Text about reduction on pay day loan?

bexiboo92

Sorry for the never ending posts guys, just in need of far too much advice at the min.

Had a text from Pay day express claiming if I call them they can offer me a 30% reduction on my loan.

Has anyone had anything similar from a pay day lender?

Is it genuine?

My debt with them is quite recent and I've only defaulted on payments once so far.

amyloofoo

I'm unable to help with the specifics of pay day loans as I have no experience of them, however I'd be interested to see if many people have received these.

Surely it can't hurt to give them a call and see what they offer? Have you double checked that the number they've given actually belongs to your lender? I'd give them a call and ask to receive the offer in writing.

poppy10_2

amyloofoo wrote: »

Surely it can't hurt to give them a call and see what they offer?

Don't be ridiculous, this stinks of a scam

amyloofoo

poppy10 wrote: »

Don't be ridiculous, this stinks of a scam

Which is why I said she should check the number is registered to the company and ask for the offer in writing... I didn't suggest that she calls up and hands over her card details, sheesh!

poppy10_2

And if she gets hit with the hard-sell from a slick pressure salesperson and gets suckered into taking on an extortionate consolidation loan? She's already in a mess through her financial naivety, she's vulnerable to someone dangling the prospect of 30% lower monthly payments in a deal that will end up with her paying much much more over the longer term.

Best not to even respond

bexiboo92

It isn't the number they provide on their website, but checks out on forums as the right company..

amyloofoo

poppy10 wrote: »

And if she gets hit with the hard-sell from a slick pressure salesperson and gets suckered into taking on an extortionate consolidation loan? She's already in a mess through her financial naivety, she's vulnerable to someone dangling the prospect of 30% lower monthly payments in a deal that will end up with her paying much much more over the longer term.

Best not to even respond

Maybe you're right Poppy, as I said I have no experience of pay day loans and the situation you've described sounds plausible. I read it as being a 30% reduction in the loan value though, rather than 30% lower monthly repayments. Obviously there is a danger of them offering something completely different when she's on the phone, but I have to admit I'd be tempted in the OP's position.

Fortunately it doesn't seem as though OP is too naive though as she's researched the number so hopefully things will work out for the best, whether she contacts them or not.

Bex, I would just reiterate though, if you do call them, insist that you get any offer in writing before you agree. I've seen from other threads that these companies can be quite duplicitous and you don't want to end up in a worse situation as a result of this.

bexiboo92

amyloofoo wrote: »

Maybe you're right Poppy, as I said I have no experience of pay day loans and the situation you've described sounds plausible. I read it as being a 30% reduction in the loan value though, rather than 30% lower monthly repayments. Obviously there is a danger of them offering something completely different when she's on the phone, but I have to admit I'd be tempted in the OP's position.

Fortunately it doesn't seem as though OP is too naive though as she's researched the number so hopefully things will work out for the best, whether she contacts them or not.

Bex, I would just reiterate though, if you do call them, insist that you get any offer in writing before you agree. I've seen from other threads that these companies can be quite duplicitous and you don't want to end up in a worse situation as a result of this.

Thanks.

The text reads as if they're offering a 30% reduction off what the total debt is. It's the 3rd text I've received from this company and it's come up on my messages as the same number, just seems a bit odd!

poppy10_2

Give them a call then, but don't agree to anything - as amyloofoo says, ask them to put any offer in writing so that you have time to consider it properly and discuss it on here.