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Payday lenders original loan + 1month interest?
ab1975
Posts: 16 Forumite
...one issue that has come up often is this notion that payday lenders can ultimately (if they went to court) only claim the amount lent plus only one month's interest. No one can give me the legal/oft basis for this and I reckon it's an urban myth. The reason I was digging around for this info is that my brother has taken out a payday loan for £430 with Minicredit and within a 1 1/2 months (he's a plumber and took time off work) finds himself owing £850!! Anybody have any ideas? thanks
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Go to CAG - they have a lot of information on this.0
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