Pay day problem

neverletmego

Hey all. I've had difficulties paying off a paydayloan I took out. It's overdue and I tried calling to arrange some kind of payment plan whereby I could make possible monthly instalments.

I was told this is possible, however charges of £19.50 per day would continue to be added until it's fully paid off!! That's around £140 a week. I would not be able to repay it at all at that rate.

I'm unsure of my consumer rights but surely if I offer to make a reasonable repayment plan they should freeze all interest? Or at least not have such an extortionate rate of interest? The original loan was around £450

Any help would be greatly appreciated. (and I know I should have not taken out a paydayloan in the first place without 'knowing the risks' etc. my hands were tied )

Thanks for any help!!

geoffky

I bet your hands were not tied at all..you are just about to find out what compound interest is and believe me you should beg steal or borrow from family to pay this loan off as it will get totally out of control very quickly..
you did read the terms and conditions when you applied for the loan i take it...
As for them freezing interest i very much doubt it because this is how they make money, when someone fails to honor the agreement they hammer you as they said they will in the agreement....Some end up taking years to pay them...get all you can sell together and sell it to pay these off..

[Deleted User]

Have you thought of starting a complaint in writing? keep everything in writing this might be a way to stop interest/charges being accurred which they don't have to is how I understand it unless unemployed poss - I learnt only by being reasonable, admitting responsibility, and in reality paying in a couple of months really helped (the only way I avoided massive charges) as the lenders will say they don't have to accept plans or that it is at their descretion
..Don't know whether that could change with an OFT investigation pending, their who I would check out if you feel the lenders are irresponsible

Sorry I know it is not what you want to hear but it's the truth
If really stuggling try the CAB - they can help

Please try not to fall behind/avoid the situation or dig another hole by taking out more loans

David_Aston

https://forums.moneysavingexpert.com/discussion/3694211.

Op, if you are still referring to the loan you mentioned in the above penned link, where you requested help on 26th December last year, Heaven help you I guess, or possibly these payday loan terms aren't as horrendous as I thought! Good luck with it anyway.

DCFC79

How were your hands tied ?

Is this the same pdl from last year as previous poster pointed out ?

JoshParks

You should pay that loan at once. Just borrow money from your family or relatives or friends. I'm sure you could find helping hands from them. Also, you need to review the terms and conditions that the payday loan company has because the repayment process may differ from one another. Some payday loan companies provide the consumer a chance to have an extension without interest or fees while some could totally become predatory and I think the company you had borrowed the money from could be the latter. So I suggest you pay the loan at once.

mynameistallulah

Deleted%20User wrote: »

Have you thought of starting a complaint in writing?

Ah yes, that would be the one ...

Dear PDL,

I would like to complain that you have stuck to the contract I entered into with you, and I have not. I find this behaviour completely unacceptable, please wipe all charges due to your unacceptable compliance.

Yours complainingly,

nlmg

[Deleted User]

It may come as a shock to you but everyone in this country has rights even if they are in debt which isn't a crime, if somebody isn't happy at the way their treated they have a right to express it (in writing means there is a traceable trail of what has been said before taking the mick further) and shock horror, in some occasions this can help improve flaws or clarify just why what has been said on the telephone which as we all know telephone conversations can so easily be denied or distorted.
please OP go and seek professional help to start a DMP

mynameistallulah

Deleted%20User wrote: »

It may come as a shock to you but everyone in this country has rights even if they are in debt which isn't a crime, if somebody isn't happy at the way their treated they have a right to express it (in writing means there is a traceable trail of what has been said before taking the mick further) and shock horror, in some occasions this can help improve flaws or clarify just why what has been said on the telephone which as we all know telephone conversations can so easily be denied or distored.
please OP go and seek professional help to start a DMP

And back in the real world ...

Where is the flaw? What right has been breached? It may come as a shock to you but lenders have rights too, and it is the OP that is in breach of their contractual obligations!

DevCoder

Deleted%20User wrote: »

It may come as a shock to you but everyone in this country has rights even if they are in debt which isn't a crime, if somebody isn't happy at the way their treated they have a right to express it (in writing means there is a traceable trail of what has been said before taking the mick further) and shock horror, in some occasions this can help improve flaws or clarify just why what has been said on the telephone which as we all know telephone conversations can so easily be denied or distorted.
please OP go and seek professional help to start a DMP

Id be very wary of advising a DMP without more information, better to beg off family/friends and repay then enter a DMP.

DMP, IVA and BR need careful thinking and assurances that it is right for the situation.

[Deleted User]

And back in my world obviously: people have the right to ask for repayment plans when they can't meet payments but I think I'm also big enough to understand a lender whomever it maybe does not have to entertain a plan - I couldn't have made this clearer in post no 3
"as the lenders will say they don't have to accept plans or that it is at their descretion"