Student loans and pensions

sallyannetag

Just a quick update:
Northway Financial have offered £2790 which I have accepted.
Lending Stream said 2 out of the 3 loans were affordable and have offered £134.40 as that's what I paid on the 3rd loan. I have accepted.
Quickquid basically told me my loans were all too old even though I was still paying them in 2015. Its been referred to FOS.
Wagedayadvance offered £3045.87. I have accepted.
Wonga said no - off to FOS.
MrLender initially offered £740.22, I went back to them and asked them to reconsider. They added the 8% statutory interest and have offered £866.20. I have accepted.
Uncle Buck said affordable - have sent to FOS.
Payday UK offered £197.67 - I have accepted
Payday Express said the loans were affordable so I have sent it onto the FOS.

So that's all outstanding either closed or off to FOS. Thanks so much to the original posters of this site - I am so glad I stumbled upon it in February - I am now £6385.32 better off which has paid off the consolidation loan I took out to clear all of the outstanding payday loans a couple of years ago and enough to pay for a holiday this year. Awaiting the decisions from FOS but happy enough to wait. :beer:

CopleyDog

Can I claim back refunds from PDLs where some or all of the debt is still outstanding and/or has been passed to a collection agency?

baggybreeches

CopleyDog wrote: »

Can I claim back refunds from PDLs where some or all of the debt is still outstanding and/or has been passed to a collection agency?

Yes you can, in my case I had agreed settlement figures with the companies and then asked them to reconsider the affordability ( I did this with Uncle Buck and Wageday Advance).
What they can do is use the overcharges to annul any outstanding balance (Satsuma did this with me) but as long as it gets you back to where you would have been financially then it's a bonus.

CopleyDog

So I have just submitted the below to SNC with the help of Resolver. Will update when I hear back...

Dear Customer Relations

I am writing to you to raise an issue about: Irresponsible Lending
I have had a rolling credit line from SafetyNet Credit since 31/12/2016.

These loans contributed to trapping me in a debt spiral, with the repayment taking so much of my wages that I had to borrow again to cover my next month expenses. You will note that my Credit Limit at SafetyNet Credit began at £350 and gradually increased over the following months to £1000, with repeated draw-downs of the whole available balance available. You should have realised from the number of times I rolled loans and/or repeatedly borrowed the maximum credit available that my debt problems were getting worse. It was not responsible to continue to lend to me. A check of my Credit File would have shown that I had multiple payday loans from various providers (as well as multiple credit cards and other unsecured borrowings) throughout the period in question and these increases should not have been provided to me. My Credit Reports would also have highlighted other problems including late payments/defaults and a Credit Score that was continually falling.

You should never have given me these unaffordable loans. I would like to ask you to refund the interest and extra charges I have paid or have been applied to my account. The Financial Ombudsman suggests that statutory interest is added to this sort of refund.

According to the summary I downloaded from my account on your website (attached), my total borrowings between 31/12/16 and 29/09/17 have been £6971.69, to which interest of £1283.38 has been added. In total I have repaid £6936.22, with the balance outstanding on the account standing at £1198.95

I would like to ask you to refund these interest charges, which will effectively write-off the remaining balance owed. The remaining £84.43 should be forwarded to me with statutory interest applied as described above.

I look forward to your prompt response on this matter. As recommended by Trading Standards, I would like to keep a complete record of my case, so please reply back via this email account.

Yours faithfully,

baggybreeches

CopleyDog, just as a little note I would take out the actual amounts, you might find that the offer exceeds the amount you have calculated in which case you are shooting yourself in the foot! When they come back to you with an offer you will have an idea whether its more or less what you are expecting but put the ball in their court first.
Also if you have an outstanding balance keep any funds away from the account your SNC is linked to as they will foreclose and take any remaining balance owed to them before they sort out your refund.

CopleyDog

baggybreeches wrote: »

CopleyDog, just as a little note I would take out the actual amounts, you might find that the offer exceeds the amount you have calculated in which case you are shooting yourself in the foot! When they come back to you with an offer you will have an idea whether its more or less what you are expecting but put the ball in their court first.
Also if you have an outstanding balance keep any funds away from the account your SNC is linked to as they will foreclose and take any remaining balance owed to them before they sort out your refund.

Thanks for the advice! Will remember when I do my next batch of letters

JuniperPanda

Ive been a head in the sand person for years horrible financially. I suffered from MH isues - it was so easy to say yes rather than no, but I digress- Ive read through a lot of your stories if I can offer mine too and get some advice and guidance on what seems like a positive supportive non judgemental thread
My payday loans which accompanied my other untenable debt include(d)
PDUK - many over 6 years, pursuing anyway as it was entry into this mess. No response they have another 7 weeks to respond as they said they had no record of me, but i got access to the old emails....
Safetynet credit - only sent me a statement for one email address which I changed halfway through borrowing, they have 2 weeks to come back then I will take to FOS
Avant Credit, Satsuma, P2P, Ferratum ,247 money box and Lending stream are all with FOS all said no.
Mr Lender and Sunny have repaid me £347 and £419 respectively and both included interest at 8% so I was happy to accept.
Uncle Buck and MyJar, I have just initiated the complaints with this week.

Are other people extending the unaffordable lending to other areas - Eg I had a barclaycard, had 5 payday loans on the go and they upped my limit by 5k! I was as I said in a mental health crisis but coping - just. I am just curious as to how far and how appropriate it is to extend this method to other lending sources when the borrowing was taking place at the same time.
Thanks for your time.

JuniperPanda

Almost forgot, WDA recredited all interest from loans 2-7 to my existing debt, reducing it from over 400 to under 175. So another result I can easily clear in the next 2 months.

salsapixie

Like many, I have taken out numerous PDL’s, and had to rollover and borrow more and more to cover my expenses. I am arguing that they lent irresponsibly. Spending money was a way of dealing with my depression for years and this led me to rack up debts. I probably had about 8 CCJ’s and I’m down to one now, several smaller debts and student loans.

So far:
QuickQuid- refused to pay anything as over 6 years.
Payday Express- refused. Referred to FOS
Uncle Buck- partial refund. Paid off existing debt plus £190
Moneyboat- refused refund. Not yet referred to FOS
Sunny- awaiting response
Ferratum- awaiting response
Lending Stream- took over 8 weeks to reply. Referred to FOS
SafetyNet- Refunded around £900 admitting part of complaint. This paid of debt and left me with around £200.

So far so good. It’s settles a couple of debts and I’m getting towards being debt free. Never want to get into this mess again!

TB.Lanyard

Wonga paid out on day 13 at 5:30pm-ish. Literally left it until the last minute! I hope this is helpful.