Payday loans - excessive fees

Duke203

Boris_Allen wrote: »

Simples

Yess, completelys agrees withs thats

Apples2

RichGold wrote: »

I've been watching the popcorn lady for nearly 40 minutes and the bag of popcorn doesn't seem to be getting any smaller.

I'm going to bed now but will check her again in the morning.

Good spot. I hadn't noticed the popcorn, i was looking at her lady lump getting squashed when she eats.

RichGold

Apples2 wrote: »

Good spot. I hadn't noticed the popcorn, i was looking at her lady lump getting squashed when she eats.

There's another 40 minutes I wont get back.

KingElvis

LOL far more interesting than grubby payday loans and their "clients"

CapJ

grayselegy wrote: »

Hi Guys,


Q. Can I go to a County Court and reclaim the excess charge (just as one could when the banks did the same for bouncing a DD etc)?

The Banks won so that might be not be the best route.

grayselegy

Hi Guys,

Thanks for all your input, even Boris' - I know he means well really, even if he is patronising and lacks all compassion or understanding of human nature and frailty - so much so I am convinced he is tongue-in-cheek. You all seem to have a fair grasp of the situation.

It's been an interesting response. Not 'cos it was helpful per se, but that it went from a discussion of something I hadn't asked about, to a video of a woman eating popcorn. Brilliantly off-topic and it brightened my mood, so for entirely the wrong reasons, thanks everyone, I now feel a lot better about life.

As for my original topic. Someone mentioned I don't understand charges. I do. There is a difference between interest which I'm prepared to pay and sign up for, and unfair charges levied separately later and without authorisation. I checked my contract and the size of the charge was not mentioned. I suppose I should consider myself lucky it wasn't £100.

Although I shall bow to the inevitable and do nothing more (I do have a life, after all), I still feel I was taken advantage of, as is everyone else taking out these loans. I don't object to paying fair fees, but what seems excessive fees - and the reaction of the company that they have your card details and so can do what they like - leaves a bitter taste in my mouth. They must know that they are dealing with the poorest and most vulnerable people (who else needs a Payday loan?) yet their customer service attitude stinks. I can quite sympathise how people who take out these loans might through a small slip-up (not necessarily their own) fall into horrendous debt, and can only imagine what hell these companies put them through chasing them for every penny, and charging them more and more every day in "fees" they never dreamt they might end up paying when they took out the original loan. In short, I conclude that this area of such loans needs regulating as the CCA 1974 doesn't seem to apply to them.

The nub of contention seems to be that the banks have set up a system whereby a client can give a continuous authorisation AND CANNOT WITHDRAW IT. How did that happen? With cheques, you can cancel them after you've issued them, with DD's you can cancel them, etc. But with a debit card, once they have your details it seems the company can continue to take any amount of payment, any day or time, even after you've cancelled your card or even your bank account (see posts elsewhere on this site for that thread!). That clearly messes up anyone's finances. That seems wrong to me.

'Nuff said, and thanks again for an interesting trip through the forest of Trolls, meeting a few Snow Whites on the way.

RichGold

grayselegy wrote: »

Although I shall bow to the inevitable and do nothing more I still feel I was taken advantage of

You were being taken advantage of the moment you took out the loan.

grayselegy wrote:

The nub of contention seems to be that the banks have set up a system whereby a client can give a continuous authorisation AND CANNOT WITHDRAW IT.

If you could withdraw those kinds of permissions, the whole world would stop. Most credit agreements require some kind of recurring payment and if they could be stopped on a whim then the agreements would be worth a lot less to the seller, and the items/services purchased cost a lot more to the buyer.

That girls popcorn still hasn't gone down any.

Amazing.

vax2002

Thats the trouble sailing close to the wind, every now and then you get whacked..

[Deleted User]

RichGold wrote: »

That girls popcorn still hasn't gone down any.

Amazing.

Just as well, as she's clearly watching a very long film. Probably Lord of the Rings.

Or it might just be the 'Men Behaving Badly' weekend on Dave.

I need to pop out for a bit, so can you let me know if anything changes.

Idiophreak

A_nice_fellow wrote: »

Shut up Boris. It isn't the OP's fault, it's his Boss's.

Think it probably depends on the OPs contract with their employer. I think my official payday is the last day of the month - but we get paid on the 26th each month. Sure enough a bunch of my DDs are set up for 27/28 etc...and I'm sure, at some point, this will sting me...but it will be my fault, not my employer's...