Student loans and pensions

InvernessIron

Just got a cash genie update:


The refund is to be offered as full and final settlement. However, you will also be entitled to statutory interest from the date of your loan, which will be calculated by RSM and added to the amount of £654.50 when payment is made.

This will mean that you will have repaid the capital only and your account is now closed in full.

RSM will post a cheque payment. However, ‘as you are aware, Cash Genie was placed into liquidation on 5 January 2016. As you are owed funds from the Company you are classed as an unsecured creditor and the Joint Liquidators will seek to make full payment to you in due course. Timing of the next payment to creditors is unknown at this time.’ Dividends have been temporarily put on hold as the Company are awaiting the realisation of a large asset, in order to have sufficient funds available to make a further distribution. In the meantime, your debt will continue to accrue statutory interest at 8% per annum.

As soon as I am in a position to provide you with a further update, I will let you know.

InvernessIron

So no idea how long I will be waiting on that being sent out.

DanDaniel

Hi everyone,

After successfully claiming back £6000 from QQ my wonga investigation has been upheld also by adjudicator. Unfortunately they have failed to respond to their findings. I suspect this will now be passed to Ombudsman, along with my PDUK complaint. Anyone have any ideas it takes to get a response from the ombudsman ? I'm guessing there will be a little wait ...

Many thanks

Adamsssss

DanDaniel wrote: »

Hi everyone,

After successfully claiming back £6000 from QQ my wonga investigation has been upheld also by adjudicator. Unfortunately they have failed to respond to their findings. I suspect this will now be passed to Ombudsman, along with my PDUK complaint. Anyone have any ideas it takes to get a response from the ombudsman ? I'm guessing there will be a little wait ...

Many thanks

Hi Dan,

I asked an adjudicator about one of mine and this was his response, sent on 2nd November:

"Yes that case is in the decision queue awaiting allocation to an ombudsman since 28 September 2016.

I think payday loan decisions are taking around 3 months to complete so hopefully this will take place within the next month.

I’m sorry for the delay you’re experiencing and we’ll update you with any progress as soon as we can."

Not sure if it takes three months to be picked up or three months to actually get a decision. If it is being looked at by someone I don't know about it as I haven't had any contact, although I understand the original adjudicator will speak to you on behalf of the ombudsman.

BBB

Have just got my final response from quick quid, very lengthy.

We are in receipt of your complaint dated 19/10/2016 where you allege that QuickQuid/Pounds to Pocket irresponsibly lent to you. Specifically, you mention:
• The loans provided by QuickQuid/Pounds to Pocket were unaffordable
• You were dependent on short term lending
• You experienced financial hardship
I’ve investigated your complaint and would like to bring your attention to the following points:

AFFORDABILITY
In your complaint you allege that QuickQuid/Pounds to Pocket did not perform a credit check or affordability assessment. We have reviewed your file and can confirm that, in line with our internal process, at the time of each application, we conducted our standard credit assessment, which included pulling your credit report. As part of our assessment, we analyse your current financial commitments, insolvency records, delinquency records, County Court judgements, credit enquiries and other credit accounts currently open.
For instance, when I reviewed your file with QuickQuid/Pounds to Pocket, I found that you were never charged a late fee, which shows a sound financial history and ability to sustainably repay with us.
The loan amounts you applied for were relatively low, with QuickQuid the highest loan amount being £125.
Lenders are required to make an assessment that is proportionate to the type and amount of the loan as well as the associated costs and risk to the borrower. It would not be proportionate for a lender which provides small loans, which are unsecured and which do not require a guarantor, to conduct the same assessment as a bank which provides high loan amounts which are secured by your home or vehicle. Your loans were unsecured. We did not provide a guarantor loan where you would have needed to have had someone else share the responsibility of repayment .
At the time you first applied for a loan with us, the regulator was the Office of Fair Trading (OFT). The OFT published guidance on irresponsible lending which stated that as a general principle, the checks done may well be less for a small sum or short-term loan. The OFT also explicitly stated that it would “normally consider it appropriate for a relatively high level of scrutiny to be undertaken in the case of secured credit”; however, the OFT made no such statement for unsecured credit such as the credit we provided you.
Your credit report is not the only thing we analyse when we make a lending decision. We also look at the information you provide us in your application, as well as your loan history with us when we decide to approve or decline your loan application.
This information is all input into our internal credit model which is run to obtain your credit model score. If your credit model score does not meet the minimum approval threshold score then we will decline your loan application.
Looking at your record with QuickQuid, I see that your credit model score was never under the minimum approval threshold for any of the loans for which you were approved. For instance, on 13/02/2012 you had a credit model score of 0.4833 when the minimum approval score was -0.15. Your credit model score is substantially higher the minimum approval score which shows that our affordability assessments properly ran per our internal policy. With Pounds to Pocket, I see that your credit model score was never under the minimum approval threshold for any of the loans for which you were approved. For instance, on 17/05/2012 you had a credit model score of 0.0306 when the minimum approval score was -0.12. Your credit model score is substantially higher the minimum approval score which shows that our affordability assessments properly ran per our internal policy.
It is in our mutual interest to have a well-designed affordability model. As a responsible lender, we provide customers such as yourself with access to credit and take upon ourselves the risk of default. While we will not reject a customer simply because there is a late payment on a credit file, we will critically assess the details of your credit file to provide you with a reasonable and affordable loan.
The investigation of your complaint also considered all relevant information contained in your application. It was noted your monthly income was stated as £1350 per month with Quick Quid and as £700 per month with Pounds to Pocket. I compared your income to the average monthly repayment for each loan you took with us. From this I can see that the income you made during each loan with us was always more than enough to cover the amount you had to repay us for each loan and thus I cannot agree with you that your loans were unaffordable.

