need advice on existing money shop loan

2

Comments

  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Apples2 wrote: »
    The problems start where people do not repay because they thought the repayment was optional.

    :rotfl: so true in 99% of payday problems on here
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    electrobix99 wrote: »
    It seems the loan forum has just turned into the play ground for !!!!!!.

    Now that is a complete over exaggeration
  • malkyh
    malkyh Posts: 1,085 Forumite
    electrobix99 wrote: »
    It seems the loan forum has just turned into the play ground for !!!!!!.

    That's a terrible way to refer to the PDL defaulters........:p
  • Alibali
    Alibali Posts: 126 Forumite
    hel8itch wrote: »
    hi there,i took out a £100 loan from money shop last august i was working then,but am no longer working and for the last 6/7 months they have been taking £25 a month to extend it as now i am on benefits and cant afford to pay out the full £125 .I have paid back over the original loan amount plus more.they have just text to say they want payment on friday but i really cant afford it again is there anything i can do atall.i worry about this all the time but have no idea what options i have.any help would be great thanks

    What you need to do is visit your local CAB or money advice agency and ask them to negotiate a more affordable repayment plan on your behalf. Or if you feel confident enough, call the money shop, explain your circumstances and ask them to freeze the interest on the loan and agree to a more affordable rate to get it paid off. They have had more than their fair share of interest from you anyway as it has been rolled over for so long, so you should hopefully be able to get this sorted.
  • Alibali
    Alibali Posts: 126 Forumite
    Apples2 wrote: »
    If the loan is repaid exactly the way both parties agreed to, there is seldom any problems.
    The problems start where people do not repay because they thought the repayment was optional.

    I think that your statement is just a tad judgemental - yes there are a few who come on here moaning that they took out a pay day loan and it becomes clear that they had no intention of ever making any repayments, however, the OP has been 'rolling over' the loan each month, paying the interest every month - which is what pay day lenders want you to do - with the intention of paying it off, however, for what ever reason, the OP is now on benefits and cant afford to sustain this. Sometimes a bit of practical advice wouldn't go amiss.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Alibali wrote: »
    I think that your statement is just a tad judgemental -.
    Even though the OP has accused them of "unauthorized payments" called the "true robbers", called them "moneycrooks" and lambasted ALL payday lenders with the same term?

    Who is being judgemental?
  • Alibali
    Alibali Posts: 126 Forumite
    Apples2 wrote: »
    Even though the OP has accused them of "unauthorized payments" called the "true robbers", called them "moneycrooks" and lambasted ALL payday lenders with the same term?

    Who is being judgemental?

    I cant see a post from the OP stating any of these things
  • Alibali
    Alibali Posts: 126 Forumite
    brownstone73 wrote: »
    Hi,

    I was in the same boat 2 years ago with a £200 loan. after paying it off and paying it off I ended up paying almost £350 and after just owing £75, I called moneyshop and offered £50 to settle it, which they did.

    I also have a question though, the Monshop has taken an unauthorized payment off from my credit card. I have launched a complain in early January, but I'm still waiting for a response to the matter, they did it twice totalling £100. They are true robbers, but so are all the payday loan companies.

    Is there further action I can take agains the Moneycrooks... sorry Moneyshop?

    If this is the post you are referring to, then the OP did not make these comments, another subsequent poster did. Again, a bit of practical advice wouldn't go amiss.

    These companies are taking advantage of people who are short on money, KNOWING that the majoirty of them will not have the money the following month to repay, meaning that they will continue to 'roll over' the loan. There are reason's why Pay Day loan companies are now being investigated.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Alibali wrote: »
    If this is the post you are referring to, then the OP did not make these comments,
    Your point?

    Am I not allowed to respond to another poster?

    Explain what difference it makes if the post is from anyone other than the OP.
  • hel8itch
    hel8itch Posts: 404 Forumite
    First Post First Anniversary Combo Breaker
    sorry for not getting back to you sooner.Thankyou those of you that have offered genuine advice.Thanks Alibali ,you seem to be most helpful and can see what the issue is.I have as you said been paying £25 a month since last august,i borrowed £100 and have so far paid them £175 and still owe the original £100 .It is not interest as someone pointed out it is the extension money
    I telephoned moneyshop after posting here and ended up more angry with them.i first emailed and was told that moneyshop could help and they sent the number of the local one.so i rang and explained that now i am no longer working i am struggling with the payments and that i have paid back more than i owed in the first place.after explaining my situation the man said instead of taking £25 this week he could take £75!! and then if i was short of money i could then take another £50 loan!! which would also incure the £25 charges.!! i told him it was the charges i was struggling with as i couldnt pay the £100 in a lump sum.He said by taking £75 that would take £50 off my loan and pay the extension.i am shocked how these places work and how they prey on vunerable people.i told him i wasnt working anymore and he still offered me another loan! this is why its been all over tv recently about the problems people have been having with these payday places.I tried an overdraft and now im not working the bank refused.
    i am going to go to CAB and see what can be done but to be honest i think itll just carry on and on until i can come up with that £100 by which time god only knows how much extension money i would of paid.
    i had all intentions apples2 to pay back the loan as i said i was working at the time but due to health issues i can no longer work,people that use payday loans are not all stupid spongers,some of us are genuine,and people shouldnt judge till theyve walked in that persons shoes.
    Iv never heard of moneyshop accepting a settlement is there anything to back this up or has anyone else done this?
    thanks for the genuine people on here for your advice
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