Student loans and pensions

SPEWY

Day 6

So far I have automated responses from all but Quick Quid.
I have received my statement of accounts from WageDay Advance.

The total of interest and charges is around £1780. Total of 9 loans rolled over on average 3 times per loan followed by me quickly taking out a loan the same or next day after paying it off. so should have a decent case.

I am going to call PDUK/PD Express this morning and see if I can get the statement of accounts sorted. I am not unreasonable I am happy to give them time to investigate the claim but the sooner I get them statements the better I feel.

Good Luck all with your claims. I will keep you updated.

henrryyyy

payday uk and payday express refused to send me a statement of account, I just had to make a complaint without knowing the facts
they subsequently rejected my complaint and its now with the FOS.

Sunny upheld my complaint(total of 45 drawdowns in 16months) refunded all interest paid plus 8% simple interest at 3.1k

anyone know if the FOS will advise me of the facts of my payday uk and payday express accounts? such as details of each loan I had. In my final responses from the company they told me some facts about a couple of the loans I had and that I had 27 in total, rolled over 9 times, but without any facts I wouldnt know if any result from the adjudicator is acceptable or not

SPEWY

Day 8:


QQ - received statement of accounts email getting sent tomorrow with complaint details
Lending Stream - automated response
Payday UK - refused to send statements - following up with an email
Payday Express - refused to send statements - following up with an email
My Jar - agreed to send statements within 3 days
Wonga - automated response
Wage Day Advance - statements received and complaint details submitted.


PDUK and Express were very unhelpful on the phone and flat out refused to send the statements

List_Maker

a_fresh_start_:) wrote: »

Good afternoon all. I am back with another update! Yesterday I received my Lending Stream refund following the Ombudsman's decision. Initially they offered me £969, I rejected this and progressed to the FOS. I started this complaint in June '16. The complaint was upheld by an adjudicator, Lending stream disagreed. The case was then put in a queue for an Ombudsman, it was put on hold for a while as 2 of the loans were outside the 6 years. The Ombudsman upheld the complaint again (with even more loans that the adjudicator) Yesterday I received a refund for £7506.05!
My total progress so far has been amazing with huge amounts of refunds received.

Can I ask, did LS deduct the 20% income tax from the 8% interest element? As some companies do

Thanks

madmunch

Hi could someone look at this for me? I think they should look st my old loans and I didn't know about the tax? I don't understand their table of offer could you read this and maybe advise what to do next? I'm thinking ombudsman? Thanks


Further to recent correspondence, we are writing to confirm that we have investigated your complaint and our findings are set out in more detail below. Please accept our sincere apologies for the delay in responding to your complaint.

Our understanding of your complaint

· You suggest that the interest rates, fees and charges were too high.
· You feel we should have noticed that your loans were unaffordable given your pattern of borrowing and the other information available to us.
· You have suggested that your credit rating has been negatively affected as a result of your loans with Wonga.
· You have advised us that you experienced difficulty repaying your loans.

Our response

When investigating your complaint we can confirm that we have looked at all of your successful loan applications.

Information obtained at the point of loan:


We asked you a number of questions during any application including:


• Details of your salary, employment status, marital status, dependants, home ownership status, motor owner status, amongst other information.


This information was taken in good faith and at the point of each application we had no reason to believe the information you provided to us was not correct. As a result we relied on this information and it formed part of our assessment when determining the affordability of the loan.


Before approving a loan, we carry out a credit reference agency check. This information is accessed instantly by us when we receive a loan application.

Credit checks:


We undertook an independent credit check through internal system checks and a Credit Reference Bureau. This information was accessed instantly upon receipt of your loan application and our checks included:


• your credit score at the time of application,
• your employment status,
• whether you were currently insolvent,
• whether you had any outstanding loans with Wonga,
• whether historical accounts with us had been subject to a “Do not Relend” status,
• whether you had a previous loan which was written off due to outstanding arrears.


When considering the affordability of each loan, all the above factors were taken into account before your loan was approved.



Information about total cost


and customer journey is designed to provide you with all the information you need to make an informed decision about whether our service is appropriate for you. The “sliders” on the homepage allowed you to work out:

· the total cost of the loan before you applied,
· the term that suited your needs,
· and was supported by all the documentation you needed to read before finalising your application.


We therefore believe that you were fully aware of the costs of a Wonga loan before applying.

Indication of Financial Difficulties:


In your recent complaint you suggested that you were experiencing financial difficulties and we should not have lent to you. As such we have considered your position at the time and have found evidence that you:


• fell into arrears with your loans
• continued to borrow over an extended period of time,
• took out a further loan immediately after repayment,
• advised us you were in financial difficulty,
• borrowed high loan amounts when compared to your stated income.

As a responsible lender, we are required to report accurate information to the credit reference agencies. This means accurately reporting every loan application, settled loan and, in some cases, issues with an account. We are not responsible for how other lenders use the reported data to make their lending decisions. Other lenders set their own credit policy that we cannot influence. However, if you have documentary evidence to show that you were declined credit specifically as a result of your loans with Wonga, please supply this and we will happily consider the matter further.

