»

Uncle Buck Payday Loans

New Post Advanced Search

Coronavirus: The latest from MSE


The MSE team is working extremely hard to keep the info we have about your travel rights, cancellation rights, sick pay (and more) up to date.
The official MSE guides: NEW MSE Coronavirus Guides

NEWSFLASH 31/3
RESCUE FLIGHTS FOR STRANDED BRITS * SCHOOL MEALS VOUCHERS * BRIGHTHOUSE COLLAPSES

Uncle Buck Payday Loans

edited 30 November -1 at 1:00AM in Loans
19 replies 13.9K views
DAVEYBOY2009DAVEYBOY2009 Forumite
1 posts
edited 30 November -1 at 1:00AM in 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.
«1

Replies

  • EnfieldianEnfieldian Forumite
    2.9K posts
    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_2saintly_2 Forumite
    544 posts
    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
  • fozmcfcfozmcfc Forumite
    3.1K posts
    PPI Party Pooper Debt-free and Proud!
    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.
  • nomoneytodaynomoneytoday Forumite
    4.9K posts
    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.
  • EnfieldianEnfieldian Forumite
    2.9K posts
    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.
  • recyclingboxrecyclingbox Forumite
    105 posts
    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.....
  • theartfullodgertheartfullodger Forumite
    11.1K posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    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...
  • TreadmillTreadmill Forumite
    1.1K posts
    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.
  • EnfieldianEnfieldian Forumite
    2.9K posts
    Yes Treadmill.

    Your analogy is, as always, correct.
  • theartfullodgertheartfullodger Forumite
    11.1K posts
    Part of the Furniture 10,000 Posts
    ✭✭✭✭✭
    Very good treadmill, so which part of
    Wonga??? Wot, the guys who only charge 2,689% APR

    - isn't true then please??

    Cheers!

    Lodger
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support