SafteyNet credit complaint

chrismoore1983

Good afternoon people,
I was wondering whether anyone had some advice please?  I will try and keep this brief.  I took out a loan with SafteyNet credit for £300 around January 2020, when they took repayment the took the full amount plus interest leaving me with £50 (nothing too unusual for this company), I therefore had to take out a further loan with them until I had a balance of £1000.  Since Christmas I have been trying to lower the amount by £100 but is causing me great stress.  I feel that they didn’t assess my financial situation fairly and didn’t not offer me a sustainable loan (having to borrow from them multiple times a month is clearly not sustainable).  They have also emailed my saying that their underwriting team think I am possibly experiencing financial hardship and that my situation may have changed; yet they still allow me to take out loans with them, I feel this is irresponsible lending.
I would like to complain to them through resolver and I would like them to write off the amount outstanding, redress the interest I have paid, remove them from my credit score and most importantly APOLOGISE!, but I am concerned that they may take the full balance back £700 and not allow me further access to credit if I complain.  Has anyone had dealings with this company before? Do people think my complaint is valid and do I have a high possibility of it being accepted by them?
thanks you!!!!
Chris 

sourcrates

Hi,
Did you not realise the loan was due for payment that month ?
You could have chosen to use a debt remedy, rather than resort to further borrowing.
Usually if you need to resort to borrowing money from companies such as this, you probably are experiencing financial hardship.

You are free to make a complaint, but no one here can theorise on the outcome, you either have it upheld or you don`t.
Some acceptance of responsibility lies on your shoulders, however the buck stops with the company concerned, so if they did not do due diligence, then you may have a case for redress.

fatbelly

Make a complaint.

The worrying part of your post is that you appear to still want to do business with them. You need to get yourself into a position where you do not need credit at all and certainly not short term high apr credit

Please post a SOA

https://www.lemonfool.co.uk/financecalculators/soa.php

Hoorah

You sound vulnerable, do you have any friends/family to assist in managing your finances? 

These kind of companies prey on desperate people and should be avoided at all costs. I think you need to take some responsibility as to taking out so many loans, it was your choice after all. Like sourcrates said, it's worth a try though. 

sourcrates

fatbelly said:

Make a complaint.

The worrying part of your post is that you appear to still want to do business with them. 

That worried me also..........

BlueJ94

I was a frequent user of this loan company and I'm sure they have the "breathing limit" where you can lower the amount they take from you in case you're left without money, did you ever use this?