Student loans and pensions

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  • Well mr palimo just a little snippet from a complaint I had with an unnamed company......you do math....hope it was not yours......and all the best for the future in the loan industry....I mean that from the heart of my bottom.........

    To investigate your complaint I have reviewed the account opening procedures in place at the time. Having done so, I am able to inform you that we conducted creditworthiness checks, we assessed your ability to afford the repayments which would fall due under the proposed agreement and we considered how you were managing other debts at that time.!Based upon these checks it was considered responsible to advance credit to you. It does however appear that the product may not have been suitable for your needs, namely longer term borrowing. Please note that we clearly state in our adequate explanations that our product is not suitable for borrowing over long periods as it is expensive if so used.!

    Bearing in mind the above, I am unable to uphold your complaint, as we believe that the aforementioned checks were proportionate and responsible. However, as a gesture of goodwill, we will repay the difference between what you borrowed (£1647.50) and what you repaid (£4714.86) which is £3067.36 and will refund this to your chosen bank account. Please can I ask that you provide me with!your account number and sort code so I can arrange for the refund to be processed.

    I appreciate my response may come as a disappointment to you, however I hope you understand the reasoning behind my decision. Should you remain unhappy you can escalate your complaint to the Financial Ombudsman Service
  • woody53 wrote: »
    Well mr palimo just a little snippet from a complaint I had with an unnamed company......you do math....hope it was not yours......and all the best for the future in the loan industry....I mean that from the heart of my bottom.........

    To investigate your complaint I have reviewed the account opening procedures in place at the time. Having done so, I am able to inform you that we conducted creditworthiness checks, we assessed your ability to afford the repayments which would fall due under the proposed agreement and we considered how you were managing other debts at that time.!Based upon these checks it was considered responsible to advance credit to you. It does however appear that the product may not have been suitable for your needs, namely longer term borrowing. Please note that we clearly state in our adequate explanations that our product is not suitable for borrowing over long periods as it is expensive if so used.!

    Bearing in mind the above, I am unable to uphold your complaint, as we believe that the aforementioned checks were proportionate and responsible. However, as a gesture of goodwill, we will repay the difference between what you borrowed (£1647.50) and what you repaid (£4714.86) which is £3067.36 and will refund this to your chosen bank account. Please can I ask that you provide me with!your account number and sort code so I can arrange for the refund to be processed.

    I appreciate my response may come as a disappointment to you, however I hope you understand the reasoning behind my decision. Should you remain unhappy you can escalate your complaint to the Financial Ombudsman Service



    I don't need wishing any luck thank you as I am doing quite well for myself with this industry, Your figures are made up and as stated no payday lender would offer you this much back and say hey Woody we will offer you all of the costs we charged you for borrowing the money from us, It is all in the land of make believe and perhaps when you get back to the real planet you may wish to post the correct amounts reimbursed as a guide for others.
  • Ok ok ok you no better as you are a major player in this industry, am sure many others will agree with me and have had similar results....... happy to forward each email to anyone who wants to see, not that I should have to or need to, my bank balance looks good for the first time in many years so no matter how many times you say am lying it has no effect....I understand you have to defend your industry, a bit like the tobacco industry saying for many years that cigarettes were good for you and don't cause cancer.....I will think about this while am on my sunbed next week.....that money has come in handy....bonus....
    I sincerely hope your loans business does not end up down the poo pan like many others, lend fairly and you should be ok pal.......
  • woody53 wrote: »
    Ok ok ok you no better as you are a major player in this industry, am sure many others will agree with me and have had similar results....... happy to forward each email to anyone who wants to see, not that I should have to or need to, my bank balance looks good for the first time in many years so no matter how many times you say am lying it has no effect....I understand you have to defend your industry, a bit like the tobacco industry saying for many years that cigarettes were good for you and don't cause cancer.....I will think about this while am on my sunbed next week.....that money has come in handy....bonus....
    I sincerely hope your loans business does not end up down the poo pan like many others, lend fairly and you should be ok pal.......













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  • Is that the advert from your loan company.....its a belter pal really catches the ethics of your industry, keep up the good work......
  • kay159
    kay159 Posts: 53
    First Post First Anniversary Combo Breaker
    Forumite
    Hi woody53 I dont have your PM could you resend. Thanks
  • Done kay159 let me know if you get it.........
  • Wow this thread went a bit south!

    Anyway I complained to both Wonga and Quick Quid who I used extensively in the past (see my previous posts for more detail of my previous debt problem).

    I am pleased to say that Wonga after a bit of chasing, came back to me after 7 weeks and upheld my complaint. Please see an (brief / edited) extract below of their response (I've just left the important bit as it was really long)!
    Having looked in detail at your loan history, we see that all loans prior to 25 November 2011 were affordable and you paid these back with no signs of reported difficulty.

    However from 25 November 2011 the value of your loans increased significantly. Having reviewed your borrowing history against your stated income at the time we accept that loan values of £700-£800 taken between 25 November 2011 and 1 November 2012 may not have been affordable.

    Outcome

    Based on the above, there may have been more that we could have done to assist you in relation to the loans identified and so we have decided to uphold your complaint relating to those loans.

    We would like to offer £1,323.51 which is an amount equal to the interest and fees on the following loans.....

    Whilst this figure is nowhere near the several thousand pounds of interest / fees Wonga made out of me, I thought this offer was reasonably fair and as I'm currently in the process of buying a house after working my nuts off to become debt free in the last 2/3 years, this cash will be put to good use, going towards the solicitors bill. Just out of curiosity I logged into my old Wonga account after they had made the payment and I got a message up straight away that they are unable to lend to me! I guess they must hold a grudge against people that complain, not that I ever want to use their services again of course!

    Sadly Quick Quid came to a different decision despite an almost identical pattern of borrowing and after I pointed out to them that their main rival, Wonga had upheld the same complaint. They offered a derisory £250 as compensation for the time spent on correspondence which I have rejected. The complaint against them is now with the ombudsman.

    Having a quick look at some of the (interesting I might add) stats on the ombudsman's website, a staggering 80% of complaints by consumers against Quick Quid have been upheld by the ombudsman in the last 6 months. Their average (across all financial sectors) is 57% of complaints being upheld.
  • Did you write a letter to them or just complained by email?
  • woody53
    woody53 Posts: 31 Forumite
    Well done rossim1985, glad you got some good news, sounds like you had similar outcomes to me.......grzegorz kowalski I have sent you a message hope it helps....
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