Student loans and pensions

sefton

LMJ10 wrote: »

Hi All - can someone offer any adise pls -

i ahve an ongoing complaint with Peachy and have sent my complaint to the FOS, the adjudicator has just replied and is upholding the complaint - well only some of it - also i dont really agree with what she is asking Peachy to do to put it right cani dispute it?

- i had 7 loans from peachy but she is only upholding from the fifth loan onwards, peachy have came back saying their checks on me from the 1st loan showed no adverse information, which is completely wrong as i had defaults, late payments on my report for a year before the first loan was taken out. they have my credit report also?

shes also advised peachy to put things right by -
- the interest and charges to be refunded
what i ask is -
if peachy agree to this will they refund the loan payment i paid back aswell as interest i occurred, also the outstanding balance i have at present will this get written off? surely if it is deemed and agreed the loans shouldn't of been lent to me i should i get these refunded/written off?

anyone been in the situation where they don't really agree with what the adjudicator is asking/advising and can i challenge it?

Can't see Peachy giving you back the loan amount which you borrowed and then repaid. I'm all for getting these companies to repay the money they extorted from people and in some cases pay compensation but in most cases I doubt they should end up losing the original sum loaned.

Delete33

Hi Invernessiron
QQ could not give a F-CK they will P-ss you about and your Adjudicator, it is all a game to their Staff. Just be patient like I was and eventually they will pay out with extra compensation, Toss pots QQ they lost a complaint that I put forward and played the games to try and P-ss me off. It failed I waited and waited, they offered a figure before going to the Ombudsman as they always do,, Waited 28 days for payment, F-ck all from QQ for 5 weeks, this is after my complaint lasting nine months. Adjudicator had enough of their games and awarded another £500 in compesation for Distress, Time E-Mailing, Phone Calls etc. Never Phone them, I didnt, you will end up ill. Good Luck in your quest against the evil one QQ hope you slay the dragon and get what you deserve, I DID FY QQ.:eek::cool:

InvernessIron

Just got the below reply, worth going to FO? Or just accepting?


We are in receipt of your complaint dated 06/10/2016 where you allege that QuickQuid irresponsibly lent to you. Specifically, you mention:
• The loans provided by QuickQuid 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 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.
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, 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 08/03/2013 you had a credit model score of 0.3675 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.
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 £900 per month. 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 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. 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.
HARDSHIP
Finally, in your complaint you state that you underwent severe financial detriment. I reviewed your file and noted that on 18/04/2014 you informed us of your financial hardship. In line with our general obligation to treat customers fairly, we attempted to set up a hardship repayment plan for you. However, your complaint is that we were irresponsible in lending to you and had you alerted us of your financial hardship prior to applying for a loan then this may have indeed been relevant to your complaint but that is not the case. It is our duty to make our assessment at the time you apply for a loan. While we try to ensure we only give loans to customers who can afford to repay them, there will be occurrences which make it hard for our customer to make a repayment but this does not mean our initial assessment was wrong or that you could not afford the loan at the time you applied for the loan.
CONCLUSION & OFFER
Therefore it is for the above reasons we cannot agree that QuickQuid irresponsibly lent to you.
However, while we do not uphold your complaint, in an attempt to resolve this issue and as a gesture of goodwill, we would like to make you an offer that we believe is fair and honest. In full and final settlement of your complaint, we offer to:
• Provide a credit of £ 10.66 toward your outstanding balance of £ 10.66
• Provide you compensation in the amount of £ 289.34
By agreeing to accept this offer you confirm that you are fully satisfied in the resolution of your complaint. This offer is in full and final settlement of all claims, complaints and causes of action against QuickQuid alleged by you to arise in relation to your loan with QuickQuid, as set forth in your complaint. By agreeing to accept this offer, you are also agreeing not to bring any claim or action against QuickQuid by way of complaint, court action, or reference to the Financial Ombudsman Service.
To accept our offer, please reply to me at this email address with your confirmation and I will arrange for the monies to be credited to your bank account we have on file. At that time we will close the complaint satisfactorily resolved.

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

FourMenHadADream

InvernessIron, how much in interest fees and charges do you pay?

InvernessIron

I don't have the exact amount to hand, but a lot more than that offer.

sacha28

Still waiting for the ombudsman this has been dragging on since April...or May....it's that long I can't remember :rotfl: the adjudicator has upheld my complaint, Wonga basically stuck 2 fingers up and order she send it to the ombudsman. Frustrating but patience is avirtue. Apparently

InvernessIron

FourMenHadADream wrote: »

InvernessIron, how much in interest fees and charges do you pay?

