Student loans and pensions

PartyPoison

DebtFreeAtLast wrote: »

Like many I have been quietly sitting in the background reading the 1000's of posts. I have been so inspired by peoples success so just wanted to share a bit of my own.
Between 2008 and 2015 I was completely reliant on payday loans - getting into a bit of a pickle following some close family deaths and associated costs I ended up with at least 4 loans in and out of my account every month for years. In 2015, twelve months of living in virtual poverty and working every hour god sent allowed me to break the cycle and I no longer live in fear of payday, wondering how I will balance the books for another month.
When I stumbled on this thread at the start of February 2018 I didn't even know claiming back these costs was possible so, I put in complaints to five companies, PDUK, Uncle Buck, Wonga, Lending Stream, Pounds till Payday.
I have received confirmation from them all of receipt of complaint, and the fastest to settle were PDUK - a staggering amount of just over 5k, offered two weeks ago and in my account last week. They didn't uphold all loans however as some were very old this was still more than I expected.
Lending stream have given me a straight no but I have bounced straight back with further points and reminding them to ensure my final response is here within the 8 week time frame. All others yet to reply.
If these people deal with me fairly and promptly I am happy to work with them and meet in the middle- if they drag it out I have no issues in referring straight to the ombudsman - having worked directly with the FOS since 2005 I am well aware of how they work and will take this all the way if I need to!
So really my post is a massive thank you to every person who has posted on this thread and the OP - you have certainly helped me and by the looks of it many, many others.

A nice little read! I was in the same boat as you, tohugh not for quite as long, and my now wife (then girlfriend) helped bail me out of the cycle.

PayDayUK were started off the most awkward when it came to a statement, but I submit my claim on February 20th with them - quite a bit after the other 2 (Wonga was 29th Jan and QuickQuid was 1st Feb - both acknowledged 2nd Feb) and they acknowledged it on 22nd Feb, I had an offer from them by 14th March and it was pretty much what Id expected - slightly less than my estimate but not enough to drag it out for months with the FOS. QQ did the same a day later. Wonga Im still waiting on! But PDUK were the most pleasant under the circumstances to deal with.
Good luck with the rest!

carol1963_2

Hiya All, Just a quickie please. I'm about to start contacting PDL people to say hello and you know the rest. I/husband ha loans from Wonga which were wiped out by them is it worth still persuing them please? They were large and rolled over. Thank you.

PartyPoison

carol1963 wrote: »

Hiya All, Just a quickie please. I'm about to start contacting PDL people to say hello and you know the rest. I/husband ha loans from Wonga which were wiped out by them is it worth still persuing them please? They were large and rolled over. Thank you.

I would say still try. The worst that can happen is they say no. If they have wiped the loans, if anything it means they know they shouldn't have lent them to you.

If it were me Id still be mailing them and though I wouldnt say it to them, I would probably expect them not to consider the written off loan but to consider the interest on the older ones as each one should be done individually - but again that is just my opinion.

Andrewwww

Carol, Wonga had already written off loans, without me even asking, but eventually paid me 3k when I used the debt camel template. Hope this helps!

PartyPoison

And QuickQuid live up to their name. Got my acceptance confirmation yesterday early afternoon, then the money was in my account by 10pm yesterday. Thats one of three complaints closed. PayDayUK I am just waiting on them to process the payment (can take 10 working days apparently so because of bank holiday that drags into April. Hopefully they sort it quicker, just want that over with now). Still no word from Wonga yet after 6 weeks... lets see what happens there.

sallyannetag

So I got a reply letter from Northway..

The terms of the loans granted to you were straightforward and clearly outlined in the loan agreements. The previous payday loans you
had received included the following features:
1. a flat fee per £100.00 borrowed regardless of the length of the loan;
2. repayment in full on the due date without the possibility of any “rollover” whatsoever;
3. no additional interest charges on any late payments.
The current instalment loan you were granted included the following features:
1. daily interest of 0.8% on the outstanding principal balance;
2. maximum fees payable equivalent to 100% of the principal amount;
3. multiple repayments in smaller amounts;
4. repayment in full on the Maturity Date without the possibility of any “rollover” whatsoever;
Without prejudice, based on all of the foregoing, we believe that we acted fairly and responsibly in our dealings with you and we are unable
to offer any compensation to you regarding this matter. Having said the foregoing, as a gesture of goodwill, we are prepared to issue a
refund in the amount of £1,338.24. This offer does not constitute an admission of liability but is made due to your current financial
problems and would be in full and final settlement of this claim.

