Pay Day Loan reclaim help

LB1984LB

I hope this is allowed, I am brand new here.

I recently used this forum and used the template letter to try and reclaim my interest and charges from payday loan companies.

here is a copy of my complaint that I sent to 3 companies (Fundourselves, cash4unow, Mr Lender) 

“I have had the above account since 2019 but believe it was mis-sold to me. I do not feel at the time you completed appropriate affordability checks, at the time I was not in a very good place mentally and don't feel my bank accounts were scrutinised enough. The whole process was made too easy for me to obtain money from you, I was also not informed that CPA is optional. I was also offered to defer my loan payments and pay the interest only I don't believe anyone made me aware of the risks of doing this either. I think overall I just feel that I was massively taken advantage of. I am writing to ask you to refund the interest and any charges I paid, plus statutory interest, and to delete any negative information from my credit record. I look forward to your response within eight weeks, otherwise I won't hesitate taking my complaint to the Financial Ombudsman Service


I have now had the final response letter from all 3 basically saying the same thing, that they don’t need to do thorough checks at the start of a lending relationship and they have done the basic checks, which I passed so are not upholding my complaint.

is there another angle I can go at this from? I raised the complaint to the ombudsman for Fundourselves and they have not changed the outcome) 

Any ideas ? 

Thankyou

MorningcoffeeIV

If FOS disagree, court would be your next step.

But the courts will purely look at the legality of the contract. FOS are far more consumer leaning.

I suggest it's time to accept you weren't mis sold and moved on.

sourcrates

You can`t really be mis-sold a loan, your complaint should have been about unaffordable lending, not mis-selling.

They also cannot look at your bank accounts, unless as part of the application process, they ask to see bank statements.
The idea that it was all too easy could be applied to any on-line transaction, so again, isn`t an inherent issue, ways to repay your loans are usually displayed on a companies website as well, and even if not, you are expected to do due diligence yourself before entering any contract.

Where you honest about your income ?
If you had an income, and could afford the repayments, and you were honest about all this in your application, then the lender cannot really be held responsible can they.

Don`t get me wrong, there were some pretty reprehensible payday lenders out there a few years ago, but not all of them were fraudulent, they cannot be expected to know about your health conditions unless you tell them.

LB1984LB

If I’m being completely honest, I am just trying to get it back, just in the same way we all got bank charges and PPI back years ago.

they probably have me covered in the Ts and Cs and just wondering what I can say to be more likely to be successful.

When you apply for a payday loan though some of them ask you 
are you suffering from a gambling addiction?

that just doesn’t seem right, like anyone is desperate for money to feed an addiction is going to get to that point and then basically say I no longer want the loan by ticking that box 

LB1984LB

sourcrates said:

Were you honest about your income ?

No I don’t think I was tbh, I know that is wrong, but I was desperate for money at the time so would say anything 

I also think eventually over the phone I told them how I couldn’t afford it.

sourcrates

Since the likes of Wonga, Sunny, Quick Quid, 247Moneybox, Piggy Bank and Wage Day Advance all went to the wall, those that are left have all been trying to consolidate their positions, in order to make sure they are not next in line for administration.

So as the decline of the above companies was in part due to many 1000`s of unaffordable lending complaints, you can understand why your previous creditors have taken the stance they did.

They don`t want to be next !!!

If you have exhausted the complaints procedure, and the FOS as well, then all that remains is the courts, and to be honest, I would not waste my time going down that route.

Although its not what you were wanting to hear, I would look on this as a learning curve, and move on from it in the hope that you never have to use such loan sharks again, and frankly be thankful for that.

poppy10_2

LB1984LB said:

sourcrates said:

Were you honest about your income ?

No I don’t think I was tbh, I know that is wrong, but I was desperate for money at the time so would say anything 

I'd be wary about being prosecuted for fraud

fatbelly

I agree with sourcrates.

I think your main problem is that by 2019, payday loan companies were already being careful to cover their @rses. Remember Wonga collapsed in 2018.

If you have followed the guidance on making a complaint and asked FOS to rule on it then that's pretty much the end of the road.

No-one's going to prosecute you for fraud. You've just made an unsuccessful complaint. Move on now.