Payday Loans

blacksta

This site has taught me the following

1. Read the small print - if you dont understand ask somebody

2. if it is not written on the contract agreement forms - it is not enforceable.

vax2002

A pay day loan is the fat lady singing on your finances, it is a warning that you are about to fall in to the fire and drink from the devils cup, if you could afford to pay the loan, you would not need it.
Anyone taking out a Pay day loan already knows that they are in severe financial trouble that requires immediate action, but they are putting off the action required, you know you should be facing up before considering this, but you refuse to take your head from the sand.
If you can not pay the loan it is time for some emergency action, A fire Sale, everything you do not need to live from gets sold and sold very quickly at what you can get from it, new phones, i-pods, cameras, bikes, the lot goes and you repay the loan whilst you still have a chance.
Then you sort your finances by cutting back to Work- Food - bed .
You have one chance, the advice has been offered, see you back here in 3 months if you ignore it.

blacksta

[QUOTE=vax2002;44828704]A pay day loan is the fat lady singing on your finances, it is a warning that you are about to fall in to the fire and drink from the devils cup, if you could afford to pay the loan, you would not need it.
Anyone taking out a Pay day loan already knows that they are in severe financial trouble that requires immediate action, but they are putting off the action required, you know you should be facing up before considering this, but you refuse to take your head from the sand.
If you can not pay the loan it is time for some emergency action, A fire Sale, everything you do not need to live from gets sold and sold very quickly at what you can get from it, new phones, i-pods, cameras, bikes, the lot goes and you repay the loan whilst you still have a chance.
Then you sort your finances by cutting back to Work- Food - bed .
You have one chance, the advice has been offered, see you back here in 3 months if you ignore it.[/QUOTE]

Wise words

Meeson1

Enfieldian wrote: »

What is the warning Ian?

, we also require a part-payment of the current balance to approve an extension. All interest and fees accrued to date must be repaid, leaving only the principal amount borrowed to be extended.

This is not a legal requirement but their requirement.

The advisor, advised to allow the loan go into arrears? WRONG ADVICE. Intitial amount was still applied for and was not honoured as i i advised, however in 6 days time the funds would be available. At no point does a company have the right to help themselves to your account and take what they can and clean you out, taking £30 here and £20 there until the bank refuses any more, without prior warning or notice and leaving you in financial hardship! even though you have called and stated that funds will not ba available at that point. Followed their advice to the latter, which was wrong. When nofity a creditor that your pay is late! and you can re-pay in just a few days, I say again they do not have the right to help themselves to what they can get? That is the Warning? You require a Court Order to excercise that.

Meeson1

Apples2 wrote: »

It wasn't really though was it?

That money was the money you promised (and signed a contract for) to give to Wonga at the end of your loan term.
You simply decided you would rather spend that money on something else instead of meeting your obligation.

The Warning is simply....

DO NOT TAKE OUT A PAYDAY LOAN UNLESS YOU ARE SURE YOU CAN REPAY.

Like the wonga site suggests:

I could rpay, but my salary was late, i advised them of that

somethingcorporate

So you couldn't repay in line with the contract you signed up to?

skintandscared_2

Meeson1 wrote: »

Enfieldian wrote: »

At no point does a company have the right to help themselves to your account and take what they can and clean you out, taking £30 here and £20 there until the bank refuses any more, without prior warning or notice and leaving you in financial hardship! even though you have called and stated that funds will not ba available at that point. Followed their advice to the latter, which was wrong. When nofity a creditor that your pay is late! and you can re-pay in just a few days, I say again they do not have the right to help themselves to what they can get? That is the Warning? You require a Court Order to excercise that.

I think that unfortunately you give them permission to take back what you have borrowed, and signed an agreement for, on or after the date you agreed you would pay it back? Your circumstances changed - yes - but that is not their fault and I don't believe they have any legal obligation to take a blind bit of notice of that unfortunately.

Apples2

Meeson1 wrote: »

I could rpay, but my salary was late, i advised them of that

Have you taken this up with your employer?

If you have suffered financial hardship due to your companies mistake, you should take it up with them.

The loan is black & white. You sign up to receive money with an agreed date to repay. I would love to know the source of your information that you can repay "a few days late"

Enfieldian

Meeson1 wrote: »

Enfieldian wrote: »

What is the warning Ian?

, we also require a part-payment of the current balance to approve an extension. All interest and fees accrued to date must be repaid, leaving only the principal amount borrowed to be extended.

This is not a legal requirement but their requirement.

The advisor, advised to allow the loan go into arrears? WRONG ADVICE. Intitial amount was still applied for and was not honoured as i i advised, however in 6 days time the funds would be available. At no point does a company have the right to help themselves to your account and take what they can and clean you out, taking £30 here and £20 there until the bank refuses any more, without prior warning or notice and leaving you in financial hardship! even though you have called and stated that funds will not ba available at that point. Followed their advice to the latter, which was wrong. When nofity a creditor that your pay is late! and you can re-pay in just a few days, I say again they do not have the right to help themselves to what they can get? That is the Warning? You require a Court Order to excercise that.

By giving them your card details you gave them the means and the right to reclaim the loan after you defaulted, as, when and how they saw fit.