You have indicated in your complaint that you experienced difficulty repaying one or more of your loans. You did not, however, contact us before loan 29401809 to let us know about your financial difficulty. When you did, we reviewed your circumstances and set up a suitable repayment plan.

You have suggested that we acted negligently when providing loans, however, the UK courts will not generally consider a claim of negligence if the event happened more than 6 years ago. The dispute resolution rules set by the Financial Conduct Authority also state that complaints cannot be considered by the Financial Ombudsman Service if the complaint is made about something that happened more than 6 years ago, or if later, more than 3 years from when the customer should have realised there was a problem.

Given the above, we do not consider it appropriate to investigate your complaint about the loans sold more than six years ago. Furthermore, as this complaint relates to loans being unaffordable, we think it should have been clear that the loans sold more than six years ago were unaffordable by the time these loan accounts were closed.

If you are struggling financially, you can contact one of the UK`s free debt advice services, such as:
• Step Change Debt Charity -
• National Debt Line -
• Citizens Advice -
However, having reviewed your complaint, we accept that the loans in the table below may not have been affordable given your circumstances.

Outcome

Based on the above, there may have been more that we could have done to assist you and so we have decided to uphold your complaint.

Additionally, we will also request for the redressed loans to be removed from your credit record. This may take up to 30 working days to be updated fully on your credit file.

We would like to offer £1,971.26 which is an amount equal to the interest and fees on the following loans:

Loan reference
Date
Interest and fees
118080423
29/05/2014
£283.13
88473947
01/05/2013
£330.63
85838803
06/04/2013
£185.67
81646143
01/03/2013
£222.21
31797244
15/11/2011
£498.42
29401809
15/10/2011
£178.07
27073097
15/09/2011
£273.13


Interest of 8% simple per year has been added to the total redress for each loan from the date the loan was taken out until the date of calculation. Please see the outline below.

total interest and fees
£1,971.26
8% interest net
£584.92
total settlement
£2,556.18
tax

8% interest gross
£731.15
basic rate tax deduction
£146.23


Compensatory interest is subject to income tax at the basic rate under UK tax legislation and, therefore, tax will be deducted at the basic rate of 20% from any payments made to you. If you do not pay tax, you may be able to reclaim some or all of this tax reduction from HM Revenue and Customs.


If you are a higher rate or additional rate tax payer, you may have to pay additional tax on the compensatory interest via your tax return. Please see HMRC for more details.

Please note the offer outlined in this letter is made in full and final settlement of all aspects of your complaint. If you wish to accept this offer, please reply to this email typing your details in to the relevant boxes of the acceptance form below. Alternatively, you can also print, fill and sign the below form and send it back by post or as an attachment in a reply

As we have migrated to a new system we no longer hold your previous bank account details. You will need to provide us with proof of your banking details. This can include a screenshot of your account statement, but will need to show your name, the sort code and account number.

You have the right to refer your complaint to the Financial Ombudsman Service, free of charge. The Ombudsman might not be able to consider your complaint if:

· what you’re complaining about happened more than six years ago, and
· you’re complaining more than three years after you realised (or should have realised) that there was a problem.


We think that your complaint was made outside of these time limits but this is a matter for the Ombudsman to decide. If the Ombudsman agrees with us, they will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances.

This is our final response, however if you are not satisfied with it, 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.



The address of the Financial Ombudsman Service is:
The Financial Ombudsman Service
Exchange Tower
London
E14 9SR




Yours sincerely,

List_Maker

Madmunch

I think you need to take a view on what they are offering vs what you have paid in interest. You are being offered this money now, if you send it to Ombs they may or may not increase the offer and you will be waiting a minimum of 6 months for any resolution. Even longer if they are over 6 years.

I settled with Wonga, as it was only £200 out from what I paid, and the time value of money for me was greater rather than arguing.

They were quick to pay and also to clear files off credit reports.

Good luck with whatever you decide.

madmunch

Thank you for your comment listmaker. My problem is that I have asked them several times to send me a list of all loans i had with them. it was so long ago my log in details no longer wrkr on their site so i have no idea how many more loans i had over the 7 they mention , and i have no way of finding out. i have asked my bank for statemnets but they said they can only go back 6 years. not sure if i should take the money or try to find out how many loans i had sone other way

madmunch

update: just spoke to wonga who said i had 24 loans but they only believe 7 were unaffordable. just dont know wether to take the £1900 or go forward to the ombudsman which may take a very long time and may or may not give me more money. decisions!

List_Maker

madmunch wrote: »

Thank you for your comment listmaker. My problem is that I have asked them several times to send me a list of all loans i had with them. it was so long ago my log in details no longer wrkr on their site so i have no idea how many more loans i had over the 7 they mention , and i have no way of finding out. i have asked my bank for statemnets but they said they can only go back 6 years. not sure if i should take the money or try to find out how many loans i had sone other way

Have you checked your Noddle credit file? As wings files show up on there. Or at least the ones within he last 6 years. Mine showed everyone that I had.

david756

Hi all,

Without having to trawl through the pages, has anyone got the template to hand?