Student loans and pensions

redfragglebiker

excited_to_be_free wrote: »

I did exactly the same so just waiting now. How long did they take to get back to you after you rejected their initial claim? I rejected it on the 25th February and still not heard. So I sent another email today.

Think it took about a week looking back at my emails. The response I sent to the initial rejection was long, detailed and rounded off with telling them I would appreciate a prompt response as I wanted a quick resolution and was considering taking my complaint to the ombudsman. Got the offer back within a few days which I accepted.

redfragglebiker

Got a reply from 247 moneybox offering to write off my current balance which is about £50. Given that I've worked out I've paid around £500 in interest and fees I've rejected, gone back to them and explained to them about the number of other lenders I had on the go at the time,. my credit history showing defaults and my history of repeat lending. Ended with letting them know I was prepared to go to the Ombudsman but would prefer not to as it would mean a long drawn out process for all involved. Waiting for them to come back to me with either a better offer or a refusal (in which case off to the Ombudsman I go!)

funkypriest

Any ideas if I have a chance as my loans were 2012/2013?

I had 21 loans with QQ over the two years.

My complaint 8 weeks is up on the 14th March.

Thanks,

Ginger.ice

redfragglebiker wrote: »

Got a reply from 247 moneybox offering to write off my current balance which is about £50. Given that I've worked out I've paid around £500 in interest and fees I've rejected, gone back to them and explained to them about the number of other lenders I had on the go at the time,. my credit history showing defaults and my history of repeat lending. Ended with letting them know I was prepared to go to the Ombudsman but would prefer not to as it would mean a long drawn out process for all involved. Waiting for them to come back to me with either a better offer or a refusal (in which case off to the Ombudsman I go!)

Take it to the FOS. Let them incur the charge. Its the only way they will truly get punished for what they have done, and continue to do.


My credit file shows that Active Securities (247 moneybox) did a full credit search prior to each loan being issued, and as such they should definitely have known my situation. I suspect they will have done exactly the same for you.


I think I only paid about £300 in interest to them, so for the sake of being awkward that £300 is going to cost them closer to £1000 by the time the FOS have finished with them.

Delete33

Certainly funkypriest, only problem is the same as mine QQ are not playing ball, be prepared to go to the FOS with your complaint.:cool:

sandcastle11

I'd really urge everyone who is in this position to take the plunge and start complaining about responsible lending - I've had refunds/balances written off/compensation from firms including Wonga, Quickquid, Mr Lender, 247Moneybox, Cashasap and more...

My one question is about one of the worst offenders, Minicredit. They lost their license over a year ago, but the website is still live (and you can still log into it). I emailed them and got no response. Does anyone know if it's possible to make a claim to them? Thanks!

Ginger.ice

funkypriest wrote: »

Any ideas if I have a chance as my loans were 2012/2013?

I had 21 loans with QQ over the two years.

My complaint 8 weeks is up on the 14th March.

Thanks,

I had 28 loans with QQ and 5 with Pounds to Pocket (sister company) over an 18 month period (2013/14). They rejected my complaint but offered £300 as a gesture of goodwill. They wouldn't offer this if they thought they hadn't done anything wrong.


The funny thing is that of the 28 QQ loans they only reported the ones under £250 on my credit file, so my credit file only shows 10 loans during this period. Seems to me like they were trying to hide the fact that they were lending over £800 on a frequent basis and on top of the £1200 loaned on their instalment product.


Also credit searches only stay on your report for 24 months so it is difficult to see what they were looking at prior to issuing the loans, however luckily I can see that they did a full credit search prior to my last loan with them, which suggests that they probably did this for all previous loans. My credit file at that time would not have shown any defaults as I'd not got that far by then, however it would have shown someone with £13k of debt on a salary of £21k, 2 credit cards over their limit and absolutely no credit headroom.


I'm predicting the FOS won't look kindly on any of this.

Boatdweller

Victory dance time! Vivus have come back and agreed that they should have seen that I couldn't really afford the loans and are going to refund my interest/charges + 8% to the sum of £411.28

wooo a total of £650 back so far, just Wonga left to hear from.

Delete33

Great news Boatdweller, now for the Treble.

Ginger.ice

Great news. Another victory!