Can you wipe payday loan debts?

BigCraigJohn

They would still need to have a document with all the required terms in and a box with a tick in before 2007 even if no sig. Saying that it shouldn't be used as a way of blagging it out of a debt but can be handy if desperate.
Some pretty single minded comments in here and a lot of presumptions although the OP hasnt come across to well I do agree.

Ps payday loans are a scam, if you cant afford it and are stuck in a loop, the best thing is probably to just ignore it and let it default then repay it when its a frozen sum.

Stalkdog

BigCraigJohn wrote: »

They would still need to have a document with all the required terms in and a box with a tick in before 2007 even if no sig. Saying that it shouldn't be used as a way of blagging it out of a debt but can be handy if desperate.
Some pretty single minded comments in here and a lot of presumptions although the OP hasnt come across to well I do agree.

Ps payday loans are a scam, if you cant afford it and are stuck in a loop, the best thing is probably to just ignore it and let it default then repay it when its a frozen sum.

Terrible advice. You do whatever you can to pay it off without letting it default... NSDs, eBay etc etc. Once you've paid it off, accept it as a mistake and a scam, and never let yourself get involved with it again

BigCraigJohn

Stalkdog wrote: »

Terrible advice. You do whatever you can to pay it off without letting it default... NSDs, eBay etc etc. Once you've paid it off, accept it as a mistake and a scam, and never let yourself get involved with it again

Its not always that simple.
Not everyone has things to sell or ways of paying it off. Lets be honest most people taking these loans out are desperate or using it to pay of another debt and have likely got a bad credit record.
What happens if you lose your job?,
At several thousand percent interest, miss a payment and its game over so in my opinion rather than doing everything short of selling your body you may as well cut your losses.
That is speaking from experience, not with payday loans but with unmanageable amounts of credit where only 1 thing was ever going to happen.

Gordon_Hose

I remember the pay day loans I used to have. You had to type your name into the electronic agreement form before they released the money to your account, I suspect most payday lenders have the same requirement....which means you've SIGNED an agreement.

BigCraigJohn

But I bet a lot of them havnt kept record of it, either due to the fact they were just thinking of 1 thing(ripping the customer off for loads of money) or theyd rather spend the money on profits rather than getting copies of every agreement. I know for a fact an online agreement(which im not disputing) from 2008 did not have a copy of the original agreement and that was with a large reputable bank, they infact couldnt even tell me the date or year it started. Again lenders only interested in pushing debt on customers and not doing things properly.
People do seem to just see this from a moral view but the fact is its not 1800 and that agreement is there to be an agreement that you have both agreed to. If they dont hold an agreement then whats to stop them changing the rules as it pleases them?
The agreement is there to protect both parties not just to tell you to what amount they are going to do you over for.