Pay Day Loan question RE: sneaky dd's

Nihil

j.smith1981 wrote: »

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.

Actually the reason it's done is because the decline rate is extraordinarily high if you set every single loan to collect in full.

And it isn't really an "opt-out" thing in the same way internet tick boxes are, account rolling is clearly explained in the deposit call and you are asked to make a choice. If you choose to pay in full, it will be taken in full.

If they don't notify you, or don't take it in full despite you asking, you can just request for the call to be pulled and they will settle the account for you for the capital amount.

*EDIT: The vast majority of lenders will also happily settle the account for capital if you ring up within a few days of the interest going out.