I had 66 recurring loans with them, borrowing more and more each time, and have paid over £7k back in interest.
I have responded to them asking that they up the offer and have also copied them into an email with the OAFs in Malta stating I hadnt accepted their offer and am looking for advice on how to proceed if they don't up the offer.
I am not thinking for one second they will refund me £7k worth but even half of it would be better than their offer!

PartyPoison

sallyannetag wrote: »

So I got a reply letter from Northway..

The terms of the loans granted to you were straightforward and clearly outlined in the loan agreements. The previous payday loans you
had received included the following features:
1. a flat fee per £100.00 borrowed regardless of the length of the loan;
2. repayment in full on the due date without the possibility of any “rollover” whatsoever;
3. no additional interest charges on any late payments.
The current instalment loan you were granted included the following features:
1. daily interest of 0.8% on the outstanding principal balance;
2. maximum fees payable equivalent to 100% of the principal amount;
3. multiple repayments in smaller amounts;
4. repayment in full on the Maturity Date without the possibility of any “rollover” whatsoever;
Without prejudice, based on all of the foregoing, we believe that we acted fairly and responsibly in our dealings with you and we are unable
to offer any compensation to you regarding this matter. Having said the foregoing, as a gesture of goodwill, we are prepared to issue a
refund in the amount of £1,338.24. This offer does not constitute an admission of liability but is made due to your current financial
problems and would be in full and final settlement of this claim.

I had 66 recurring loans with them, borrowing more and more each time, and have paid over £7k back in interest.
I have responded to them asking that they up the offer and have also copied them into an email with the OAFs in Malta stating I hadnt accepted their offer and am looking for advice on how to proceed if they don't up the offer.
I am not thinking for one second they will refund me £7k worth but even half of it would be better than their offer!

I cant figure out how a company like this can admit to no guilt but then feel bad enough to just give you over a grand as a goodwill gesture to settle this claim. Its just bizarre - if they did nothing wrong then they should give you nothing, so they clearly know they did.

Only thing I can think of is them basically saying "here is a very lowball offer - we hope you are stupid or desperate enough to take this to close the dispute so it doesnt cost us more later"

Hope you get the reply you want! GL.

sallyannetag

PartyPoison wrote: »

I cant figure out how a company like this can admit to no guilt but then feel bad enough to just give you over a grand as a goodwill gesture to settle this claim. Its just bizarre - if they did nothing wrong then they should give you nothing, so they clearly know they did.

Only thing I can think of is them basically saying "here is a very lowball offer - we hope you are stupid or desperate enough to take this to close the dispute so it doesnt cost us more later"

Hope you get the reply you want! GL.

Exactly...its so strange!

Thanks...me too

GDN

PartyPoison wrote: »

And QuickQuid live up to their name. Got my acceptance confirmation yesterday early afternoon, then the money was in my account by 10pm yesterday. Thats one of three complaints closed. PayDayUK I am just waiting on them to process the payment (can take 10 working days apparently so because of bank holiday that drags into April. Hopefully they sort it quicker, just want that over with now). Still no word from Wonga yet after 6 weeks... lets see what happens there.

I was under the impression PDL companies get 28 days to pay......I have been waiting 14 days now for Pay Day UK & Pay Day Express to reimburse....curious as to why you think they have to pay within 10 days?

PartyPoison

GDN wrote: »

I was under the impression PDL companies get 28 days to pay......I have been waiting 14 days now for Pay Day UK & Pay Day Express to reimburse....curious as to why you think they have to pay within 10 days?

Once I accepted my offer, I had a confirmation email saying "Please note that it can take up to ten working days to process your settlement and that the payment is issued via Faster Payment." While I'm not saying they WILL pay in 10 working days, they have now set my expectations there so I will be complaining if they don't. Also, 10 working days would be 14 standard days so maybe you will get yours today - or did you not get that same email?