Txtloan

scottfrazer

I need some serious advice folks - I had gone belly up with a payday loan company, and have had a payment plan setup to repay my balance.

The repayment structure is for every 28 days, and its £20.00. Today they took the payment a day late, and took the full balance of £350.74.

This is surely a fraudulent transaction? I have just sent them a very arsey email - I am so upset and angered by this. What can I do to claim my money back , as that was to be used for other payments and is not my money.

[Deleted User]

probably not alot,sorry if thats not what you want to hear

scottfrazer

The interesting thing is, that I received an email from them stating that I had a declined application for a loan - even though I hadnt made another application. This was received at the same time of an email stating that a payment had been received. (not stating how much was paid)

dresdendave

scottfrazer wrote: »

I need some serious advice folks - I had gone belly up with a payday loan company, and have had a payment plan setup to repay my balance.

The repayment structure is for every 28 days, and its £20.00. Today they took the payment a day late, and took the full balance of £350.74.

This is surely a fraudulent transaction? I have just sent them a very arsey email - I am so upset and angered by this. What can I do to claim my money back , as that was to be used for other payments and is not my money.

You'll probably find they have acted within the T&C's that you agreed to when you took out the loan. From their perspective they will regard the £350 as their money not yours, so you are unlikely to get it back.

The above is merely an observation and is not intended to be judgmental although I doubt it's what you were hoping to hear.

tummy6

Complian to FOS; while the T&C's might state it's their right (the payday lender), the OFT clearly indicated that their view is that most of these clauses of the T&C's are unfair and are unenforcable.

http://www.oft.gov.uk/news-and-updates/press/2010/142-10

If you had a repayment plan agreement then they need to adhere to it.

KingElvis

These people will try time and time and time again to get back what you owe them, don't expect your money back or any form of mercy. The 20 payment was just a tester to see if you had cash available.

They just keep trying your account until they get what they want, you should've put your money elsewhere if you wanted to mess them around.

If you owe more, expect them to come back for the rest.