📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Can you wipe payday loan debts?

Options
complimentschemistry
complimentschemistry Posts: 280 Forumite
in Debt-free wannabe
Hey there, just wanted a bit of advice following my LBM. I have got a couple of small amounts of debt with a couple of payday loan companies, but as I've not technically signed any agreement, is there any legal way I can get rid of these debts?

If anyone has any info I'd love to hear it :)
October Grocery Challenge - £67.18/£135
Save up £500 - £0/£500
NSDs for October - 0/10
«1

Comments

  • rictus123
    rictus123 Posts: 2,560 Forumite
    1,000 Posts Combo Breaker Name Dropper
    I wouldnt think so...you take it on, you deal with the small print.
    Work in progress...Update coming July 2012.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    There is an extremely brilliant way of getting rid of them permanently - pay them.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    yeah as you never signed anything, dont need to pay. But welcome MH and sisters
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    chanz4 wrote: »
    yeah as you never signed anything, dont need to pay. But welcome MH and sisters

    Rubbish.

    What do you mean 'technically never signed anything'
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Gordon_Hose
    Gordon_Hose Posts: 6,259 Forumite
    Debt-free and Proud!
    No, there isn't.
  • nottoolate
    nottoolate Posts: 1,359 Forumite
    McKneff wrote: »
    Rubbish.

    What do you mean 'technically never signed anything'

    ignore them. they are just trolling and taking the pish. ;)
  • rising_from_the_ashes
    rising_from_the_ashes Posts: 12,433 Forumite
    10,000 Posts Combo Breaker Home Insurance Hacker! Debt-free and Proud!
    I'm pretty sure you get a form outlining the loan amount, terms etc which you sign - so, no, I don't think so.
    Grocery Challenge £211/£455 (01/01-31/03)
    2016 Sell: £125/£250
    £1,000 Emergency Fund Challenge #78 £3.96 / £1,000
    Vet Fund: £410.93 / £1,000
    Debt free & determined to stay that way!
  • Dave101t
    Dave101t Posts: 4,157 Forumite
    why do people think contracts need to be signed, a verbal is just as legally binding, but payday loans dont operate on this premise, you did sign, or you didnt get money.
    Target Savings by end 2009: 20,000
    current savings: 20,500 (target hit yippee!)
    Debts: 8000 (student loan so doesnt count)

    new target savings by Feb 2010: 30,000
  • jacquij123
    jacquij123 Posts: 188 Forumite
    You'll have ticked a box or put your name someone and that is now taken as the equivalent of signing a loan agreement. I'm no expert but I think it changed a few years ago that you don't actually have to sign a physical piece of paper.
  • fatbelly
    fatbelly Posts: 23,027 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Cashback Cashier
    jacquij123 wrote: »
    I'm no expert but I think it changed a few years ago that you don't actually have to sign a physical piece of paper.

    Yes, from April 2007 - CCA2006 - no signature required. Even before that, an electronic signature counted as complying with the act.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.2K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.3K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture