Can I sue Payday Lender for misselling

[meols cop]

I am helping out a relative with his Payday loans. Now I know the OFT have spoken about Payday lenders not considering affordability etc etc.

 

Could I make a formal complaint to OFT or the Ombudsman. As I know for sure that no checks were done before issuing this loan. They gave it double quick.

[Jamie Kingston]

In order to sue you would need to take them to court - I'm sure you can complain though... why not?

[renegadeimp]

You will need evidence to back up what you are accusing them of. Do you have that concrete evidence?

[meols cop]

Well I have evidence that no credit check was carried out. A litany of unfair charges etc

[citizenB]

I think you might be able to use this in mitigation if they were to sue for repayment..

 

The OFT will only record a complaint - they will not deal with individual situations.

 

The FOS - any complaint made here could take up to 2 years to be resolved !

 

What outcome would you be hoping for ?

 

You could write to the PDL and advise that you think they were stupid to lend to your relative, that had they performed the required credit checks then they would have realised they were taking on a high risk. However, that is why PDLs charge such horrendous interest rates.

 

 

Have you completed an Income & Expenditure sheet and worked out what disposable income there is available for ALL creditors?

 

Then write to all of them confirming that there is only £x amount left after Priority debts and £x is all they can expect to be paid. Request that all interest and charges be stopped.

 

I am not sure what else to advise.