SafetyNet Refund Success Story - Irresponsible Lending

Buntu

Magar008 said:

Due redress of £9007 which I accepted on 22 Dec told it would be sorted 3rd Jan,so spent a little more than usual at Christmas as I was getting redress on 3rd turns out when I rang on the 3rd that the department was busy due to the festive season 
Feels like the final kick in the teeth by this company final resolutions should be honoured if there still trading 

I’m sorry but you aren’t going to get it, we’re all feeling it. See further up in the thread as to why they’re still trading 

mrswilkins19

Magar008 said:

Due redress of £9007 which I accepted on 22 Dec told it would be sorted 3rd Jan,so spent a little more than usual at Christmas as I was getting redress on 3rd turns out when I rang on the 3rd that the department was busy due to the festive season 
Feels like the final kick in the teeth by this company final resolutions should be honoured if there still trading 

Exactly the same with me, borrowed money because this was supposed to come on the 3rd jan and now looks like I won’t get anything! I can’t understand why they aren’t bound to honour what they already agreed but i guess that’s why they were stalling and blaming the festive season as they knew this would be happening. 

Buntu

The reason they can not pay what they have agreed to it because they owe £50 million to a secure creditor, and secure creditors take priority. They were probably hoping that someone would save them from bankruptcy, but that hasn’t happened and here we are. With debts of £50 million+ I really doubt any of are going to see a penny of it. It was a little bit silly to spend money that you hadn’t received yet, but we’re all guilty of it

Magar008

Yes it was silly to spend money ,that you didn't recieve ,but they shouldn't have been sending out the redress letters saying ,you are due this amount that we will uphold ,they shouldn't have responded to any cases and sent all to fos and delayed the process if they knew they were going under 

mrswilkins19

Magar008 said:

Yes it was silly to spend money ,that you didn't recieve ,but they shouldn't have been sending out the redress letters saying ,you are due this amount that we will uphold ,they shouldn't have responded to any cases and sent all to fos and delayed the process if they knew they were going under 

Totally agree! If I hadn’t received the letter I wouldn’t have spent anything! I would have thought that having something in writing saying we owe you such and such that will be paid on this date as a dead cert! I didn’t expect to even hear from them in all honesty so didn’t think I was even getting anything until I had that letter. I’m gutted but it is what it is. We probably won’t get a penny now but I do think that everyone who has had the letter agreeing to money should get it. 

Buntu

I agree with you all, there’s lots of things they shouldn’t have done - including lending at ridiculous APRs in the first place. However, legally, I don’t think they can reject claims into they fully appoint administrators and none of us know what that entails. All I meant was that it was silly to spend money before you actually have it in the bank. It’s risky. Hopefully we can all move on from this now.