Ok, have got it all to hand here, hope it makes sense,

2012 Took Out:

25th January - 200
2nd May - 200
16th July - 450
3rd Sep - 450
26th Oct - 600

Grand Total £1900

2012 Paid Back:

1st March - 59
30 March - 259
30th May - 59
2nd July - 259
30th July - 132.75
31st Aug - 594.75
1st Oct - 132.75
29th Oct - 582.75
30th Nov - 177

Grand Total - £2256


2013 Took Out

7th Jan - 250
6th Feb - 100
2nd April - 275
30th April - 400
29th July - 600
17th Oct - 250
28th Oct - 350
4th Nov - 100
29th Nov - 210.46

Grand Total - 2535.46

2013 Paid Back

1st Feb - 73.75
4th March - 281.65
8th March - 183.64
2nd April - 29.50
29th April - 497.63
1st Jul - 265
29th July - 265
30th Aug - 332.97
30th Sep - 308.31
30th Oct - 400
29th Nov - 310.23

Grand Total - 2947.68


2014 Took Out

5th Feb - 600

Grand Total - 600

2014 Paid Back

3rd Feb - 248.33
7th Feb - 491.08

Grand Total - 739.41


So overall, in that 2 year period

I took out a grand total of £5035.46

I paid back £5943.09



They are offering £289.34


On reading that back, that is probably fair?

Adamsssss

InvernessIron wrote: »

Ok, have got it all to hand here, hope it makes sense,

2012 Took Out:

25th January - 200
2nd May - 200
16th July - 450
3rd Sep - 450
26th Oct - 600

Grand Total £1900

2012 Paid Back:

1st March - 59
30 March - 259
30th May - 59
2nd July - 259
30th July - 132.75
31st Aug - 594.75
1st Oct - 132.75
29th Oct - 582.75
30th Nov - 177

Grand Total - £2256


2013 Took Out

7th Jan - 250
6th Feb - 100
2nd April - 275
30th April - 400
29th July - 600
17th Oct - 250
28th Oct - 350
4th Nov - 100
29th Nov - 210.46

Grand Total - 2535.46

2013 Paid Back

1st Feb - 73.75
4th March - 281.65
8th March - 183.64
2nd April - 29.50
29th April - 497.63
1st Jul - 265
29th July - 265
30th Aug - 332.97
30th Sep - 308.31
30th Oct - 400
29th Nov - 310.23

Grand Total - 2947.68


2014 Took Out

5th Feb - 600

Grand Total - 600

2014 Paid Back

3rd Feb - 248.33
7th Feb - 491.08

Grand Total - 739.41


So overall, in that 2 year period

I took out a grand total of £5035.46

I paid back £5943.09



They are offering £289.34


On reading that back, that is probably fair?

It all depends on your view of it. They have offered £289 but you paid £900 in interest and charges. And looking at your list of transactions you were clearly using their loans a lot. So you could try emailing them back saying you would be willing to accept a payment of say £500 to close the matter to avoid using the FOS. I know they said it is their final response but it can't hurt to try.

If you do decide to escalate it to the FOS it can, and probably will, take another few months. Although, after I referred my QQ complaint, they increased their 'goodwill gesture' of £150 to around £1,100. I still wasn't happy with this so I asked for an ombudsman review and am still waiting (complaint first sent to QQ in May) so you have an idea of how long things might take to progress.

Have a think about it before you make a decision.

Good luck!

InvernessIron

Took your advice Adamsssss, and emailed back asking to increase the offer to £500,


This was the reply,


Please be advised, our final response in non negotiable.

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:




I must admit, I am not desperate for the offered amount, so could take it to the FOC, but what would people say? Is there much point, or are they likely to agree the offered amount is enough.


Once again, thank you to everyone's help in this thread.

Adamsssss

Well with mine I sent it straight to the FOS without trying to negotiate. After the adjudicator looked into it they increased their offer to the £1,100 one which is about half what the the adjudicator recommended. So if you're not desperate then I would suggest referring it to the FOS and letting them do what they do. Maybe QQ will be persuaded to increase it. And if they do you will be notified of the offer and you can choose to accept or reject when you feel happy. And if they do say they think the offer is fair, hey, you haven't lost anything by trying.