Chasing the unaffordable loan refund

[Over_The_Top]

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:

[Over_The_Top]

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

[Over_The_Top]

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.

[charitynjw]

Re: Chasing the unaffordable loan refund

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?

[Over_The_Top]

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/

[charitynjw]

Re: Chasing the unaffordable loan refund

Our Offices

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

[Over_The_Top]

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/

[Over_The_Top]

Re: Chasing the unaffordable loan refund

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!

[Over_The_Top]

Re: Chasing the unaffordable loan refund



Your score is up 407 points this month.

Sure hope it's not an April Fools.

[Over_The_Top]

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

[Over_The_Top]

Re: Chasing the unaffordable loan refund

Just wanted to update. As soon as I get the final statement from the ombudsman I call to accpet. This allows the FOB to write off that day to the companies. I then post the acceptance forms in as the FOB like these. I waited about 3 days and called the two compaines I was dealing with to update my bank details. Using this method I've had all my refunds within a week. Payday UK sent me a email the next morning and the money was there the following day. The final two companies refund came to £2300 which was well above what I was expecting.

I'm off to see the mortgage advisor today as my folks are helping out with a deposit, they must see this new responsible(ish) me. It makes smashing my wing mirror yesterday seem so far away.

Never Give Up!
OTP

[Debt Camel]

Re: Chasing the unaffordable loan refund

Good to end on a high note - all the best for your future mortgage application!

[Over_The_Top]

Re: Chasing the unaffordable loan refund

Good to end on a high note - all the best for your future mortgage application!

Broker said there was a 90% chance, fingers crossed.

[Over_The_Top]

Got alerted via reply so thought I'd drop in here. Been in my new home over a year and a half. Thanks Debt Camel and all others.

[Over_The_Top]

Wonga and wage day advance have been taken over by the accountants (I'm drunk) to want for a better word. I had a rebate from Wonga already, but post review by the accountsnts, they offer pennies on the pound. I got back £35. Basically claiming so late might impact on your return due to so many loaners closing due to crack down.

I wish you well. And never give up.