£15k debt, no income until May - best course of action to take here?

help2getdebt3

Fernovo have now acknowledged.

help2getdebt3

Had this from QuidMarket, does anyone know what effect the "Query" has to your credit record?:


RE: Complaint Acknowledgement

I write to acknowledge the complaint we received on 26th March 2025,

I have summarised the complaint below:

·       That you believe QuidMarket did not undertake the requisite creditworthiness and affordability checks on the loans you applied for 

I will now investigate your complaint and will send you a written Final response within 8 weeks of the date of the complaint, although I hope to provide the response sooner.

Please note that QuidMarket has suspended continuous payment authority, meaning that no payment will be attempted from the debit card on file whilst the complaint is being investigated (if your loan is settled this will not apply to you)

QuidMarket do have an obligation to report the status of your account to credit reference agencies, however whist the complaint is under investigation, we will not report any arrears, and instead we’ll report that the account is in ‘Query’ 

I have attached a copy of our Complaints Procedure for your reference.

ManyWays

It sounds as though this is just temporary while they are looking into it? 

kimwp

Can you get another, lower paid job in the interim? I think you can earn up to a certain amount without reducing UC. 

help2getdebt3

kimwp said:

Can you get another, lower paid job in the interim? I think you can earn up to a certain amount without reducing UC. 

Have, thankfully, secured some ad hoc temp work over the next few weeks.

help2getdebt3

Fernovo have offered £10 compensation ( every little helps at the moment I suppose...) and agreed to erase the loan from my credit file if I withdraw the complaint. I've written back to agree to this - I actually only took one loan out with them, for £200, very early on in the process of me getting caught into a spiral of payday loans, and I repaid it in one go, early. So, truthfully, my beef isn't so much with them as some of the providers who came later down the line.

Hoping this is a sensible decision? Didn't seem worth sending to the Ombudsman.

ManyWays

If you are making any other complaints, you should download a copy of your credit report now while this payday loan is still showing, as it may help with other complaints. 

help2getdebt3

Hi all, some good news from me.

Firstly, I'm now back working and it's going well, with my first pay day due at the end of this month. I was able to combine some temp work with Universal Credit to tide me over, and have enough money to live on until payday thankfully.

Secondly, something has happened in my personal life (can't give away too many details without outing myself) as a result of which I've come into £5,000. It was completely unexpected, but it's a great help, and I'll be using the whole amount to chip away at my debt. Unfortunately, the money won't be paid out for a few months (not been given a date yet) - but once I start working again I'll be in a position to resume making payments until i can access this £5k.

Thirdly, I had a result from QuidMarket in response to my complaint yesterday - I've been awarded £597 (which I've now been paid), had the two most recent of my four loans wiped from my credit record and the balance closed on the most recent loan.

This is where I'm up to with my complaints:

1) Fernovo - £10 compensation offered, 1/1 loans wiped
2) FundOurselves - still waiting
3) Money Boat - still waiting
4) Savvy - still waiting
5) Lending Stream - still waiting
6) Tick Tock loans - still waiting
7) QuidMarket - £597 compensation offered, 2/4 loans wiped
8) MyFinanceClub - still waiting
9) MrLender - still waiting
10) The Money Platform - still waiting

Here's where I'm up to with payments (current balances in brackets) [APR in square]:

American Express: Missed 2 payments, pause granted until 25/5 (£2,208.82) [37.7%]
CapitalOne: Up to date (£198.64) [34.080%]
Castle Community Bank: Missed 2 payments, but granted a pause on my account until 25/5 (£2,877.85) [38.98%]

Lloyds overdraft: I don't make regular repayments to this, it just goes up and down based on salary coming in (£2,030.83) [39.9%]
M&S Credit Card: Missed 2 payments - currently discussing pause on payments (£3,996.95) [28.9%]
Finio: Missed 2 payments (£494.76) [69.9%]
Vanquis: Missed 2 payments (£671.84) [33%]
Zopa: Missed 2 payments (£549.16) [29.2%]
PayPal Credit: Missed 1 payment - break agreed until 25/5 (£1,078.63) [21.9%]
QuidMarket
TheMoneyPlatform: Payment postponed to 25 May with no further interest charged (£233.01) [497% - but frozen]
CashASAP: Up to date, literally just made my payments then (£137.26) [290%]

How should I use the £597 to tackle the debt? Smallest balances or highest APR? 

help2getdebt3

I've also realised I didn't make an affordability complaint with CashASAP. I've only ever taken one loan with them, for £200, which is still active. But I thought I'd give it a go.

Is it wise to continue paying payday lenders while undergoing an investigation? Should I also look into taking out affordability complaints against Vanquis, Zopa and CapitalOne, all of whom provided me with credit cards while I continued to stack debts?

ManyWays

Can I ask why you havent complained to Castle Community Bank, Finio and Amex? Have you taken a copy of your current credit record showing the QuidMarket loans, if not get that downloaded immediately

Are you sure you can spare this 597 refund and get through to the end of the month without being short? If you can then Cashasap has to go first. Then I suggest all the rest to Finio, these interest rates are killing.