Tappily stopping lending...

samuel22

SafetyNet has in recent weeks been paying close attention to the significant changes we have seen in customer behaviour as a result of the current cost of living crisis. As a result of this and following engagement with the FCA we have reluctantly decided to temporarily stop all lending until further notice. This means that the automated top-ups function will no longer work for those customers who have it switched on.

30Lozza30

It definitely seems like they are in trouble and this reminds me of the situation in 2019 with wonga - i think they are about to sink. Tappily, Safety net, and Indigo Michael are all part of the same group. 

However, it is scary to see all sites have no announcements such as the email on them, and still have 'APPLY NOW' buttons that are active. The irony...

 samuel22 said:

Had the exact email yesterday for SafetyNetCredi

IanJ62

I received the message below from Trust pilot regarding a review I had posted.

“ Thanks for your review on Trustpilot.

Based on your review, Tappily would like a little more information about your experience. This will help them write a more useful reply to you. It'll also help them verify that you’ve had a genuine experience with their business.”

They where asking for my name agreement no, tel no, and full name and email, 

My trust pilot name is anonymous due to previous experience. I have decided not to respond as I’m cynical of the motive and why haven’t they just answered anyone on trust pilot. 

It’s interesting that they have time to monitor trust pilot under the circumstances 

Mistermark21

If we just cancel the bank link/direct debit thing would this save one from them taking a payment come payday? Because I used to pay mine in full. If I do that now I'll have nothing.

30Lozza30

Mistermark21 said:

If we just cancel the bank link/direct debit thing would this save one from them taking a payment come payday? Because I used to pay mine in full. If I do that now I'll have nothing.

Yes, i have cancelled mine today - the bank blocked any further payments from my card. I got their bank details to make small payments as and when needed by bacs rather than them having my details. They are in breach of their own agreement - it's really a mess. 

stuartmwk79

It’s not advice as I’m not qualified to give it, but surely, if they can’t lend, they can’t take on new customers. If current customers were to stop paying them, they will go bust as will any financial liability to them. Remember, a lot of their customers (granted, not all) are vulnerable with financial constraints and this company locked them into a revolving credit agreement. They charge interest right up to the legal limit too. I bet their CEO is suffering through the credit crisis! 

stuartmwk79

samuel22 said:

SafetyNet has in recent weeks been paying close attention to the significant changes we have seen in customer behaviour as a result of the current cost of living crisis. As a result of this and following engagement with the FCA we have reluctantly decided to temporarily stop all lending until further notice. This means that the automated top-ups function will no longer work for those customers who have it switched on.

Essentially means that something has come to light or been reported, and the FCA has acted upon it! Nothing to do with customer behavior! Total BS.

I think it’s probably irresponsible lending, excessive interest rates, accessing customer’s bank accounts whenever they like, and generally putting customers in a worse financial position than they were before taking the revolving credit! Worth looking at complaining, first to the company and when they dismiss it, refer complaint to the financial ombudsman. You may be able to bring a claim, particularly if your loan agreement is in accordance with the Consumer Credit Act 1974.

30Lozza30

I have just this minute received this message on their dashboard. 

Dear Customer, We apologise for any inconvenience caused by the changes we have made this week, however we are pleased to announce that we will be restarting all lending later today, subject to our usual checks. We are also able to take repayments using the Continuous Payment Authority (CPA) but these are now capped based on your individual affordability. If you wish to make payments over and above this, you may do so from your dashboard (Please also be aware any repayments we take automatically may not be enough to meet your contractual minimum payment. You can find this amount and when it is due on your dashboard. Auto-borrowing and automatic repayments explained: Automatic repayments – as soon as we see your bank balance increase by more than £50 (for example, you may have received your salary) we will attempt to take an automatic repayment from your bank account. This will reduce your balance with us and save you interest (remember, we charge 34p daily for every £100 borrowed for up to 75 days). The amount of this repayment is capped at your repayment cap and will not take your bank balance below your protection level. You can set the protection level yourself through your online dashboard up to a level of £500 although it is set to £20 by default. Automatic borrowing - this feature is temporarily unavailable. If you previously had this enabled, note we will no longer send funds to your account when your balance drops your protection level, but you can still withdraw funds from your dashboard. Kind regards, Tappily

IanJ62

30Lozza30 said:

I have just this minute received this message on their dashboard. 

Dear Customer, We apologise for any inconvenience caused by the changes we have made this week, however we are pleased to announce that we will be restarting all lending later today, subject to our usual checks. We are also able to take repayments using the Continuous Payment Authority (CPA) but these are now capped based on your individual affordability. If you wish to make payments over and above this, you may do so from your dashboard (Please also be aware any repayments we take automatically may not be enough to meet your contractual minimum payment. You can find this amount and when it is due on your dashboard. Auto-borrowing and automatic repayments explained: Automatic repayments – as soon as we see your bank balance increase by more than £50 (for example, you may have received your salary) we will attempt to take an automatic repayment from your bank account. This will reduce your balance with us and save you interest (remember, we charge 34p daily for every £100 borrowed for up to 75 days). The amount of this repayment is capped at your repayment cap and will not take your bank balance below your protection level. You can set the protection level yourself through your online dashboard up to a level of £500 although it is set to £20 by default. Automatic borrowing - this feature is temporarily unavailable. If you previously had this enabled, note we will no longer send funds to your account when your balance drops your protection level, but you can still withdraw funds from your dashboard. Kind regards, Tappily

That’s very good news if that’s the case and will relive many customers, myself included. 

IanJ62

IanJ62 said:

30Lozza30 said:

I have just this minute received this message on their dashboard. 

Dear Customer, We apologise for any inconvenience caused by the changes we have made this week, however we are pleased to announce that we will be restarting all lending later today, subject to our usual checks. We are also able to take repayments using the Continuous Payment Authority (CPA) but these are now capped based on your individual affordability. If you wish to make payments over and above this, you may do so from your dashboard (Please also be aware any repayments we take automatically may not be enough to meet your contractual minimum payment. You can find this amount and when it is due on your dashboard. Auto-borrowing and automatic repayments explained: Automatic repayments – as soon as we see your bank balance increase by more than £50 (for example, you may have received your salary) we will attempt to take an automatic repayment from your bank account. This will reduce your balance with us and save you interest (remember, we charge 34p daily for every £100 borrowed for up to 75 days). The amount of this repayment is capped at your repayment cap and will not take your bank balance below your protection level. You can set the protection level yourself through your online dashboard up to a level of £500 although it is set to £20 by default. Automatic borrowing - this feature is temporarily unavailable. If you previously had this enabled, note we will no longer send funds to your account when your balance drops your protection level, but you can still withdraw funds from your dashboard. Kind regards, Tappily

That’s very good news if that’s the case and will relive many customers, myself included. 

All though I have not received that message yet so fingers crossed