Pay Day Loan question RE: sneaky dd's

money_madness_2

I have just signed up to a DMP with Pay plan and am about to hit the first month end where my creditors don't get their regular payments ... four pay day loans!!

I have cancelled all the direct debits and cancelled my debit card so that they cannot take monies but am obviously concerned they will still try. Wage day Advance have already reinstalled the direct debit that I cancelled. I have set up a new bank account but my employers had already set up the payment for the month and so it was too late to change which account my wages went too.

I currently bank with Lloyds TSB and I'm thinking that if I can watch my account at midnight the day before payday I can instantly transfer my wages into my savings account and then I can go into the bank and collect them later that day. I'm not sure if you can easily withdraw from a savings account. Does anyone have any similar situations or ideas please. thanks :O)

[Deleted User]

I would recommend that you transfer (or go in branch and withdraw) your salary as soon as you can after it goes into your account (just in case)

Are any of your debts with Lloyds?

Superbiatch

Cancel the direct debit again, it will take a few days for them to set it up again

money_madness_2

Thanks for your replies guys. That makes me feel a bit better knowing the direct debit instruction isn't instant. I'll go in first thing but am I right in thinking branches don't open until 10:00 ... what's that all about hey lol

[Deleted User]

Store locator: http://www.lloydstsb.com/branch_locator/search.asp

Just check the one you want go to - some seem to be 9.30

Superbiatch

money_madness wrote: »

Thanks for your replies guys. That makes me feel a bit better knowing the direct debit instruction isn't instant. I'll go in first thing but am I right in thinking branches don't open until 10:00 ... what's that all about hey lol

Is telephoen or internet banking not an option? I can cancel dd online or over the phone with my bank :question:

chiquatine

Hi
I took out a Payday loan with Mr Lender in Dec to help over Christmas. Foolishly I assumed that they would take the full repayment of £375 on my next payday, I have just been going through all my online bank statements to check all outgoings as I am about to go on Maternity leave and have forund out that intstead of taking th full amount they have only taken £75. I have checked my emails and of course in the Junk box they have emailed me saying
" Your loan of £375 is due to settle on 31/12/2010.
To pay just the interest of £75.00 and roll over your loan until next month, please Reply to this email with your next pay date and we will get this booked for you or alternatively you can call us on 0203 225 5424 to arrange this."
I did not reply to this email and did not want a roll over, however it seemd that this has happened again in Jan and will probably happen this month as well!!!
I have tried to contact them by phone but suprise suprise I have not been able to get through. I dont understand how they are able to roll over my loan without my permission and I am writing to them today to complain as I have paid £150 for roll overs but still owe them the full £375 as the £75 just covers interest!!!
Has anybody else had similar problems and if so what happened?
I am going to request that the £150 is knocked of my loan amount and fingers crossed I have a case as in my eyes this is a fraudulent activity on my account.

Any advice would be helpful

Thanks

chuckley

best way is to close the account as they'l continue to set up new d/d's and hit your acc daily (if they have the card number, e.t.c) and ull have to keep cancelling,

j.smith1981

chiquatine wrote: »

Hi
I took out a Payday loan with Mr Lender in Dec to help over Christmas. Foolishly I assumed that they would take the full repayment of £375 on my next payday, I have just been going through all my online bank statements to check all outgoings as I am about to go on Maternity leave and have forund out that intstead of taking th full amount they have only taken £75. I have checked my emails and of course in the Junk box they have emailed me saying
" Your loan of £375 is due to settle on 31/12/2010.
To pay just the interest of £75.00 and roll over your loan until next month, please Reply to this email with your next pay date and we will get this booked for you or alternatively you can call us on 0203 225 5424 to arrange this."
I did not reply to this email and did not want a roll over, however it seemd that this has happened again in Jan and will probably happen this month as well!!!
I have tried to contact them by phone but suprise suprise I have not been able to get through. I dont understand how they are able to roll over my loan without my permission and I am writing to them today to complain as I have paid £150 for roll overs but still owe them the full £375 as the £75 just covers interest!!!
Has anybody else had similar problems and if so what happened?
I am going to request that the £150 is knocked of my loan amount and fingers crossed I have a case as in my eyes this is a fraudulent activity on my account.

Any advice would be helpful

Thanks

I have had a similar situation the OFT are doing an investigation into payday companies not complying with a way of allowing you to pay it off just to make more money out of you.

I would ask the OFT on the basis of them just taking out £75, I won't go into the reasons why but that is what I am doing. Their not very compliant with the laws of credit put it that way. Sounds like their trying to make more money out of people and it's unfair, I mean beyond the initial interest you would pay on the loan.

You can obtain a questionnaire by the OFT, you can submit it anonymously if you want to it's regarding their investigation into companies doing payday lending.

joco8a

I have currently got a complaint lodged with the Financial Ombudsman about exactly what you describe. To me it seems ludicrous that a rollover is opt-out rather than opt-in.
I'll let you know how when I get a response.

joco8a

Just to update, I was successful in my complaint against Mr Lender. The omudsman agreed that opting out of a rollover rather than opting in was unfair. Mr Lender were told to give £50 compensation and close my account which they have done.