Payday Loan

24

Comments

  • blueberry5
    blueberry5 Posts: 22 Forumite
    IAmWales wrote: »
    Your calculation is wrong. Compounding over four years it is approx 37%. The reason it appears so high is because you've ignored it for so long.

    How much can you afford to pay each month, have you made an offer to pay by instalments? They may ask you to complete a statement of income and outgoings to assess what you can afford.

    It's not because I ignored it so long. It was this amount within six months of me defaulting and hasn't gone up since. The company ceased to exist from April 2014
  • blueberry5
    blueberry5 Posts: 22 Forumite
    edited 19 June 2017 at 12:19PM
    It was shut down by the FCA
  • IAmWales
    IAmWales Posts: 2,024 Forumite
    blueberry5 wrote: »
    It's not because I ignored it so long. It was this amount within six months of me defaulting and hasn't gone up since. The company ceased to exist from April 2014

    Then you're very lucky that they've not added further costs.

    So have you contacted the creditor to discuss a payment arrangement? This is not going to go away by ignoring it.
  • What is you are wanting? Even today a payday lender is entitled to charge daily interest up to as long as they don't charge completely charge say double of the loan amount.

    I've had your problem more recently and found no one really wanted to know, quite shocked at 'the counsel' provided by these types of companies that I vowed never to use their service if I can help it. Not worth the stress. Especially in this case now these particular mentioned lenders have ceased to exist.

    Go for irresponsible lending, by all means make your complaint now against Kapama - again you can read all the success stories to high heaven but no body actually regulates what gets put out here on the net. You also have to have complained about something in the first 3 years you knew of a problem from what I make of it all.

    It wouldn't surprise me if this post gets deleted so hope it reaches you.
    Again as a recent payday borrower who's payday fell one month on the 31st rather then 30th - credit report marked and shall be for the next 6 years, charged daily interest for late payment. Her way of paying cancelled with no advice given on alternative way to pay. Her only saving grace was she paid the lender in full as soon as this situation came about so they couldn't issue a full on default, which I'm sure they would have, along with not charging her card at the time they stated.
  • blueberry5
    blueberry5 Posts: 22 Forumite
    What is you are wanting? Even today a payday lender is entitled to charge daily interest up to as long as they don't charge completely charge say double of the loan amount.

    I don't have an issue with paying the loan or even twice the amount, but to pay £748 for a £120.50 loan is ridiculous and all because I had input the repayment date wrongly. Then the addition of charges of several hundreds, made it completely unaffordable.
  • sourcrates
    sourcrates Posts: 28,723
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    edited 19 June 2017 at 3:03PM
    Usually DCA`s will take settlement offers.

    You can still go down the complaints route, even if the original lender went out of business, you can escalate to the FOS as well, but it all takes time.

    My advice, try sending a CCA request first, there is a very good chance they wont be able to provide it, and that would make the debt unenforceable.

    Info and template letter here :

    https://www.nationaldebtline.org/EW/sampleletters/Pages/Information-about-your-agreement-under-the-Consumer-Credit-Act-%28sole-name%29.aspx
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  • AndyPix
    AndyPix Posts: 4,847
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    blueberry5 wrote: »
    more the fact, that they gave a payday loan to someone on benefits


    :naughty:


    Someone, on benefits, who no doubt convinced the company they could pay back the loan ?
  • takman
    takman Posts: 3,876
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    blueberry5 wrote: »
    I don't have an issue with paying the loan or even twice the amount, but to pay £748 for a £120.50 loan is ridiculous and all because I had input the repayment date wrongly. Then the addition of charges of several hundreds, made it completely unaffordable.

    You need to remember that your the one that agreed to such a high rate of interest and borrowed the £120.50 when you were on benefits. You then decided to not pay it back and ignore the debt for four years.
  • System
    System Posts: 178,077
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    edited 19 June 2017 at 6:32PM
    blueberry5 wrote: »
    I don't have an issue with paying the loan or even twice the amount, but to pay £748 for a £120.50 loan is ridiculous and all because I had input the repayment date wrongly. Then the addition of charges of several hundreds, made it completely unaffordable.

    No, it happened because you took out a loan you knew you couldn't afford, you didn't make the payment but what really racked it up is you did the sum total of sod all about it from the following month until today, choosing instead to bury your head in the sand.

    If you're wondering why you are getting the harsh responses it is because you quite clearly refuse to accept any responsibility for the situation you now find yourself in.
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