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Payday Loan

garyg212
garyg212 Posts: 9 Forumite
HI,
I recently took out a payday loan. The repayment was due on Friday and i had the funds, however in-between getting the loan and paying it back i changed banks and payday uk had my old bank details, (This account is now closed). I was going to phone them on Friday however i received a receipt from them saying it had been paid in full? Which is impossible as the account is closed and they do not have my new bank details, however i have the email saying it has been paid in full. Should i phone them and clarify or just keep quite?

Thanks Gary

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    Make sure it has been paid.

    This is going to get expensive. Very expensive.

    Don't !!!! about with a pay day loan company.
  • nyc_451
    nyc_451 Posts: 502 Forumite
    Ninth Anniversary 100 Posts Name Dropper Combo Breaker
    Sometimes if you're using a few different cards to pay off your loans, they save the details and try to take money out of those cards if the main one is no good.
  • chanz4
    chanz4 Posts: 11,050 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    Just hope they have not created a cpa on the old account, which the bank may pay
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    garyg212 wrote: »
    HI,
    I recently took out a payday loan. The repayment was due on Friday and i had the funds, however in-between getting the loan and paying it back i changed banks and payday uk had my old bank details, (This account is now closed). I was going to phone them on Friday however i received a receipt from them saying it had been paid in full? Which is impossible as the account is closed and they do not have my new bank details, however i have the email saying it has been paid in full. Should i phone them and clarify or just keep quite?

    Thanks Gary

    Keep quiet, and in a month multiply what you borrowed by 4, add on a couple of late fees and a possible trashing of your credit score.
  • redpete
    redpete Posts: 4,705 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    It wasn't very sensible giving the PDL company bank details that you knew would be out of date by the payment date (unless it was such an urgent change that you didn't know about it when you applied - but that seems unlikely).

    It wasn't very sensible not to tell the PDL company about the change as soon as you could.

    It won't be very sensible to ignore the possibility either that your old account will be overdrawn or that the payment to the PDL company might not have worked.

    As you have not suggested that you will struggle to pay off the PDL it won't be very sensible not to do so.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    You are in for a nasty surprise if you think you can smugly get one over on them.

    As opinions said, don't mess about with them, you are in for a pasting
  • jason1231972
    jason1231972 Posts: 350 Forumite
    garyg212 wrote: »
    HI,
    I recently took out a payday loan. The repayment was due on Friday and i had the funds, however in-between getting the loan and paying it back i changed banks and payday uk had my old bank details, (This account is now closed). I was going to phone them on Friday however i received a receipt from them saying it had been paid in full? Which is impossible as the account is closed and they do not have my new bank details, however i have the email saying it has been paid in full. Should i phone them and clarify or just keep quite?

    Thanks Gary

    The receipt could have been an automated response to PDUK thinking that they have received your payment successfully. It may have been that they've applied for your payment from your old bank account (not knowing any different), which has provisionally cleared the payment. As you know, though, it''' come back 'bounced'.

    You'll save yourself a lot of headaches and money by just ringing and paying your dues :)
  • natscat84
    natscat84 Posts: 115 Forumite
    Check with your new bank - when I transferred over from Halifax to NatWest, they automatically took over all the direct debits etc so I didn't have to notify anyone. Maybe it's come out of your new account
  • Stereo
    Stereo Posts: 73 Forumite
    Keep quiet, and in a month multiply what you borrowed by 4, add on a couple of late fees and a possible trashing of your credit score.

    Well said.

    PDL companies are the worst. I would sort this out ASAP because otherwise you're going to owe a lot more than the original debt.
    Capital One Classic Extra £2,450 [06-2012]
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  • paddyrg
    paddyrg Posts: 13,543 Forumite
    Call them in the morning explaining there's been a mix-up and to check they got the payment ok - then call the old bank and check you dont owe them the money (in case they recharge it back from the PDL company), then check with your new bank to see if the DD was transferred automagically. Basically keep calling people until you are poorer by the amount you owed, otherwise the chances of it biting your bum are high - and it'll be with extra fees, rollovers and interest if it does! If you can proactively make sure it doesn't, even if it costs you 30 mins of phone calls and missed work, it is still cheaper than the alternative!
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