Hi there, just starting this to share my experiences and progress (hopefully)
I've had the worst financial 2 years of my life, for various reasons.
Mental health and depression, and I think possibly my medication, leading to all sorts of erratic behavior and spending - often supporting my high APR loans and payday loans.
I am finally pulling myself out of this - off medication for 12months, and I have borrowed any money since March 2023. I've paid off a number of loans and am starting to keep up with payments.
I have rasied a complaint against one particularly awful payday loan I took with Moneyboat. They did nt uphold the complaint, so I have gone to the financial ombudsman. I am asking for a refund of interest - approx £850 in 6 months (the loan was for £600).
I have today complained to Novuna about 6 missed payment charges, total £135. Awaiting their response within 8 weeks. I have asked for this to be refunded to the balance of my account.
I would also like to challenge payday loans I took with Cashfloat and Mr Lender. The combined interest of these 2 loans paid, was around £1000 (total amount borrowed £1200). This was during a time when I couldn't pay my mortgage each month so was borrowing to try to top that up.
I would be really interesting in hearing stories about challenging loan charges or payday loan interest charges?
It looks like the Ombudsman only uphold about 30% of complaints - but with certain lenders it is much higher at 50%.