Loans with Payday UK and Payday Express

[griffinuk]

Hello,

 

I'm looking to get some advice after reading about the redress that payday companies are paying.

 

I had three loans, one with QuickQuid which I repaid in full, one with Payday UK and one with Payday Express, both of which I defaulted on in 2013 and remain a black mark on my credit file.

 

I defaulted on these owing to losing my primary employment and sinking into a sea of debt. I took out the Payday Express loan on the 13/03/2013 and the Payday UK one on 01/07/2013.

 

My first question is - since these defaulted in December 2013, and no payments made since, would it be possible to get redress? My credit file was already shot to bits at the time of these loans - having already defaulted on my credit cards (not able to make the minimum payments on those), and I will openly admit I went for them in hindsight to try and buy myself time and sustain myself as my job was coming to an end and I was just trying to get to the end of each month.

 

My questions are - even though the accounts are in default, would I be able to get them written off under the redress scheme? It is certainly easily provable that I was a considerable credit risk at the time.

 

Secondly, even though I was able to pay off the QuickQuid loan, managed it with some difficulty and by utilising the other two loans to continue making the payments. Is there any redress there even though I settled the account?

 

Thanks alot in advance for any advice, I'd be more than happy to answer any questions.

[neil6534]

i'm in the same boat with them at the moment, waiting for a response from them and then taking to FOS...will let you know how i get on

[citizenB]

Griffin, you will lose nothing by asking.... if you point out that they evidently didn't do a proper check on your finances/credit at the time, yet still loaned to you, you might stand a chance. Even if the companies themselves reject your claim - I would then escalate to the Ombudsman - it will cost you nothing but the price of a couple of stamps !!

[griffinuk]

Griffin, you will lose nothing by asking.... if you point out that they evidently didn't do a proper check on your finances/credit at the time, yet still loaned to you, you might stand a chance. Even if the companies themselves reject your claim - I would then escalate to the Ombudsman - it will cost you nothing but the price of a couple of stamps !!

 

Thanks for that info citizenB - Is this something I can do via email? I'm assuming that there will be a template knocking about to use that I can edit to my needs?

 

neil6534 - I'm looking forward to seeing how you get on!

[citizenB]

No, no template as each situation will be different. Have a read round some of the other threads where people have claimed and see what they have done.

 

There are two threads in the stikky section that might be worth a read before starting -

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?455382-Were-you-caught-in-a-Pay-Day-Loan-Trap-You-may-be-able-to-make-a-claim

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?455693-Pay-Day-Loan-Companies-Contact-Information

[azzadle]

Don't hold your breath with them. They will milk the full 56 days to respond to you, probably disregard your points and then you'll have to take it to the FOS and wait montgs for them too. It won't be quick nor easy.

[griffinuk]

Okay, so essentially, to get this started - a letter explaining the circumstances to them I guess.

 

Does the letter need to be fairly heavy? I.e. giving them strict deadlines to respond or send the first one quite nice and soft? Also, can this process be carried out electronically, or is this a snail mail operation?!?

 

Sorry for all the questions!

[azzadle]

I sent them an email requesteing a full statement of account which they sent by post in a few days. Once received, use that against them. Be firm with your findings, point out financial situ at the time, number of rollovers, add the total interest paid on all loans and ask for that back PLUS 8% stat interest, what credit checks did they do etc.

[citizenB]

Okay, so essentially, to get this started - a letter explaining the circumstances to them I guess.

 

Does the letter need to be fairly heavy? I.e. giving them strict deadlines to respond or send the first one quite nice and soft? Also, can this process be carried out electronically, or is this a snail mail operation?!?

 

Sorry for all the questions!

 

Be polite but firm - you don't actually need to mention timelines, they know they are legally obliged to respond within 8 weeks(56 days). You should at the very least receive an acknowledgment of your complaint. You can send either by snail mail or email. If the former, then obtain a proof of posting (preferably RD/SD) - If by email and your service has a read/receipt then click on that before sending your email.

 

If - they do not send an acknowledgement and are creeping toward the 56 days without any response, you could send them a reminder.. but after the 56th day, you should download the form from the FOS website - complete it and send to them (along with copies of your correspondence to the company).

[griffinuk]

Hi All,

 

Thanks for all the valuable advice so far here - most useful.

 

I have had, to my surprise, a response from one. To be honest, it is what I expected it should be - a lengthy statement blaming me, making me out to be a liar, and coming close to accusing me of being fraudulent.

 

One interesting thing of note is that they have said that their checks are proportionate, and that checks for smaller amounts are less than checks for larger amounts. Obviously I'm no expert here - but isn't financial checking almost a binary yes or no? A credit search is a credit search with the same result no matter what the value of the proposition is right??

 

Anyway, they have invited me to complain directly to them, or invited me to send it to the ombudsman. What's the next step here?

 

Thank you all again for your help.

[citizenB]

I would imagine a main stream lender would make the obligatory checks regardless of the amount requested - so why can PDLs ? If you have already made your complaint to them, then your next step is either to refute what they say and ask them to reconsider their earlier response or provide you with a deadlock letter so you can escalate your complaint. Head your email/letter "Formal Complaint"

 

You don't actually need a deadlock letter - you can escalate your complaint to the FOS on the basis that the PDL is simply jerking you around (don't use that term) until you run out of time to make a complaint to the Ombudsman.

[neil6534]

hi griffinuk - payday express have responded to me, they have had 8 weeks and have stated they haven't been able to look into my case due to a heavy work load and have said I can contact FOS if I so wish.....so I will......if anyone could suggest what to say to FOS now that pdex have said they haven't been able to look into my complaint withing the 8 weeks they were given than that would be helpful

[griffinuk]

CitizenB - I have referred the one that got quite nasty to the Ombudsman, I guess it's wait and see now!

 

Neil6534 - PaydayExpress and PaydayUk (same people) have written today - both letters are identical, and say they have 8 weeks to investigate, at which point they will send a Final Response letter. I guess they don't allow appeals to their inevitable complaint rejection!!

 

The fourth firm that I have contacted has yet to respond.