Student loans and pensions

humblebee86

Got a response from wonga today. I asked them to look into all loans which go back to early 2012, most of them rolled over same day as repayment. I had payment plans for a lot of them too.

they've offered me £238 plus the 8% interest based on 1 loan at the end of 2012, which I find mindblowing as I've rolled over so many times!

My question is if i refer to FO am I likely to end up with nothing or will I at least received an offer similar to the one from wonga?

PartyPoison

humblebee86 wrote: »

Got a response from wonga today. I asked them to look into all loans which go back to early 2012, most of them rolled over same day as repayment. I had payment plans for a lot of them too.

they've offered me £238 plus the 8% interest based on 1 loan at the end of 2012, which I find mindblowing as I've rolled over so many times!

My question is if i refer to FO am I likely to end up with nothing or will I at least received an offer similar to the one from wonga?

Im basing this on previous posts in this topic and not my own experience here so see if anyone else confirms or adds to this -

While there is no guarantee that they will offer you anything, if Wonga have admitted fault, then there is a very good chance the FOS will see that too and the offer will most probably be the same or more.

AnxiousTheElephant

So today is the final day for lending stream to reply.. I got an email from them this morning and hoped that would be full and final... it basically says they can’t confirm dpa and can I send them my dob and postcode. This has really annoyed me after no communication the previous 8 weeks. Have replied and am hoping I will still get full and final today

baggybreeches

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!

Hi Sallyannetag!
Don't let them get away with that! I got exactly the same email word for word. Originally they offered me £158, then when I said I would take my case to the Maltese Regulator they upped it to £288. I sent my complaint to the Maltese Regulator and they have been prompt and efficient. Northway have until 27th to respond to them and I am hopeful of a refund of around £1400. It does cost 25 euros to file a complaint but I figured it was worth a punt. The Maltese form is here
[URL=]"https://financialarbiter.org.mt/en/for_consumers/Pages/Submit-a-Complaint.aspx"[/URL]
Good Luck

daydream_believer

Hi,

My Son had lots of loans from Wonga over quite a few years. He would repay on pay day and then have to borrow again straight away just to survive the month. Long story short he ended up on the verge of being evicted and had a suicide attempt (2 years ago) as a way of escaping the cycle.
With a lot of help and support he is now back on his feet and doing well now, and hasn't borrowed from them since.

Today we looked into the refund from Wonga, but it seems he still owed them some money and his account has been passed to a debt collecter and he cannot access the account details.

Where do we go from here? Any help is hugely appreciated.

Hampsey1a

So I had paid over 1500 of interest on Myjar loans. They have partially upheld my complaint and have said they would refund me a total of 594.50 this includes the 8% interest.

However I had an outstanding loan with them and they want to take this off the balance. Is it worth me going to the FOS?

PartyPoison

Hampsey1a wrote: »

So I had paid over 1500 of interest on Myjar loans. They have partially upheld my complaint and have said they would refund me a total of 594.50 this includes the 8% interest.

However I had an outstanding loan with them and they want to take this off the balance. Is it worth me going to the FOS?

I would definitely take that to the FOS. Doesnt sound right at all - you should tbf still have to pay the loan off (minus the interest as thats what the claims are for) but it seems an odd way to do it. If it was a few quid between friends then thats different, not in a more formal setting such as this.

PartyPoison

daydream_believer wrote: »

Hi,

My Son had lots of loans from Wonga over quite a few years. He would repay on pay day and then have to borrow again straight away just to survive the month. Long story short he ended up on the verge of being evicted and had a suicide attempt (2 years ago) as a way of escaping the cycle.
With a lot of help and support he is now back on his feet and doing well now, and hasn't borrowed from them since.

Today we looked into the refund from Wonga, but it seems he still owed them some money and his account has been passed to a debt collecter and he cannot access the account details.

Where do we go from here? Any help is hugely appreciated.

Firstly - before any money gets mentioned, Im glad to hear your son is ok now! I know first hand how far these money issues can push people. It took me a lot to learn that it is just money at the end of the day. I never got quite that far but if I hadnt have been bailed out when I did, who knows because I was in a very dark place - very similar by the sounds of it. So I am truly sorry to hear what happened but very happy to know how it ended up!

On to the money bit - I would ask Wonga for a full statement of his account. They should reply with a PDF (eventually) and detail what was loaned, how much were paid in fees and interest and what was paid back/rolled over. You can use this to work out how much interest and fees were paid. Then using he debt camel site (plenty of links in here as I dont have it to hand) compose a letter to Wonga to request refund of all of the loans.

From there, they will review and either offer a settlement or reject it, but if you are not happy with either outcome you can go to the FOS. As this is a long process, keep us updated at each step and someone can help out where we can with anything thats going on. Hope that helps at least a little. We will all get there in the end!

Hampsey1a

Thanks for your reply. I asked them to refund it to my bank account and would then settle the loan with a repayment plan but they've said no.

Suppose I might have a chance with the FOS as they've partially upheld it so they have seen an error on their own behalf and the refund amount was the interest paid on 2/7 loans.

daydream_believer

Thank you so much for your reply PartyPoison.

I do have the link to debt camel saved on my laptop. I just wasn't sure if we could proceed as he still owes them some money.
We will request his account details tomorrow and will update as and when any progress (if any progress!) is made.