Dealing with Payday Loan Companies

jon1965

Hi Melb

All I can advise is not to worry about minicredit and make sure that you do not pay the PDL's more than you owe. These penalty charges and extra interest should not be paid.

To be honest a lot depends on what you could lose i.e are you a home owner, does your job rely on perfect credit/no ccjs, how good or bad is your credit file, are your other debts part of your DMP or not/should they be part of your DMP

saltnvinegar

Hi All

Well its been some time since I last updated this thread. Theres lots of news happening in the Payday Loan world, and a lot of it not good news for the Payday Loan lenders who are under a lot of pressure.

I'm in the process of putting all these updates together into one post and will be back when its done!

Hope you're all well

Best
SnV

saltnvinegar

But just as a little taster I thought I'd repost this:

http://www.credittoday.co.uk/article/13294/online-news/dca-withdraws-from-payday-loans-market

If a DCA like Fredrickson International, who these very boards see complaints regards their conduct, have reservations about where the payday loan industry is going, then things are serious indeed.

eyeopener2

Well come back from the dark side snv.

sexyshark

my pdls are as follows and would like advise on how they would react if i sent them and email over the weekend offering a repayment plan

swift sterling £479
wageday advance £194
peachy loans £150
payday express £100.30
payday uk £307.40

sexyshark

sexyshark wrote: »

my pdls are as follows and would like advise on how they would react if i sent them and email over the weekend offering a repayment plan

swift sterling £479
wageday advance £194
peachy loans £150
payday express £100.30
payday uk £307.40

does anyone know:(

harrys_dad

sexyshark wrote: »

does anyone know:(

Not sure how they will respond, but first of all I would do a statement of affairs and make a new thread here so people can help.

Karl81

Hi
I recently had a payday loan with a company called CFO, I had paid the loan but had a dispute with extra fees and charges.
I cancelled my Visa Debit card with my bank Lloyds TSB and on pay CFO managed to take out funds out of my bank account even though I cancelled my card and received a new one.

I contacted Lloyds TSB fraud department who advised its not fraud because I've dealt with the company in the past, but I can dispute the money going out of my account.

I asked Lloyds TSB how did CFO receive my new bank Visa Debit card details and they informed me that Visa can give them if they are requested from a creditor.

I thought this would of breached Data Protection Act as I haven't given any authority and my loan is in dispute.

Wondering if anyone has any advice or been in a same or similar situation.

John1993_2

Karl, if there is a continuous payment authority set up then payment can still be taken if you lose your card, or even if you pretend that you've lost it (which some dishonest people do when trying to avoid paying back what they owe).

They don't need the new card details, so no laws have been broken, or data illegally shared.

For advice, I'd check out the terms and conditions which you signed up for, and check if they match what happened.

May I ask, did you pay everything back as you'd originally agreed, or did you pay back late? If you did, do you understand that they will levy large charges?

fermi

http://forums.moneysavingexpert.com/showpost.php?p=62433041&postcount=1

With 90% of the payday lending market failing to comply with consumer protection laws to the severe detriment of vulnerable consumers, Govan Law Centre (GLC) believes there is now an urgent need to help people in the UK fight back against payday lenders.

The payday lending market was recently referred to the Competition Commission, and in 2011/12 there were 8.2m new payday loans made in the UK alone. There is every expectation that this number will continue to rise, and with it the financial exploitation of consumers across Great Britain and Northern Ireland.

GLC has therefore decided to publish a free 'Payday Loan Survival Guide' for consumers across the UK. Our new guide explains how consumers can take back control of their finances, challenge unfair interest and charges, stop payday lenders from emptiying their bank accounts, and pay back debts legally due on a reasonable and affordable basis. The guide has been written by GLC's Principal Solicitor, Mike Dailly.

Govan Law Centre's new Payday Loan Survival Guide is designed for all consumers across the UK in difficulty with payday loans, and can be downloaded here (as a PDF) for free.