DEPENDENCY
You are claiming that you were dependent on loans. Yet if you were dependent on taking out one loan to repay the other then you would have taken out numerous loans, for equal or increasing loan amounts, and with very little time between paying off one loan and taking out the other. When I reviewed your loan history with Quick Quid, I see that excluding loans which you repaid early, you never had more than four consecutive loans (< 15 days between loans) where the loan amount increased over the prior loan amount. With Pounds to Pocket, I see that you held a total of 1 installment loan which given the low number does not exhibit financial dependency.
In addition, the principal amounts borrowed fluctuated throughout your lending history. If there was dependency we would expect to see constantly increasing amounts in order to cover the prior loan interest and principal. There were several instances where the loan amount you applied for actually decreased from the previous loan which shows that you were not relying on one loan to repay the previous loan.
In fact, there were large gaps in your borrowing history. There were 921 days between your 3rd and 4th loans with Quid Quid, further demonstrating that you were not simply taking out one loan to repay the next one.

HARDSHIP
Finally, in your complaint you state that at some point during your loan history with us you underwent severe financial detriment. However, at no point did you notify us of any financial detriment or financial hardship. Had you alerted us to your difficult financial situation, we would have put you in “hardship” status, as is our process. We then would have frozen additional fees and interest while we worked with you to find an affordable repayment option.

CONCLUSION

Therefore it is for the above reasons we cannot agree that QuickQuid/ Pounds to Pocket irresponsibly lent to you.

As this is our Final Response regarding your concerns to the above referenced account, if you are not happy with this outcome I need to ensure that you are aware of the ultimate availability of the Financial Ombudsman Service. 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. I have provided you with a link to the leaflet for your information to assist you if you decide to pursue this further course of action. They can be contacted at:
The Financial Ombudsman Service,
Exchange Tower,
London,
E14 9SR.
Tel: 0300 123 9123
Email: complaint.info@financial-ombudsman.org.uk
Further details are also available on https://www.financial-ombudsman.org.uk
FOS consumer leaflet: http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

InvernessIron

Didn't realise Pounds to Pocket were with Quick Quid. Incidentally, both are two companies I have heard nothing from.

QQ definitely seem to be the toughest to get to budge.

ooitsme

Has anyone ever heard anything back from 100pounds.co.uk please?

BBB

So do I now just send my complaint to the ombudsman?

lantanna

InvernessIron wrote: »

So no idea how long I will be waiting on that being sent out.

Flip I was lucky to get mine then about 2 months ago. I had to wait about 4 weeks for the cheque.

InvernessIron

lantanna wrote: »

Flip I was lucky to get mine then about 2 months ago. I had to wait about 4 weeks for the cheque.

Reckon I will be waiting a bit longer than that. Oh well!