Page 1 of 2 12 LastLast
Results 1 to 25 of 28

Thread: Chasing the unaffordable loan refund

  • Share
  • Thread Tools
  • Display
  1. #1
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Chasing the unaffordable loan refund

    Hello,

    I seen a post on here that was successful in claiming back unaffordable loans, so thought I would give it a go since I have been with many. I'm not sure if I have a chance though as I often borrowed off other lenders to pay the previous without the re-rolling. I have sent off all my templates I got from debt camel.

    I have attached my in loans of around 17.5k and outgoing's of around 25k. There was probably more I missed. Do you think I have a chance?

    In all honesty I was quite shocked looking through my history, and felt a little sick. Unfortunately I have yet to get out of this circle of debt.

    See txt files for Loan details.
    Attached Files Attached Files
    Last edited by Over_The_Top; 4th June 2016 at 14:12:PM.

  2. #2
    Join Date
    Jun 2014
    Posts
    11,031
    Mentioned
    1081 Post(s)

    Default Re: Chasing the unaffordable loan refund

    tagging @Debt Camel xx
    Debt is like any other trap, easy enough to get into, but hard enough to get out of.

    It doesn't matter where your journey begins, so long as you begin it...

    recte agens confido

    ~~~~~

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

    I can be emailed if you need my help loading pictures/documents to your thread. My email address is kati@legalbeagles.info
    But please include a link to your thread so I know who you are.

    Specialist advice can be sought via our sister site JustBeagle

  3. #3
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    I went online today with Quick Quid and seen another loan for £400. No others lenders showed a history. I provided my presious addresses so this will hopefully help.

  4. #4
    Join Date
    May 2007
    Posts
    59,029
    Mentioned
    1605 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Do you know which ones still have balances outstanding on them ? and how much is still owed on each. Is it just these two?
    - Lending Stream
    - Payday Express


    Your first job is to STOP taking any more loans. If you can cancel that QuickQuid loan, cancel it. If not put it on the outstanding list.

    STOP trying to pay one off with another.

    Break the cycle, it will never end if you carry on like this.

    Then you need to do a list of the balances of those outstanding.

    Then an income and expenditure sheet to figure out what money you actually have to 'play with' each month.

    What does your credit file look like ? ( try Noddle.co.uk )
    Last edited by Amethyst; 5th June 2016 at 08:24:AM.
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

  5. #5
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Thanks Amethyst,

    Yes, it's just those two loans which I will pay off this month. It has been a tricky few years. I'm up for a small promotion at work that should help sort this out quicker. The Quick Quid loan was one that had already been taken out but must have missed it. There were many deposits with just a string of numbers, so I was unsure if it was a loan, or from one of the many gambling sites I frequented. I'm glad to say I have now shaken off that curse.

    Edit: Just paid off my payment plan with Quick Quid this month after around 9 months and have just received a text saying to take out another loan.... arghh.

  6. #6
    Join Date
    Jun 2014
    Posts
    1,112
    Mentioned
    247 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Hi!

    You've gathered a lot of information, which is good - you need to sort it out into a separate section for each lender. A list of dates and amounts borrowed or repaid is best. That will let you see the amount of interest you paid to each lender and also clearly identify how many loans you had and the gaps between the loans for that lender. The shorter the gaps, the easier it usually is to get a refund.

    Much though i love Legal Beagles, I think you may find the comments on http://debtcamel.co.uk/payday-loan-refunds/ a better place to discuss the progress of your complaints.

    Good luck!

  7. #7
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    I did seperate them for the emails. But I never put in when I repaid. Hopefully they can access that their side. The only thing with me was that I was taking out loans with other lenders to pay the other ones off. I already had debt camel bookmarked as I used it for templates and info. I didn't see a forum section though.

  8. #8
    Join Date
    May 2007
    Posts
    59,029
    Mentioned
    1605 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Debt Camel is the pro on these loans There's a comments section on her site if you scroll down to the bottom of the reclaim PDL guide page - that's where lots of people who are using her templates/guides post as they go through the process.

