Student loans and pensions
Comments
-
Hello everyone,
I received a final response from Satsuma in the post today along with a cheque for £360. I had a total of 12 loans with Satsuma ranging from £500 to £1500. This has been the only correspondence I have received from them since I emailed my complaint to them. They did not ask me for bank statements or anything at all.
The letter was very confusing and it was difficult for me to work out how they came up with that sum. Even by using their website I was still unable to calculate how much interest I actually paid to them over the 12 loans. But, I would estimate that it was closer to £900 than £360.
My question is though - in people's experience that have already been through this process - is it normally better to accept an offer like this and leave it at that or escalate the complaint to the ombudsman in the hope of retrieving closer to what you feel you have paid in interest?
Sorry for the long post but I am completely new to this process and still learning.
Many thanks for any advice you can offer - it would be greatly appreciated and I will keep posting any responses I get in the hope it will help others.0 -
The key point to consider if you think you are eligible for a refund of any part of a payday loan is whether you could repay it without ‘undue difficulty’. In this case, that means you repaid the loan – in full – on time and without resorting to borrowing more money to cover it off.0
-
jestemnadal wrote: »The key point to consider if you think you are eligible for a refund of any part of a payday loan is whether you could repay it without ‘undue difficulty’. In this case, that means you repaid the loan – in full – on time and without resorting to borrowing more money to cover it off.
Thank you Jestemnadal for your reply. Apologies for the delay in my response - I have been away with work a lot recently.
What you say makes sense. When I was using these loans I would have had 3, sometimes 4 taken out at the same time and I was always deep into my overdraft so I am hoping that is taken into consideration when they look at my cases.
In saying that, Poundstopocket have written to me recently completely dismissing my case. I have escalated this one to the FOS in the hope they see it in a different light. I think I will leave the Satsuma case alone for now though.
Still new and still learning folks but I will keep posting on any developments in the hope it helps others.
Thank you again Jestemnadal0 -
Hi all is there a limit to how far back you can claim with these companies (Wonga in particular). They sent me a statement, I had 24 loans from 2011-2014, almost all of them I borrowed again within days of paying off the previous loan, interest amounts to £1807.50 and fees £353.50.
In total over this period for loans, interest and fees I paid £13,212!
Many thanks.0 -
Hi, new to this thread.
Is it possible to make a complaint to someone you are currently in an agreement with and if so what happens to your payments in the middle of a complaint?
Thanks0 -
Almost 6 years ago I helped a friend with mild learning disabilities get out of the payday loan trap and onto a debt management plan with CCCS (now stepchange). She's debt free now and doing well but I've just come across this and wonder if she has any recourse. Some of her loans are definitely older than 6 years old but her light bulb moment was around May 2013 when she had taken a PDL out with Payday UK in November 2012 and had been paying it off and taking a new one out every month until that May.
As I say she has mild learning disabilities and at the time was on SSP (which the lenders knew) awaiting benefit claims coming through. Do PDUK even still operate?0 -
Hi, I'm only just pulling my head out of the sand (which is where it has been for about 2.5 years).
I've started looking back over my borrowing and have seen that I borrowed £1439 in payday loans from Wonga from 12/13 to 12/14 (15 separate borrowing occasions). I also borrowed £350 from Quick Quid in 11/14 to pay back the a Wonga loan and the 12/14 Wonga loan was in turn used to pay back the Quick Quid loan. I assure you, I don't need any of you to tell me how stupid I was!
At the time I was at the bottom of a hefty overdraft, maxed out credit card and living on a student loan and wages from my zero hours job. I was 21 when I first took out a payday loan and I ended up in a cycle of borrowing to repay debts. Obviously being 26 now I want to clear as much debt that I have as possible to be able to move forward
I've been reading through some of the more recent posts and was wondering if someone could help me make some more sense of it all and whether I would indeed have a worthy complaint to file?
Many thanks
0 -
Hi I took out 45 plus payday advances from Cash converters over a 6 year period.
I had to provide my bank statement each loan. They only checked wether my salary was showing on there. During the same time I was pawning stuff with them (sometimes losing the items as I couldn!!!8217;t afford to pay it back) and they never once did a credit check. I was really struggling and couldn!!!8217;t afford to not retake a loan out the same day they took the payment for the previous loan.
Am I wasting my time complaining as I always managed to pay it? I did lend some money from family and cleared debts a couple of times including not using Cash converters for a couple of months, but always ending up using them again a couple of months after. I think the longest I went without relying on them was 3 months.
Thanks0 -
So glad i found this thread.
Like many others, gambling had taken atoll on me and my life. I have been constantly borrowing from Wonga and QuickQuid since 2015.
I sill have open loans with them. Am hoping the compensation (if any) will write off the outstanding debt.
Sent off 2 letters today (standard template) fingers crossed.0 -
H All,
So I am at the beginning of the process.
I have complained to three lenders initially, doing the "subject access request":
- Wonga (email)
- PDUK (call)
- PoundstoPocket (email)
All have responded.
- Wonga / we are looking into it, we take your complaints seriously
- PDUK (call) / sent details of all my loans + interest
- PoundstoPocket (email) / said they have sent details of my loans. I have not received it and have requested further info eg bank statements, payslips etc
Questions please:
- How do I make sense of the PDUK summary in order to move to the next stage of the official complaint
- For P2P do I need to send them all that stuff or is that a delaying tactic?
Thanks0
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards