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  • FIRST POST
    • lewis1828
    • By lewis1828 27th Mar 18, 10:08 PM
    • 2Posts
    • 0Thanks
    lewis1828
    Help needed..
    • #1
    • 27th Mar 18, 10:08 PM
    Help needed.. 27th Mar 18 at 10:08 PM
    Hi,

    I'll get straight to the point.

    Over the past year or so i've developed an increasingly out of control gambling addiction. Around 9 months ago i took out my first payday loan with QuickQuid to feed my gambling habit. Fast forward 9 months and i've taken out 24 seperate loans with QuickQuid and Sunny. Having only just finished university and being the naive 22 year old that i am i didn't realise the impact these loans would have on me financially. On numerous occasions i've had to take out loans to pay for previous loans, missed payments and ended up in arrears all of which can easily be seen through my bank statements. I've been told i can speak to the FO about this but i'm unsure if i have a case?

    Whilst i accept full responsibility for gambling the money i feel had either of these two companies on just one occasion asked for a bank statement they would have seen these loans were completely unaffordable. I can accept the money from loans and the interest i paid back will be gone however i'm more concerned about my credit file.

    I fully accept i've messed up but need to somehow turn it around.

    Any advice greatly appreciated.

    Thanks for reading

    Lewis
Page 1
    • sourcrates
    • By sourcrates 27th Mar 18, 10:17 PM
    • 13,766 Posts
    • 13,091 Thanks
    sourcrates
    • #2
    • 27th Mar 18, 10:17 PM
    • #2
    • 27th Mar 18, 10:17 PM
    Hi,

    First you must address the gambling, are you getting help in that area ?

    Second, you must complain to the individual companies concerned first of all.

    If they uphold your complaints, all well and good, if they do not, then you take it to the ombudsman.

    There is a full guide to reclaiming interest and charges from payday lenders here :

    https://debtcamel.co.uk/payday-loan-refunds/
    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 are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • lewis1828
    • By lewis1828 27th Mar 18, 10:25 PM
    • 2 Posts
    • 0 Thanks
    lewis1828
    • #3
    • 27th Mar 18, 10:25 PM
    • #3
    • 27th Mar 18, 10:25 PM
    Yes i'm getting the help i need for it now and i have had final response letters from both companies saying the loans were affordable and that the next step would be the FO. However i just presumed i wouldn't have a case given they both gave that response but 24 loans in 9 months seems excessive without asking me for any additonal information?
    • CrazyCatLady
    • By CrazyCatLady 27th Mar 18, 11:53 PM
    • 145 Posts
    • 462 Thanks
    CrazyCatLady
    • #4
    • 27th Mar 18, 11:53 PM
    • #4
    • 27th Mar 18, 11:53 PM
    Didn't you think it was excessive after 12?
    • sefton
    • By sefton 9th Apr 18, 4:26 AM
    • 82 Posts
    • 30 Thanks
    sefton
    • #5
    • 9th Apr 18, 4:26 AM
    • #5
    • 9th Apr 18, 4:26 AM
    Didn't you think it was excessive after 12?
    Originally posted by CrazyCatLady
    It's called addiction. Show some compassion
  • National Debtline
    • #6
    • 9th Apr 18, 12:05 PM
    • #6
    • 9th Apr 18, 12:05 PM
    Hi lewis1828


    Never be put off taking a complaint to the Financial Ombudsman Service (FOS) just because the creditor didn't uphold it. The complaints process is free and the FOS may have a completely different view on the matter. In this case it could lead to a refund and the removal of the debts from your credit file. The link sourcrates has provided above on this is really useful.


    It's great to hear you're getting support with your gambling problem as well, I wish you all the best for the future.


    Susie
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • CrazyCatLady
    • By CrazyCatLady 9th Apr 18, 5:16 PM
    • 145 Posts
    • 462 Thanks
    CrazyCatLady
    • #7
    • 9th Apr 18, 5:16 PM
    • #7
    • 9th Apr 18, 5:16 PM
    It's called addiction. Show some compassion
    Originally posted by sefton
    I have plenty of compassion thanks. My question was in response to his query about 24 loans in 9 months being 'excessive'
    • John-K
    • By John-K 9th Apr 18, 9:22 PM
    • 516 Posts
    • 732 Thanks
    John-K
    • #8
    • 9th Apr 18, 9:22 PM
    • #8
    • 9th Apr 18, 9:22 PM
    Hi,

    I'll get straight to the point...

    ...Having only just finished university and being the naive 22 year old that i am i didn't realise the impact these loans would have on me financially.

    Whilst i accept full responsibility for gambling the money..
    Originally posted by lewis1828
    On the first point, I am not sure how a graduate cannot understand the concept of interest; Iíd have been pretty clear at your age how loans work.

    Anyway, itís good that you take responsibility, so many people here try to get out of their obligations, so itís refreshing that you donít want to.

    You need to get the gambling dealt with, so good luck with that, but next you need to tackle both your income and spending. Posting a statement of affairs is a good starting point.
    • Tigersimba
    • By Tigersimba 11th Apr 18, 2:50 PM
    • 1 Posts
    • 1 Thanks
    Tigersimba
    • #9
    • 11th Apr 18, 2:50 PM
    • #9
    • 11th Apr 18, 2:50 PM
    Hi Lewis

    I've been in the same situation after falling into the payday loans cycle. And yes I was also aware of interest but that was the least of my problems - I just cared about getting enough money to last one month to the next. Regardless of the circumstances - you are in this situation now and I can give my advice that will hopefully help.

    I read online about claiming refunds from the payday loan companies. I used 1 PDL company in particular and when they rejected my complaint, I went to the FO. Do be warned, the FO process can be slow. I complained in Nov 2017, it got picked up by an adjudicator last month and now I only found out recently (a week or so ago) that the adjudicator has upheld my complaint on every loan apart from the first 2. So I should get the interest on the loans refunded plus 8% statutory interest (however the PDL company hasn't replied - if they don't agree with the adjudicator it then goes to the ombudsman)

    I'm an avid lurker on these forums and this is my first post to a reply so I hope this is allowed - there is a website called debt camel and it has some good advice and template letters about how the FO complaints process works. You'll also see from this site that people who are getting complaints upheld are those who can show dependency on the loans and it sounds like you have a good case.

    I would put in a complaint - I beilieve you complain to the company first then you'll get their "final response" after 8 weeks. If they reject it (they rejected mine) then take it to the FO.

    Good luck - but please tackle the gambling as well - I'd recommend gamecare if you haven't already looked into it.
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