Student loans and pensions

sourcrates

Need_Help_Now wrote: »

Hello everyone,

I have received a "Final Response" from Peachy, a company who I took out 15 loans with. They have offered to pay me £205 for interest for the last 8 loans I took out with them but not the rest.

This is the first company that has responded with an offer to me. My question is though - is the first offer normally rejected? When I look at the statements for the last 8 loans the interest actually comes to £363.

Any advice on this would be greatly appreciated as I am completely new to this process.

As they have issued their final response, you either accept the deal or you continue with your complaint by escalating it to the FOS.


They may decide you are entitled to the whole lot back, they may not, either way you will still get the £205 as a minimum.

Need_Help_Now

sourcrates wrote: »

As they have issued their final response, you either accept the deal or you continue with your complaint by escalating it to the FOS.


They may decide you are entitled to the whole lot back, they may not, either way you will still get the £205 as a minimum.

Thank you for your reply sourcrates - I really appreciate you taking the time to respond as I am completely new to this process. I will give it some thought but I am leaning towards possibly escalating it to the FOS.

DebtFreeWanabee

Does anyone know how long a complaint usually takes with the Ombudsman? I submitted a complaint 10 weeks ago and is still waiting to be assigned to an adjudicator.

Thanks

nikkim2175

2 complaints upheld today with payday express for a loan in 2008 and another in 2011. The customer service was terrible with these until I emailed the CEO who passed it to a manager who was extremely helpful.

Financial ombudsman complaints could take months, they have a lot to deal with.

Moonbug66

Hello Woody, I have just read through this thread and am disgusted with some of the comments on here. Know one knows your personal circumstances or what lead you to have these loans, you were probably like my and my husband, desperate. I would of agreed to any interest rate, as I needed to feed my family. My husband who has worked all his life had just had a major illness and I needed to give up work to look after him, things went from bad to worse and we took out one payday loan after another. You pay one back including the interest, then you need more money to live so you get another and so the spiral continues. I just think that it is sad that people jump to conclusions and have this attitude that they are better than anyone else. Until you have walked in someone's shoes, etc!Anyway just wanted to support, unfortunately some people are very brave hiding behind their keyboards.

JuniperPanda

PDUK - sent final response saying underterminable on 16 loans - one affordable (a nice caveat of please send us bank statements so we can investigate - but this is at 8weeks plus five days point..) off to FOS then found - as their complaints are handled by a central office that I had also had loans at the same time from 2 of their sister companies. They reckon it was affordable, too, incidentally. Off to FOS with the lot of them!
Safetynet credit - accepted claim, reduced outstanding balance from over £400 to just over £150. can get that cleared!
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.
Wage day advance accepted, balance is reduced to something manageable.
Uncle Buck still waiting. they have until the end of june.
My Jar - with FOS

I didnt get great success with PDUK, and that was a massive massive amount of interest and lending.

Need_Help_Now

Hello everyone,

I received a final response from Satsuma in the post today along with a cheque for £360. I had a total of 12 loans with Satsuma ranging from £500 to £1500. This has been the only correspondence I have received from them since I emailed my complaint to them. They did not ask me for bank statements or anything at all.

The letter was very confusing and it was difficult for me to work out how they came up with that sum. Even by using their website I was still unable to calculate how much interest I actually paid to them over the 12 loans. But, I would estimate that it was closer to £900 than £360.

My question is though - in people's experience that have already been through this process - is it normally better to accept an offer like this and leave it at that or escalate the complaint to the ombudsman in the hope of retrieving closer to what you feel you have paid in interest?

Sorry for the long post but I am completely new to this process and still learning.

Many thanks for any advice you can offer - it would be greatly appreciated and I will keep posting any responses I get in the hope it will help others.

StarMoon27

Hi all,

Thought i'd join the conversation as most of you seem to be having some great successes.

I relied on payday loans from around 2009 until around 2017. I have raised complaints regarding affordability (Debt Camel template) with the following companies yesterday:

Wonga
QuickQuid
Sunny
SafetyNet
Mr Lender
Lending Stream
Payday Express
MyJar

SafetyNet have already provided my breakdown etc which is great. Received an acknowledgement from Sunny and the rest I am waiting to hear back from (understandably).

There's just a couple of questions I have:
1) Some of the loans were not paid off in full, would this mean any refund due is used to offset the outstanding balance?
2) Some loans were taking out post-2015, does this means affordability checks were better then following FCA intervention? Have I got any chance with these?

Thanks in advance! :j

Thierryhenry12

What is the best approach?

Did you email or write a letter to?

Who should I address to for best effect?

theloveinsideus

I've just contacted Lending Stream about 5 payday loans I had from May-November 2016. It's pretty clear from my statements that I used each new borrowed amount to settle the previous loan and eventually I had to add to another personal loan I had to clear Lending Stream from my debt list - not ideal, but I didn't want to stay in the habit of borrowing on payday loans!

I used my statements to work out that £599 had been paid in interest alone (across relatively low loans, all under £300 each) and with the payment/settlement days workout out the interest, proved I'd gotten into a borrowing spiral with them and typed it all out. I sent it across to them yesterday and they've said they're reviewing the information and will get back to me by July 15th

Has anyone had any good progress with Lending Stream?