Irresponsible lending claim after DRO

tommyandjonny1

I went through a DRO in 2020 and was discharged from this in 2021.
I’ve recently had an irresponsible lending claim go through the ombudsman who had agreed the lending was irresponsible. I have used a no win no fee company.

However I’m worried that any redress will go to the DRO/Aqua and not myself. In this instance I would still owe the company I used their share of the money. I don’t want to get in debt again it’s a hard few years.

Has anyone had a similar situation? 

MattMattMattUK

tommyandjonny1 said:

I went through a DRO in 2020 and was discharged from this in 2021.
I’ve recently had an irresponsible lending claim go through the ombudsman who had agreed the lending was irresponsible. I have used a no win no fee company.

However I’m worried that any redress will go to the DRO/Aqua and not myself. In this instance I would still owe the company I used their share of the money. I don’t want to get in debt again it’s a hard few years.

Has anyone had a similar situation? 

That can and does happen yes, there is not a lot you can do about it if it does, one of the many issues of using a claims management company.

fatbelly

I think you may well get a bill from your claim company.

I would not have advised going for a claim against a debt that has been written off by a DRO

tommyandjonny1

Surely the claim company should have advised? 

tommyandjonny1

fatbelly said:

I think you may well get a bill from your claim company.

I would not have advised going for a claim against a debt that has been written off by a DRO

Hindsight is a wonderful thing 

MattMattMattUK

tommyandjonny1 said:

Surely the claim company should have advised? 

Nope. You asked them to do something and agreed to their terms and fees, they are a claims management company, not a financial advisor. 

tommyandjonny1

I’ll wait and see the outcome. The insolvency service advised they have no interest in the claim so hopefully that makes things a little better for my situation. 

fatbelly

tommyandjonny1 said:

Surely the claim company should have advised? 

You can argue that, but I suspect there will be something in the contract along the lines.MattMatt suggests.

The op should check.

MattMattMattUK

tommyandjonny1 said:

I’ll wait and see the outcome. The insolvency service advised they have no interest in the claim so hopefully that makes things a little better for my situation. 

Be prepared for Aqua to use it to offset the unpaid debt, they can use it to cover and unrepaid capital.

sourcrates

The debt being written off by insolvency would likely supersede any complaints resolution that may or may not be agreed upon, you will be liable for the claims management companies fee`s in any case, so I won`t rub it in any harder for you.

tommyandjonny1

I’ve had an outcome sent for 8% interest for the years along with all fees and interest refunded. The ombudsman has advised that if the insolvency service have no interest in the claim and are happy for the redress to be paid to me then it would come to myself. Ideally I’d like someone who’s had a similar circumstance to advise.