Student loans and pensions

albinosabre · 2 May 2019 at 1:51PM

Is there any recourse a company can take if I make a claim against them whilst the loan is in progress?

I have a substantial loan with Bamboo that was meant as a consolidation but it's now throttled my cashflow to the point where I'm struggling to repay it.

If I claim will anything happen like they'll demand the full amount or am I safe in this respect?

Thanks.

Sanantonio1 · 2 May 2019 at 8:38PM

No reason you can't try whilst a loan is in progress but remember, the most they will refund is interest only (I'd assume the 8% wouldn't apply if its current) and they'll deduct it from the remaining loan balance.

Was it just the one loan or multiple consecutive/concurrent? It's much harder to claim just the one loan as usually the first time you apply is normally when most of their checks happen.

If your loan was to clear debt for previous company loan debts - I would give them a shot too if you can - might be worth a shot applying for the Bamboo one but might be easier to claim previous loans and if successful... Use the payouts to pay off Bamboo early and reduce the interest.

Electricfeel · 3 May 2019 at 6:29AM

I received an email from Wonga recently about the claims process. I haven't had a loan since 2017 but some of the early ones were from when I worked part time as a student and were not affordable. However I have always paid them back. Am I the right candidate for a claim? I'm also half way through a mortgage application so wondering if I should wait until after that in case of any searches?

albinosabre · 3 May 2019 at 9:03AM

Sanantonio1 wrote: »

No reason you can't try whilst a loan is in progress but remember, the most they will refund is interest only (I'd assume the 8% wouldn't apply if its current) and they'll deduct it from the remaining loan balance.

Was it just the one loan or multiple consecutive/concurrent? It's much harder to claim just the one loan as usually the first time you apply is normally when most of their checks happen.

If your loan was to clear debt for previous company loan debts - I would give them a shot too if you can - might be worth a shot applying for the Bamboo one but might be easier to claim previous loans and if successful... Use the payouts to pay off Bamboo early and reduce the interest.

It was a single loan to pay off the mess I'd gotten into. Yes the payments were lower but I saw it as a lesser of two evils at the time.

I guess the more sensible option would be to go after the others and use anything from that to put towards the bamboo one.

Sanantonio1 · 3 May 2019 at 9:29AM

No reason you can't go for both... Ultimately they are both adding their own interest on their loans. You just might find it harder to get anything back for the subsequent loan if standalone. There's quite a lot of good detail on DebtCamel to support with claims.

Ceramic77 · 10 May 2019 at 9:30PM

Hi all, this is my debut post so apologies if I'm posting somewhere I shouldn't.

Like so many I was, for a long time stuck in the Payday Loan spiral of doom. A black hole originally of my own making I know.
Hopefully someone can help me with a couple of queries regarding possible reclaims, I'm sure these have been answered elsewhere but there's 175+ pages to in this forum to wade through!

Some of the companies I was with eventually offered me repayment plans; not before letting me take endless loans prior to this. Can I still claim if the account was closed via a plan or McKenzie Hall?

What is the latest date I can claim from, could I apply for a loan closed in 2012 for example?

and finally, does anyone know if any of Speedycash, Early Payday Loan (EPDL),Paydayuk, Txtloan and MEM Consumer Finance still going/ part of a bigger organism these days.
A Google search just swerved me towards other similarly named lenders but didn't conclusively answer.

Thanks loads in advance.

Turtle87 · 15 May 2019 at 12:36PM

Initial rejection from Mr Lender (PDL Finance) who offered an insulting £50 in Tesco vouchers. This was not the final response from them so I have advised them what redress I think is fair and if they don't agree then to send me they're final response so I can open my case with the FOS

holypockets · 21 May 2019 at 12:23AM

magpie777 wrote: »

Anybody else having issues with getting refunds from 247moneybox?

I was offered a refund over a no month ago but they still haven't paid it out.

They've been stalling with various excuses

1-they need to calculate the 8% interest, I did this in 5 mins
2-its with the payments team.

I have been spamming them with daily emails to garner some kind of response but they very rarely reply.

I have called them and they always insist that they do not have the facility to transfer me to a) the payments team or b) a manager.

I'm concerned that maybe they are stalling on paying out in the case that they are another pay day company entering administration.

Would like to hear other people's experiences of getting refunds from them.

Thanks

Cem13009879 wrote: »

Hi, can someone help me, I’ve tried reading the thread but I’m lost. I’m currently in a DMP with debts including 118, quickquid, bamboo, lending stream, piggy bank. Totals about £9000. I’ve been in a PDL cycle since 2014. I’ve had more loans with Wonga, wageday advance and sunny, mr lender, uncle buck just to name a few. How do I go about complaining? Will it affect my DMP? I don’t even know where to start.
Thank you

Did you have much luck here? I’ve had a reply and an offer today - wondering how long it might take and what action I might need to put in place to ensure I see it.

holypockets · 21 May 2019 at 4:49PM

Has anyone had any luck/have any info on 247 Moneybox in terms of paying out refunds? Are they actually doing it? From what I’m seeing people are finding it really hard to actually receive the funds back to them?

albinosabre · 21 May 2019 at 5:49PM

Anyone heard anything from the Wong administrators recently? Last I got was the mail that confirmed any payment would likely be a fraction of an offer?

Student loans and pensions

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