Txtloan Responsible Lending Question

GazpromR

Hi, I took a text loan a week or so ago, I needed the money desperately and just accepted the loan of £100 to be repaid in 15 days at £100 + £17. There was no way I could repay the loan in the 15 day period, I knew this but was in a bad state at the time but my question is shouldn't the lender check that I could or could not repay before lending me the money? If they had mad sufficient checks they would of known I couldn't pay it back.

I have no problem paying this loan back but it's going to be around 15 days after the agreement date , I'm not trying to get out of the loan at all just that they will add "Admin" fee's of 2 x £25 and £1.20ish interest everyday I'm over.

So I'm wondering if I have an Argument to get out of the admin and interest fees as they should of known there was no way I could repay?

Thanks

bobajob_1966

If you knew you could not pay the money back why did you borrow it?

Answer to your question is, you have no argument to get out of the fees. You need to take responsibility for your decisions.

Duke203

GazpromR wrote: »

So I'm wondering if I have an Argument to get out of the admin and interest fees as they should of known there was no way I could repay?

Thanks

I think as you should have known you couldn't pay, they should double the admin fee and interest. Fair argument for you?

CH27

GazpromR wrote: »

Hi, I took a text loan a week or so ago, I needed the money desperately and just accepted the loan of £100 to be repaid in 15 days at £100 + £17. There was no way I could repay the loan in the 15 day period, I knew this but was in a bad state at the time but my question is shouldn't the lender check that I could or could not repay before lending me the money? If they had mad sufficient checks they would of known I couldn't pay it back.

I have no problem paying this loan back but it's going to be around 15 days after the agreement date , I'm not trying to get out of the loan at all just that they will add "Admin" fee's of 2 x £25 and £1.20ish interest everyday I'm over.

So I'm wondering if I have an Argument to get out of the admin and interest fees as they should of known there was no way I could repay?

Thanks

None whatsoever.
Take responsibilty for your own actions & pay up ASAP.

anchorless33333

er..no

how can they possibly be expected to know how much money you have and when you get it? they don't have access to your bank/wage details

Its up to you to ensure you keep to the legally binding agreement which you signed at the time of taking the loan out, which states you will pay them back at an agreed time. If you don't the contract also states you will pay a penalty, so thats what you will have to do.

...and i bet thats the most pleasant response you'll get to your question on here!

GazpromR

Well nice reception thanks, you do not know the circumstances of why I had to take the loan, I dont mind paying the loan back I just dont want to pay the admin fees if I could avoid it.

No bother thanks for your "Expert" advice, lovely community.

_Andy_

GazpromR wrote: »

Well nice reception thanks, you do not know the circumstances of why I had to take the loan, I dont mind paying the loan back I just dont want to pay the admin fees if I could avoid it.

No bother thanks for your "Expert" advice, lovely community.

yet again someone who doesn't get the reply they want so gets all p*ssed off about it

bobajob_1966

GazpromR wrote: »

Well nice reception thanks, you do not know the circumstances of why I had to take the loan, I dont mind paying the loan back I just dont want to pay the admin fees if I could avoid it.

No bother thanks for your "Expert" advice, lovely community.

The circumstances are not relevant - if things are really that desperate there are alternatives (Social Fund, Salvation Army etc).

GazpromR

_Andy_ wrote: »

yet again someone who doesn't get the reply they want so gets all p*ssed off about it

Really, That was not !!!!ed off. A simple no, it's your fault would of been fine, not suggestions of doubling the admin fee, what an intellectual being.

mightyroyals

What if i can't pay my loan back on time?

We provide short term loans for 15 days.
The credit cycle works as follows:
Day 1 - you receive a loan of £100. A repayment reminder is sent before the loan term elapses.
Day 16 - We collect £117, however, if the funds are not available;
Day 17 - a 1st reminder is sent and a £25 administration fee is added and interest accrues at the rate of £1.13 per day until your loan is repaid in full. The loan totals £143.13.
Day 27 - a 2nd reminder is sent and a £25 administration fee is added and interest continues to accrue at the rate of £1.13 per day until your loan is repaid in full. The loan totals £179.47.
Day 45 - the loan totals £199.87
Day 46 - the loan is passed to our Collection Partner which incurs an additional £47 administration fee. The loan totals £247

We try to collect your outstanding debt on a regular basis.
You may have to pay additional charges to the debt collection agency.
Failure to repay a loan will damage your credit record and may result in legal action.
Please do not apply if you do not think you can repay the loan on the Repayment Date.



You digitly signed the contract to say you accept all the terms and conditions.


Looks like its gonna be a costly loan

anchorless33333

If you did really need the cash and knew you couldn't pay it back within the 15 days why didn't you take one out over a longer term? wonga offer loans for 30+ days - would've been cheaper to do that

In fact it may still be cheaper to take a loan with another company and pay off the old loan with the new - the new loan interest charges will probably be cheaper than the late payment charge with the text loan