Payday loan company took £150 from me

iolanthe07

I don't know whether to be angry at stebiz for finding legal loopholes to keep money he contracted to pay back, or angry with myself for being a mug at always having paid off my debts in full and on time. Still, at least I can sleep at night, and as someone wrote earlier in the post, what goes round comes round.

woody01

ampafc wrote: »

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?

When you get these sort of loans, you also authorise them to take what they like.

You owed the money.
You authorised them to enter your bank account.
They took what you owed them.

Where is the complaint?

kinglewis121

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.

Ar*eHole...

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.

+1 ,

i personally think they have read that email , and as soon as they got the idea that your struggling they have burst into your account to try and get what ever they could incase you havnt got anything which i personally thing is wrong what you did and talk to them about getting a repayment plan was right , and im sure everyone will agree (apart from certain individuals) its better you doing that than you running away

stebiz

iolanthe07 wrote: »

I don't know whether to be angry at stebiz for finding legal loopholes to keep money he contracted to pay back, or angry with myself for being a mug at always having paid off my debts in full and on time. Still, at least I can sleep at night, and as someone wrote earlier in the post, what goes round comes round.

Believe it or not I'm not here to rub your nose in it. It really is your choice what you choose to do. I know many will think it is morally wrong. Personally I think there are a lot the banks can learn from morals too! I'd never renague on an agreement with the average guy on the street, quite the opposite!!

As for sleeping at night. Never have been a good sleeper. I'm an insomniac actually and usually have to take pills to sleep through the night. But that's another story!!

woody01

kinglewis121 wrote: »

Ar*eHole...

It would be better if you practiced sentence construction before attempting to post, as posting what you have shows a clear lack of intelligence

kinglewis121 wrote: »

i personally think they have read that email , and as soon as they got the idea that your struggling they have burst into your account to try and get what ever they could incase you havnt got anything which i personally thing is wrong what you did and talk to them about getting a repayment plan was right , and im sure everyone will agree (apart from certain individuals) its better you doing that than you running away

Why is it wrong?
What difference does it make if you 'personally' think it's wrong?
The company want their money and the OP authorised them to enter into his account to collect funds when the contract was opened.
The fact the amount is different is not the point as the OP broke the contract.
It's up to the company whether they accept any kind of offer, but the company are entitled to their cash whether you like it or not.

mabski

how did they take the money?
was it by dd or did they take it out with your card number?
if it was by dd ,had you authorised them to take money by dd if not you could claim it back using the dd guarantee but i suppose that would put you back in debt to them.

kinglewis121

Why is it wrong?
What difference does it make if you 'personally' think it's wrong?
The company want their money and the OP authorised them to enter into his account to collect funds when the contract was opened.
The fact the amount is different is not the point as the OP broke the contract.
It's up to the company whether they accept any kind of offer, but the company are entitled to their cash whether you like it or not.

mabski

kinglewis121 wrote: »

Why is it wrong?
What difference does it make if you 'personally' think it's wrong?
The company want their money and the OP authorised them to enter into his account to collect funds when the contract was opened.
The fact the amount is different is not the point as the OP broke the contract.
It's up to the company whether they accept any kind of offer, but the company are entitled to their cash whether you like it or not.

Why is it wrong?
What difference does it make if you 'personally' think it's wrong?
The company want their money and the OP authorised them to enter into his account to collect funds when the contract was opened.
The fact the amount is different is not the point as the OP broke the contract.
It's up to the company whether they accept any kind of offer, but the company are entitled to their cash whether you like it or not.

First one posted by kinglewis second by woody either theres a bit plagurism going on or hes both posters or hes forgot the quote bubble

kinglewis121

It wouldnt let me quote it for some reason thats why their missing

CHR15

But if you wanted to quote it, didn't you have a message to go with it??