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Payday Loan Reclaim HELP/ADVICE PLEASE

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Payday Loan Reclaim HELP/ADVICE PLEASE

edited 30 November -1 at 1:00AM in Loans
8 replies 674 views
nunez_rnunez_r Forumite
2 posts
MoneySaving Newbie
edited 30 November -1 at 1:00AM in Loans
Hi Everyone,


Im after some advice as im really not sure where I stand or what to do in the current situation im in.


Over the past 3 years or so I have suffered with a gambling addiction (over 12 months now without any urges or problems) during the time when things got bad I turned to payday loans to feed the addiction, I would take out 1 payday loan of 500 to blow on online gambling only to go to another company and take another one out for 1000 to pay the other 500 off and use the rest to "try and win" my losses back enough to cover the other loan I took out, as you know this only went 1 way ....


the above went on for some time and I'm deeply ashamed of what I did and the mess I got myself into, I decided enough was enough and started to make some changes, I deleted all betting accounts and disabled them for 10 years without any way of getting them back and also opened up to my partner about my troubles, I got the help I needed !! the trouble im in now is I have probably 8-10 payday loans (approx. £5000 debt) all in default and sold onto debt collection agencies in which I have a minimum repayment plan set up with them but I feel the damage is already done for my future and my partners future for the next 5-10 years to rebuild what I destroyed and move onto purchasing my first home and becoming financially stable. the reason im posting this is because after seeing recently a thread regarding being able to claim back payday loans under certain circumstances, from what I can remember I don't recall any financial checks being done when taking these loans out, I cant recall ever having to prove any income just complete an online application form and the money was there, even on the application form someone desperate enough like I was at the time I made up my total income to ensure I got the loan and wasn't accurate at all but I was desperate and still no proof was required for this they just accepted what I put down. would I have any grounds to stand on to go back to the companies in which I have outstanding balances and request this be cancelled/settled due to being mis-sold? I completely understand all of the above is from my own doing but I just feel maybe the spiral could have been prevented from the companies by not willingly let me do what I wanted. When the first payments was due and I rang each payday loan company to say I wasn't in a position to pay and wouldn't be for the foreseeable future the only thing I had to do was a income/outgoing expenditure form on the phone and even then that isn't checked regarding the income that can be completed made up.


Can anyone offer any advice on what I should do and if so how I should go about it? I literally don't have a clue if I have any rights to complain or what I would need to do so in terms of any evidence or proof etc? Would I have to prove that the payday loan companies didn't do financial checks?


thank you for any advice offered in advance :A

Replies

  • DCFC79DCFC79 Forumite
    38.5K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Doing a reclaim wont cost anything, there's various letters about.

    There's 1 on mse, just google pay day loan claim letter, debt camel has 1 too.

    I take it you can remember all the loan companys ?
  • nunez_rnunez_r Forumite
    2 posts
    MoneySaving Newbie
    thanks, I can get the details from credit report sites. Have you done this in the past out of interest? do you know if any certain proof/evidence would be required to argue my claim?


    thank you
  • edited 21 February at 10:46AM
    DannydudeDannydude Forumite
    3 posts
    Second Anniversary First Post
    MoneySaving Newbie
    edited 21 February at 10:46AM
    Hi all, I used resolver and have received a refund from safety net and today a final response with refund from Lending-stream.

  • edited 22 February at 3:28AM
    Willing2LearnWilling2Learn Forumite
    6.3K posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
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    edited 22 February at 3:28AM
    Hi nunez_r,
    Are you sure the PDL companies checked affordability properly before giving you the cash?

    Have a really good read of the following two DebtCamel articles linked below.  They include letter templates you could use to correspond with your creditors.
    How to get a payday loan refund – with template letters that work

    How gambling affects payday loan refunds

    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • camelot1971camelot1971 Forumite
    1.2K posts
    Ninth Anniversary 1,000 Posts
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    Lying on application forms is fraud, regardless of whether it was verified or not. If you really want to go down the reclaim route, be prepared to have CIFAS markers placed, which will end your ability to get any kind of credit or account for a long time. 
  • JsackerJsacker Forumite
    228 posts
    100 Posts Name Dropper
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    Lying on application forms is fraud, regardless of whether it was verified or not. If you really want to go down the reclaim route, be prepared to have CIFAS markers placed, which will end your ability to get any kind of credit or account for a long time. 
    Actually not going to disagree with you per se, but do you actually have any examples of people receiving a CIFAS marker for lying on their application form about income & expenditure? (I feel that there may be cases whereby people have outright opened accounts in other people's name, mind you, but totally different level of fraud IMO and not the case here it seems).

    Short of the poster outright admitting to fraud, there may be quite a few reasons for the discrepancy: https://debtcamel.co.uk/payday-lender-says-lied/

    If you can find me an example of someone receiving a CIFAS marker (newspaper etc) then fair enough, otherwise I'd say that it is likely an unrealistic expectation here.
  • glennstarglennstar Forumite
    280 posts
    Fourth Anniversary 100 Posts
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    I'm in agreement with Jsacker on this point. Misleading a PDL on affordability or loan reason will not result in a CIFAS listing. Technically it's fraud but given the size of the storm the (the PDLs) are dealing with this is the last thing on their minds. That said, if you were dabbling in a bit of identity fraud and the like at the same time then I might reflect on the course of action momentarily. 
    The views expressed here are my own. I am not a Solicitor nor am I affiliated with any of the parties I mention. If you disagree with any of my comments please say in whatever way feels most natural to you. No one self improves in a bubble!
  • Willing2LearnWilling2Learn Forumite
    6.3K posts
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
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    Lying on application forms is fraud, regardless of whether it was verified or not. If you really want to go down the reclaim route, be prepared to have CIFAS markers placed, which will end your ability to get any kind of credit or account for a long time. 
    This is not correct.  Have a read of the following article and the decisions made by the FOS.
    “Lender says I lied – what should I do?”
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
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