payday loans advice

toonbaz

just found out my other half has an outstanding payday loan which she has just been extending for months. needless to say im furious about it all but want to address the problem.
she tells me she has £400 outstanding and will have to pay £500 at the end of the month. my question is if i pay this off this week will she still have to pay the £100 interest or is interest calculated daily. i assume shes probably agreed to pay the full amount but wondered if anyone could help.

thanks

Snakeeyes21

Who is it with? some calculate interest daily, some add it all at the start, some give discounts for repaying early.

toonbaz

not 100% sure but think it may be paydayuk though

DizzleUK

Depending on the company concerned there may be a 14 day cooling off period which can be invoked (assuming it is within the 14 days since she rolled over the loan). However, knowing how much of a pain these companies are you'll probably be better off just throwing the £500 at them and be done with it.

Best thing to do is to phone them up and ask them directly what it would cost to settle the loan today. If it is Wonga, this may very well be less than the £100 interest as their site does calculate on a daily basis. However I'm gonna take a punt and say PayDayUK as they charge £25 per £100 borrowed over the month (they DO have a cooling off period in their terms and conds).

toonbaz

thanks, just been looking at the terms on the website and noticed the 14 day cooling off period, will that still apply if she has rolled the debt over this month rather than took out a new loan?
i personally just want it dealt with and forgotton about but i begrudge giving them anymore than i absolutely need to.

DizzleUK

It should as basically they close the old loan and give you a new one with a new loan number, she would just pay the £100 each month. Each month she would have had to electronically sign the agreement. The cooling off period starts from when she signs the agreement not when the loan starts (AFAIK).

Don't be too hard on your wife, these loans are very difficult to get out of once you get stuck in the cycle. I too fell victim with them and took me 13 months to break the cycle.

PaydayUK are one of the better ones out there and they let me come to a payment arrangement without further interest or charges (basically I insisted they took me to court if they didn't let me repay just the £212.50 that was due on the pay day :rotfl:)

toonbaz

thanks again

will go down the cooling off period route and see how that goes, dont suppose it will be straight forward but worth a try.

megansmith

I agree with snakeseyes. There are different conditions to calculate interest. Some calculate interest in the starting of the month, some in middle and some in the last of the month.

nomoneytoday

I would call and find the price to settle the debt using a debit card today.
Once it's cleared you can both move on

Apples2

Sabastian6 wrote: »

WHAT????
.

Wonder if our man Sab is getting a post count up so he can spam us??

ethan1066

app...dont worry about sab.....it will take sab really a hard time to reach upto you...