MSE News: Payday loan customers should 'fight back' against bad treatment

Former_MSE_Helen · 5 August 2013 at 11:35AM

"Citzens Advice is urging payday loan customers to complain to the Financial Ombudsman if they have been mistreated..."

Read the full story:

Payday loan customers should 'fight back' against bad treatment

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

izools · 5 August 2013 at 1:33PM

Yeah,

Or don't approach these lenders in the first place.

FireWyrm · 5 August 2013 at 1:54PM

You dont generally go to a loan shark expecting good treatment. Dont use these lending operators full stop and then you wont get into trouble. Also, in many cases, what they are doing is attempting to recover money which you give them permission to do...such as through a continuous payment authority on your account. If you didnt understand the ramifications of this, perhaps you shouldnt have been borrowing from these people in the first place.

VT82 · 5 August 2013 at 1:56PM

Quote from the article: 'The chances are high that the ombudsman will uphold a payday loan complaint. Of 160 complaints made to the ombudsman between April and June this year about payday loans, 72% were upheld. '

You can't infer probabilities from this statistic!

What it says is 'If you've got a legitimate complaint, it is likely to be upheld. If you're thinking of making a spurious complaint, there's plenty of precedent set for it to be rejected.' Which is pretty much the case for anything!

Pincher · 5 August 2013 at 4:07PM

So did they get their money back or not?

Or is it "Naughty loan shark, don't harass the customer any more, but you can keep the money you already extracted, since the loan agreement says so."

fairy2707 · 5 August 2013 at 5:26PM

Im wanting to complain to payday loan companies. I at one point had 10 loans at the same time.
Does anyone have any advice regarding this.
I figured my first point of call would be to obtain a statement of all my loans and payments.
Any advice would be appreciated

VT82 · 5 August 2013 at 5:35PM

What would your complaint be?

John1993_2 · 5 August 2013 at 5:40PM

fairy2707 wrote: »

Any advice would be appreciated

Best advice would be to suggest that you don't borrow money from payday lenders. The interest rate is quite high, and as you've seen, they can become addictive and problemmatic.

I'd suggest that you put the costs down to experience, and make sure that you don't end up needing any in the future.

dealer_wins · 5 August 2013 at 6:26PM

VT82 wrote: »

What would your complaint be?

That he is too stupid for life in 2013.

DCFC79 · 5 August 2013 at 7:00PM

fairy2707 wrote: »

Im wanting to complain to payday loan companies. I at one point had 10 loans at the same time.
Does anyone have any advice regarding this.
I figured my first point of call would be to obtain a statement of all my loans and payments.
Any advice would be appreciated

And who took those 10 loans out ?

A Did you take them out ?
B Did the loan fairy do it ?
C Or did a forum member on here do it ?

Answer is A, you took the loans out, what did you spend the money on ?

How many out of the 10 is still current ?

fairy2707 · 5 August 2013 at 7:31PM

Yes I took the loans out.

They were used to pay other loans off.
3 of these loans are still current after an agreed payment plan

Thank you to the people actually giving advice

And to dealer wins I am a woman and I think you need to look at your own comment before calling people too stupid

MSE News: Payday loan customers should 'fight back' against bad treatment

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free