    Great that you only have those two left to sort out and have managed to keep on top of things. Just had a quick add up on Wonga ... there's just over £5k borrowed and repayments of about £6400. If the account with Wonga is clear now, then that doesn't seem too bad ( for PDL's that is)
    Attached Thumbnails Attached Thumbnails 2016-06-05 20_01_47-Jump List for Outlook.com.png  
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

    Find Solicitors offering fixed fees on our sister site - JustBeagle.com

  9. #9
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    I've had my first offer for £120 from MrLender which I accepted. Not sure if it's good or bad, but considering I'm broke it's a warm welcome.

    Your first loan (Ref: ML62406278) was taken out on the 27th August 2013 for £500.00 and repaid your loan in full on the 26th September 2013. The total interest applied on this loan was £150.00.
    Your second loan (Ref: ML62439499) was taken out on the 2nd October 2013 for £250.00 and paid in full on the 25th October 2013. The total interest applied on this loan was £75.00.
    Your third loan (Ref: ML62461466) was taken out on 28th October 2013 for £800.00 and paid in full on the 26th November 2013. The total interest applied on this loan was £240.00.
    Your fourth loan (Ref: ML62477657) was taken out on 27th November 2013 for £800.00
    The total interest applied on this loan was £240.00 due to setting up a payment plan.
    Last edited by Over_The_Top; 6th June 2016 at 19:25:PM.

  10. #10
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Only had like one small loan from 24/7 Moneybox I could see, but probably had 3 around £100. Anyhow they refunded £50. Not too shabby.

    PiggyBank and Safe Loans said they were happy with my credit status at the time.

    Edit: They sent me a final notice. I have replied showing that I had taken out a re-roll loan with them on the same day it was paid, and also with other lender maybe 2 days prior. I attached my experian credit report.
    Last edited by Over_The_Top; 9th June 2016 at 11:22:AM.

  11. #11
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Probably better news...

    Dear x,

    Thank you for your email.

    I have contacted the credit reference agency to ensure any adverse information is removed from your credit file however please note this may take up to 28 days to reflect.

    If you require any further information please do not hesitate to contact us.

    Kind regards,

    MrLender

  12. #12
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Lending Stream, Piggybank and Money in Advance have been sent to the Ombusman. These were not really rollovers, ut taken out to pay off other loans and so forth.

  13. #13
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Jut to update. I have just got an offer from Wonga for £650 which I'm happy with so accepted. I guess I could of got more, but I'm off on my holidays soon so it will be well used.

    I also got a reply from one month loan who repaid the interest of the loans at £450. Seems I had loaned around £850 from them. I wasn't even going to apply to them as I only thought I had borrowed £250.

    Never give up
    Last edited by Over_The_Top; 29th July 2016 at 12:15:PM.

  14. #14
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Went to the obudsman for Lending Stream which was turned down as this was my first lender when my rating was good. I think I still have 4 or so with the ombudsman.
    Last edited by Over_The_Top; 31st August 2016 at 18:09:PM.

  15. #15
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Won 1 of 3 loans with Safe loans, the last and largest.
    Last edited by Over_The_Top; 8th October 2016 at 14:40:PM.

  16. #16
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Won 1 of 5 loans with Wage Day Advance, as the last and largest loan was seen to be unfair. A lot of my loans were spread out though with this one. Problem with mine was I didn't rollover, I borrowed from other pay day loans to pay it off.

    As time goes on I cannot remember the last time I applied for a loan, and what I have got back has reduced my overdraft. Hopefully kill it off in the next few weeks.

    :tongue2:

  17. #17
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Won 1/3 with Quick Quid. This is a biggie for me as it was a default which should be acted uplon within this month.

    On a more impressive note.

    Your credit score is up 233 points this month

  18. #18
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    I won my wage day advance for 1/5 loans which was the last and largest. Refunded £200.

    I must say the Ombudsmans service is very friendly, thorough and quick to reply. I called Wage Day Advance to comfirm payment details for the refund and I was met with, oh we haven't received anything. I emailed the person in charge of my case who then sent an email to WDA and they were back to me in a matter of hours to resolve.

