July 2015, but unfortunately, we did not receive any further contact from you; therefore, the loan remained outstanding. The loan was eventually repaid on 28 April 2016.

Having reviewed the account in detail, I believe MYJAR has acted responsibly in running all required checks prior to your loan applications. We made the borrowing decision based on all the information available to us. Please note that the regulations in place require a lender to run checks in proportion to the amount of credit being provided.

Thanks

ooitsme

Hilly12 wrote: »

Morning some help would be much appreciated.
Sent the first batch of emails out on Sunday night and had my first reply from myjar. I borrowed loans of 100, 100, 200 then 300. Paid the first 3 back on time but the last took 4 years! They claim on my i&e I stated £1800 salary with £100 rent a month which made these kind very affordable. At that time j wasn't earning 1800!! And definitely had more than £100 outgoings each month. Below is part of the email. Any advise for a reply would be much appreciated!


We have provided four loans to you, two of them for the amount of £100.00. The third loan was provided for £200.00 and the fourth loan for £300.00. Please note that the first two loans was repaid on the due date or early, and because of your good loan history with us, we went ahead and provided a higher credit limit of £200.00. Your third loan was also repaid on time, therefore, the credit limit was increased to £300.00. During the fourth loan, you contacted us on 3 January 2013 to inform about the change in your financial circumstances. We immediately froze the future interest charges and accepted payments towards the reduced balance of £537.00. The last reduced payment we received was on 25 July 2015, but unfortunately, we did not receive any further contact from you; therefore, the loan remained outstanding. The loan was eventually repaid on 28 April 2016.

Having reviewed the account in detail, I believe MYJAR has acted responsibly in running all required checks prior to your loan applications. We made the borrowing decision based on all the information available to us. Please note that the regulations in place require a lender to run checks in proportion to the amount of credit being provided.

Thanks

Personally I would ask them if that was their final response, mention that you will refer it to the FOA and see if they make an offer. If they don't, I would then refer it. It doesn't cost you anything to try after all.

Perpetual_Miser

Another update:

Just realised that with regards to my outstanding loan with WizzCash (£300.00 borrowed), I've actually already repaid £399.99 since late last year!

There is still around £330 outstanding, which must therefore all be interest/charges.

I've sent an e-mail to them requesting the remaining to be written off, given that I've already repaid the principal.