Uncle Buck Payday Loans

Got a loan in January 2009 for £150 (From Uncle Buck Payday Loans) and I extended it thinking it would be paid the following month, it is now June and they have been taking £45 per month off me until I rang them. My fault for probably not reading the contract right. But after using other similar serivices this is how it works. I now owe a final pay off figure of £190, one hell of an expensive loan. My advice is use, if you have no choice other payday loan companies that clearly state in the application all charges. , I would recommend (still high interest)Wonga or quickquid.
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Comments

  • Enfieldian
    Enfieldian Posts: 2,893
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    Most, if not all PD loan companies operate this way, as clearly laid out in their T's & C's.....

    They are all supposed to be paid off after a month to avoid these rollover fees.

    Therefore I don't really understand why you have posted unless it is as an advert for anyone searching for a PD loan, steering them towards the last two companies in your post?

    :confused:
  • saintly_2
    saintly_2 Posts: 544 Forumite
    i am currently in the cycle of PD loans started from 1 x £100 loan and is now sat at 4, just paying a roll over fee every month!!! THANKFULLY i get a substantial payrise as of next month and backpay so am able to clear them and never get them again. if i didnt according to my budget it would be sept before i did it so anyone reading this PLEASE DO NOT EVER GET A LOAN WITH ANY OF THESE COMPANIES, IF YOU DO DON'T ROLL IT OVER!!!
    Married my amazing hubby on 8th September 2012 :j:j
  • fozmcfc
    fozmcfc Posts: 3,098
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    Most complaints/comments about these payday type loans seem to relate to roll over fee, which are of course in the T & C's.

    The trouble is that in many cases, the T & C's are not clear or the important stuff seems to be buried in a lot of legal stuff.

    However, I do think though that most people who end up with being charged can't afford to pay the initial interest back and that's what these companies rely on.
  • nomoneytoday
    nomoneytoday Posts: 4,866
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    What did you expect them to do?
    Their costs, whilst high, are clearly stated. The point of a pay day loan is to clear it on pay day, not roll it.
  • Enfieldian
    Enfieldian Posts: 2,893
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    Don't worry.

    Daveyboy is another "one post wonder"

    He is probably back on the "customer support" desk at some PD loan company threatening people with home visits as we speak.
  • recyclingbox
    recyclingbox Posts: 105 Forumite
    why would anyone want to use a company called Uncle Buck loans? Sounds a bit cowboyish to me :D.
    Then again quickquid and wonga doesn't fill me with confidence.....
  • theartfullodger
    theartfullodger Posts: 14,375
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    Wonga??? Wot, the guys who only charge 2,689% APR???

    IMHO a bunch of blood-sucking leeches like the rest of the PayDay loan scum.

    Cheers!

    Lodger

    PS £2:50 to your nominated charity (not educational) if you can point me at anyone who is "legal" and charges a higher APR...
  • Treadmill
    Treadmill Posts: 1,102 Forumite
    If your mate lends you £20 on monday to see you through to payday on friday on the condition you buy him a pint, you've just recieved a loan with an APR of 1000s of percent. APR does not always show the true picture.
  • Enfieldian
    Enfieldian Posts: 2,893
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    Yes Treadmill.

    Your analogy is, as always, correct.
  • theartfullodger
    theartfullodger Posts: 14,375
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    Very good treadmill, so which part of
    Wonga??? Wot, the guys who only charge 2,689% APR

    - isn't true then please??

    Cheers!

    Lodger
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