Student loans and pensions

Obie747

Hi all

I made a complaint to 24/7moneybox which they upheld and offered a redress amount which I accepted. 3 weeks after their final response and after sending numerous emails to them they replied and said that the refund would be actioned within 28 days. My sceptical side says this is unlikely knowing how poorly this company operate. If the 28 days elapses and I don't receive my refund what will be the best course of action to take?

sourcrates

Obie747 wrote: »

Hi all

I made a complaint to 24/7moneybox which they upheld and offered a redress amount which I accepted. 3 weeks after their final response and after sending numerous emails to them they replied and said that the refund would be actioned within 28 days. My sceptical side says this is unlikely knowing how poorly this company operate. If the 28 days elapses and I don't receive my refund what will be the best course of action to take?

You have the option of taking your complaint to the FOS like everyone else.
Although you must do so within 6 months of the companies final response.

otternonsnse

I recently made claims against 3 PDL companies, on the basis of irresponsible lending. I was young and made stupid decisions, and I have turned my life around and I'm coming to the end of my repayments (I've been in debt every day of my life for all my adult life, just turned 27).

Thankfully, it has been so long since I started defaulting on loans that they are starting to drop off my credit file, however I have 3 from 2018, relating to the PDL companies I have complained to.

Satsuma has come back to me and said that basically, they thought the loans were affordable and that they carried out their usual checks etc. At the time of taking these loans, I had anywhere from 5-7 outstanding loans with other lenders, multiple accounts in bad standing and a large history of defaulting on loans.

I have gone back to them, including a schedule of every payday loan I have taken over the past 6 years to demonstrate my original point that my applications should never have been accepted. In my original email, I requested all interest, charges to be refunded and negative records to be removed from my credit file.

In my follow up, I offered to make a payment within 30 days of accepting an offer to cover 1 loan balance in full (only a small amount remaining) and to make payments on another account to bring the total repayments up to the principal amount. I also pleaded with them to accept my offer, before escalating the case to the FOS, and explained the complete disaster I have been living over the past 6 years (extreme mental health issues, suicide attempt etc) and how these defaults are the last step in my journey to rebuild my life.

Has anyone had any luck with a situation like this? At this point, I'd probably repay the whole balance if they removed the negative credit file entries if that's what it takes.

DanL

I've just had an ombudsman claim agreed, with regards to a series of loans with Lending Stream. The ombudsman gave them until the 25th June to send in any additional information, but since that date has passed, I haven't heard anything further? Does anyone have any ideas as to how long redress of funds will take and when I can expect to hear anything further?

Mike1006

Hi, over the last 6 month I have got myself into a bit off a pickle with pdl. Just getting one out to pay the other. Is it worth me putting in a claim against these even tho it’s not that long ago ?

Rodo

Hi all I’m on journey claiming against lending stream. Unfortunately I used a claims company as I was worried I would mess it up myself . Been with the fos since early August 18 . (Originally complained October 17)Finally heard that the adjudicator rules that 14 of 17 loans shouldn’t have been issued .lending stream had until 16/6/19 to accept or reject this . Rang up last week still no news they did say the adjudicator was chasing them up on 1/7/19 with a request a answer by this week .

My question is this really surely lending stream can’t ignore the fos ? If they do reject the adjudicators decision how long a ombudsman will look at it ?

Sorry for the essay but seems to be taking ages as I complained about quickquid , sunny , my jar , safety net and moneybox 247 all at the same time as lending stream and they were all dealt with by late last year .

Turtle87

In my experience, the lender will disagree with the adjudicators decision if upheld and prolong the process as long as possible unfortunately

rodgerramjet

DanL wrote: »

I've just had an ombudsman claim agreed, with regards to a series of loans with Lending Stream. The ombudsman gave them until the 25th June to send in any additional information, but since that date has passed, I haven't heard anything further? Does anyone have any ideas as to how long redress of funds will take and when I can expect to hear anything further?

Hi DanL,

I too had my complaint against Lending Stream upheld by the FOS, well 45 of the 55 loans.

She told me they have two weeks to respond. If they don’t her judgement becomes final. Money should be sent to you within 28 days.

Don’t know what happens if they don’t send the money. It might go to the FCA.

NotSoSmileyKylie

Hey guys, I did write a thread about this but I made a mistake and can't edit it I have recently come across resolver and put in a few complaints, 247moneybox being an affordability one. Like many others I fell into the payday loan trap where I would pay off one loan and immediately borrow another etc, eventually the payments were too much for me. I've received an initial response from 247moneybox and I'm unsure what to reply or wether to wait for a decision? I'll copy the response below. If anyone has any advice on what to do going forward I'd be so grateful! I'm new to all of this so don't really know what I'm doing and need some guidance

"Please take this email as acknowledgement of your complaint and that I will be handling your complaint.

The issue you have raised will be investigated and we will endeavour to get back to you as soon as possible but no later than 8 weeks from the date of your complaint as per the time frames set out in our complaints procedure (which I have included below).

Please find below summary of all your loans.

If you have any new information which we would not have had access to at the time of your application, we are happy to consider this as part of our investigation.

In addition, what would you see as a full and final settlement to your complaint? By this we mean what would resolve the complaint for you.

Please note you have an outstanding balance of £465.45.

Kind regards

Loan 1 Advance date: 07/12/2018 Principal: £80.00 Repay Date: 28/12/2018 Repaid Amount: £94.08 Outstanding amount: £0.00!

Loan 2 Advance date: 10/01/2019 Principal: £150.00 Repay Date: 30/01/2019 Repaid Amount: £175.20 Outstanding amount: £0.00!

Loan 3 Advance date: 30/01/2019 Principal: £225.00 Repay Date: 28/02/2019 Repaid Amount: £279.00 Outstanding amount: £0.00!

Loan 4 Advance date: 04/03/2019 Principal: £200.00 Repay Date: 28/03/2019 Repaid Amount: £240.00 Outstanding amount: £0.00!

Loan 5 Advance date: 28/03/2019 Principal: £405.00 Repay Date: Not repaid Repaid Amount: £27.03 Outstanding amount: £465.45 Total amount borrowed across all loans: £1060.00 Total amount repaid across all loans: £815.31 Outstanding balance: £465.45"

Rose.1932

Congratulations. I too found myself in deep trouble in the recession. Paying them back before I paid critical bills such as mortgage, council tax, utilities etc. There was no question they were unaffordable. PDE and PDUk were great and I received more thank £7k. Lending Stream were very poor and that is now with the FO. Wonga, Wageday Adv are in administration. So not likely to get anything there.
Good luck to anyone who was in the depths of despair like me. Harsh lessons learned. After many years of hardship and struggle I’m now rebuilding my financial status and currently at “good” on Experian.