Payday loan company took £150 from me

ampafc

I recently had a payday loan with Uncle Buck (payday loan company)

I had a balance of £350 which I was struggling to pay back (I could afford interest and no more, so balance was not coming down) So I e-mailed them to ask if I could pay £60 back over 5 months, to bring the balance down to zero.

They replied, informing me that they had taken £150 out of my bank account, and I could pay the remainder in 3 month installments of about £58/59. While I was disgusted that they had just gone in and taken £150 out of my account, without consulting me, I was satisfied that I was being allowed to pay back the £350 without any extra interest added on.

When they took £150 out of my account without asking if this was ok - do you think I should put in a complaint about this? At the time, I was paying inteerst of £60 a month, so i could have accepted that they had taken that amount from me, and arranged a plan from there - but to take £150?!

I have now fully reapid the loan, so there is nothing bad they can do to me now. When they took £150 from my account - I only had about £65 available funds, but somehow my bank must have allowed me to go over my overdraft limit to pay this. I was left with NO money for quite a few days after because of this. Surely this would have been a breach of terms and conditions?

ampafc

jonesMUFCforever wrote: »

So you borrow money does it not matter if they complain about you not paying it back?
They lent to you in good faith - they want it back.
Yes they can go into the account to get the money.

You were left without any monies because you cannot budget. Complain to yourself - nobody else is to blame.

The reply you just gave was rude, patronising and unnecessary. To tell me that I cannot budget, as if it is fact (and you do not know me) is iquite simply, wrong.. A shameful response, from an experienced member of MSE. I thought you would know the rules and suggestions from this site about now judging people, or putting them down. Perhaps you have never been in a difficult financial situtation in your life - if you ever are, I hope you will receive more positive responses.

The issue I had, was the fact that I had offered a plan to pay the money back in 5 months, in installments of £65 per month, which is what i could afford. I had every intention of repaying, and have now repaid in full. My main grief, as I explained, was that they took £150 directly from my account, without asking if this was possible for me, which it wasn't at the time. So I spent new year depressed by myself, in a cold house as I had very little gas/electric money left at the time. I was ill for much of january as a result.

Anyway, back to my post. I would be delighted to hear any other suggestions. If I should just let the matter go, then fair enough. I just hate what this payday loan has done to me, and I know of many others on here that have also suffered because of them.

CHR15

With respect, if you could budget your finances, you wouldn't have gone near an extortionate payday loan company in the first place.

You battled through the tough times in winter, more people should do the same and sacrifice the normal way of life to get back on track.

I would forget the £150 and take it as a lesson to yourself never to get back in that kind of mess again, you know only too well what will happen.

ampafc

CHR15 wrote: »

With respect, if you could budget your finances, you wouldn't have gone near an extortionate payday loan company in the first place.

You battled through the tough times in winter, more people should do the same and sacrifice the normal way of life to get back on track.

I would forget the £150 and take it as a lesson to yourself never to get back in that kind of mess again, you know only too well what will happen.

Fair enough. The reason i took the payday loan in the first place was an emergency, so it wasn't necessarily a case of poor budgeting. I had some savings for an emergency, but unfortunately, the ermgency required more money than I had saved up

Ta for the reply - I think I will just draw a line under it, in the knowledge that I must never go near one of these companies again.

usedandabused

jonesMUFCforever wrote: »

So you borrow money does it not matter if they complain about you not paying it back?
They lent to you in good faith - they want it back.
Yes they can go into the account to get the money.

You were left without any monies because you cannot budget. Complain to yourself - nobody else is to blame.

people like you need to !!!!!!, I'm sick of patronising MSE snobs looking down their noses at other FM.

Either offer some constructive criticism, or quite simple !!!!!!.


seriously what has your post offered to this thread? other than show you up to be a complete and utter muppet!:mad::mad:

usedandabused

ampafc wrote: »

Fair enough. The reason i took the payday loan in the first place was an emergency, so it wasn't necessarily a case of poor budgeting. I had some savings for an emergency, but unfortunately, the ermgency required more money than I had saved up

Ta for the reply - I think I will just draw a line under it, in the knowledge that I must never go near one of these companies again.

the fact that they just took £150 out of your account is a worry, your 'budgeting issues' aside, that concerns me, but it is like the legislation that allow banks to simply recover funds owed from an account you hold with them.

It seems like you learned a valuable (no pun intended lol) lesson, not to go near payday loan (sharks) no thanks to some jumped up idiotic people on here.

stebiz

jonesMUFCforever wrote: »

So you borrow money does it not matter if they complain about you not paying it back?
They lent to you in good faith - they want it back.
Yes they can go into the account to get the money.

You were left without any monies because you cannot budget. Complain to yourself - nobody else is to blame.

CHR15 wrote: »

With respect, if you could budget your finances, you wouldn't have gone near an extortionate payday loan company in the first place.

You battled through the tough times in winter, more people should do the same and sacrifice the normal way of life to get back on track.

I would forget the £150 and take it as a lesson to yourself never to get back in that kind of mess again, you know only too well what will happen.

This forum has been set up to help people with their finances. Not have some patronising half wits come on here spouting the high ground. If you can't say anything decent go somewhere else.

In answer to the OP's original question. Yes personally I would complain. This is not on. You might have been saving this money for this months mortgage payment. They don't know. Just because you were desperate to go to such a company in the first place doesn't give you any less consumer rights than anybody else!! Good Luck.

RobertoMoir

The question is: Does the agreement you signed with them allow them to do what they did.

Anything else is just pointless noise at the moment.

stebiz

jonesMUFCforever wrote: »

So you borrow money does it not matter if they complain about you not paying it back?
They lent to you in good faith - they want it back.
Yes they can go into the account to get the money.

You were left without any monies because you cannot budget. Complain to yourself - nobody else is to blame.

Don't forget, as your signature says,'what goes around comes around'

CHR15

stebiz wrote: »

.

We all know your position on repayment of borrowed money..... you don't!!

stebiz

CHR15 wrote: »

We all know your position on repayment of borrowed money..... you don't!!

No. You pay it for me!!! :rotfl: