Student loans and pensions

bflare · 19 March 2019 at 11:35AM

Hello all. I have just been offered just under £700 from Quick Quid for a payday loans I took out in 2013. I am very pleased with this offer, but I am wondering whether I should accept the offer or question any part of it especially as it appears that they have not upheld another 4 loans as they were in 2011& 2012 which I am guessing is out of the 6-year window? ck

Willing2Learn · 19 March 2019 at 1:04PM

bflare wrote: »

Hello all. I have just been offered just under £700 from Quick Quid for a payday loans I took out in 2013. I am very pleased with this offer, but I am wondering whether I should accept the offer or question any part of it especially as it appears that they have not upheld another 4 loans as they were in 2011& 2012 which I am guessing is out of the 6-year window? ck

Have a look at the following two articles regarding the six year ruling:

QuickQuid – misleading customers about loans over 6 years old

Ombudsman decisions in 2018 on payday loans over 6 years old

bflare · 19 March 2019 at 2:15PM

Willing2Learn wrote: »

Have a look at the following two articles regarding the six year ruling:

QuickQuid – misleading customers about loans over 6 years old

Ombudsman decisions in 2018 on payday loans over 6 years old

Thank you for that. Wow there is a lot of information there to take in. I am no expert but it appears that the FOS will look at the complaints if they are over 6 year old but no older than 3 years from the point that you became aware that you maybe able to complain? If that is the case then I should be able take the remaining 4 loans to the FOS as I only became aware that I may have a complaint in January of this year after seeing an advert on social media. Am I correct in this assumption?

All the offer says is that the 4 other loans were not upheld because they were outside of the time limit. The offer letter does then say the following:

"You have the right to refer your complaint to the Financial Ombudsman Service, free of charge.
The Ombudsman might not be able to consider your complaint if:
• what you’re complaining about happened more than six years ago, and
• you’re complaining more than three years after you realised (or should have realised) that there was a problem.
We think that some of your complaint was made outside of these time limits but this is a matter for the Ombudsman to decide. If the Ombudsman agrees with us, they will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances, such as in the case of exceptional circumstances."

This echoes the links that you sent.

So should I open a case with the FOS or just take the offer for the one loan that is within the 6 year time limit?

Willing2Learn · 19 March 2019 at 4:20PM

bflare wrote: »

… I am no expert but it appears that the FOS will look at the complaints if they are over 6 year old but no older than 3 years from the point that you became aware that you maybe able to complain? If that is the case then I should be able take the remaining 4 loans to the FOS as I only became aware that I may have a complaint in January of this year after seeing an advert on social media. Am I correct in this assumption?...

… So should I open a case with the FOS or just take the offer for the one loan that is within the 6 year time limit?

I am not qualified to answer any of your questions as I don't work in debt management. Sorry.

I have assumed the same as you though. If it were me, I would follow my gut instincts, and my understanding of the precedent set by the previous FOS decisions in the linked articles. I would probably open cases with the FOS for the four loans. I would firstly probably open another thread to seek advice of people who may have greater knowledge than I. To see what their opinions are with regard to the six year limit and the previous FOS decisions.

bflare · 19 March 2019 at 4:33PM

Willing2Learn wrote: »

I am not qualified to answer any of your questions as I don't work in debt management. Sorry.

I have assumed the same as you though. If it were me, I would follow my gut instincts, and my understanding of the precedent set by the previous FOS decisions in the linked articles. I would probably open cases with the FOS for the four loans. I would firstly probably open another thread to seek advice of people who may have greater knowledge than I. To see what their opinions are with regard to the six year limit and the previous FOS decisions.

Ok & thank you for your help its appreciated.

mrlizard · 20 March 2019 at 1:21AM

So glad I found this thread, completely by accident.

I had a SwagBucks offer prompting me to sign up for a payday loan recovery specialist which is the kind of thing I would normally ignore, but I clicked out of curiosity as my situation with payday loans has been pretty horrendous over the past 3 years. The small print of the offer promised to help me reclaim money and if successful they would take 35% of any amount recovered.

I hadn't heard of any kind of payday loan reclaim process before and 35% sounded almost as bad as the loan companies themselves, so I googled and found this thread. I've started reading from page 1 but it will take me a while!

I've just sent off my first two complaints based on the template from https://debtcamel.co.uk/payday-loan-refunds/ to Sunny and SafetyNet Credit, as these are the two biggest lenders I still owe money to.

I remember seeing somewhere that changes were made to how these crooks were allowed to lend somewhere around 2015. My loans for both have mostly post-2015, while a lot of the early posts in this thread I'm reading are from before then. I think I made a pretty good case in both my complaints as I downloaded all the loan history I could get from both and combined it with data from my Noddle credit report to show a history of irresponsible lending.

Is this going to have an impact on my standing when it comes to requesting a reclaim?

magpie777 · 21 March 2019 at 9:00PM

I've Escalated my lending stream complaint to FOS, let's see what happens.

System · 22 March 2019 at 2:13PM

I know there is no template for writing to payday loan companies asking for a refund of charges etc but can someone give me a rough idea how to word it?
The person I'm asking for had about 20 plus loans on the go at the one time and borrowed from one to pay for another. Could we put forward the point that they lent the money without checking what other commitments they had at the time?

sourcrates · 22 March 2019 at 2:27PM

nailgirl wrote: »

I know there is no template for writing to payday loan companies asking for a refund of charges etc but can someone give me a rough idea how to word it?
The person I'm asking for had about 20 plus loans on the go at the one time and borrowed from one to pay for another. Could we put forward the point that they lent the money without checking what other commitments they had at the time?

Hi,

Debt camel is the place to look, link here :

https://debtcamel.co.uk/payday-loan-refunds/

holypockets · 24 March 2019 at 6:10AM

Quick question - anyone with experience receiving money from Sunny? They’ve emailed me with an offer, I’ve accpepted and another email confirming it will take 5 working days - are they reliable with this?

Student loans and pensions

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