Student loans and pensions

Luciasc

Hi All,

I've had successes with most loans apart from Wonga and QQ as they are all over 6 years. Have been with the FOS since February 2017. Has anyone had any joy with these types of complaints?

Akelly

Morning all. Wondering if anyone could help.

I've got my statement from wonga with all my loans. So how is it I work out how much I could be owed? Since 2012 I've had about 60odd loans with them.
!!!55357;!!!56881;!!!55357;!!!56881;!!!55357;!!!56881;

Don't do maths very well! Lol x

PartyPoison

Akelly wrote: »

Morning all. Wondering if anyone could help.

I've got my statement from wonga with all my loans. So how is it I work out how much I could be owed? Since 2012 I've had about 60odd loans with them.
!!!55357;!!!56881;!!!55357;!!!56881;!!!55357;!!!56881;

Don't do maths very well! Lol x

Hi. Luckily the Wonga one is one of the easier ones to understand in my experience. Assuming yours is set out how mine was, you will have 7 columns: Reference, Application date, Principal amount, Fees, Interest, Amount paid, Closed date.

If this is what you have, you just literally total up the Fees column and the Interest column (either manually, or I put it into a spreadsheet and did it that way as I was keeping track of a few companies). That will give you the total. Any offer you may receive will have the 8% interest on top but don't worry too much about that, its all done at their end.

primmer10590

Complained to Wonga & QuickQuid on 31/01/2018

Received final view letters with no offers from both companies on 28/03/2018 (exactly 8 weeks) and 15/03/2018, from Wonga & QuickQuid respectively.

Submitted claims to both to Financial Ombudsman on 28/03/2018.

How long does that process normally take?

GDN

primmer10590 wrote: »

Complained to Wonga & QuickQuid on 31/01/2018

Received final view letters with no offers from both companies on 28/03/2018 (exactly 8 weeks) and 15/03/2018, from Wonga & QuickQuid respectively.

Submitted claims to both to Financial Ombudsman on 28/03/2018.

How long does that process normally take?

Usually takes the Ombudsman a couple of weeks before they will send a letter to you and the company at the same time asking you for bank statements etc and the company a copy of the case file. Both parties get two weeks to return the documents and either can ask for a two week extension (out of the 4 companies who I took to the Ombusdman three took the full two weeks and the fourth asked for a two week etension). Once the Ombudsman as all the information usually quite quick to give you a decision.

However, the company can reject their decision and then you have to wait for monies to be reimbursed.

All in all be a good three months

Pdiddy82

I have put in complaints to both QQ and LS regarding irresponsible lending. QQ are the first back and under the 8 week mark with the following:

We are in receipt of your complaint dated 18/02/2018 where you allege that QuickQuid irresponsibly lent to you. In our assessment we look at:
• Affordability
• Creditworthiness
• Dependency
• Hardship
I’ve investigated your complaint and would like to bring your attention to the following points:
Under the Financial Conduct Authority’s rules, complaints cannot be made where they concern an event that occurred more than six years ago. Of course, we will still investigate your allegations as they pertain to any loans you have received in the last six years.
AFFORDABILITY & CREDIT WORTHINESS
The investigation of your complaint considered all relevant information contained in your application. It was noted your monthly income was stated as £3000 per month. I compared your income to your total monthly repayment for each loan you took with us. From this I can see that the income you made during each payday 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
If there was dependency we would expect to see constantly increasing amounts in order to cover the prior loan interest and principal. However, your loan amounts varied and actually decreased from the previous loan which shows that you were not relying on one loan to repay the previous loan.
There were large gaps in your borrowing history. There was 754 days between your 1st and 2nd loans, further demonstrating that you were not simply taking out one loan to repay the next one.
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 you never had more than four consecutive loans with less than 15 days between loans.
HARDSHIP
Finally, our records indicate that 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: COMPLAINT NOT UPHELD
Therefore it is for the above reasons we cannot agree that QuickQuid 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.
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 (see below).
If you do decide to refer your complaint to the Ombudsman you must do so within six months of the date of this letter.
If you do not refer your complaint to the Ombudsman within six months of the date of this letter, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances.
The very limited circumstances referred to above include, where 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

Now what I find funny about this, I have not now nor have I ever taken home £3k a month in my life!!! Also they state that I never had more than 4 loans runs side by side at any point. One is bad enough but surely that shows rolling over, multiple extensions and having to apply again?

Plus, their garbage about the timescales. First loan in 2011, last loan 2017.

I've sent onto the FOS though, not content with their reply at all

Pdiddy82

FYI on the above, this is the complaint I wrote to them:

Dear Sir/Madam,

I have had 14 loans from you between 27/10/2011 and 30/12/2016.

Your loans trapped me into a debt spiral, with the repayment taking so much of my wages that I had to borrow again to cover my next month expenses, and unfortunately turn to other payday lenders to stay above water.
For this period my income averaged about £1600 a month.
We have three children, in full-time education for all of this period. My partner is registered disabled so we are in essence a single income family and have been since 2011.
My living expenses were roughly: rent/mortgage £600. Council tax £126. Utilities and bills £270. Transport costs £350. Clothes £50. Food £200, toiletries £20, Child expenses £120 Other debt repayments £50. Total £1586 per month. This shows that there was no way I could afford these loans. When I repaid them, I had to borrow again to get through the next month.
You should have realised from the number of times I rolled loans or borrowed again that my debt problems were getting worse. It was not responsible to continue to lend to me. I have included below the dates payments went in, and dates they went out with evidence of other loans to try and keep above water. Some were extended multiple times, additional loans side by side.
My credit reports would have shown my other debt repayments and problems including late payments/defaults on 2 credit cards from Santander & MBNA to the tune of £3500. Also my report would have shown short term lending from Lending Stream when checks were done.
You should never have given me these unaffordable loans. I would like to ask you to refund the interest and extra charges I paid. The Financial Ombudsman suggests that statutory interest is added to this sort of refund.
I only found out I could make this sort of irresponsible lending complaint in February 2018. I understand the Financial Ombudsman will consider all my loans, including those that are more than 6 years old.
The sheet below shows lending and repayments from both yourselves and Lending Stream, showing just how much of a dire straits I have been in over the years and am still in a cycle whereby I am having to continue this practice.
This has had a detrimental effect on my mental health, and have been diagnosed with depression and acute anxiety for some time now. To the point where I have contemplated suicide to find a way out.
Company In Date Company Out Date

