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  • FIRST POST
    • Worry
    • By Worry 10th Feb 19, 1:06 PM
    • 36Posts
    • 16Thanks
    Worry
    Reclaiming payday loan
    • #1
    • 10th Feb 19, 1:06 PM
    Reclaiming payday loan 10th Feb 19 at 1:06 PM
    Hi all

    Stupidly I took payday loans a few years ago.

    I am trying to claim from themoneyshop, as it was unaffordable, in a bad situation and shouldnt of been given the loan.

    They have replied stating they havent been able to make a decision but they agree should of requested further info from me. They have asled me to send bank statements to help them male a decision if i should of been given the loan.

    Do i sent this? Surely if they didnt have that info then that confirms they shouldnt of gave me the loan? Or would they have checked this previously but dont have that info to go from now?

    Basically, do i send my bank statements?

    Thanks
Page 1
    • sourcrates
    • By sourcrates 10th Feb 19, 2:18 PM
    • 16,419 Posts
    • 15,526 Thanks
    sourcrates
    • #2
    • 10th Feb 19, 2:18 PM
    • #2
    • 10th Feb 19, 2:18 PM
    If you want the matter resolving then yes, we have a dedicated payday loan reclaiming thread on debt free wannabe, also more information is available at debt camel :


    https://debtcamel.co.uk/payday-loan-refunds/
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • glennstar
    • By glennstar 10th Feb 19, 10:19 PM
    • 172 Posts
    • 104 Thanks
    glennstar
    • #3
    • 10th Feb 19, 10:19 PM
    • #3
    • 10th Feb 19, 10:19 PM
    They have asled me to send bank statements to help them male a decision if i should of been given the loan.

    Do i sent this? Surely if they didnt have that info then that confirms they shouldnt of gave me the loan? Or would they have checked this previously but dont have that info to go from now?
    Thanks
    Originally posted by Worry
    CRAs and Lenders have not historically had this level of information available to them when making a risk assessment (or if they do use CATO and the like it would be at extra cost not sustainable by subprime products like this)... assuming this type of risk assessment was even required when you took out your loan... so yes, follow sourcrates suggestion and send the statements.

    Also, I can't help getting the feeling you are fishing for a lifeline here (apologies for mixing too many nautical metaphors - if indeed I am) and that you should commit yourself to paying what you owe.
    • Willing2Learn
    • By Willing2Learn 11th Feb 19, 9:23 AM
    • 2,270 Posts
    • 1,793 Thanks
    Willing2Learn
    • #4
    • 11th Feb 19, 9:23 AM
    • #4
    • 11th Feb 19, 9:23 AM
    In that situation, have you considered debt consolidation? Either through a bank or via a guarantor loan provider such as Buddy Loans or Satsuma?
    Originally posted by Wilson 192019
    @Worry - Whatever you do, don't get a consolidation loan. It just doubles the debt and doubles the problem.

    A guarantor loan is just crazy (bad). It is a good way to lose friends though...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Caz3121
    • By Caz3121 11th Feb 19, 9:50 AM
    • 11,748 Posts
    • 7,666 Thanks
    Caz3121
    • #5
    • 11th Feb 19, 9:50 AM
    • #5
    • 11th Feb 19, 9:50 AM
    Surely if they didnt have that info then that confirms they shouldnt of gave me the loan? Or would they have checked this previously but dont have that info to go from now?
    Originally posted by Worry
    they will have the information you provided on the application (which was approved) and want to compare that to your details on your bank statements to check that it matches
    • Gaz83
    • By Gaz83 11th Feb 19, 10:03 AM
    • 3,699 Posts
    • 6,931 Thanks
    Gaz83
    • #6
    • 11th Feb 19, 10:03 AM
    • #6
    • 11th Feb 19, 10:03 AM
    First, my sympathies.

    I hope you get this matter resolved and themoneyshop identifies that this loan shouldn’t have been authorised. Still, in order to determine that, you should send those bank statements. Furthermore, if possible, it might be in your best interests to obtain third-party expert input showing that the loan shouldn’t have been approved.

    For example, if your “bad situation” was due to a medical reason, I’d attempt to obtain a doctor’s letter.

    Unfortunately, due to the way payday loan companies generally operate, the odds are in themoneyshop’s favour and you shouldn’t be surprised if you have to repay the funds.

    In that situation, have you considered debt consolidation? Either through a bank or via a guarantor loan provider such as Buddy Loans or Satsuma?
    Originally posted by Wilson 192019
    This is dreadful advice, and going by your post history I'm guessing you're a spammer building a post count.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • Clive Woody
    • By Clive Woody 11th Feb 19, 1:11 PM
    • 4,570 Posts
    • 5,165 Thanks
    Clive Woody
    • #7
    • 11th Feb 19, 1:11 PM
    • #7
    • 11th Feb 19, 1:11 PM
    Surely if they didnt have that info then that confirms they shouldnt of gave me the loan?
    Originally posted by Worry
    Sorry to sound heartless, but surely as you did have this information you shouldn't have applied for the loan. These things work both ways.

    Are you 100% confident that everything you put on the loan application is accurate? It sounds like you knew you were in financial difficulties yet applied for a loan anyway.
    "We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein
    • Worry
    • By Worry 13th Feb 19, 1:02 PM
    • 36 Posts
    • 16 Thanks
    Worry
    • #8
    • 13th Feb 19, 1:02 PM
    • #8
    • 13th Feb 19, 1:02 PM
    I was in financial difficulties yet applied for the loan anyway. Desperation and thats why i was shocked it was granted. As i had alot of other payday loan at the time
    This was years ago, and the loans were repaid in full. But as everyone else who has a chance to reclaim anything, I am. Thanks for info.
    • f0rtheL0v3ofF00D
    • By f0rtheL0v3ofF00D 13th Feb 19, 1:56 PM
    • 21 Posts
    • 2 Thanks
    f0rtheL0v3ofF00D
    • #9
    • 13th Feb 19, 1:56 PM
    • #9
    • 13th Feb 19, 1:56 PM
    Hi Worry,
    Was the letter from The Money Shop a Final Response Letter?

    When i got the letter back from Moneyshop asking for bank statements it stated it was a Final Response Letter but also asking for further information from me. It also had information about going to the Financial Ombudsman. I ignored The Money Shop and I complained straight to the Financial Ombudsman. It's taken roughly 9 months but I've finally got an
    adjudicator working on my case who I spoke with last week. He seems pretty confident about my complaint and how he is going to decide it.
    • Tarambor
    • By Tarambor 14th Feb 19, 2:35 PM
    • 4,481 Posts
    • 3,441 Thanks
    Tarambor
    I was in financial difficulties yet applied for the loan anyway. Desperation and thats why i was shocked it was granted. As i had alot of other payday loan at the time
    This was years ago, and the loans were repaid in full. But as everyone else who has a chance to reclaim anything, I am. Thanks for info.
    Originally posted by Worry
    So given you repaid them in full you could afford them and you're just another in a long line of chancers.
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