Pay Day Loan - Deferral

Pedro1984

Sorry, I thought that had made sense, it obviously hasn't.

Basically I am trying to ask if an organisation sends you a letter / e-mail with an outstanding amount that is much lower then the actual amount outstanding, does it make any difference?
Do I still have to pay the total amount outstanding or the new one that was sent to myself.

The PDL cocked up and instead of putting the total amount left to pay they have put the amount I have paid.

I am trying to find a way out of it that's all without paying the ridiculous interest rate that's all.

jonjamie1970

They rarely make mistakes these firms, and as others have said above, they have probably started a new loan for the deffered amount, £145 will only clear the first loan.
Get yourself down there as your obviously missing some paperwork somewhere with reference to the deffered new amount.

SnowTiger

KingElvis wrote: »

Sorry but I can make no sense of this at all.

It appears to me that Pedro1984 initially took out a pay day loan, wasn't able to pay it back, and paid £145 to defer the payment for a month.

The pay day loan provider has emailed him back saying that's okay and that when he pays £145 at the end of September the loan will be closed.

Pedro1984 believes the amount outstanding is not £145, but is £350.

The email from the pay day loan provider mentions they opened up a new loan for him. I wonder if the £145 he paid came off his current loan and the new loan is for the deferral fee, and that the email is about this new loan and not the previous one (which is still partially outstanding).

Pedro1984

All,

I have spent about half an hour on the phone again to be told in the first 15 minutes all the same thing that has been said here and also on the phone the first time! You are not making any sense, what are you talking about, you owe this amount etc, etc.

However I think someone is beginning to understand at the PDL company!

On the Deferral loan agreement form which was sent to me on 03/08/2011. It states two things for the process.
1) Repayment of £145 from your account using your debit card on 31/08/2011. This will close your new loan and activate your new loan.
2) We will take the repayment of £350.00 from your account on 30/09/2011 to close your loan.

Then on the Payment Receipt sent to me on 31/08/2011 it has three steps.
1) Now we have taken repayment £145 to defer your loan, your new loan is now active.
2) We will take the repayment of £145 from your account on 30/09/2011 to close your new loan.
3) You can repeat the deferral process by clicking the link below etc etc.

The PDL have made an error and in number 2 above it should be stating the £350 amount of which the PDL company has agreed with me that this is what it should say. However it doesn't.

The call has been left with them seeking "legal advice" and they will be in touch over the start of next week.

Tixy

I think the loan agreement is the thing that will be legally binding not the payment receipt. My guess is that they will take the full amount on 30/09.

KingElvis

Blimey, this is like the payday loan equivalent of the Battle of Borodino.................

Whatever is owed, you can bet they will take it. Good luck.

LovelyLeeds

Pedro1984 wrote: »

I am trying to find a way out of it that's all without paying the ridiculous interest rate that's all.

Then I'm afraid you've got Bob Hope and no hope (I really must change that phrase - I've been using it for far too long!).
They will undoubtedly realise any error they have made and it will not invalidate what you owe.
Making errors in life does not wave a magic wand and negate what you owe.

dtaylor84

Pedro1984 wrote: »

I am trying to find a way out of it that's all without paying the ridiculous interest rate that's all.

It's too late for that, I'm afraid - the way to avoid paying the ridiculous interest rate is not to take out a pay day loan in the first place.

Enfieldian

Pedro, could you please proof read your posts before publishing them?

It is virtually impossible to understand the information that you are trying to give us.

For example:

This will close your new loan and activate your new loan.

So, at this stage, I'm afraid that I'm out.

ihateyes

Pedro1984 wrote: »

All,

I have spent about half an hour on the phone again to be told in the first 15 minutes all the same thing that has been said here and also on the phone the first time! You are not making any sense, what are you talking about, you owe this amount etc, etc.

However I think someone is beginning to understand at the PDL company!

On the Deferral loan agreement form which was sent to me on 03/08/2011. It states two things for the process.
1) Repayment of £145 from your account using your debit card on 31/08/2011. This will close your new loan and activate your new loan.
2) We will take the repayment of £350.00 from your account on 30/09/2011 to close your loan.

Then on the Payment Receipt sent to me on 31/08/2011 it has three steps.
1) Now we have taken repayment £145 to defer your loan, your new loan is now active.
2) We will take the repayment of £145 from your account on 30/09/2011 to close your new loan.
3) You can repeat the deferral process by clicking the link below etc etc.

The PDL have made an error and in number 2 above it should be stating the £350 amount of which the PDL company has agreed with me that this is what it should say. However it doesn't.

The call has been left with them seeking "legal advice" and they will be in touch over the start of next week.

as i said in post 9....... loan 0001 pay it in full it is closed. defer and pay interest, they will close loan 0001 and open loan 0002.

Some loan companies only take interest until you ask for the loan to be cleared ( these companies also claim to be responsible lenders, when they never want you to pay the loan, just the interest!)

im not sure who, or why legal advice is needed tbh.