Just want to ask advise I made a complaint for an unaffordable loan with bamboo and they had their final response and offer a settlement. Should I accept the offer.
Their offer is the same amount as my remaining balance to be paid.
here are my loan details
Loan Reference: ............. .......
Agreement Date: 14/05/2019 25/10/2019
Loan Advance: £2,000.00 £629.09
Settlement Amount (to be used to clear any existing Bamboo loan): N/A £1,781.38
Interest Amount: £1,483.68 £1,305.60
Total Amount Payable: £3,483.68 £3,716.07
Repayment Term: 24 months 18 months
Monthly Repayment: £145.15 £206.45
Total Repaid by Customer: £725.75 £2,529.76
Status of Loan: Closed Open with TBI
Summary from their final response
In summary, Bamboo believes it made a fair lending decision in approving your loans after carefully considering your circumstances and affordability and we are therefore unable to uphold your complaint.
At the time of your applications, we could only rely on the income, expense, and credit information available to us from third party resources such as TransUnion and the information provided by you. We believe that by providing you with a detailed response to the points you have raised in your complaint, we have demonstrated that each loan was sustainably affordable for you without placing you into financial hardship and that we undertook appropriate and proportionate checks before we agreed to lend to you.
We are however surprised and disappointed to hear that you are unhappy with Bamboo agreeing to lend to you and whilst we are happy that we acted appropriately, there is considerable cost to administering complaints such as this.
We are therefore prepared to make a goodwill offer with the intention of helping you repay the outstanding loan faster than scheduled.
The offer, which is made in in full and final settlement of this complaint in relation to Bamboo loans referenced .... and ...., is to reduce your balance by £1,305.60. This is equivalent to all of the interest on the (current) loan.
If you are happy to accept this offer then please confirm your acceptance by replying to this email, we will then ask TBI Financial Services Ltd to update your account accordingly.
If you do not currently have a payment plan in place with TBI Financial Services Ltd, then please can we ask that you contact them on 01189 313 800 to discuss.
However, if you would like to discuss anything further, please reply to this email at complaints@bambooloans.com or alternatively call us on 02382 140616. We hope that you fully understand the outcome achieved.
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.
For further details about the Financial Ombudsman Service please visit their website at www.financialombudsman.org.uk/publications/consumer-leaflet.htm. Should you wish us to send you a leaflet with more detail about the service they offer, we would be happy to send you one in the post at your request. We also enclose a copy of our Complaints procedure.
Please note our offer will be withdrawn if not accepted within eight weeks, or earlier in the event of a referral to the Financial Ombudsman Service. If you require more time to consider this offer, then please contact us to request an extension.
Thanks in advance for any advise