    On another note I had a Capital One card for around 4 months which was 1 week behind 217 on a £200 limit. I was inbetween jobs and called as I was getting on top of finances. I was advised of a payment plan, even though the account would only default after the 4th missed payment. They sent me a payment plan form, and I had agreed to pay £10 per month, which was actually more than the interest on the monthly charge of £4.70. I was so used to payday loan interests by this stage I presumed it would be around £40. On the form there was a short-term and long-term option. It wasn't explained on the form the differences, but I later found out the longer option defaults the account. I'm also contesting this, on the basis it wasn't clear on the form, and I had actually agreed to pay more than the interest.
    Last edited by Over_The_Top; 13th November 2016 at 12:20:PM.

  19. #19
    Join Date
    Sep 2009
    Posts
    11,308
    Mentioned
    475 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Quote Originally Posted by Over_The_Top View Post
    On another note I had a Capital One card for around 4 months which was 1 week behind 217 on a £200 limit. I was inbetween jobs and called as I was getting on top of finances. I was advised of a payment plan, even though the account would only default after the 4th missed payment.
    Hi Over_The_Top

    This is interesting.
    Are you saying that on the original Cap 1 agreement the account would only be defaulted after 4 missed payments?
    If so, where did that info come from?
    Is it in the T&Cs?
    CAVEAT LECTOR

    This is only my opinion - "
    Opinions are made to be changed --or how is truth to be got at?" (Byron)

    You and I do not see things as they are. We see things as we are.
    Cohen, Herb

    There is danger when a man throws his tongue into high gear before he
    gets his brain a-going.
    Phelps, C. C.

    "They couldn't hit an elephant at this distance!"
    The last words of John Sedgwick

  20. #20
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    When I called Capital one about the payment plan I was on. I said why would I select a payment plan that would default the account when I was only one payment of £17 behind. Manager said yeah true, it normally takes 4 payments for it to default. I think I checked myself and I seen something ranging between 3-6 missed payments depending on company. #

    Edit: They could of actually meant a minimum of 4 payments.

    I don't think they could put anything like that in T&C's as people would abuse it.

    Edit: I seen this.....


    • 30 days late: This record will damage your credit scores most when it is recent. The exception is if you are 30 days late often. Otherwise, a single 30-day late payment should not cause lasting damage.
    • 60 days late: Similarly, recent 60-day late payments cause the most damage. Again, the exception is if you are 60 days late often which will certainly hurt your scores. Otherwise, one late payment should not cause long term damage.
    • 90 days late: This record will damage your credit scores significantly for up to seven years. It doesn’t make a difference whether or not your account is currently 90 days late. Remember, the goal of the scoring model is to predict whether or not you will pay 90 days late or later on any credit obligation. By showing that you have already done so means that you are more likely to do it again compared to someone who has never been 90 days late. As such, your credit scores will drop.
    • 120+ days late: Late payment reporting beyond the initial 90-day missed payment does not cause additional credit score damage directly. However, there is an indirect impact to your scores. At this point, your debt is usually “charged off” or sold to a third-party collection agency. Both of these occurrences are reported on your credit files and will lower your credit scores further.


    https://www.credit.com/credit-report...rets-revealed/
    Last edited by Over_The_Top; 13th November 2016 at 13:05:PM.

  21. #21
    Join Date
    Sep 2009
    Posts
    11,308
    Mentioned
    475 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Our Offices

    Credit.com, Inc.
    160 Spear Street
    Suite 1020
    San Francisco, CA 94105
    CAVEAT LECTOR

    This is only my opinion - "
    Opinions are made to be changed --or how is truth to be got at?" (Byron)

    You and I do not see things as they are. We see things as we are.
    Cohen, Herb

    There is danger when a man throws his tongue into high gear before he
    gets his brain a-going.
    Phelps, C. C.

    "They couldn't hit an elephant at this distance!"
    The last words of John Sedgwick

  22. #22
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Also on debt camel.

