Affordability complaint with FOS - bank statements

Rob5342

Fingers crossed. That sounds like a similar response to mine and I didn't get the simple interest because the refund still left me with a balance. 

Simple interest meant that they add 8% interest on to the refund you are due for each year that has elapsed. Say you were charged £100 interest 2 years ago and that is being refunded, they will add on 2 years x 8% interest = 16% interest so you would hey £116 refunded. That's in contrast to compound interest where you would get 8% for the first year = £108, and then 8% on that again for the second year = £116.64 (ie you get interest on the interest) 

Lenders tend to drag their feet when they deal with the FOS, in my case they took 4 weeks to reply even though they were given 2 weeks by the FOS.

There are two levels at the FOS. The first is an investigator who gives decision and the two parties can agree or disagree. If either disagreea they can ask for it to be escalated to Ombudsman level for a final decision that is legally binding. 

GeekieGirlie

Rob5342 said:

Fingers crossed. That sounds like a similar response to mine and I didn't get the simple interest because the refund still left me with a balance. 

Simple interest meant that they add 8% interest on to the refund you are due for each year that has elapsed. Say you were charged £100 interest 2 years ago and that is being refunded, they will add on 2 years x 8% interest = 16% interest so you would hey £116 refunded. That's in contrast to compound interest where you would get 8% for the first year = £108, and then 8% on that again for the second year = £116.64 (ie you get interest on the interest) 

Lenders tend to drag their feet when they deal with the FOS, in my case they took 4 weeks to reply even though they were given 2 weeks by the FOS.

There are two levels at the FOS. The first is an investigator who gives decision and the two parties can agree or disagree. If either disagreea they can ask for it to be escalated to Ombudsman level for a final decision that is legally binding. 

Ah I see! That makes sense thank you. Yes just the waiting now and hopefully works out. 

GeekieGirlie

Rob5342 said:

Fingers crossed. That sounds like a similar response to mine and I didn't get the simple interest because the refund still left me with a balance. 

Simple interest meant that they add 8% interest on to the refund you are due for each year that has elapsed. Say you were charged £100 interest 2 years ago and that is being refunded, they will add on 2 years x 8% interest = 16% interest so you would hey £116 refunded. That's in contrast to compound interest where you would get 8% for the first year = £108, and then 8% on that again for the second year = £116.64 (ie you get interest on the interest) 

Lenders tend to drag their feet when they deal with the FOS, in my case they took 4 weeks to reply even though they were given 2 weeks by the FOS.

There are two levels at the FOS. The first is an investigator who gives decision and the two parties can agree or disagree. If either disagreea they can ask for it to be escalated to Ombudsman level for a final decision that is legally binding. 

Both of these have updated on my credit file as defaults today. Says defaulted 30/5. Do I contact them now to make an agreed payment or wait until this complaint has completed and then see what the balances are? Or wait to be contacted by them for payment? Not sure how to handle them from this point on now. Presume wait for this to be resolved? Just concerned if they end up passing the debt on before resolved how it will affect the complaint etc. 

RAS

Things rarely move quickly in debt collection. You think about your individual debt(s), the creditor has hundreds of thousands to deal with.

If they are going to assign or sell, they need a big enough batch to justify the admin. That will take time, even if they have a contractual arrangement agreeing where that batch will be sent.

Rob5342

GeekieGirlie said:

Rob5342 said:

Fingers crossed. That sounds like a similar response to mine and I didn't get the simple interest because the refund still left me with a balance. 

Simple interest meant that they add 8% interest on to the refund you are due for each year that has elapsed. Say you were charged £100 interest 2 years ago and that is being refunded, they will add on 2 years x 8% interest = 16% interest so you would hey £116 refunded. That's in contrast to compound interest where you would get 8% for the first year = £108, and then 8% on that again for the second year = £116.64 (ie you get interest on the interest) 

Lenders tend to drag their feet when they deal with the FOS, in my case they took 4 weeks to reply even though they were given 2 weeks by the FOS.

