Tweet
I made a complaint with a pay day lender, in 2016, asking them to review my account, that the three loans they gave me were unaffordable. I had an outstanding loan with them, and they offered to wipe the interest off of the outstanding loan, which I agreed to and have repaid. I reviewed the account and want to lodge a claim against the other two loans.
In a space of 5 months (2013-2014) I made repayments totalling over £2300. The loans were 1166, the fees/interest etc 1208. I paid more in fees etc than the loan itself. I had defaults, stacks of payday loans, terrible credit score, always in my overdraft etc during this period. The loans were rolled over each month too, with the final (3rd loan) taken out only being repaid this year, 4 years after the original (3rd) loan was taken out. In fact this was passed to a DCA. I sent a complaint off saying that they should have realised from my credit report and the fact I was taking out multiple pay day loans that my debt problems were getting worse - it was not responsible to lend to me. The loans were unaffordable. I am asking them to refund the interest and charges i paid, for the two loans outlined above, plus statutory interest.
They sent this back to me:
After investigation into your account, we can confirm that we first received an affordability complaint from you on the 22nd March 2016 regarding your account. We responded to you on the 31st March 2016 with a final response, answering all of your concerns and offering to reduce your outstanding balance to the capital amount borrowed. Included in our response was FOS rights meaning if you was not satisfied with the response you could have escalated your complaint to the Financial Ombudsman within six months. However you accepted our offer as a resolution to your complaint on the 16th January 2017, answering the below three questions and your complaint was closed. For the reasons given we would not be looking to re-investigate your complaint. We understand that this may not the outcome you were seeking, however we hope that our explanation has helped you understand how and why we have reached this full and final decision.
In a space of 5 months (2013-2014) I made repayments totalling over £2300. The loans were 1166, the fees/interest etc 1208. I paid more in fees etc than the loan itself. I had defaults, stacks of payday loans, terrible credit score, always in my overdraft etc during this period. The loans were rolled over each month too, with the final (3rd loan) taken out only being repaid this year, 4 years after the original (3rd) loan was taken out. In fact this was passed to a DCA. I sent a complaint off saying that they should have realised from my credit report and the fact I was taking out multiple pay day loans that my debt problems were getting worse - it was not responsible to lend to me. The loans were unaffordable. I am asking them to refund the interest and charges i paid, for the two loans outlined above, plus statutory interest.
They sent this back to me:
After investigation into your account, we can confirm that we first received an affordability complaint from you on the 22nd March 2016 regarding your account. We responded to you on the 31st March 2016 with a final response, answering all of your concerns and offering to reduce your outstanding balance to the capital amount borrowed. Included in our response was FOS rights meaning if you was not satisfied with the response you could have escalated your complaint to the Financial Ombudsman within six months. However you accepted our offer as a resolution to your complaint on the 16th January 2017, answering the below three questions and your complaint was closed. For the reasons given we would not be looking to re-investigate your complaint. We understand that this may not the outcome you were seeking, however we hope that our explanation has helped you understand how and why we have reached this full and final decision.
- You are satisfied with the resolution of this complaint and deem it fair and reasonable
- You accept that this is a full and final offer
- Following your acceptance of this offer you understand that this complaint has now been resolved and no further action is required.
Comment