Safety net credit Fos 5 October 2020 at 2:15PM in Reclaim bank & credit card charges 2 replies 639 views

reclaimallican

I made a complaint against safety net credit for miss selling me a loan I couldn't afford. They offered to write off my balance and give Me £2500 back. They didn't at the time tell me how they had worked this out and dint Give me the figures for how much interest I had paid and didnt Give me an 8% interest figure. 

At the time I was desperate so accepted. I then subsequently found out I at paid over £10000 of interest to them over 4 years! 

My question being as I have accepted their original offer and had The money paid will the FOS look at my complaint and how It was dealt with? Or will they diss miss because I accepted the offer from safety net 

brettcta

They won’t decline it because you’ve accepted an offer but they will decline it if safety net’s final response letter was over 6 months ago.

[Deleted User]

Loans are expensive, particularly pay day style ones, you pay a lot of interest if you don't pay the debt back quickly. That you paid £10000 to them for a £2500 loan doesn't mean they owe you all the interest back. Even the FOS accept that even if the loan was considered miss-sold, the basic fact is that you still had the benefit of the money and it's fair to say you need to pay that back in most circumstances.