Payday Loan Problems

Hax

Wonga report on CallCredit

Gordon_Hose

Watalie wrote: »

My experience is a little different - although my loan has been handled well (ie, I've paid on time & the correct amount) PDUK reported to the CRA in September (first time ever!) but the accounts are now missing from October's reports!

All a bit bizarre.

Last payment is this month, Thank God and I will NEVER, EVER get myself caught up in that trap again!

It's all very strange. Why say they report to CRA's, and that it can help rebuild credit, when they either 1. don't bother at all, or 2. remove the entry after a little while.

Maybe they just like to report the bad stuff? lol

I have managed to save up what I initially borrowed now, so anything unexpected I have a small buffer!

Watalie

Gordon_Hose wrote: »

It's all very strange. Why say they report to CRA's, and that it can help rebuild credit, when they either 1. don't bother at all, or 2. remove the entry after a little while.

Maybe they just like to report the bad stuff? lol

I have managed to save up what I initially borrowed now, so anything unexpected I have a small buffer!

Maybe!

Same here - I have a bit set aside now so I don't ever feel tempted to do it again! It's been a long hard slog paying it off but at least it's almost done!

Gordon_Hose

Watalie wrote: »

Maybe!

Same here - I have a bit set aside now so I don't ever feel tempted to do it again! It's been a long hard slog paying it off but at least it's almost done!

What was satisfying for me was the text and emails I got after I had cleared the loan...

"You are a approved for your next loan of £xxx. Click the link to apply"

*Delete*

:T:)

Watalie

Gordon_Hose wrote: »

What was satisfying for me was the text and emails I got after I had cleared the loan...

"You are a approved for your next loan of £xxx. Click the link to apply"

*Delete*

:T:)

Well, because I haven't rolled over any part of this months loan, I've had the "if you pay off this loan you are automatically approved for an increased amount" and I've quite enjoyed hitting the delete button on those!

Gordon_Hose

Watalie wrote: »

Well, because I haven't rolled over any part of this months loan, I've had the "if you pay off this loan you are automatically approved for an increased amount" and I've quite enjoyed hitting the delete button on those!

Trust me, it's a great feeling

Enjoy.

eyeopener2

Hax wrote: »

To be fair, this is quite a common practice with a lot of "normal" creditors - many will only accept the agreed repayments. When you default on it, it will then be passed to a collections company (possibly internal) at which point you will have a better chance of negotiating a repayment plan/schedule.

To be fair? To be fair?

There is nothing fair about paydayuk. Yes I've made mistakes, yes i've been stupid but this bunch of clowns are absolute idiots.

I have many creditors(was 10 now 9) and all of them bar these clowns (Santander were a pain as well though) helped me immensley in the setting up of my DMP. EVERY SINGLE ONE apart from PDUK, they new I was in severe financial straits and STILL tried to take all the debt from my closed account 4 months after default. They were obviously thinking i'd forgotten how low they can go but i'd closed that account to any new transactions ( I just payback the overdraft). If they had taken what I owe, I would have been left with nothing, not a dime.

They are scumbags.

I agree with one thing though, when your passed to a DCA means you don't have top deal with the morons they employ.

UnderPressure

I wonder if any of these high rate lenders have ever actually taken anyone to court for a CCJ? I wonder how the judge would deem their claim in regards to sky high interest rates? Maybe there is now way they can actually enforce these due to the high interest? All seems a bit dodgy loan sharky to me.......................

Gordon_Hose

UnderPressure wrote: »

I wonder if any of these high rate lenders have ever actually taken anyone to court for a CCJ? I wonder how the judge would deem their claim in regards to sky high interest rates? Maybe there is now way they can actually enforce these due to the high interest? All seems a bit dodgy loan sharky to me.......................

Well, their customers are made aware of the interest rates when taking out the loan, and how much they will need to pay back.

Yeah, the interest rates a ridiculous, but it's an individuals choice to accept those rates.

Hax

UnderPressure wrote: »

I wonder if any of these high rate lenders have ever actually taken anyone to court for a CCJ? I wonder how the judge would deem their claim in regards to sky high interest rates? Maybe there is now way they can actually enforce these due to the high interest? All seems a bit dodgy loan sharky to me.......................

The loans they offer are intended for a different group than a "traditional" loan. i.e. they are effectively offering an advance on your pay-cheque. When used as an advance like this, they work out at a reasonable price. In my case, I just borrowed £120 from Wonga for about 3 days until I got paid as I'd not paid enough attention to when my CC bill was due and had expected to have been paid before the due date. Not a problem - borrowed the money and paid it back on the day I got paid - all in all, it cost me less than a tenner - which is cheaper than a late CC fee.

The problems with pay day loans come when people try to use them to extend their income and that's when the problems really start to hit.

Like all financial products, used sensibly, they can be useful. But, (ab)used badly and they can be your downfall.