Need a bit of legal advice....

billiybo

Hi All

I need so information regarding a payday loan i took out some time ago.

In the past i took out this loan and rolled it over several times. eventually i was struggling with debts and had to default on this debt. I was concerned at the time as this company had a bad reputation for calling your employer and playing hardball over repayment plans. Eventually they offered a monthly repayment that i could afford and so i started to pay this to stop any hassle with these people. As the months have gone past i have seen a lot of posts stating only pay the orginal loan and one months interest as the charges are illigeal.
After looking at all the charges that have been put on this loan i am now paying nearly £1000 in charges.

My question is after paying the orginal loan and one months interest can i tell this company to leg it, or because i have agreed to the repayment plan i now have to repay all this amount aswell.

Thanks in advance

crazyguy

Rock and hard place springs to mind here.

I think as you signed there T&C's you will have to suffer the excessive cost's and use it as a learning curve for the future.

Steer well clear of pay day loan firms they do nothing but rob you blind !

Tixy

Very unlikely that the charges are illegal.
You need to check the original credit agreement to see what potential charges are listed and detailed on there.