Who are Drafty?
Drafty is run by GAIN Credit LLC, the company behind Lending Stream. It offers a running line of credit from £50 to £3,000, and fixed-term loans of £1,000 to £3,000.
With a line of credit, the question is often when the lender should have noticed you were borrowing to repay borrowing.
Can I claim against Drafty?
You could, if any of these sound familiar:
- 01You borrowed again soon after paying off a loan
- 02You had several loans running at once
- 03You borrowed to pay bills or other debts
- 04You already had missed payments or defaults
Each loan is looked at separately. Even if the first was fine, later ones may not have been.
What you could get back
Average personal loan claim£8811
Interest and chargesRefunded
Interest on your refundAdded
Balance owedReduced
Negative credit file entriesRemoved
If a loan is found unaffordable, you usually only repay what you borrowed. Anything paid above that comes back to you, with interest.
Ombudsman decisions about Drafty
Published Financial Ombudsman decisions show how complaints like these are judged. Where a complaint is upheld, it is often only from a certain date or for certain lending. Every complaint is decided on its own facts, so these are examples, not a guide to what you’ll get.
- Partly upheld
Opening a £500 facility was fair, but by March 2022 Drafty should have seen the customer was borrowing to repay borrowing and stopped charging interest.
Read decision DRN-3705849
Drafty loan questions
Can I claim if I’ve paid the loan off?
Yes. Repaid loans can still be looked at, subject to time limits.
What if my loan was sold to a debt collector?
You still complain to Drafty, the lender that made the decision to lend.
How long does Drafty have to reply?
Eight weeks. If Drafty hasn’t sent a final response by then, or you’re unhappy with it, the complaint can go to the Financial Ombudsman, normally within six months of the final response.
How far back can I claim?
Usually six years from the lending, or three years from when you realised you had cause to complain, whichever is later. Where an account is still running, the ombudsman has sometimes looked back further.
Complain to Drafty yourself
You don’t need a claims company. You can complain to Drafty directly using its complaints page. If you’re unhappy with the answer, or it hasn’t replied within eight weeks, you can take it to the Financial Ombudsman. Both are free.