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Payday Loan - Reclaiming Charges
Comments
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If you had "high principles" and considered wonga.com an "illegitimate operation", then wouldn't you avoid them in the first place?
Or if you were just trying to rip them off, wouldn't you have an arrest warrant in your name (or a CCJ or whatever)...?
There is no such thing as "ripping off" a payday lender.
There are plenty of frauds and scams which are nominally legal at a given time, through ineffectively-framed legislation. Payday lending is one such scam.
In Connecticut, the directors of wonga.com, quite rightly, would be serving substantial jail sentences for their illegal activities.
Often it takes a while for lawmakers to catch up with public sentiment. In that interim period of lawlessness, we all have a civic duty to arrest the illegitimate activities of rogue operators.
In the case of wonga.com.. It is not a legitimate business.. The consumer credit law of the UK no doubt is riddled with loopholes. Where those flaws can be used to the consumers' advantage, it's morally sound to use them.0 -
There is no such thing as "ripping off" a payday lender.
There are plenty of frauds and scams which are nominally legal at a given time, through ineffectively-framed legislation. Payday lending is one such scam.
In Connecticut, the directors of wonga.com, quite rightly, would be serving substantial jail sentences for their illegal activities.
Often it takes a while for lawmakers to catch up with public sentiment. In that interim period of lawlessness, we all have a civic duty to arrest the illegitimate activities of rogue operators.
In the case of wonga.com.. It is not a legitimate business.. The consumer credit law of the UK no doubt is riddled with loopholes. Where those flaws can be used to the consumers' advantage, it's morally sound to use them.
2 quick questions: are you in America? also, are you from earth?Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
LovelyLeeds wrote: »Just because you have added in the word 'unfair' does not mean the financial world and courts are going to refund you or anyone. When you took the loan out you accepted the T&Cs and presumably spent the money. They stuck to their side of the contract but you haven't - now you want to say it's all so unfair - how do you work that out?
There are plenty of contract terms that are judged by the courts to be 'unfair'.
Many of the contract terms in a Software End-User License Agreement, for example, would never stand up in court.
But that doesn't stop the likes of Microsoft or Apple from claiming otherwise. Look at this ridiculous specimen:"Apple reserves the right, at any time and from time to time, to update, revise, supplement, and otherwise modify this Agreement and to impose new or additional rules, policies, terms, or conditions on your use of the Service. Such updates, revisions, supplements, modifications, and additional rules, policies, terms, and conditions (collectively referred to in this Agreement as "Additional Terms") will be effective immediately and incorporated into this Agreement. "...that's obviously an unfair contract term, for multiple reasons.
There is an entire European Directive (93/13/EC) dedicated to the regulation of Unfair Consumer Contract Terms. [1]
Has a wonga contract been challenged in a court of law yet? Have there been any major judgments on its illegitimate lending practices?
[1] http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:1993:095:0029:0034:EN:PDF0 -
What the !!!! are you waffling on about?0
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Well i think this post has certainly gone off topic! Didn't mean to offend anyone was just asking a reasonable question, just to reiterate I have already paid of these loans and would never go back to them.
I did understand the intrest rates and charges when i applied, as I did when i took out a bank account. I still managed to claim back from the bank.
These companies make enough money from people who are in difficult sitiuations (and I am not blaming anyone except myself for that) however why not try to make some money back from stupid mistakes you made in the past. I think most of us wouldn't be on this forum if we hadn't made a stupid mistake or took out a loan that was 100% necessary.
At the end of the day it is a moneysaving forum and that is all I was trying to do.
Anyway, I don't think anyone has answered you yet. Charges for taking or rolling over payday loans wouldn't be unlawful. Charges for late payment might be, not sure if anyone has tried (I don't really follow this board) so you might be a bit of a test case. Try following the standard reclaim procedure and see how you get on.
Anything to do with reclaiming (and also with compensayshun) is always a contentious topic on these forums, don't let it put you off!0 -
payday loans are a great tool, for those of us that don't have access to traditional lines of credit for various reasons.
in other words, you were a moron with money in the past, and by borrowing again from wonga today, it seems there's no progress there!
oh well.. you can lead a horse to water.. as they say...payday lending..is a much needed service, all be it at a slightly inflated cost
4214% APR == "slightly inflated"..
bwhaha!0
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