Quickquid Successful Reclaim

glennstar · 11 October 2019 at 6:01AM

Les79 wrote: »

Quite possibly, to be fair, but that wouldn't commute the possibility of "predatory lending" from the lender.

Very true... but this then falls into the 6 of one and half a dozen of the other category which precludes blaming and complaining.

sourcrates · 11 October 2019 at 1:07PM

boo_star wrote: »

Everyone does, but a common theme is that it's ALWAYS the lenders fault.

Is it, really?

People need to take charge of the own affairs instead of blaming everyone else.

Just for the sake of impartiality, I do understand your point made above, and I accept not all lenders operate in an unfair manner, but by far the majority of people who turn to these type of loans are from the poorest section of society, most may not even have finished school, and are unlikely to be financially astute, I know this could be argued till the cows come home, but when this product first took off, a plethorah of new lenders sprung up overnight to take advantage, of what was then, an unregulated market.

You simply cannot deny many of these firms deliberatly took advantage of the situation, lined their pockets, and fled, leaving a lot of people in a very bad way, I know where your thoughts mainly lie on this subject, but please tell me you do accept that this happened, and was a deliberate act on behalf of the lenders, and I use the term "lenders" in its loosest possible context, as they were loan sharks in reality.

Emptying the bank accounts of thousands of their customers using direct debt mandates which were unauthorised by the borrower, and also constant payment authority, taking small amounts at a time, in a continuous pattern throughout the night, until the payment failed for lack of funds.

I see so many posts on this subject where the blame is focussed on the borrower, are people unaware of what these companies actually did ?

or the scale on which it happened ?

do they choose to ignore it, and pretend it didn`t happen ?

a lot of these lenders were nothing more than cowboys/conmen/sharks, call them what you will, who only had contempt for the rules, and it seems their customers.

A very revealing documentary was made a few years ago about uncle buck, who to be fair to them, were not the worst PDL out there, but certainly not the best either, and have now, not suprisingly, reinvented themselves elsewere, I would urge you all to watch it, if you can, its a real eye opener into how these payday lenders actually operate, or did at the time, there contempt for everything and everyone was astonishing, it was run on a day to day basis by a bunch of what i can best describe as "teenagers", 17/18/19 year olds who basically said and did whatever came into their heads to get results, a bit like the latest bunch of recruits on the apprentice, but not as well dressed.

When companies deliberatly set up shop to scam there customers, which a lot did, you surely must have sympathy with the people who were fleeced.

boo_star · 11 October 2019 at 1:31PM

sourcrates wrote: »

Just for the sake of impartiality, I do understand your point made above, but by far the majority of people who turn to these type of loans are from the poorest section of society, most may not even have finished school, and are unlikely to be financially astute, I know this could be argued till the cows come home, but when this product first took off, a plethorah of new lenders sprung up overnight to take advantage, of what was then, an unregulated market.

You simply cannot deny many of these firms deliberatly took advantage of the situation, lined their pockets, and fled, leaving a lot of people in a very bad way, I know where your thoughts mainly lie on this subject, but please tell me you do accept that this happened, and was a deliberate act on behalf of the lenders, and I use the term "lenders" in its loosest possible context, as they were loan sharks in reality.

Emptying the bank accounts of thousands of their customers using direct debt mandates which were unauthorised by the borrower, and also constant payment authority, taking small amounts at a time, in a continuous pattern throughout the night, until the payment failed for lack of funds.

I see so many posts on this subject where the blame is focussed on the borrower, are people unaware of what these companies actually did ? or the scale on which it happened ? do they choose to ignore it, and pretend it didn`t happen, a lot of these lenders were nothing more than cowboys who only had contempt for the rules, and it seems their customers.

A very revelaing documentary was made a few years ago about uncle buck, who have now, not suprisingly, reinvented themselves elsewere, I would urge you all to watch it, if you can, its a real eye opener into how these payday lenders actually operate, or did at the time, there contempt for everything and everyone was astonishing, it was run on a day to day basis by a bunch of what i can best describe as teenagers, who basically said and did whatever came into their heads to get results.

When companies deliberatly set up shop to scam there customers, which a lot did, you surely must have sympathy with the people who were fleesed.

I'm fully aware that payday loan companies were not, for want of a better term, "particularly nice."

The problem is that a subsection of forum posters seemingly will not ever either take even a smidgen of responsibility for the mess they landed themselves in or, for those who are commenting from the sidelines, will not accept that those posters who end up in trouble have at least some responsibility for it. It's always the companies fault, in their entirety.

We saw it with bank charges, we're seeing it with PDL's and eventually they'll move onto something else that will, of course, not be anybody's fault but the companies involved.

People are not, in my opinion, best served by mollycoddling them and I think are far more likely to be careful in future if they can at least accept some responsibility.

Obviously some people think differently.

[Deleted User] · 11 October 2019 at 1:41PM

sourcrates wrote: »

A very revelaing documentary was made a few years ago about xxxxx, who have now, not suprisingly, reinvented themselves elsewere, I would urge you all to watch it, if you can, its a real eye opener into how these payday lenders actually operate, or did at the time, there contempt for everything and everyone was astonishing, it was run on a day to day basis by a bunch of what i can best describe as teenagers, who basically said and did whatever came into their heads to get results.

