Urgent advice re letter from payday loan company

michael1983l

Apples I can categorically say that had I not been given Payday loans that I would have not been in anywhere near as much mess as I have been. It would have meant short term hardship but in the long term I would have been much better off. If I didn't have access to Payday I would have found out about crisis loans sooner and paid no interest on the loan I needed whilst paying affordable repayments.

As fo what you raise about profit well that is very subjective however I just don't agree with the profit margins in place when the service is clearly aimed at those already in financial hardship.

I hope you can now see my point of view.

jaybee101_2

Apples2 wrote: »

Agree



Agree



Completely disagree.

I note from your previous posts you are in this position.
You are not happy with the treatment you are receiving from these companies and feel aggrieved at their methods.

Cast your mind back to the time you were desperately applying for your loans.

If these companies weren't around, are you HONESTLY trying to say you would have sought advice about your debt??

It simply wouldn't happen, I'm not saying you personally, but so many people feel the absolutely MUST HAVE the cash. Even though these companies are quite transparent advertising their interest rates and penalty clauses.

People simply don't read them and just want to sign the dotted line, grab the cash and spend it. Months later posting on here about the ill treatment and persecution they are suffering because the loan company keep asking for the repayments.

I'm not trying to defend them but I do see how they have a valid purpose. I just hope I never end up in the position of needing to use their services.






It's the way the World turns.

Are you suggesting the people who always make all their repayments should pay more for the privilege than those who (for whatever reason) stop repaying their loans??

These companies charge a higher apr because most (if not all) the people who apply are likely to stop repaying at some point.


If I was a shopkeeper on a nice estate and made 100% profit, I would kep my prices the same, maybe even reduce them.

If my shop was in a dump and I lost most of my stock though shoplifting, I would raise my prices to cater for the loss caused by those who won't pay.

You quite clearly have never found yourself in this situation. People that get payday loans don't do it to get their hands on the money and go for a nice day trip or an ice cream. They do it because of the enormous responsibilities they have to protect their families.

With rising council tax and heating bills, not to mention the food and fuel prices, wages just aren't covering the day to day needs of most families. You are very lucky if you are not one of these people but I think it is a bit rich to be judging those who are.

These payday companies deliberately prey on the most poor families and they make enourmous profits. For every on person that does fulfill their repayment they could afford at least one maybe two that don't.

The other thing to remember is that the debtor is a customer that is also doing them a service. If they didnt exist there would be no profit.

These companies think that once they have a hold over you they can use any tactics they like to recover the debt and are also often extremely rude. This is not the case in law.

Many of them think that their terms and conditions overrule the laws surrounding debts. Dont forget that if they dont have a wet signiture (in pen) from both parties they dont actually have any contract. They will say that ticking that box on the internet constitutes a wet signiture but it just doesnt. They transferred money directly to your bank and the chances you didnt even see the cash before it was transferred straight out to somebody else.

What did they actually do for you??? They may own the things that were paid for using these numbers on your bank but the cash doesnt actually exist does it?

What they are asking for is this. They write some numbers into your account (the cash does not exist), then you make real money by doing your job (this money exists because we each generate money which actually gets printed when we are born and our birth is registered). These companies then expect you to give them back your real money thus making them a huge profit.

They prey on the poor and use scare tactics, its wrong and I would be more than happy to fight the good fight on this one.

People have a poor credit rating for a reason (generally not because they are greedy but because they are poor), these companies always seem so shocked when a customer defaults.

There is also no contract whatsoever with any bailiff or thrid party they use to collect for them. Do not answer the door or even speak to them. They cannot come in unless you invite them. Once you've let them in once they are entitled to gain entry whenever they like.

What can they do, untimately......give you a poor credit rating.....isnt that why we went there in the first place.

:rotfl:

iolanthe07

Dont forget that if they dont have a wet signiture (in pen) from both parties they dont actually have any contract.

This thread is over two years old, but I'm pretty sure jaybee is wrong about these credit agreements needing a wet signature, certainly from April 2009, anyway.

[Deleted User]

iolanthe07 wrote: »

Dont forget that if they dont have a wet signiture (in pen) from both parties they dont actually have any contract.

This thread is over two years old, but I'm pretty sure jaybee is wrong about these credit agreements needing a wet signature, certainly from April 2009, anyway.

But apart from being late and wrong, it's a good post.

Super_Daz

I'd be up for joining a campaign against these scum bags too. I have 8 of these awful things & I'm having a heck of a time repaying them. One in particular (Minicredit) refuses to enter into any kind of meaningful discussion with me & in just a month my amount owed to them has increased from the original £200 to £566. They are refusing to set up a payment plan (they claim they dont do them) & I've now received an email saying if I dont pay immediately they will contact my employer & also send a bailiff - this for a loan which is 3 weeks late.

redpete

Super_Daz wrote: »

I'd be up for joining a campaign against these scum bags too. I have 8 of these awful things & I'm having a heck of a time repaying them. One in particular (Minicredit) refuses to enter into any kind of meaningful discussion with me & in just a month my amount owed to them has increased from the original £200 to £566. They are refusing to set up a payment plan (they claim they dont do them) & I've now received an email saying if I dont pay immediately they will contact my employer & also send a bailiff - this for a loan which is 3 weeks late.

Did you think they were so awful when you took out one just a couple of moths ago when you already had 7 outstanding PDLs?

What would you have done if you had not had access to PDLs for the funds that you must have been desperate to get hold of?

sparkle84

jaybee101 wrote: »

You quite clearly have never found yourself in this situation. People that get payday loans don't do it to get their hands on the money and go for a nice day trip or an ice cream. They do it because of the enormous responsibilities they have to protect their families.

:rotfl:

Actually a manager from one of the payday loan co took part in a phone in on Five live yesterday and said it never failed to amaze him what people were borrowing for - at least 90% of applications were for nights out, holidays and other luxuries

malkyh

jaybee101 wrote: »

You quite clearly have never found yourself in this situation. People that get payday loans don't do it to get their hands on the money and go for a nice day trip or an ice cream. They do it because of the enormous responsibilities they have to protect their families.

With rising council tax and heating bills, not to mention the food and fuel prices, wages just aren't covering the day to day needs of most families. You are very lucky if you are not one of these people but I think it is a bit rich to be judging those who are.

These payday companies deliberately prey on the most poor families and they make enourmous profits. For every on person that does fulfill their repayment they could afford at least one maybe two that don't.

There is a very easy way to answer this one.

Don't default, then you won't have the aggro. If you don't think you can afford to repay what YOU borrow, then dont borrow in the first place.

I have no time for these companies personally, however most of the threads on here are people who have defaulted on their payments and are now reaping the consequences.

welshone27

Super_Daz wrote: »

I'd be up for joining a campaign against these scum bags too. I have 8 of these awful things & I'm having a heck of a time repaying them. One in particular (Minicredit) refuses to enter into any kind of meaningful discussion with me & in just a month my amount owed to them has increased from the original £200 to £566. They are refusing to set up a payment plan (they claim they dont do them) & I've now received an email saying if I dont pay immediately they will contact my employer & also send a bailiff - this for a loan which is 3 weeks late.

How are they scum bags though? They didn't force you to take out a loan with them. You chose to take them out, and not one but eight!

geoffky

OH DEAR!!! i see some of the sums people have coming in each month and see the debt they are in and shake my head in disbelief...you all are addicted to debt and behave like spoilt little children who want it all now...get your spending down and you will be ok..we manage to live a totally debt free life on under £800pm and have never had any debts.