should i try and get refunds

[fkofilee]

This is to stop trolls and people who post clock too advertise...

[joncow75]

I'm afraid this is standard practice for some PayDay companies. They will deny responsibility in the hope that the complainant will accept this and go away however, people are becoming more savvy and not accepting their word. Complaining to the FOS is relatively easy and once QQ are told the FOS is involved, they sit up and take notice. I would also imagine that once the FOS tell them that they have a complaint, they will settle before any FOS fee is levied.

 

 

I hope that everyone uses the advice on here then and ensures they don't give up!

 

Burke, did you just put in your original complaint form or did the FOS ask for any follow up information?

[burke666]

I sent in my complaint form along with my accounts summary from QuickQuid and a breakdown of my wages and expenditure at the time.

When I spoke to the adjudicator he said that a copy of my credit file would be beneficial. I asked if he required my bank statements for the period I had the loans but he said he didn't require those.

One thing I did do was make a spread sheet, which had every loan and repayment from every loan company by date.... So that you can easily see what money was go where and to whom and when.

This took quite a while to do as I was using 9 companies' every month for 4 years...☹

[joncow75]

I sent in my complaint form along with my accounts summary from QuickQuid and a breakdown of my wages and expenditure at the time.

When I spoke to the adjudicator he said that a copy of my credit file would be beneficial. I asked if he required my bank statements for the period I had the loans but he said he didn't require those.

One thing I did do was make a spread sheet, which had every loan and repayment from every loan company by date.... So that you can easily see what money was go where and to whom and when.

This took quite a while to do as I was using 9 companies' every month for 4 years...☹

 

Thanks for the info burke666. I already use a spreadsheet monthly and have done for the last 10 years. I do a version at the start of the month, copy it and update the copy daily, but should hopefully have the originals going back over the time. I'll have to see if I can find any old credit files I may have had though.

 

I hope the QQ offer is a sensible one for you so its not dragged out.

[burke666]

freeofdebt ..... i cant answer your pm as ive not done 30 posts yet, please pm me an email addy.

[burke666]

Some positive news today..... I worked out the interest on the 6 unaffordable loans from Quickquid to be £2300 with the 8% interest added on.....

Ive just accepted £3047, and my outstanding balance of £266 cleared and credit file amended.

That may sound like a result against them but id rather not have gotten myself into the deep mess that I did...if that makes sense.

 

Thats 1 down , 8 to go.

[neil6534]

well done....congrats

[burke666]

that will be 12 months knocked off my DMP.

[joncow75]

Absolutely brilliant news! Great result, i'm very pleased for you. Just goes to show no-one should take a first answer. I could be a bit giddy if I get something similar as i'm looking at a 5 figure number!

[neil6534]

don't milk the praise!!!

[Mr Wits]

Good Morning Burke666,

 

Great News ;-)

 

Have you received payment from Quick Quid yet?

 

Kind Regards

 

Mr Wits

[burke666]

no not yet....... takes up to 28 days.

[burke666]

ive finally been able to download my credit file today, theres only 3 PDLC mentioned in it......

Payday UK

Payday Express

and

Lending Stream

[burke666]

Bit of a strange one last night.... I had 2 amounts paid into my bank account from QQ... But £1700 short on the agreed refund.

I'll see if more goes in tonight.

[Mr Wits]

Good Evening Burke666,

 

Any luck with payments from QQ??

 

As I am still waiting for a payment from them

 

Kind Regards

 

Mr Wits

[burke666]

yep paid in full now.............. in 8 separate amounts, with an apology say that they are having financial difficulties.

 

welcome to my world.

[fkofilee]

QQ having financial difficulties?! Really?

[silverfox1961]

yep paid in full now.............. in 8 separate amounts, with an apology say that they are having financial difficulties.

 

welcome to my world.

 

Very strange that they would do this. Time for some checks on CashEuronet.

 

QQ having financial difficulties?! Really?

 

I do hope so. The sooner these type of companies go down the pan the better

[silverfox1961]

Something is definitely going on with CashEuronet

 

Quick Quid are now showing as being incorporated as of 21 January 2016 where we know they have been trading for years???

 

CashEuronet, the company behind QQ are now showing as being set up in 2014.

[joncow75]

Very strange that they would do this. Time for some checks on CashEuronet.

 

 

 

I do hope so. The sooner these type of companies go down the pan the better

 

Hopefully not till I've had a response to my complaint, but hopefully they'll stop lending!

[Mr Wits]

Good Afternoon Burke666,

 

Just had a email from the Adjudicator saying that my settlement form has been sent to QQ.

 

So my question is did QQ contact you before making a payment into your bank account or does it just go in within a time frame.