    When should a default be put on your credit record?

    The following 2014 document from the Information Commissioner’s Office (ICO): Principles for the Reporting of Arrears, Arrangements and Defaults at Credit Reference Agencies says:
    “As a general guide, [a default may be recorded] when you are 3 months in arrears, and normally by the time you are 6 months in arrears.
    There are exceptions to this which may result in a default being recorded at a later stage, such as secured or long term loans e.g. mortgages, or if the product operates in a more flexible way e.g. current accounts, student loans, home credit.”



    http://debtcamel.co.uk/debt-default-date/

  23. #23
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    Quote Originally Posted by Over_The_Top View Post
    On another note I had a Capital One card for around 4 months andwas on £217 on a £200 limit. I was inbetween jobs and called as I was getting on top of finances. I was advised of a payment plan, even though the account would only default after the 4th missed payment. They sent me a payment plan form, and I had agreed to pay £10 per month, which was actually more than the interest on the monthly charge of £4.70. I was so used to payday loan interests by this stage I presumed it would be around £40. On the form there was a short-term and long-term option. It wasn't explained on the form the differences, but I later found out the longer option defaults the account. I'm also contesting this, on the basis it wasn't clear on the form, and I had actually agreed to pay more than the interest.
    Some good news. Capital One have removed the default from my account. I went through the Ombudsman who seen in their favour on the first and second time, but on third attempt they seen eventually where I was coming from and contacted Capital One who also agreed that the payment plan I was on wasn't suitable.

    What do I take from this... read the small print, ask if unsure and never give up!

  24. #24
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund



    Your score is up 407 points this month.


    Sure hope it's not an April Fools.





  25. #25
    Join Date
    Jun 2016
    Posts
    22
    Mentioned
    0 Post(s)

    Default Re: Chasing the unaffordable loan refund

    I received my last 2 final decisions from the Financial Ombudsman who seen in my favour. Strange how things changed from starting this post. When I started I still had one payday loan and used the first few refunds to clear all my debts. I've not taken out a payday loan since, have a much improved credit rating and have even saved a little for a deposit on a house.

    It's been emotional, but fun. I encourage everyone to do it.

    Good Luck
    OTP
    Last edited by Over_The_Top; 13th May 2017 at 10:26:AM.

Page 1 of 2 12 LastLast

Similar Threads

  1. Loan-Options.net Getting a Refund
    By SurferDan in forum Loans & Brokers
    Replies: 6
    : 23rd January 2017, 11:40:AM
  2. Lowell Group chasing for old Lloyds loan.
    By Willisa1 in forum Welcome Forum
    Replies: 7
    : 6th April 2016, 14:34:PM
  3. Loan-Options.net Getting a Refund
    By SurferDan in forum PayDay Loans / Short term Loans
    Replies: 3
    : 9th July 2014, 10:43:AM
  4. MMF / Motormile chasing 2007 payday loan
    By Jess1000 in forum PayDay Loans / Short term Loans
    Replies: 4
    : 8th February 2013, 22:46:PM
  5. Loan paid to wrong person but lender still chasing
    By jumbo100 in forum Consumer Credit Act
    Replies: 0
    : 20th March 2012, 06:53:AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Contact Us



© Celame (UK) Ltd 2016
Hosted by Lodge Information Services Ltd
LegalBeagles® are DPA Registered No. ZA158014
LegalBeagles® is the trading name of CELAME (UK) LIMITED ( 09220332 )
Registered Address: 25 Moorgate, London, England, EC2R 6AY
VAT registration number 206 9740 02
User Alert System provided by Advanced User Tagging v3.1.3 (Lite) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.
Feedback Buttons provided by Advanced Post Thanks / Like (Lite) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Celame (UK) Ltd Powered by vBulletin® Version 4.2.3
Copyright © 2017 vBulletin Solutions, Inc. All rights reserved.

To find out more about managing your money and getting free advice, visit the Money Advice Service,an independent service set up to help people manage their money.

TOP