Payday Loan and FOS

leslieleee

Hi all, I've taken out several payday loans in the last 2 years, and recently I filed complaints to all of them using the tools on MSE website. Two of them offered compensation (Mr Lender and Fernovo), but the rest issued final decision saying that won't upload the complaint. Therefore I escalated the cases to FOS. After 2 weeks, FOS got back to each of the cases with a reference number. I submitted all the additional information they asked for. And I've been told that I will only get a reply or update about the case around Christmas this year. 

Just wondering if anyone has escalated payday loan complaints to FOS before, and what's your experience with them? I've made some terrible decisions to get those loans and I do hope that I could claim some of the interests paid... But I'd like to know others' experience as well... THanks! 

[Deleted User]

What happened to other people is irrelevant as no two circumstances are the same. Where person a got a refund, you may not, where person b was refused, you may get one. Someone could have complained because they were irresponsible borrower and got rejected correctly, someone else may have chanced their arm and got lucky. The FOS provides a neutral review of cases but simply having a pay day loan is not cause for complaint. Assuming you told the truth when applying for the loans then what will be will be

Sandtree

leslieleee said:

Just wondering if anyone has escalated payday loan complaints to FOS before, and what's your experience with them? 

No need to ask random strangers for stories that may or may not be true... all decisions by the FOS's higher members of staff (ombudsmen) get published on their website and can be searched at https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions. 

Some get upheld, some get rejected:
Rejected - https://www.financial-ombudsman.org.uk/decision/DRN-3507266.pdf 
Upheld - https://www.financial-ombudsman.org.uk/decision/DRN-3365780.pdf 

This is the FOS' guidelines on how they look at unaffordable lending complaints https://www.financial-ombudsman.org.uk/businesses/complaints-deal/consumer-credit/unaffordable-lending 

leslieleee

Thanks for the replies. The FOS got back to me and rejected two cases. But the rest seems to be followed up now and I expect some updates by January 2023.