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  • FIRST POST
    • woody53
    • By woody53 17th Jul 15, 8:32 PM
    • 31Posts
    • 76Thanks
    woody53
    Reclaiming money back from various payday loan companies
    • #1
    • 17th Jul 15, 8:32 PM
    Reclaiming money back from various payday loan companies 17th Jul 15 at 8:32 PM
    Hi all just wanted to share some good news regarding payday loan companies.....
    From early 2011 until mid 2014 I too was caught in the payday loan trap, all my own fault may I add, I borrow the money and in the end paid every penny back, would estimate 15000 over the years maybe 20.
    Early this year I saw all the news regarding payday loan companies and irresponsible lending, unfair interest etc etc etc, so I decided to have ago and try and get a few quid back myself.
    So far I have been in contact with 5 of the companies I was lending multiple loans from at the same time with many roll overs too, I have received 4 apologies and offers totalling over 5000 and the other complaint is now with the ombudsman.
    I never expected these amounts back but if you too were in the same situation, get all your facts in order and get complaining, from the initial email sent I had the money back within 8 weeks.
Page 177
    • s1983shaun
    • By s1983shaun 2nd Jun 19, 6:12 PM
    • 8 Posts
    • 0 Thanks
    s1983shaun
    Just out of interest you said you submitted in Oct 18, then both parties had to give information by Jan - what info was this?

    After I submitted mine in May 18 (with my bank statements and loan details plus credit report) I heard nothing until I got a letter a year later from adjudicator saying they upheld my complaint (or they believed it was irresponsible Lending) and was to be refunded. Is this normal?
    • Obie747
    • By Obie747 18th Jun 19, 1:25 AM
    • 2 Posts
    • 1 Thanks
    Obie747
    Hi all

    I made a complaint to 24/7moneybox which they upheld and offered a redress amount which I accepted. 3 weeks after their final response and after sending numerous emails to them they replied and said that the refund would be actioned within 28 days. My sceptical side says this is unlikely knowing how poorly this company operate. If the 28 days elapses and I don't receive my refund what will be the best course of action to take?
    • sourcrates
    • By sourcrates 30th Jun 19, 12:21 PM
    • 17,714 Posts
    • 16,652 Thanks
    sourcrates
    Hi all

    I made a complaint to 24/7moneybox which they upheld and offered a redress amount which I accepted. 3 weeks after their final response and after sending numerous emails to them they replied and said that the refund would be actioned within 28 days. My sceptical side says this is unlikely knowing how poorly this company operate. If the 28 days elapses and I don't receive my refund what will be the best course of action to take?
    Originally posted by Obie747

    You have the option of taking your complaint to the FOS like everyone else.
    Although you must do so within 6 months of the companies final response.
    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 expressed are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    • otternonsnse
    • By otternonsnse 30th Jun 19, 5:16 PM
    • 1 Posts
    • 0 Thanks
    otternonsnse
    I recently made claims against 3 PDL companies, on the basis of irresponsible lending. I was young and made stupid decisions, and I have turned my life around and I'm coming to the end of my repayments (I've been in debt every day of my life for all my adult life, just turned 27).

    Thankfully, it has been so long since I started defaulting on loans that they are starting to drop off my credit file, however I have 3 from 2018, relating to the PDL companies I have complained to.

    Satsuma has come back to me and said that basically, they thought the loans were affordable and that they carried out their usual checks etc. At the time of taking these loans, I had anywhere from 5-7 outstanding loans with other lenders, multiple accounts in bad standing and a large history of defaulting on loans.

    I have gone back to them, including a schedule of every payday loan I have taken over the past 6 years to demonstrate my original point that my applications should never have been accepted. In my original email, I requested all interest, charges to be refunded and negative records to be removed from my credit file.

    In my follow up, I offered to make a payment within 30 days of accepting an offer to cover 1 loan balance in full (only a small amount remaining) and to make payments on another account to bring the total repayments up to the principal amount. I also pleaded with them to accept my offer, before escalating the case to the FOS, and explained the complete disaster I have been living over the past 6 years (extreme mental health issues, suicide attempt etc) and how these defaults are the last step in my journey to rebuild my life.

    Has anyone had any luck with a situation like this? At this point, I'd probably repay the whole balance if they removed the negative credit file entries if that's what it takes.
    • DanL
    • By DanL 3rd Jul 19, 8:58 AM
    • 1 Posts
    • 0 Thanks
    DanL
    I've just had an ombudsman claim agreed, with regards to a series of loans with Lending Stream. The ombudsman gave them until the 25th June to send in any additional information, but since that date has passed, I haven't heard anything further? Does anyone have any ideas as to how long redress of funds will take and when I can expect to hear anything further?
    • Mike1006
    • By Mike1006 4th Jul 19, 2:55 PM
    • 9 Posts
    • 0 Thanks
    Mike1006
    Hi, over the last 6 month I have got myself into a bit off a pickle with pdl. Just getting one out to pay the other. Is it worth me putting in a claim against these even tho it’s not that long ago ?
    • Rodo
    • By Rodo 8th Jul 19, 9:19 PM
    • 1 Posts
    • 0 Thanks
    Rodo
    Hi all I’m on journey claiming against lending stream. Unfortunately I used a claims company as I was worried I would mess it up myself . Been with the fos since early August 18 . (Originally complained October 17)Finally heard that the adjudicator rules that 14 of 17 loans shouldn’t have been issued .lending stream had until 16/6/19 to accept or reject this . Rang up last week still no news they did say the adjudicator was chasing them up on 1/7/19 with a request a answer by this week .

    My question is this really surely lending stream can’t ignore the fos ? If they do reject the adjudicators decision how long a ombudsman will look at it ?

    Sorry for the essay but seems to be taking ages as I complained about quickquid , sunny , my jar , safety net and moneybox 247 all at the same time as lending stream and they were all dealt with by late last year .
    • Turtle87
    • By Turtle87 9th Jul 19, 6:09 PM
    • 38 Posts
    • 10 Thanks
    Turtle87
    In my experience, the lender will disagree with the adjudicators decision if upheld and prolong the process as long as possible unfortunately
    • rodgerramjet
    • By rodgerramjet 10th Jul 19, 6:18 AM
    • 25 Posts
    • 4 Thanks
    rodgerramjet
    Lending stream
    I've just had an ombudsman claim agreed, with regards to a series of loans with Lending Stream. The ombudsman gave them until the 25th June to send in any additional information, but since that date has passed, I haven't heard anything further? Does anyone have any ideas as to how long redress of funds will take and when I can expect to hear anything further?
    Originally posted by DanL
    Hi DanL,

    I too had my complaint against Lending Stream upheld by the FOS, well 45 of the 55 loans.

    She told me they have two weeks to respond. If they donít her judgement becomes final. Money should be sent to you within 28 days.

    Donít know what happens if they donít send the money. It might go to the FCA.
    Debt Free - July 2014

    lots of financial experts on here, wonder if they have any qualifications or use this forum to feel special....hmmm
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