Student loans and pensions

lantanna

Danz21 if you read back a few pages, you will see my posts in relation to Safetynetcredit, I got over £3k back from them and over 1k written off very quickly

Welshie28

Hi all,

Received a letter today from the ombudsman upholding my complaint... So happy! I have accepted their decision. He has upheld 54 out of 60 loans. They will now let Wonga know my decision and I will then hear from them directly.

From experience, when a complaint is upheld by the ombudsman, how long does it usually take a lender to offer an amount, baring in mind, interest is being added daily?

Many thanks

Danzz21

Thank you ive just had a read.

How quickly did they reply?
I had an email yesterday to say they are looking into it and can take 4-8 weeks

Thanks

Danzz21

Emailed lending stream this is the reply i got any advise please?

Dear

This is in reference to your recent correspondence.

We have reviewed your accounts and confirm that you have borrowed six loans from Lending Stream, out of which five loans are closed and loan 464208 is outstanding under payment arrangement.

Please note that our payment schedule is designed in such a manner that for the first cycle only interest on the borrowed amount would be charged, however, from the second month onwards, some part of principle will be collected along with interest on the remaining OPB (Outstanding Principle balance), so that loan is closed within the agreed tenure.

If customer keeps on making repayment in a timely manner, the principle balance gets reduced for the upcoming cycles. However, if the repayments are not received on the due date, interest on the next cycle is incurred on principle balance.

In your case, we noted that loan 211151 was paid as per the schedule payment, whereas, loans 247819, 350122, 385594 and 385594 are paid off early.

Please note that the interest has been incurred and paid in accordance to the agreed schedule before entering the agreement.

In the view of above, we confirm that Lending Stream did not charge anything extra on the accounts, hence, we are unable to refund any amount.

Adamsssss

Welshie28 wrote: »

Hi all,

Received a letter today from the ombudsman upholding my complaint... So happy! I have accepted their decision. He has upheld 54 out of 60 loans. They will now let Wonga know my decision and I will then hear from them directly.

From experience, when a complaint is upheld by the ombudsman, how long does it usually take a lender to offer an amount, baring in mind, interest is being added daily?

Many thanks

Nice one Welshie:D

Adamsssss

Danzz21 wrote: »

Emailed lending stream this is the reply i got any advise please?

Dear

This is in reference to your recent correspondence.

We have reviewed your accounts and confirm that you have borrowed six loans from Lending Stream, out of which five loans are closed and loan 464208 is outstanding under payment arrangement.

Please note that our payment schedule is designed in such a manner that for the first cycle only interest on the borrowed amount would be charged, however, from the second month onwards, some part of principle will be collected along with interest on the remaining OPB (Outstanding Principle balance), so that loan is closed within the agreed tenure.

If customer keeps on making repayment in a timely manner, the principle balance gets reduced for the upcoming cycles. However, if the repayments are not received on the due date, interest on the next cycle is incurred on principle balance.

In your case, we noted that loan 211151 was paid as per the schedule payment, whereas, loans 247819, 350122, 385594 and 385594 are paid off early.

Please note that the interest has been incurred and paid in accordance to the agreed schedule before entering the agreement.

In the view of above, we confirm that Lending Stream did not charge anything extra on the accounts, hence, we are unable to refund any amount.

Danzz - What did you put in your email to them?

The point you need to try and get across is that you had to keep taking more loans to cover the costs of previous ones - ie. they were unaffordable.

For what it's worth, Lending Stream rejected my complaint too. I only had three loans from them but the first one took me 11 months to pay off. They then lent to me twice more - both at the same time - and I had to pay both off at once! This took 15 months. I currently have an adjudicator looking at it at the FOS.

Ask them if it is their final response and if they say yes escalate it to the FOS.

Danzz21

Thank you adams i used a template from debtcamel.

I will go back to them and emphasise my point see what they come back with if not ill escalate

Thank you

Adamsssss

Another small victory for me today.

I had one loan from 1monthloan in March 2012 for £300 (repaid £570 in total). They have replied saying they are unable to uphold my complaint but as a gesture of goodwill they are willing to refund the difference of £270. So they are contradicting themselves a bit but who am I to complain (no pun intended!). See below:

"Bearing in mind the above, I am unable to uphold your complaint, as we believe that the aforementioned checks were proportionate and responsible. Initial assessment of your application accounted for some of the adverse information held at the credit reference agencies and as a consequence you were offered a small amount of credit relative to your stated income. As a gesture of goodwill, we will repay the difference between what you borrowed (£300) and what you repaid (£570) which is £270 and will refund this to your chosen bank account. Please can I ask that you provide me with your account number and sort code so I can arrange for the refund to be processed."

All of the so called smaller lenders to their credit have been very good in looking at my complaints yet it's the big guys such as Wonga, QQ, PDUK, Payday Express etc. that are a pain to deal with.

Adamsssss

Danzz21 wrote: »

Thank you adams i used a template from debtcamel.

I will go back to them and emphasise my point see what they come back with if not ill escalate

Thank you

No problem. This is the gist of most of my complaints and this is the one I sent to Lending Stream:

"Your payday loans contributed to trapping me into a debt spiral, with the loan repayments taking a significant portion out of my wages, so I then had to borrow again from you and other payday lenders to cover my living costs. You should have been able to tell this from my credit reports which showed you the other borrowing I had and my debt problems. You should never have given me these unaffordable loans. At the time of deposit for my first loan in April 2013 I was dealing with around 8 other payday lenders. If you had conducted appropriate checks you would have seen that by lending to me my situation could only have gotten worse.

The final two loans actually ran concurrently, deposited in June and July of 2014. Again, I was dealing with around 8 other lenders at this time. I think this in itself is terrible practice considering it had taken me the best part of a year to clear the first loan with you. This should have raised immediate concerns as to my affordability to pay these off. I was finally able to pay off your loans in September 2015."

I think I used the Debt Camel template too and tweaked it to suit me. I guess it's just a case of some lenders playing hardball whereas some are ok to deal with as I said above.

Good luck!

DanDaniel

Evening All,

Quick question, waiting for FOS to investigate complaint against wonga. They never replied by 8 weeks so straight to FOS as you guys suggested. Now 10 weeks after first complaint to Wonga and they have offered £3700, total expecting around £5500. So, if I continue to allow the FOS to investigate could the FOS reduce the offer originally given by Wonga, what I'm trying to say is is there any risk of allowing the FOS to investigate after receiving a not to bad offer ?

Thanks All !