.

Erm no they have moved to bigger offices and improved their product.
It took a few watches to see it from their side.

I remembered the documentary as I paid off a debt collector recently and experienced exactly the same behaviour if not much worse, from a debt collector a number on here would say there sits a solicitor in their office, but their behaviour made that far from believable.

I cringed watching rip of Britain this week - far worse cases rejected by the FOS - have to wonder how.

Willing2Learn · 11 October 2019 at 1:41PM

boo_star wrote: »

The problem is that a subsection of forum posters seemingly will not ever either take even a smidgen of responsibility for the mess they landed themselves in or, for those who are commenting from the sidelines, will not accept that those posters who end up in trouble have at least some responsibility for it. It's always the companies fault, in their entirety.

The problem I have is not about apportion of blame, but is more to do with the fact that the (mostly new) members are not receiving advice, when that is what they signed up for. It seems that the members expressing their views the most loud, are those who do want to apportion blame squarely on to the shoulders of the member. I find this difficult to accept as I feel the blame should be equally spread by both the borrower and the lender. That is why I 'pop up' on these threads. Just to try and keep the discussion balanced and fair.

sourcrates · 11 October 2019 at 4:09PM

Willing2Learn wrote: »

The problem I have is not about apportion of blame, but is more to do with the fact that the (mostly new) members are not receiving advice, when that is what they signed up for. It seems that the members expressing their views the most loud, are those who do want to apportion blame squarely on to the shoulders of the member. I find this difficult to accept as I feel the blame should be equally spread by both the borrower and the lender. That is why I 'pop up' on these threads. Just to try and keep the discussion balanced and fair.

I have to agree with you W2L, sometimes advice does tend to flow in one direction only, i`m pretty sure folk are well aware of the situation they may find themselves in, they don`t particulaly want to come here to have it rubbed in their face yet again, it would be nice to see a culture of help and a little empathy return to the forums.

glennstar · 11 October 2019 at 9:13PM

Willing2Learn wrote: »

I find this difficult to accept as I feel the blame should be equally spread by both the borrower and the lender. That is why I 'pop up' on these threads. Just to try and keep the discussion balanced and fair.

It's probably worth understanding the circumstances, is it?

glennstar · 11 October 2019 at 9:21PM

sourcrates wrote: »

I have to agree with you W2L, sometimes advice does tend to flow in one direction only, i`m pretty sure folk are well aware of the situation they may find themselves in, they don`t particulaly want to come here to have it rubbed in their face yet again, it would be nice to see a culture of help and a little empathy return to the forums.

I agree with the general sentiment, however, OP [in this case] didn't ask a question and hasn't answered genuine questions to him/her from others. I rather feel by not entering into the spirit of the forum they might well expect an uncharitable response. It might be observed that they didn't enter into the spirit of their financial contract either... possibly??

boo_star · 12 October 2019 at 3:04AM

sourcrates wrote: »

I have to agree with you W2L, sometimes advice does tend to flow in one direction only, i`m pretty sure folk are well aware of the situation they may find themselves in, they don`t particulaly want to come here to have it rubbed in their face yet again, it would be nice to see a culture of help and a little empathy return to the forums.

But they don't really show that do they?

They're looking for get out clauses, not genuine advice.

When someone says (paraphrasing) "Well I accept I made a mistake but how can I use technicalities to wipe that mistake from the record books" I ask myself, "Do you really accept that you made a mistake or are you just paying lip service to the rest of the forum?"

Unless people can truly acknowledge that they made a mistake, where they made it and why, they'll just end up in the same situation again.

I don't know if beating them over the head with a stick is the best approach, but I certainly don't think mollycoddling them is better.

Aqua1985 · 12 October 2019 at 3:20PM

My initial post was really to give a little bit of hope to the many thousands of people reclaiming interest charges through Quickquid (CEN). It wasn't intended to discuss the right and wrong of such actions but the thread seems to have gone that way so I will continue.
I think the morality question is a difficult one. I do think there is two sides of the argument the lender and the borrower. Unfortunately the onus in terms of responsibility is also going to be on the side of the lender. They are the regulated party and have to show and demonstrate certain behaviors to obtain and indeed keep a credit license. The main reclaim aspect is the lender not checking affordability when lending money. QQ like others has shown in thousands of cases that not only did they encourage borrowers to borrow larger and larger amounts they did not complete satisfactory due diligence on affordability. This is not a moral argument but a legal one. The FOS and FCA position on this is quite clear hence the large number of successful reclaims.
I do think the snobbery around payday loans reclaims is somewhat unfair. Many people mocking these claimants no doubt switch bank accounts regularly to make the most of introductory offers, reclaimed PPI on all loans and Credit cards, terminated PCP agreements at the VT point, use S75 protection on non delivery on dodgy websites... the list goes on.
I do think some of the most vulnerable and poorest people in society receiving a refund on some of the sky high interest they paid is not necessarily a bad thing and if this area of the loan markets disappears most people would agree its a good thing.

Quickquid Successful Reclaim

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