Reclaiming payday loan
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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
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
0
Comments
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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 Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
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
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.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!0 -
@Worry - Whatever you do, don't get a consolidation loan. It just doubles the debt and doubles the problem.Wilson_192019 wrote: »In that situation, have you considered debt consolidation? Either through a bank or via a guarantor loan provider such as Buddy Loans or Satsuma?
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
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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?
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 matches0 -
This is dreadful advice, and going by your post history I'm guessing you're a spammer building a post count.Wilson_192019 wrote: »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?"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."0 -
Surely if they didnt have that info then that confirms they shouldnt of gave me the loan?
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 Einstein0 -
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.0 -
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.0 -
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.
So given you repaid them in full you could afford them and you're just another in a long line of chancers.0
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