Payday Loan Companies - 2011 FOS Uphold rates

[toptrapper]

Hope some of you who are concerned about complaining about Payday Loans to FOS find this useful (and sorry if it's posted elsewhere).

 

Headline -

During 2011, FOS received 211 complaints regarding Payday Loans, of these, "71% were upheld - that is there was a change in outcome in favour of the customer".

 

In addition to complaints being upheld, FOS will charge the Payday Loan company £500.00 to investigate, there is no cost to the consumer (apart from their time).

 

Anyone thinking about making a complaint, good luck!

 

Big thanks to Sam Jones for obtaining this info.

Freedom of Information Request Payday Loans.pdf

[asmilecostsnothing]

I agree with here-and-now

211 complaints is not many even if it was based on 2011, is it that people struggle to get heard because there is not much or no paperwork?

Here is a response that I remember getting from one lender:

 

I will repeat to you again what I have said to you daily. Our position remains the same and I suggest we let the Financial Ombudsman deal with this as they have a greater understanding of financial issues.

That is again the same as before our final response on the issue.

I await contact from the Financial Ombudsman Service who we work closely with to look into this and make their own decision in regards to your account

I am sure they will be able to come up with a suitable solution

[rebel11]

How many are there on this site, well over 100 in 2011. People just aren't reporting it's as simple as that.

[toptrapper]

To be honest, surprised myself the number of complainants was so low. Personally, cannot understand it. Is it lethargy? Cagger Laziness?

 

I can only speak from my own experience, during 2010 and 2011 I logged 3 complaints. Yes, the forms are detailed, they require a lot of information, yes it took a lot of time, yes I had to print off e-mails, provide transcripts of phone calls, photocopy letters, yes they take circa 9 months to sort etc etc etc. However, 2 have been upheld (one is still being processed) and it was worth it in the findings of one debt being written off entirely, one being substantially reduced from £580 to £40.

 

The 2 that were upheld? Both loan companies failed to adhere to TCF regulations, phoned me at work when expressly advised not to, were slow in providing basic account details, added random and unjustifiable charges etc. How many complaints have I read through on this excellent website where caggers have been subject to the same? More than 211? You bet. Could they help themselves by taking the time and effort to register a complaint with FOS and follow it though? Well, it worked for me?

 

Anyway, sorry, rant over.

[asmilecostsnothing]

Thanks for the continuing motivation wish I could "like" post no 5 !

 

I think the FOS gets bad press over the length of time it can take, but potentially as you say it can be so worth it

[citizenB]

http://www.credittoday.co.uk/article/13294/online-news/DCA-withdraws-from-payday-loans-market

 

http://www.compliancy-services.co.uk/consumer-credit/the-office-of-fair-trading-is-to-scrutinise-38-consumer-credit-websites/1611

 

 

 

The more complaints received the better - the OFT is going to be looking into these companies and one DCA has withdrawn from collecting for PDL companies - top story.

[sillygirl1]

A lot of the payday loan users are from the 'push button' generation and don't really want to do anything themselves to sort things out, they are happy to let other people do their thinking for them - and I have plenty of cases to cite for this - people do not want to complain because it is hard work - but as this thread shows complaints are dealt with.

 

I have had posters saying 'I can't find the email address or Can you tell me exactly what I am complaining about..." which is not really why we are here, we are a self-help group and many of these posters want a 'quick fix'.

 

I may be moderated for saying the above but I have told the site team many times that we aren't even the tip of the iceberg in seeing how these companies trate their customers.