Wage Day Advance

DC34

Hi Guys,

Looking for a bit of advice on these guys.

I had a loan with them and a number of other companies, which i have defaulted on.
I am trying to sort this all out and setting up payment plans with them.
However these guys are insisting i owe them a lot more money what can i do?

The original loan which i took out in September was £330 with like £82 interest
They now say i own them £577!!!!!!! +£12.50 Direct Debit charge

Here is what they said


We have not received a payment from you since the loan was taken out in September, we could have added interest for every month you have missed but have capped this at 2 months. You also signed an agreement form that stated that we would collect the funds by direct debit and charges would apply if the direct debit was unsuccessful, and agreed to our terms and conditions. Please visit our website if you would like to view these.

What can i do this is almost 50% more than the loan i had orignally taken out

Thanks in advance

DC

redpete

DC34 wrote: »

What can i do this is almost 50% more than the loan i had orignally taken out

Almost certainly nothing except pay up. In accordance with the Ts&Cs that you agreed when you took out the loan they are charging you for extending the loan and defaulting.

These loans are well know for being expensive if you pay back when you are meant to and very expensive if you don't.

(I see from other posts that you really ought to know about pay day loans already! What happened about setting up a DMP or talking to one of the debt management charities?)

KingElvis

Nothing, nada, nowt

You'll just have to pay or it will keep racking up.

paddyrg

Sounds like they've already been pretty reasonable capping the interest at 2 months. You borrowed and spent the money, time to pay it back :-(

BackOnTrack

The two month interest cap may well be considered by a judge to be reasonable so you would be best to set up a payment plan. Tell them what you can afford to pay and then you will need to stick to it.

They may start threatening a CCJ but stick to your guns and send them what you can afford to pay whether they agree to it or not. If they threaten to start adding interest again I would ignore it as I guess the reason they have capped the interest at 2 months is that when these cases go to court judges have found to add more than this at their interest rates is unreasonable. If they threaten an attachment of earnings report them to the OFT and trading standards.

DC34

Thanks guys for your help

DC34

They now say i owe them £652 and will be sending out a man to visit me!!!!!!!!!!!:(

I have 8 payday loans and have made payment plans with 6 of them only these guys and Quickquid will not deal with me.

I asked them if i could pay £15/month and they refused what should i do?

Thanks in advance

DC

fozmcfc

I'm not the best person to advise you, but I can say from what I have read since being a member here, that the man coming around is rubbish and scare tactics, if someone does turn up refuse them entry. They will have to obtain all sorts of court orders against you to go that far.

Post your situation again on the debt free wanabee boards.

https://forums.moneysavingexpert.com/discussion/comment/38783804#Comment_38783804

geoffky

Get it all paid asap as the charges are rising very fast.....lesson learnt i hope

try and sell some things ect ect as these people will not go away and the apr over a long time will be horrific..

Apples2

I'm more puzzled by the fact you have EIGHT payday loans but seem oblivious to the penalties agreed when you were signing up.

They are suggesting you didn't even try to make a single payment, I wonder what you thought was going to happen?

They aren't going to crawl back under their rock, they will hound you and threaten all sorts. The only practical and real thing they can do it to go for a CCJ. From what you have said I think the Judge will wave it through.

They will almost certainly continue trying to retrieve their money from your account, it is theirs after all but there are ways to prevent them taking what's theirs.

paddyrg

This is grip-getting time by the sounds of things - anything you can sell, sell, any extra work you can take, take. You can escape this but it won't be pretty... :,-(