Affordability complaint update

agentblackcat

Hi. 

I have submitted some affordability complaints. One is for Bamboo. For 3 loans. They have acknowledged my complaint and asked for bank statements for the prior 2 months before taking out loans to help their investigation. Should I send these? Any advice from any one that has had similar complaints.

Thanks 

Hoenir

If your claim is on the basis of affordability. You'll need to substantiate this with hard facts. Words alone won't suffice. 

sourcrates

Agreed, your asking them to refund money to you, you say they should not have lent you, so yes you should provide what ever they ask for to back up what you have said.

agentblackcat

Thanks. I have sent info required to lender. 

ManyWays

Sounds from this as though Bamboo makes poor offers: https://debtcamel.co.uk/refunds-large-high-cost-loans/comment-page-42/#comment-536660

agentblackcat

ManyWays said:

Sounds from this as though Bamboo makes poor offers: https://debtcamel.co.uk/refunds-large-high-cost-loans/comment-page-42/#comment-536660

Thanks for link. Very interesting. I'll see what they say. I have sent my bank statements and a bit off further information regarding spending on the account plus other debts. I have repaid both loans but with other lending. 

agentblackcat

Hi. 

I have an update. I received my response not upholding my complaint but offering £300 pounds compensation. I find this really odd. They are saying they don't believe they did anything wrong so why offer £300. They also said I have 7 days to accept or they will withdraw the offer. Or if I decide to go to financial ombudsman they will also withdraw the offer. Any advice? 

TheAble

How much money is involved if you believe you have a genuine grievance? If significantly more than £300 then it may make more sense to reject the offer.

Rob5342

It's because they want you to.drop the complaint, quite possibly because they know they are in the wrong. If yoo tske it to the FOS they will charge bamboo £500, and Bamboo will have to refund you if the FOS find in your favour. They offer you £300 and try and panic you into accepting it to try and make the whole thing disappear more xheaply.

What should you do? It really depends on how strong your case is and how much interest is involved. If you ask on the debt camel page Sara might be able to give an idea of how likely a win is. I've made some payday loan complaints and with those it was only when Id got up to about 5 consecutive loans that the FOS said that they shouldn't have lent to me. 

agentblackcat

Hi 

So I had 3 loans, later 2 were top ups. I think but unsure a possible refund of around £2k. Loans are closed as I stupidly took out further lending to get them paid off. Anyway I believe at time of these loans they were unaffordable due to having my debt repayments and essential bills being more than my take home pay, this is not including food and fuel. This led me to rely on lending and credit. I have attached below the loan details. Might be wrong about potential interest amount. 🤔 

kezzygirl

Where does personal responsibility lie with unaffordability? I get that companies check credit history when offering credit, but surely when borrowing you would check you can afford it?