Payday loans - My journey

[Dantayler]

Hi

This is the first time I have ever posted on a forum so forgive me if I get things wrong.
I just wanted to say thank you to everyone who takes the time to post advice for other people's benefit. I have researched for many hours the various posts before finally taking the plunge and contacting all my PDL armed with knowledge, templates to take the challenge.
To my horror & embrassement I had PDLs over nearly a three year period with 8 different companies, in total paying over £45k in repayments (including original loans). My story is similar to most started with one quickly rolling over to further loans and then applying to other PDL's just to keep head above water. I now have 3 defaults registered against me, a credit score worse than before the PDL's, I had 41 PDL's with just one lender (half of my total repayments were with this one company, geniualy didn't realise the extent of my debt until I decided recently to do something about it.

I have now asked for full statements, and those that have asked for £1 or £10 fee to provide the information I have gone straight to formal complaint, using credits/debits from my bank account.

Im now at the waiting stage with the 40 day period before applying to FCA Almost all have acknowledge my complaint & given the standard thank you we are now lookin into your concerns.

Yesterday I received a response from Lending Stream who claim not at fault/default registered correctly/handled my financial difficultly approriatly & now pressuring me to set up payment arrangement. Fortunately I have kept all emails from all PDL's since the beginning so have been able to go back outlining their errors/delays/incorrect filing of default and their poor handling of my account once I asked for help, which was April 2012 & they did not acknowledge until July 2012 and did not agree a repayment plan until August, I then made repayments as agreed on time every month (defaulted registered in Dec 2012). In March 2013 I asked for an account update and in May 2013 was sent email saying they have had no payments. After several emails, telephone calls and screen shots of my bank account showing payments they acknowledge receipt of all payments in August 2013. I believe this does not demonstrate they dealt with my account approriatly and sent an email outlining this with the question if there response was their Final Response to May complaint. I know I would not have been able to challenge a company something whilst I was in the middle of the spiralling debt.

I feel confident I can justify my case should it go to the FCA but did want to post on here two things

1st - thank you to everyone that has shared their experience and knowledge in dealing with PDL's it has enable me to sort out my paperwork & get organised before sending the 1st email, the advice also help me deal with the standard responses & delaying tactics so I was well prepared & didn't come as a shock

2nd -should I not get the responses I'm hoping for is it best to send all complaints to the FCA or individually as I feel the volume of irresponsable lending is strengthened when you see the whole picture. I have search various forums but don't seem to find any advise on this particular matter.

Grateful for any advice & will let you know how things turn out

[SaltnVinegar]

Re: Payday loans - My journey

Hi Dan and welcome to AAD!

What I'd suggest doing to start with is start a thread in the payday loan section, with details of each loan following the guidance here:

http://forums.all-about-debt.co.uk/s...yday-Loan-debt

I'm not sure who you mean by FCO - do you mean FOS or FCA?

Best
SnV

[Dantayler]

Re: Payday loans - My journey

Sorry meant FCA still working out the basics of posting. I wasn't intending to list all PDLs more share my experience. However if I start to struggle with any responses or need specific advice I will post them as you suggest. There is already so much advice available through the various threads I feel I can research the advice rather than taking up people valuable time responding specifically to me. Hope this is ok

[Roger]

Re: Payday loans - My journey

Sorry meant FCA still working out the basics of posting. I wasn't intending to list all PDLs more share my experience. However if I start to struggle with any responses or need specific advice I will post them as you suggest. There is already so much advice available through the various threads I feel I can research the advice rather than taking up people valuable time responding specifically to me. Hope this is ok

Well Dabtayler I did my research etc.. thought I understood the issues. As I have come to discover my thinking and understanding wasn't actually right.
Its better for you and the wealth of knowledge of contributers here to set out all of your PDL's this way when dealing with correspondence you will get the best possible advice!

[IF]

Re: Payday loans - My journey

Hi Dantayler, I've moved your thread to the Payday Loan section

Please do carry on posting SnV will help all he can and all our members will give their support too.

Best wishes
IF

[SaltnVinegar]

Re: Payday loans - My journey

Sorry meant FCA still working out the basics of posting. I wasn't intending to list all PDLs more share my experience. However if I start to struggle with any responses or need specific advice I will post them as you suggest. There is already so much advice available through the various threads I feel I can research the advice rather than taking up people valuable time responding specifically to me. Hope this is ok

Hi Dan

I'm afraid that the FCA to the normal consumer will be as much use as a chocolate teapot. They generally will not get involved in individual disputes, and the PDL companies will know this, so at best you can report their conduct to the FCA which may go into a collective list, which at some point could trigger an investigation, but otherwise it gives you no leverage whatsoever.

The FOS can investigate individual complaints, but experience of complaints to the FOS regards PDL's is that the FOS will not side with the consumer (surprise).

If you could post up the details of each loan, then actually this is more likely to help you as the legislation (and so guidance) changed in Jan 2015, so we can all help you tailor your arguments to suit. If you start writing off letters/templates that have no bearing to your circumstances you possibly make your situation worse.

Also, if you want specific advice, then I'm afraid it will be difficult to provide without the context of the background and required information, and in fact, it's be irresponisble to provide anything but broad suggestions without knowing that context.

The fact that you mention £1 and £10 payments would suggest that you have either made a CCA request, or alternatively a Subject Access Request. What was your reasoning for requesting this infomation?

PDL products, by their very nature, will almost always not fall into the UE process - the only time I would suggest a CCA is useful, is post Jan 2015 accounts, and whether interest rates & charges breach the rules set down by the FCA (the only other reason would be whether they have included the option of claiming statutory interest should they have to pursue a debt in court).

As your accounts appear to be with Lending Stream, I can tell you, from the knowledge I have of their credit agreements issued after Jan 2015, that they have all been compliant.

I'm not trying to put you off from taking on these companies on your own, but I can help you from making unnecessary actions, and also make sure you're not out of pocket (which you now are as a result of paying for these requests!)

Best
SnV

[Dantayler]

Re: Payday loans - My journey

Hi SNV

All of my PDL were between April 2010 & September 2013 (so pre 2015) I realise a couple of initial loans are outside of the 6 year period.
All but four have been fully paid, including default charges, late payment fees. Three of the unpaid ones have registered defaults, £27, £115 & £427. The final unpaid one is with cash convertors which was loan number 41 with them, the original loan was £1,000 (of which £600 paid balance of loan 40. Initial payment were made before I sent evidence of financial difficulty with a repayment plan request, this was agreed by there local branch, 12 months after making agreed payment I received a bill for £4,600 from their corporate office, monies from the local branch and not been transferred probably & they had continue to add interest charges & late payments fees etc. They reduced the balance by £997 and agreed a £5 per week repayment which is still in place, they have not registered any defaults or late payments on my credit file. Cash Convertors 41 loans over a 3 yr period amount to £15,000 in loans and £25,000 in repayments with outstanding balance now showing £3,200

Except for the initial loans with each company all were rolled over and sebequent loans were given with increase lending amounts.
I requested statements to form the basis of my complaint including dates loans were given, interest breakdown & rollover details only cash convertors have sent me full statements at this stage.

However as as I have all the email correspondence and exact dates because all (with the exception of cash convertors) were paid into my bank account along with any repayments made. I have used this information to send a formal complaint for irresponsable lending. Stating reasons why I believe this to be the case, based on my income & expenditure, volume of PDL's, rollovers, & outstanding amounts transferred to new loans.

Each PDL have acknowledge my complaint confirming they have the 8 week period in which to respond. The only exception is swift sterling who I understand is not regulated by FCA due to being registered in Malta, so I am not pursuing this one any further.