Payday Loans etc

Interesting point about the morality of it. Once it was clear the DMP wouldn't be renewed after the next review (change to a better paying job) Mr L at my suggestion made full and final settlement offers to two lenders before it ended. These were accepted and totalled quite a bit less than the outstanding balances. I didn't feel particularly guilty for two reasons. Firstly they had got back pretty much the total they'd lent even if they hadn't made anything on it and secondly as far as I was concerned they'd recklessly (in my view) chucked money at him despite very obvious alarm bells ringing via the credit report. I discovered what was going on in time to stop a further massive loan in its tracks and really have no idea what they were thinking in approving it. Having worked in finance way back when, the principles of prudent lending were very clearly way out of kilter.

Most of the time their greed and recklessness pays off. If the wheels fall off from time to time, quite frankly in my view they have very often asked for it.

Thanks Lethe, as always your thoughts are much valued

Have you/ would you consider trying to reclaim any money - if it got to dmp stage it sounds like it would be very likely that you might be able to reclaim something (from what im reading on debtcamel)

One other point I have found, this is giving me something else to focus on whilst I await the start of my CBT course

hopefully in the meantime Ive also improved my fitness enough I can do more than 30 minutes exercise so that wll then be the thing to concentrate on

health(ier) body, Health(ier) mind will hopefully equal healthier finances in future - I think I may have done too much damage to ever say healthy!

We haven't tried to reclaim anything but the loans weren't open very long before they went to debt management. From memory one bank wrote a letter about incorrect interest rates some time after closing the loan but in accepting Mr L's offer they had written off most of the interest so I assumed it was advisory. Another lender refused to participate in the DMP after the first year which meant we had to pay the arrears in one go to prevent further action. A few months later they applied £400 credit to the account which was something to do with the same interest rate query as the first lot. Again I didn't dig too deep in case they decided to take it back. It might be worth looking into that one as to all intents and purposes they got the lot back.

Hi Lethe - sorry missed this reply... might be worth you having a look through debtcamel, there seems to be a wide range of reasons that complaints get upheld, some people getting a lot back.

I've been waiting for bank statements as most of my payday use was over six years ago but ive now registered complaints against all the ones I remember just to get the clock ticking and get them registered.

I'm over my moral dilema and whilst I would obviously benefit from any money back I know it would be a huge boost for my wife so am trying to see what I can get, feels a bit no lose, quite a faff and extra effort but all free aside from my time.

I did also have many a time where I kind of hoped I'd be rejected/ my deposit would be blocked

It's always been my choice to try and obtain more credit and my choice to gamble, I don't hold the companies responsible for any of that. feels important to me for me to say that

sounds like I could be waiting a year though so strapping in for the long haul

There is one default on my account that if I could get it removed it would be absolutely life changing, most importantly for my wife and children

Whatever happens I shall be working until I physically can't or drop dead but I have accepted that is yet another consequence of my choices.

Today however I shall choose to not gamble

best wishes all

Hi guys,

I know this is an old thread but I just wanted to let you know that I have been given a refund for most of the payday loan complaints I submitted. One is still with the obudsman. I know that we should take resoonsibility for getting these loans as part of our gambling addiction, but the obudsman stated to me that if they are being used consecutively over and over again for gambling you have an even stronger case of getting a refund. The casinos (although I know are a business) prey on vulnerable, and so do payday Loan companies. I have heard of lots of success stories with the refunds lately. I am putting all my refunds towards other debts I have, which is spurring me on to clear them once and for all over the next two years. Happy new year everyone and may we all find the strength to keep fighting the addiction

I am going to do this. I'm screwed and have no choice but to try. It is their fault tbh!

Thanks for dropping by and letting me know about debt camel. I will be having a thorough look at the site x

Hi all,

I've seen mostly positive comments on here about success rates in getting payday loan interest back, which makes me feel better about my attempts. I've only just started the (lengthy) process. I often had up to 10 loans going at once, adding up to thousands in interest, so hopefully I can gain some of it back and start to pay off my huge debts. Have most people been successful in recouping interest? Also, my credit rating is appalling, how much does this process affect credit rating/can my credit rating be improved massively?

If you win a case against a payday loan company offering unaffordable loans personally, or with the ombudsman the lender has an obligation to remove any negative reporting on your credit file this includes late payments, defaults, and any other adverse information. It can really clean up your credit rating