!!!!!!!!!!!!! 200 18/11/2017 !!!!!!!!!!!!! 86.4 30/01/2018
!!!!!!!!!!!!! 50 16/08/2017 !!!!!!!!!!!!! 10 29/01/2018
!!!!!!!!!!!!! 100 17/06/2017 !!!!!!!!!!!!! 10 29/01/2018
!!!!!!!!!!!!! 250 10/03/2017 !!!!!!!!!!!!! 20 01/01/2018
QuickQuid 100 30/12/2016 !!!!!!!!!!!!! 65.6 30/12/2017
QuickQuid 100 27/10/2016 !!!!!!!!!!!!! 27.08 26/12/2017
QuickQuid 50 08/08/2016 !!!!!!!!!!!!! 25.92 04/12/2017
!!!!!!!!!!!!! 200 18/02/2016 !!!!!!!!!!!!! 34.88 01/11/2017
QuickQuid 50 12/11/2015 !!!!!!!!!!!!! 89.2 03/10/2017
!!!!!!!!!!!!! 300 20/08/2015 !!!!!!!!!!!!! 10.32 02/10/2017
QuickQuid 250 20/05/2015 !!!!!!!!!!!!! 42.6 30/09/2017
QuickQuid 200 23/03/2015 !!!!!!!!!!!!! 46.4 01/09/2017
QuickQuid 100 25/11/2014 !!!!!!!!!!!!! 83.6 01/08/2017
QuickQuid 200 18/11/2015 !!!!!!!!!!!!! 33.6 31/07/2017
QuickQuid 100 22/09/2014 !!!!!!!!!!!!! 99.6 04/07/2017
QuickQuid 100 01/09/2014 !!!!!!!!!!!!! 144 01/06/2017
QuickQuid 200 27/06/2014 !!!!!!!!!!!!! 70 19/04/2017
QuickQuid 150 28/01/2014 QuickQuid 244.8 21/03/2017
QuickQuid 50 09/12/2013 QuickQuid 56 20/02/2017
QuickQuid 100 27/10/2011 !!!!!!!!!!!!! 20 17/02/2017
Total 2850 QuickQuid 34.4 17/01/2017
!!!!!!!!!!!!! 25.92 16/01/2017
QuickQuid 24 17/12/2016
!!!!!!!!!!!!! 34.4 17/12/2016
QuickQuid 15.2 17/11/2016
!!!!!!!!!!!!! 40.48 17/11/2016
QuickQuid 61.6 18/10/2016
!!!!!!!!!!!!! 43.2 17/10/2016
!!!!!!!!!!!!! 36 17/09/2016
QuickQuid 15.2 17/09/2016
!!!!!!!!!!!!! 49.92 18/08/2016
!!!!!!!!!!!!! 59.2 18/07/2016
!!!!!!!!!!!!! 71.68 18/06/2016
!!!!!!!!!!!!! 75.84 17/05/2016
!!!!!!!!!!!!! 89.6 19/04/2016
!!!!!!!!!!!!! 43.2 17/03/2016
!!!!!!!!!!!!! 74.88 18/02/2016
QuickQuid 71.8 17/02/2016
QuickQuid 28.2 17/02/2016
!!!!!!!!!!!!! 89.76 19/01/2016
!!!!!!!!!!!!! 106.08 17/12/2015
!!!!!!!!!!!!! 115.68 16/11/2015
!!!!!!!!!!!!! 132 17/10/2015
!!!!!!!!!!!!! 67.2 17/09/2015
QuickQuid 310 17/08/2015
QuickQuid 54 17/07/2015
QuickQuid 46.8 17/06/2015
QuickQuid 243.2 18/05/2015
QuickQuid 33.12 17/04/2015
QuickQuid 382.81 16/02/2015
QuickQuid 88.51 17/01/2015
QuickQuid 70.42 17/12/2014
QuickQuid 250 19/11/2014
QuickQuid 50 17/10/2014
QuickQuid 25 17/09/2014
QuickQuid 242.5 18/08/2014
QuickQuid 42.5 17/07/2014
QuickQuid 187.5 18/06/2014
QuickQuid 37.5 17/05/2014
QuickQuid 37.5
500 17/06/2013
QuickQuid 125 18/11/2011
Total 5485.55

Please can I request that your reply is done via email? I look forward to your response.

Kind regards

Ignore the figures, they've come out rubbish as was a copy and paste from a spreadsheet. The !!!!!!!!! Ones are from Lending Stream

misspinks

Hi all,
Does anyone know how to work out Payday UKs SOA? I received it a few days ago and it's giving me a headache. I have no idea how to work it out. If someone knows how to workout the interest and charges could you please explain. The SOA they sent me is (to me) so confusing I don't know where to start

Akelly

So I've now escalated myjar sunny and wonga

I hope the bank statements aren't needed as I've closed my account and started a DMP.

Pray for me. Lol x

GDN

Has anyone had money back from either MyJar, Quick Quid, Pay Day UK or Pay Day Express after it has gone through the Ombudsman and the complaint has been upheld as am curious as to whether they all take the full 28 days to pay up?