Ridiculous Charges

SonicGio

Hello

I took out a payday loan (what I thought was a payday loan anyway) with quid24 on the 1st November for £100. It turns out it was only for a week and they are now demanding £300 for late charges. They can't be serious, surely?? It's been only 2 weeks and they are actually DEMANDING 3 times as much as I borrowed!!!
I was wondering if you could help me on how to go about this. I was just about to send them an email telling them where to stuff it but thought I should better check for help on here first.

Any help in this would be much appreciated! Thank you!

Jeff_Bridges_hair

Whatever you do DO NOT tell them where to stuff it.

Im not going to lecture you on Payday loans as you have now found to your cost that you will get charged. Did you check the date of repayment on yoru credit agreement with them? If you sent back the electronic copy with your agreement to it being only for a week then they have you by the balls as far as I can see as you have missed the agreed payment date and thats the first penalty they hit you with - massive charges.

If the copy of the agreement you sent back doesnt say the date for a week later then you will have something to go on but if not then you really do have to pay them back. I have no idea about setting up a payment plan nor if they allow it but dont let this lie. Start dialogue with them tomorrow and find out what it was you sent back to them - A copy will be in your email sentbox

SonicGio

The date is on there unfortunately and I guess it was my mistake for not checking it. :-(
But even so, is it right to be charged £190 for being a week late in paying?? This is the breakdown:

"NOTICE OF DEFAULT SUMS GIVEN UNDER SECTION 86E OF THE CONSUMER CREDIT ACT 1974

We write to provide you with notice that due to your breach of the terms of the running account agreement between you and Quid24 Limited numbered 7649, the following default charges have become payable:

Date of charge Description Amount £
09.Nov.2011 First letter charge £60
10.Nov.2011 Second letter charge £50
12.Nov.2011 Third letter charge £30
15.Nov.2011 Fourth letter charge £50
! Total £190

This Notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid.

Interest
We are not entitled to charge you interest on the default sums for the first 28 days after we have given you this notice. However if the sum is not paid in full by that date interest will be charged at the rate of 8%."



I never received such letters unless that's what they are naming their "you are late in paying" charges. I'll give them a ring later on but is there a way for me to go about to make them see it's madness?

Thank you very much for the reply!

Emmzi

it isn't morally right but

a) expensive lesson in reading the fine print and
b) I assume they have your card abd account details so like it or not on payday/ benefits day they are having the cash.

there is rarely any point doing a payment plan as they'll take the money anyway. Best advice sell/ pawn anything you have and get it paid off before the charges go any higher

"LOSING" your bank card also does not work

ihateyes

SonicGio wrote: »

Hello

I took out a payday loan (what I thought was a payday loan anyway) with quid24 on the 1st November for £100. It turns out it was only for a week and they are now demanding £300 for late charges. They can't be serious, surely?? It's been only 2 weeks and they are actually DEMANDING 3 times as much as I borrowed!!!
I was wondering if you could help me on how to go about this. I was just about to send them an email telling them where to stuff it but thought I should better check for help on here first.

Any help in this would be much appreciated! Thank you!

Sorry Sonic.... but this is pure ignorance.

There site states 7 days, when they call to confirm you have been accepted (they did with me).... they explain when the loan is due.

I had a sudden change in circumstace and fell late, and made a number of complaints..... after a month they backed down, and the loan was paid.

Quid 24 only apply for a rollover fee..... no where on their website does it state this.
There is also no provision (at least there wasnt when i applied) in their credit agreement to roll the loan over. The agreement stated full balance would be taken.
My bank also confirmed they failed to attempt to collect the rollover fee.

With the 2 above complaints, and threatening to report them to trading standards and the FOS, they accepted the due repayment
on the basis i did not make complaint.... i paid and still complained :beer:

opinions4u

Some good points above.

I agree, they are ridiculous charges.

But it's equally ridiculous that you put yourself in this position by borrowing the money and not checking what you'd agreed to do.

Apples2

Will you extend my loan and do you offer loans on a long term basis?

Yes, if you have not made the loan repayment by 5pm of day on due date we assume that you wish to extend the loan. In that case we will try to collect the extension fee from your debit card and extend the loan for another week. Please note that extending a loan over a long period of time can be very expensive. As responsible lenders, we do not want to cause a bigger financial burden for you. This is why we have to restrict the number of times we extend the loan.
https://www.quid24.com/help/#anchor26

Sounds like you had nothing in the bank anyway.

Welcome to the wonderful World of Payday Loans Sonic.

This is just the tip of the iceberg, if you continue to use them, far worse penalties await you.

Sell your tat and clear the debt, there is no other option. Get shot of it asap and for good, and NEVER go back to a Payday Loan company ever again.

ihateyes

Apples2 wrote: »

Will you extend my loan and do you offer loans on a long term basis?

Yes, if you have not made the loan repayment by 5pm of day on due date we assume that you wish to extend the loan. In that case we will try to collect the extension fee from your debit card and extend the loan for another week. Please note that extending a loan over a long period of time can be very expensive. As responsible lenders, we do not want to cause a bigger financial burden for you. This is why we have to restrict the number of times we extend the loan.
https://www.quid24.com/help/#anchor26 .

this wasnt there when i had my hurrah with them.... i screen shot their whole website, and pleaded with them to take me to court, eventually after them asking my not make complaints to OFT/FOS they would honour the due amount on th due date.....

so it sems sinc they have updated their site and no doubt their credit agreement.

Apples2

We find that a lot in here with yes loans et al, quote the terms on here and the following day they have moved, changed or simply removed.

tell_it_how_it_is

I have to agree that it is weird that people simply do not take notice of what they are signing up for, it is truly bizarre. With the only loan I ever took, over 2 years, I made sure I knew the monthly cost, the DD date, and the total repayment to be made before I accepted and signed up. You don't have to be money savvy, it's just common sense.

However, having said that, for a company to send four charge letters in seven days is shocking in itself, and what I don't get is, why does one "cost" £30, one "cost" £60, and two "cost" £50 (one of those within a single day of the £60). Do you get a free toy with the bigger ones or sommat? :huh:

Depending on the terms, it's probably worthwhile the phone call to dispute one or more of these charges, especially if you haven't seen the letters. But whatever the final amount, make sure you pay it, and stay away in future, for your sake.

ihateyes

tell_it_how_it_is wrote: »

However, having said that, for a company to send four charge letters in seven days is shocking in itself, and what I don't get is, why does one "cost" £30, one "cost" £60, and two "cost" £50 (one of those within a single day of the £60). Do you get a free toy with the bigger ones or sommat? :huh:

Depending on the terms, it's probably worthwhile the phone call .

1) they dont even send letters, just an email
2) they dont have a contact number, you just correspond via email.