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

help2getdebt3

Update on responses, have now heard from MyFinanceClub too:

Due to hear by 22/05/2025

1) Fernovo - £10 compensation offered, 1/1 loans wiped

2) FundOurselves - still waiting

3) Money Boat - did not uphold claim, Ombudsman contacted

4) Savvy - still waiting

5) Lending Stream - did not uphold claim, not pursuing

6) Tick Tock loans - still waiting

7) QuidMarket - £597 compensation offered, 2/4 loans wiped

8) MyFinanceClub - did not uphold claim, not pursuing

9) MrLender - still waiting

10) The Money Platform - still waiting

Due to hear by 28/06/2025

11) Finio - still waiting

12) Zopa - still waiting

13) Vanquis - did not uphold claim, not pursuing

14) Castle Community Bank - still waiting

help2getdebt3

Tick Tock loans haven't upheld my claim but have paid £50 for "bringing it to their attention" - again, these were small loans a long time ago, so I'm happy to take that

help2getdebt3

Been offered this by The Money Platform

Remove all late fees from the outstanding balance of the last loan. Therefore, the outstanding balance will reduce from £252.63 to £153.30.
Set up a repayment plan for £153.30 to be repaid at a schedule and repayment amount that is affordable for you.
Remove all three loans from your credit file once final loan is repaid. This will also remove any associated negative marks, including any late payment markers.

These were the loans I had with them

Loan 1 - December 2023
Amount: £300
Length: 2 weeks
Total repayment: £350.40

Loan 2 - May 2024
Amount: £400
Length: 3 months
Total repayment: £586.12

Loan 3 - January 2025
Amount: £400
Term: Meant to be 3 months, but still open
Total repayment: £375.25 (so far - £253.30 owed according to them, if I don't accept their offer)

Does this seem like a fair offer?

ManyWays

Its not generous, but a 3 loan case can be marginal to win at the Financial Ombudsman. 
A good offer would be a refund of the interest on the last loan, reducing the balance to £25. 
I dont know if Money Platform would be open to negotiation.

help2getdebt3

ManyWays said:

Its not generous, but a 3 loan case can be marginal to win at the Financial Ombudsman. 
A good offer would be a refund of the interest on the last loan, reducing the balance to £25. 
I dont know if Money Platform would be open to negotiation.

I've now gone back to The Money Platform to propose this.

Had some mixed results today, Mr Lender refused to uphold my claim, and tbh I don't think it's one worth pursuing. Fund Ourselves offered £50 compensation, which I've accepted as they were old, small loans. CapitalOne upheld my complaint and removed that £200 credit card I was approved for, wiping the balance. 

chocnjb

Hi, any help or advice would be much appreciated. I took out about 8 loans with quick market about 8-9 years ago and want to complain as I was definitely in a circle of debt as a single mum. 

Did you use a template letter of complaint to send to quid market? How detailed was this complaint? I have got the dsar I requested from them this week with all the loans etc.
how quickly were they to respond to your complaint? By the looks of it very quickly?? 

Many thanks x

sourcrates

chocnjb said:

Hi, any help or advice would be much appreciated. I took out about 8 loans with quick market about 8-9 years ago and want to complain as I was definitely in a circle of debt as a single mum. 

Did you use a template letter of complaint to send to quid market? How detailed was this complaint? I have got the dsar I requested from them this week with all the loans etc.
how quickly were they to respond to your complaint? By the looks of it very quickly?? 

Many thanks x

Strict time limits apply to affordability complaints, are you still repaying these loans?

If they ended more than 6 years ago, you are out of time unfortunately, however if you have been paying them, or have made repayments within the last 6 years, you can still complain to your lender.

If you have specific questions please start your own new thread, as this one dates back to May.