Payday loan refunds

[Deanmcg73]

Hi everyone
Just wondering if anyone can shine some light on this situation , about 5 years ago I got into a spiral of payday loans and I have realised that I may be able to claim some compensation a few lenders have replied to emails and are in investigation for 'upto 8weeks' anyway to cut a long story short I had a loan with 'minicredit' I know this company has ceased lending but my loan went to a debt collection agency 'opos' I ended up lending the money from my girlfriend to pay opos , I am trying to get details of the loans (how much and when) I contacted opos and received this reply

I can confirm that the account we were once collecting on (as an outsourcer for Mini Credit) was never purchased by Kapama Limited and therefore we do not own it.

As we do not own it we cannot assist you any further in regards to your complaint. If you wish to still make one you will have to get in touch with the original loan provider to do this. We do not have contact details for them so I would suggest a Google search.

I apologise we cannot assist you further and hope you get the resolution you are hoping for.

Regards,
David


Can anyone recommend the next step I should take ?
Thanks
Dean

[Amethyst]

Re: Payday loan refunds

Just tagging [MENTION=48934]Debt Camel[/MENTION]; to have a look at your post as she is the bee's knees with payday loans You 'SHOULD' have received notice of any assignment if your loan was sold on by MiniCredit.

[Deanmcg73]

Re: Payday loan refunds

Hi just an update ,
I sent an response to the original email stating that I had paid opos the money therefore how could they not own the account and received this response
Hello,

Yes the payments were made to Opos Limited, but we were acting on behalf of Mini Credit as an out sourcer. They owned the account the entire time and it was never purchased by Kapama Limited.

Thanks,
David

Does this mean I am unable to reclaim interest and penalty charges ?

[Amethyst]

Re: Payday loan refunds

Okay so the account must be owned by someone else. Presumably you have tried Minicredit's administrators to find out where your loan was sold on to if it wasn't sold on to Kapama ? or did you pay it off in full via Opos before Minicredit went tits ?

[Deanmcg73]

Re: Payday loan refunds

The original loan was for around £100 I received 80£ because of a quick payment fee, I didn't pay the loan back and subsequently the figure rose to £400-£500 this is when I started receiving contact from opos demanding £800-£900 with being in shock at how quick the figure seemed to be rising I loaned the money from my girlfriend and payed opos this was before minicredit went 'tits' 😂😂

[Debt Camel]

Re: Payday loan refunds

You need to check your old emails to see if there is any indication that this loan was sold/assigned to Kapama/Opos.

If there isn't, then there is nowhere for you to go with this one. Good luck with the others!

[Amethyst]

Re: Payday loan refunds

Unfortunately as Debt Camel says, as it was paid off before Minicredit went kerputt ( or tits ) there wasn't a loan to sell on to anyone so any claim you could have had would have had to have been dealt with during administration, so it seems you have to put this one down to experience. Have you paid back your girlfriend yet? I suspect her interest rates will be much higher

[Deanmcg73]

Re: Payday loan refunds

Thanks for the help and advice guys , girlfriend all paid back life back on track and gamble free for 2 years now 🙂

[Amethyst]

Re: Payday loan refunds

Perfect xxx

[Deanmcg73]

Re: Payday loan refunds

Hi I have received this email in reply from another lender , peachy , any advice
Dear Mr. Dean Mcgough,

Thank you for contacting Peachy!

We are sorry to hear that you have not been satisfied with our service and have raised a complaint regarding affordability assessments made on your account.

We have investigated your complaint competently, diligently and impartially. We have assessed the subject matter of the complaint and would now like to provide you with our response and decision on it.
Firstly we would like to bring out that in total you have had 3 loan agreements with Peachy taken between 02/10/2012 and 07/12/2012. Before issuing your first loan we also called you to make sure we have your correct payday information and banking details in the system and to confirm that all the repayment dates fall on suitable dates for you.
We kindly advise that your last loan went severely overdue and defaulted with us on 03/03/2013. Despite several warnings and attempts to contact you regarding the outstanding balance of your Credit Agreement No L12120755901503 remained unpaid and was passed on to an external Debt Collections partner called MotorMile Finance UK Ltd. We have contacted MotorMile Finance UK Ltd and they are able to confirm that the outstanding balance has been repaid in full. We can also confirm that you have not extended any of your loan agreements with us and was never advised to do so either and we have never issued any further credit to you after the loans were repaid.
Please note that we lend out short term loans to you and our customers in good faith and therefore, we expect full repayment on the due date. If you have any problems in paying back the loan, it is important that you contact us immediately, and preferable in advance and before the due date. Please note that you have never contacted us to inform about any change in your financial circumstances or to arrange any alternative repayment options with us. We always aim to consider cases of financial difficulty sympathetically and treat our customers in default or difficulties with understanding, forbearance and due consideration.
We kindly advised that information about interest rates was visible online during the registration and application process. We also sent you the loan statements and credit agreement which contained full information on daily interests rate, APR, additional fees and any other charges applicable. The Credit Agreement sent to you contained a separate section advising on late payment charges and specifying them.
We can assure you that as creditors, we abide by our statutory obligation under the Consumer Credit Act 1974 to undertake a sound, proper and appropriate assessment of creditworthiness to assess the borrower's ability to afford the proposed credit commitment. In addition to assessing creditworthiness, we always undertake an adequate assessment of affordability. The affordability check is based on information, obtained from the borrower and from a Credit Reference Agency. The affordability assessment is also based on the borrower’s financial position as a whole and takes account of information that we are aware of at the time the credit is granted.

