Payday Loan - 247 Moneybox Settlement

HulkHorgan
HulkHorgan Posts: 3 Newbie
in Loans
Good afternoon,

Just looking for some advice...

I too hit the spiral of payday loans, and struggled to meet the required payments eventually. I'll give you some history and I'd like some advice.
I borrowed from 247Moneybox month after month after month for something like 43 straight months! Every month would be about the same amount - £500-600 - and I would pay back on my payday. I would then reborrow the same amount every month - essentially I was paying about £100-£150 per month on repaying these scoundrels.

I recently opened a claim against them, saying that I felt that they had lent to me irresponsibly. I am convinced that they cannot have performed consistent checks on me (every month) as there would be a record of persistent debt and affordability issues. They have now come back to me with an offer.

They claim that they are not upholding my complaint, as they completed the necessary checks every time they lent to me. However, as a 'gesture of goodwill', they are willing to write off the outstanding balance (£983) and make my credit file right.

What would you do? I obviously have the right to send this to the Ombudsman if I feel that they are incorrect, but I'm worried about two things - losing the claim completely and therefore losing the offer of the £983 write off and the negative effect this will have on my credit file if that occurs. I feel that they are admitting some liability in agreeing to write off the debt, but I have sent claims to the Ombudsman before that have found in the favour (unbelievably!) of the lender.

So,

A) Take the offer and run
or
B) Send to the Ombudsman

Your advice would be great!

Thanks
Hulk!
«1

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    HulkHorgan wrote: »
    … I recently opened a claim against them, saying that I felt that they had lent to me irresponsibly. I am convinced that they cannot have performed consistent checks on me (every month) as there would be a record of persistent debt and affordability issues. They have now come back to me with an offer.

    They claim that they are not upholding my complaint, as they completed the necessary checks every time they lent to me. However, as a 'gesture of goodwill', they are willing to write off the outstanding balance (£983) and make my credit file right...
    Hi Hulk,

    Exactly what have said they would do to "make my credit file right"?
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • HulkHorgan
    HulkHorgan Posts: 3 Newbie
    Basically that they'll ensure it shows as paid in full (not satisfied) or default etc. To be clear, they haven't even registered that there is a late payment on that yet. Just shows as up to date.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    First Anniversary Name Dropper First Post Photogenic
    If that is what they have told you, in writing, then if it were me, I would accept the £983 write-off. :) (Take the money and run option)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • kwame41
    kwame41 Posts: 168 Forumite
    Take the money and run.


    Stay away from payday lenders in future would be the main advice I would give.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    Sounds like a result to me.

    Must be a weight off your chest knowing that you wont ever have to pay the interest each much and you are out of the hole you are currently in.
  • Gonzo77
    Gonzo77 Posts: 1 Newbie
    Hi

    Have you already taken the offer? To ensure this is a good offer you need to add up all interest across all loans with them and check as to how much this offer is more or less than that total.

    Then make a balanced decision, the ombudsman is a long haul effort but can be far more than what hey initially offer you. But only after checking the above can you make the call. Good luck either way ::beer:
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper Photogenic First Post
    HulkHorgan wrote: »
    Good afternoon,

    Just looking for some advice...

    I too hit the spiral of payday loans, and struggled to meet the required payments eventually. I'll give you some history and I'd like some advice.
    I borrowed from 247Moneybox month after month after month for something like 43 straight months! Every month would be about the same amount - £500-600 - and I would pay back on my payday. I would then reborrow the same amount every month - essentially I was paying about £100-£150 per month on repaying these scoundrels.

    I recently opened a claim against them, saying that I felt that they had lent to me irresponsibly. I am convinced that they cannot have performed consistent checks on me (every month) as there would be a record of persistent debt and affordability issues. They have now come back to me with an offer.

    They claim that they are not upholding my complaint, as they completed the necessary checks every time they lent to me. However, as a 'gesture of goodwill', they are willing to write off the outstanding balance (£983) and make my credit file right.

    What would you do? I obviously have the right to send this to the Ombudsman if I feel that they are incorrect, but I'm worried about two things - losing the claim completely and therefore losing the offer of the £983 write off and the negative effect this will have on my credit file if that occurs. I feel that they are admitting some liability in agreeing to write off the debt, but I have sent claims to the Ombudsman before that have found in the favour (unbelievably!) of the lender.

    So,

    A) Take the offer and run
    or
    B) Send to the Ombudsman

    Your advice would be great!

    Thanks
    Hulk!

    Run, this company in 2012 didn't mind charging me £93 for the privilege... I didn't get get to run but had this much added to my debt ! So I am glad they now feel they can do such discounts.:mad:
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    Deleted%20User wrote: »
    Run, this company in 2012 didn't mind charging me £93 for the privilege... I didn't get get to run but had this much added to my debt ! So I am glad they now feel they can do such discounts.:mad:

    Imagine a lender asking for exactly what they asked you for when you borrowed money from them.

    Scandalous!
  • henry24
    henry24 Posts: 322 Forumite
    First Anniversary First Post Combo Breaker
    I never understand threads like this one, to me when a person borrows money 43 months in a row it's the borrowers responsibility to pay it back and not moan that the lender should have stopped them borrowing it.
  • boo_star
    boo_star Posts: 3,202 Forumite
    First Post First Anniversary
    henry24 wrote: »
    I never understand threads like this one, to me when a person borrows money 43 months in a row it's the borrowers responsibility to pay it back and not moan that the lender should have stopped them borrowing it.

    People want to be nannied, when it's to their advantage.

    Otherwise they complain relentlessly about the "nanny state."
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