 

Had 4 loans with them, QQ are repaying the last 3 as the first one was for £350 and the other 3 were for £1500 each a big jump up. Also had about 4-5 rollovers on the last loan.

 

Hope you can help?

 

Kind Regards

 

Mr Wits

[burke666]

Hello, with me QQ made an offer via the adjudicator, which i accepted, then QQ asked the adjudicator for my bank details as i had changed accounts since having a loan with them....... then over the next 2 days they made 8 deposits into my bank account until i had the full refund.

 

I did email them and they said they paid me like because they were having financial difficulties.

 

I read somewhere that they have upto 28 days to do the refund.

[burke666]

right then some updates......

 

1 Month Loan

 

"To investigate your complaint I have reviewed the account opening procedures in place at the time. Having done so, I am able to inform you that we conducted creditworthiness checks, assessed your ability to afford the repayments which would fall due under the proposed agreements, and we considered how you were managing other debts at that time. Based upon these checks it was considered responsible to advance credit to you. However, having reviewed the information you have provided, there are indicators that the product may not have been suitable for you and with this in mind, I uphold your complaint."

 

Lending Stream

 

"Dear Mr Keen,

 

This is in reference to your recent correspondence.

 

We have reviewed your accounts and would like to share our findings. You have borrowed sixteen loans from Lending Stream out of which only three are still open. The summary of the open accounts is provided below:

 

Loan ID Loan Status Borrowed Date Borrowed Amount Outstanding Balance

1601525 with CRS 21 June 2013 £365.00 £70.75

1751269 with CRS 04 October 2013 £100.00 £38.01

1775635 with CRS 23 October 2013 £290.00 £232.94

Note – CRS stands for Credit Resource Solutions. Your loans were transferred to them as they are handling all Debt Management Plans for Lending Stream. For any queries, you can contact them on 01422 315 214.

 

Affordability Checks:

 

We confirm that an affordability analysis is conducted for all customers (existing or new) and on each loan application. Our advanced analytics and underwriting processes review the information provided by the customer, all public information, and details held by Credit Reference Agencies before making a decision.

Your Experian score was ranging between 705-764 at the time of application. This was factored into our proprietary underwriting and deemed acceptable

At the time of each application, you were employed part-time

Your monthly income at the time of application was more than £1100.00

We could observe a steady disposable income which denoted that repayments towards the loan could be made without any difficulties

You were approved only for the amount you were eligible for

Although, we received additional applications, they were declined as they did not meet our lending criteria

Credit File/Data Validation:

 

When a customer requests for a credit report from a Credit Reference Agency, he or she may acquire specific information including names of different lenders’ and their respective reporting, however, when a financial institution does a credit search on a customer’s credit report, they are not privy to that exact information. Hence, our decision to lend money does in part rely on the information received from Experian (credit scores).

 

We would also like to mention that we expect our customers to include any current obligations due to be paid while filling the expenditure details to ensure a fair assessment of their disposable income and ability to make repayments.

 

Additional Finance:

 

A “Rollover” is an option provided by some lenders where a customer is allowed to delay paying back a loan on the payment of additional fees. Currently, Lending Stream does not offer this option; hence, we confirm that the FCA regulation on “Rollover” loans is not applicable to us. With this, we assure you that we have not rolled your loan(s) over the due course; therefore, no related charges were applied.

 

In lieu of the overall situation, we believe that Lending Stream has behaved responsibly in approving your loans and has dealt with them fairly.

 

Resolution:

 

Having stated the above, we would not refrain from extending our support. Considering your relationship with Lending Stream, we are willing to close your loan accounts 1775635, 1751269 and 1601525 with no further payments. To clarify, £341.70 will be waived."

 

 

I Dont know what do do about LS ....... they state that my credit ratinng was over 700 whilst i dealt with them..... im fairly sure it was around 250 before i started taking out payday loans...... i worked out i paid them £2700+ in interest over the years, but theyre offering to wipe my loans equalling £341.70.

 

Views please?

[silverfox1961]

Have LS stated anywhere that they have added charges to the account (late payments/missed payments)

 

You could always send a SAR to one of the credit reference agencies to get some more info to see whether it tallies with what LS are saying. You still have the option of going to the Ombudsman.

 

Did you ever contact LS when you did encounter financial difficulties and if so, did they stop interest and charges. You may need to SAR them too.

 

As it stands, you owe nothing to them but if you can get more evidence, they may owe you. Your decision of course.

[burke666]

hello,

 

ive got my credit file and LS did do credit checks...... im not sure if the credit file would show my score though?

 

when i finally admitted that i couldnt continue i didnt contact them personally, i ley Stepchange sort everything.