Speed-e-loans

CAERWENT19

I need advice, i had an outstanding debt with SPEED E LOANS (SEL) I agreed a payment plan of 50.00 a month to be taken yesterday by debit card. They took the 50 as planned and the took a additional payment of 450.00. I have spoken to the Halifax who say there is nothing they can do as SEL had the card details. SEL say until the money shows on there account they cant comment, but i should have paid the loan as agreed when it was taken out 6months ago. this comment makkes me think they have No intension to refund any of my money they have taken without permission. Can they just take any amount they want from an account? should my bank be able to get the payment back?
thank for any help:(

pvt

I think you'll find that it is quite a common tactic of pay-day-loan outfits to get some debit card details and then grab all the money they're owed, despite what they have agreed verbally.

I suspect there is little you can now do about this. Your bank can't help, as they have told you, you gave SEL the card details.

Look at it this way - you borrowed money from SEL and got into difficulty repaying it. SEL have now, perhaps underhandedly, managed to get their money back from you. It is unrealistic to imagine that SEL are now going to lend their money to you again - which is what in essence you want.

chalkie99

i should have paid the loan as agreed when it was taken out 6months ago

Of course you should.

No intension to refund any of my money

It's THEIR money.

they have taken without permission

Not true. that would have been in their terms and conditions that you agreed to when you were keen to take their money.

Edit:

From their pretty clear terms and conditions on their website:


3. You grant us permission to debit all sums due under this Agreement from your debit or credit card using the details provided by you and agree that all payments will be made from the card unless some other method of payment is approved by us.

4. We will be entitled to demand that you repay the whole of the balance due under this Agreement if any of the following events occur:

4.1 You fail to make any Repayment on its due date;

4.2 You become bankrupt or are unable to pay your debts; or

4.3 You die.

ihateyes

chalkie99 wrote: »

Of course you should.



It's THEIR money.



Not true. that would have been in their terms and conditions that you agreed to when you were keen to take their money.

The OP needs to contact and complain to the OFT.... they have broken fundamental rules on their consumer credit license, and what they havve done is illegal, and wrong.

Can you imagine getting a letter from a DCA, ringing them, making a payment and agreeing a plan, and they nab as much as they can....

It doesnt happen because its illegal, and there have been payday companies that have had their knuckles wrapped over this.

Its a fact of life chalkie, that people will borrow and will be unable to pay as agreed due to various reasons. but it doesnt give companies the right to be underhand.

Hopefully thats a lesson for OP......

if you ever borrow from a payday lender and cant make repayments, cancel the card, set up a new account and pay your agreed installments by bank transfer. it stops these companies shafting people.

Remember OP may now ne able to vital payments ie rent food,etc

chalkie99

OK, OP.

How and when did you reach a payment agreement with them?

Do you have their agreement in writing?

CAERWENT19

OP? Agreement made over the phone. (doh)

KingElvis

That money's long gone and you'll not be seeing that again, you could complain to The Halifax, The OFT or even God but you owed it so they took it.

CH27

CAERWENT19 wrote: »

I need advice, i had an outstanding debt with SPEED E LOANS (SEL) I agreed a payment plan of 50.00 a month to be taken yesterday by debit card. They took the 50 as planned and the took a additional payment of 450.00. I have spoken to the Halifax who say there is nothing they can do as SEL had the card details. SEL say until the money shows on there account they cant comment, but i should have paid the loan as agreed when it was taken out 6months ago. this comment makkes me think they have No intension to refund any of my money they have taken without permission. Can they just take any amount they want from an account? should my bank be able to get the payment back?
thank for any help:(

Has the loan now been reaid in full? If not they will be back for more.

ampafc

If you agreed a payment plan, then quite simply they shouldn't have taken the extra £450 from you. Do you have some evidence that the payment plan was set up?

Although after six months, maybe this payday loan company was a bit fed up of not getting their money back.

CHR15

There is a recurring theme on here. The term ILLEGAL.

I ask a question of all those who claim the lenders money has been taken back Illegally...

Have ANY of you reported this to the Police - obtained a Crime Reference Number - and seen a successful prosecution of the lender?

I don't mean a telling off by a regulating body for sharp practice, an Illegal act is punishable in Law by the Courts.

Any ideas why we don't need an answer to that question?

KingElvis

Illegal my fanny, that's what I say.