Buddyloans - Complaint for mis-sold guarantor loan

bradman28

I have used the resolver complaint escalation system and had a response from Buddyloans threaten they would report me to Cifas by claiming I lied on my application towards affordability. Has anyone else had this as their final response?

Brock_and_Roll

I guess its a valid counter response......Is there any evidence that they might be able to produce to show that any on the income information on the loan application is overstated?

If there is and if the ability to get credit in the future, you would be advised to let this matter drop!

jonesMUFCforever

In my head I can just hear that tea lady in Father Ted Mrs Doyle saying ''O go on, Go on, Go on''
You have to be of a certain age to get this LOL.

sourcrates

bradman28 said:

I have used the resolver complaint escalation system and had a response from Buddyloans threaten they would report me to Cifas by claiming I lied on my application towards affordability. Has anyone else had this as their final response?

And did you lie ?

Basically its a ploy to try to persuade you to drop your complaint, you cannot be penalised for making a complaint, its your statutory right to do so.

What exactly has transpired prior to these events, you made a complaint about ?

Looking online it appears they have form for not cooperating with FOS decisions against them.

SpreadableToast

sourcrates said:

bradman28 said:

I have used the resolver complaint escalation system and had a response from Buddyloans threaten they would report me to Cifas by claiming I lied on my application towards affordability. Has anyone else had this as their final response?

And did you lie ?

Basically its a ploy to try to persuade you to drop your complaint, you cannot be penalised for making a complaint, its your statutory right to do so.

What exactly has transpired prior to these events, you made a complaint about ?

No, but if the OP is claiming that it was unaffordable and they are now claiming that their income was lower than was stated, they're perfectly entitled to give them a CIFAS marker for it.  Its fraud, regardless of whether the loan company should have done more checks.  It;'s about time they stop rolling over for this kind of thing.

Jsacker

A good link is: https://debtcamel.co.uk/payday-lender-says-lied/

You have to take it with a pinch of salt (not actual legal advice), but a lot of it is how things usually panned out a year or two ago (though my experience is only with fiddly little payday lenders). I think it depends on what you've lied about, and how bad it is! 

The person above me stated:

No, but if the OP is claiming that it was unaffordable and they are now claiming that their income was lower than was stated, they're perfectly entitled to give them a CIFAS marker for it. Its fraud, regardless of whether the loan company should have done more checks. It;'s about time they stop rolling over for this kind of thing.

(reminds me of one of the regulars, who is from the banking sector, who plays cat and mouse with the forum)

I think there *might* be a time and a place for this sort of thinking, but only in instances where the fraud is actually pretty bad. Perhaps like declaring that you're earning £1,200 a month when you're sat on your !!!!!! all day with no job/income (though the lender must acknowledge some blame in allowing that one to get through IMO; more so for big loans like £1k+, but less so for a £50 Lendingstream one etc). Or actually lying about pretty important facts (like your name, or your guarantor etc) which results in an otherwise rejected application getting through.

If it is, for example, a few £100 less in wages, or rent figures a bit lower, then I think what the quoted poster proposes is unduly harsh and, as per the debtcamel link, open to quite a few forms of defence EVEN IF you "lied" (don't acknowledge that to lender BTW; let THEM prove that !!!!!!). 

You are likely on your own with this one (I have zero experience with guarantor complaint, but similar principle to PDLs) and might be worth chatting to the likes of CAB to see what they can advise. If you're happy sharing what specifically the "lie" claim is then I'm sure people on here can have a guesstimate as to whether you have a chance of getting a CIFAS marker (and not merely wishing that you get one).

If it is soft-!!!!!! stuff then I would personally be inclined to just persevere with the complaint and "call their bluff" (opinion, not legal advice), but it admittedly sucks that sourcrates has found out that they don't often comply with FOS rulings

sourcrates

SpreadableToast said:

sourcrates said:

bradman28 said:

I have used the resolver complaint escalation system and had a response from Buddyloans threaten they would report me to Cifas by claiming I lied on my application towards affordability. Has anyone else had this as their final response?

And did you lie ?

Basically its a ploy to try to persuade you to drop your complaint, you cannot be penalised for making a complaint, its your statutory right to do so.

What exactly has transpired prior to these events, you made a complaint about ?

No, but if the OP is claiming that it was unaffordable and they are now claiming that their income was lower than was stated, they're perfectly entitled to give them a CIFAS marker for it.  Its fraud, regardless of whether the loan company should have done more checks.  It;'s about time they stop rolling over for this kind of thing.

You’ll find quite a large percentage of borrowers lie about their income, in days gone by it was the brokers who falsified debtors income in order to obtain the finance, brave new world.

John_

sourcrates said:

SpreadableToast said:

sourcrates said:

bradman28 said:

I have used the resolver complaint escalation system and had a response from Buddyloans threaten they would report me to Cifas by claiming I lied on my application towards affordability. Has anyone else had this as their final response?

And did you lie ?

Basically its a ploy to try to persuade you to drop your complaint, you cannot be penalised for making a complaint, its your statutory right to do so.

What exactly has transpired prior to these events, you made a complaint about ?

No, but if the OP is claiming that it was unaffordable and they are now claiming that their income was lower than was stated, they're perfectly entitled to give them a CIFAS marker for it.  Its fraud, regardless of whether the loan company should have done more checks.  It;'s about time they stop rolling over for this kind of thing.

You’ll find quite a large percentage of borrowers lie about their income, in days gone by it was the brokers who falsified debtors income in order to obtain the finance, brave new world.

It’s still fraud, even if you think that many people do it.
Do you actually have any evidence for your assertion though? I’d be surprised it it was true, I think that most people are honest.

MinuteNoodles

bradman28 said:

I have used the resolver complaint escalation system and had a response from Buddyloans threaten they would report me to Cifas by claiming I lied on my application towards affordability. Has anyone else had this as their final response?

If your income was lower than what you put on the application and/or your expenses and existing financial commitments were higher than what you put on the application then yes, you've committed fraud, you've falsely overstated your income and/or understated your outgoings to gain a financial advantage. In that case they have every right to put a CIFAS fraud marker on your file.

mattyprice4004

Before anything else, did you or did you not lie about your income? 
If so, their response is perfectly valid. Fibbing gets you nowhere  

Frankly, good on them if that's the case. Customers shouldn't have to subsidise people who embellish their income to obtain money by deception.

SpreadableToast

sourcrates said:

SpreadableToast said:

sourcrates said:

bradman28 said:

I have used the resolver complaint escalation system and had a response from Buddyloans threaten they would report me to Cifas by claiming I lied on my application towards affordability. Has anyone else had this as their final response?

And did you lie ?

Basically its a ploy to try to persuade you to drop your complaint, you cannot be penalised for making a complaint, its your statutory right to do so.

What exactly has transpired prior to these events, you made a complaint about ?

No, but if the OP is claiming that it was unaffordable and they are now claiming that their income was lower than was stated, they're perfectly entitled to give them a CIFAS marker for it.  Its fraud, regardless of whether the loan company should have done more checks.  It;'s about time they stop rolling over for this kind of thing.

You’ll find quite a large percentage of borrowers lie about their income, in days gone by it was the brokers who falsified debtors income in order to obtain the finance, brave new world.

IF that's true (I don't really think it is but that's an argument for another day) then that's all the more reason to support companies that are actually doing something to try and put a stop to it (or at least take steps to discourage it) rather than vilifying them because you don't happen to like their business model.  And I think it says a lot about you if your response is basically "well everyone does it so who cares?"