As creditors, we employ the use of a variety of types and sources of information to assess affordability which include some or all of the following examples:
information about income [£950.00]
information about expenses
a credit score
a credit report from a credit reference agency
information obtained from the borrower, whether on an application form or separately.
We would like to point out that the OFT (whose rules and guidances are now under the FCA) does not consider that the creditor could be held culpable under circumstances in which it made a reasonable request for information from the borrower, in order to inform its assessment of affordability, and the information provided by the borrower was substantively incorrect/untrue and the creditor was not aware of this.

We would like to remind you that by signing the Credit Agreement, you confirmed that you are not:

a) in a Debt Management Plan (or similar scheme) or considering entering a Debt Management Plan (or similar scheme);
b) in an I.V.A or are considering entering into an I.V.A.;
c) bankrupt or considering filing for bankruptcy;
d) under notice of termination of employment, redundancy or any other notice which could affect my employment status;
e) in receipt of Statutory Sick Pay or suffering from any medical condition which would cause me to apply for Statutory Sick Pay during the period of the loan;
f) in receipt of any benefits instead of my usual wages, salary or other income declared in my application.
Please be advised that before getting a loan with us, you filled in an income/expenditures sheet in which you stated that your monthly income equaled £950.00, while your total monthly expenditures stood at £0.00. Please be advised that you have confirmed this information two times which is recorded on your profile with us.Therefore, based on this information you provided us you should have had more than enough disposable income to cover your monthly repayments.
We also took account your employment conditions and job stability. For example, when you took out the loan you confirmed to be full-time employed as Tool Maker at Nicholsons Sealing Technologies and had been working there for a substantial period of time. In addition, you provided us with the information about your financial commitments including any repayments due in respect of mortgage contracts, council tax, electricity, gas, telecommunications, water and other major outgoings and we were also aware that you were single living with your parents and therefore did not have any expenses in this regards.
In case the provided information was incorrect, then you would be responsible for providing us with false information, therefore making it impossible for us to ensure your affordability in any other way.

We have done everything from our side to ensure you have all the necessary information prior to applying for a loan, it is your responsibility to read through the information we provide you with. You have also signed and agreed to the Standard European Consumer Credit Information document, which explained thoroughly about the product and that it is meant for short term lending purposes only.

We can assure you that we conduct our business in compliance with all relevant legislation, regulations, regulatory guidance and requirements and we can justify our practices and procedures used in assessing affordability in the event of a regulatory challenge.

Unfortunately, based on the above, we are not able to uphold your complaint as we are confident we carried out sufficient checks. However as goodwill gesture, we are willing to refund £73.17 of penalty charges and remove our entries from your credit file in order to resolve the complaint in an early stage. Kindly confirm your bank account number and sort-code, that we could process the refund.

We hope this will suffice to rectify the situation, kindly confirm if you would like to accept our offer as the full and final settlement of the complaint and that your complaint has been resolved to your satisfaction. You are welcome to come back to us and we will be happy to have a second look at your complaint.

This has been our final response. If this is not satisfactory to you then you have the right to refer your complaint to the Financial Ombudsman Service, free of charge – but you must do so within six months of the date of this letter.

If you do not refer your complaint in time, the Ombudsman will not have our permission to consider your complaint and so will only be able to do so in very limited circumstances. For example, if the Ombudsman believes that the delay was as a result of exceptional
circumstances.

You may contact them on the following details:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Website: www.financial-ombudsman.org.uk

Consumer helpline:
0800 0234 567 (calls to this number are normally free for people ringing from a "fixed line" phone – but charges may apply if you call from a mobile phone)
0300 123 9123 (calls to this number are charged at the same rate as 01 or 02 numbers on mobile phone tariffs)
E-mail: complaint.info@financial-ombudsman.org.uk
Switchboard: 020 7964 1000
Fax: 020 7964 1001
http://www.financial-ombudsman.org.u...er-leaflet.htm

--
Kind regards,

Peachy Complaints Specialist
www.peachy.co.uk

[JustMe23]

Re: Payday loan refunds

Did you get an outcome from this?
Did you accept Peachy's offer or take it to the Financial Ombudsman?

Currently looking at getting refunds from my payday loans so any advice is much appreciated

[Debt Camel]

Re: Payday loan refunds

A better place for discussing payday loan refunds is here https://debtcamel.co.uk/payday-loan-refunds/ - lots of people reading that who have active or recently settled complaints in.

[sohailafzal]

did you tried https://pdloans247.com/payday-loans/direct-lender ? im satified with their policy

[alexwhite]

You can get a refund of the interest you paid on unaffordable loans.

It’s easy to ask for a payday loan refund using the free template letters here. The letters workif your payday loans were repaid or if you still owe money.