Omg apr 2356%

wizk1

theartfullodger wrote: »

wizk1 stated....


Er... no, APR is entirely meaningful for Payday loans: And (I say this for evidential reasons, not be way of boasting... ) I have a degree in mathematics ...

Cheers & best wishes to all, including those who disagree with me...

Lodger

That's nice, but when I hear people mention their qualifications in order to justify their cause. I always think to myself... "Scientists and global warming". I'll let you fill in the blanks.

Regardless of the mathematical jiggery pokery behind the scenes. The fact remains that when you take out one of these loans, there is a fixed amount to repay, which is written in black and white. If people aren't wise enough to understand this, then quite frankly, they can't blame anyone but themselves.

LDJ2009

wizk1 wrote: »

That's nice, but when I hear people mention their qualifications in order to justify their cause. I always think to myself... "Scientists and global warming". I'll let you fill in the blanks.

Regardless of the mathematical jiggery pokery behind the scenes. The fact remains that when you take out one of these loans, there is a fixed amount to repay, which is written in black and white. If people aren't wise enough to understand this, then quite frankly, they can't blame anyone but themselves.

I take your point but in my case, when i have a genuine reason for not being able to meet my loan repayments and ask for an agreed payment plan to be set up and it then refused, how is this fair ?

With one payday loan company, i have sent and received over 70 emails over the last 6 weeks trying to set up a payment plan. My offer of payment over 5 months was refused, they want 4 which i can't stretch to.

When i started having problems, i called my other creditors (non-payday loans) and was able to set up short term payment plans until i get back on my feet. This is not always an option with payday loans companies. I have received constant calls on my mobile, home number and work numbers demanding payment, some of them talk to me like i am a child and threaten court action etc if i don't pay in full that day, i have been bombarded with emails advising me that the answer to my problems is to extend my loans (therefore paying extra charges and interest) or they'll increase my limit so i can borrow extra and pay off the extension fee

michael1983l

LDJ2009 wrote: »

I take your point but in my case, when i have a genuine reason for not being able to meet my loan repayments and ask for an agreed payment plan to be set up and it then refused, how is this fair ?

With one payday loan company, i have sent and received over 70 emails over the last 6 weeks trying to set up a payment plan. My offer of payment over 5 months was refused, they want 4 which i can't stretch to.

When i started having problems, i called my other creditors (non-payday loans) and was able to set up short term payment plans until i get back on my feet. This is not always an option with payday loans companies. I have received constant calls on my mobile, home number and work numbers demanding payment, some of them talk to me like i am a child and threaten court action etc if i don't pay in full that day, i have been bombarded with emails advising me that the answer to my problems is to extend my loans (therefore paying extra charges and interest) or they'll increase my limit so i can borrow extra and pay off the extension fee

If I was you I'd make logs and collect all the emails and send them to the FSA and trading standards. This does not sound like responsible lending to me. These companies directors will rott in hell.

LDJ2009

michael1983l wrote: »

If I was you I'd make logs and collect all the emails and send them to the FSA and trading standards. This does not sound like responsible lending to me. These companies directors will rott in hell.

Hi

The Financial Ombudsman Service have agreed to look into my complaint.

I sent them copies of my loan agreements plus copies of all emails that have gone back and forth so they can see how many times the company has breached OFT guidelines.

I don't dispute what i owe and will pay it back but to give an example of what i have had to deal with, with Quickquid, they refused my payment offer over 5 months and said only 4 maximum. I asked for their bank details to send what i offered until i can increase payments and was told the only way to do this is to send cheques to a UK PO box address, the cheques are then forwarded to the US (where QQ are based) and banked and it will take up to 4 weeks for my payments to be applied. Debit cards, standing orders, and paypal are for those in approved payment plans only.