There are two levels at the FOS. The first is an investigator who gives decision and the two parties can agree or disagree. If either disagreea they can ask for it to be escalated to Ombudsman level for a final decision that is legally binding. 

Both of these have updated on my credit file as defaults today. Says defaulted 30/5. Do I contact them now to make an agreed payment or wait until this complaint has completed and then see what the balances are? Or wait to be contacted by them for payment? Not sure how to handle them from this point on now. Presume wait for this to be resolved? Just concerned if they end up passing the debt on before resolved how it will affect the complaint etc. 

I'd wait for now and let things take their course as the FOS has already contacted them. If they accept the decision then they should write to you at some point with details of the refund, and then you can contact them about repayments if there is anything outstanding. They shouldn't sell it on if there is a complaint outstanding, if they do I think it's down to them to buy it back ajd sort things out. If you are concerned about it then ask the investigator about it. 

sourcrates

Wait until you are written too, its up to them to chase you for payment, not the other way around.

Also see what the outcome of the complaints are first, one step at a time lol.

GeekieGirlie

RAS said:

Things rarely move quickly in debt collection. You think about your individual debt(s), the creditor has hundreds of thousands to deal with.

If they are going to assign or sell, they need a big enough batch to justify the admin. That will take time, even if they have a contractual arrangement agreeing where that batch will be sent.

Oh I see! Didnt realise all that thank you. That’s good to know!

GeekieGirlie

Rob5342 said:

GeekieGirlie said:

Rob5342 said:

Fingers crossed. That sounds like a similar response to mine and I didn't get the simple interest because the refund still left me with a balance. 

Simple interest meant that they add 8% interest on to the refund you are due for each year that has elapsed. Say you were charged £100 interest 2 years ago and that is being refunded, they will add on 2 years x 8% interest = 16% interest so you would hey £116 refunded. That's in contrast to compound interest where you would get 8% for the first year = £108, and then 8% on that again for the second year = £116.64 (ie you get interest on the interest) 

Lenders tend to drag their feet when they deal with the FOS, in my case they took 4 weeks to reply even though they were given 2 weeks by the FOS.

There are two levels at the FOS. The first is an investigator who gives decision and the two parties can agree or disagree. If either disagreea they can ask for it to be escalated to Ombudsman level for a final decision that is legally binding. 

Both of these have updated on my credit file as defaults today. Says defaulted 30/5. Do I contact them now to make an agreed payment or wait until this complaint has completed and then see what the balances are? Or wait to be contacted by them for payment? Not sure how to handle them from this point on now. Presume wait for this to be resolved? Just concerned if they end up passing the debt on before resolved how it will affect the complaint etc. 

I'd wait for now and let things take their course as the FOS has already contacted them. If they accept the decision then they should write to you at some point with details of the refund, and then you can contact them about repayments if there is anything outstanding. They shouldn't sell it on if there is a complaint outstanding, if they do I think it's down to them to buy it back ajd sort things out. If you are concerned about it then ask the investigator about it. 

Ok that’s great,  I’ll wait. thank you.  

GeekieGirlie

sourcrates said:

Wait until you are written too, its up to them to chase you for payment, not the other way around.

Also see what the outcome of the complaints are first, one step at a time lol.

Lol I know. All happens at once and me minds off over thinking and planning 100 miles an hour! I shall have some patience…and wait it out! 

GeekieGirlie

This affordability complaint that is on going, the FOS gave them a deadline of 23rd June to reply to their email saying it should be Upheld. I still haven’t heard anything back. 

I emailed the FOS on 10th July for an update and they said they’d not had a reply from Newday so will chase them up. Still not heard anything. So they are 5 weeks late to the date they were told to reply by. Is this normal for a lender to just not bother replying? And if not what happens? I know FOS investigator did say if they didn’t get a reply they will get an Ombudsman to determine the complaint. So far that doesn’t seem to have happened. Just curious if this is all normal procedure?