peachy loans

Hi, need some help. I had taken out a payday loan of £100 with peachy last month. Unfortunately I lost my job a few days before the loan was due. I informed peachy of this and told them i could repay the loan in weekly instalments. they agreed to this and said that I could repay back when I start receiving my benefits. My benefits went into my bank today and peachy took the full amount of the loan plus arrears totalling £177. Can they do this????
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Comments

  • tonkinator
    tonkinator Posts: 103 Forumite
    They have already done it.

    A lot of payday companies have been criticised for this kind of thing.

    Short of closing your bank account and opening a new one, there wasn't much you could do to stop it.

    Have you tried calling them and asking them to refund it and stick to the agreement you made over the phone.

    I don't suppose you recorded the call, by any chance? I know that's really easy to say now, but if you have, that could help
  • Hi There,

    I agree with the above, they are sly b*stards and will do everything to get there money back. I know people say "well you took the loan out therefore you have to pay it back" which is fair enough but sometimes peoples circumstances change and they cannot afford to but i would think that it is a near impossibility of getting your money back now. This is coming from experiance as I had 6 payday loans...! and had to pay back £3000. My advice is bite the bullet and DO NOT take another payday loan, I certainly wont...!
  • Apples2
    Apples2 Posts: 6,442 Forumite
    If you took the loan out whilst you were working but lost your job just before the loan was due, you must have received almost a months pay, so could have repaid it.

    rider is correct, bite the bullet, you are free of them now so now you know what happens when you try this sort of thing with the bottom end of the lender market. They are well geared up for dealing with this type of customer.
  • debtcutter
    debtcutter Posts: 228 Forumite
    Hi stacey,

    Did you get back in contact with them in the end?
    From £8,800 to £2,200 in 2 years.

    Nearly there, just the 0% credit card to go!
  • KingElvis
    KingElvis Posts: 4,100 Forumite
    It amazes me how many people take these loans and then lose their jobs....maybe there's a PHD paper in there somewhere?

    The Effect of Shizzle Loans On Future Employment
    "We want the finest wines available to humanity, we want them here, and we want them now!"
  • tonkinator
    tonkinator Posts: 103 Forumite
    I sometimes feel more sorry for the people on the phone at these companies, having to hear the same story over again

    "Sorry, but i borrowed and now can't pay back. P.s will tell everyone your rubbish and look for ways to get it writen of if you ask for my money back"
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    rider1974 wrote: »
    Hi There,

    they are sly b*stards and will do everything to get their money back.

    Its outrageous that they want THEIR MONEY back isnt it :rotfl:
  • rider1974
    rider1974 Posts: 9
    First Post First Anniversary Combo Breaker
    Forumite
    Hi Dealer wins,

    What I was trying to say is that they do not listen to peoples individual circumstances and take the whole lot back in one hit (yes they have probably heard a million and one excuses). I am not saying that they are not entitled to THEIR MONEY but they could be more favourable to the customer with regards to a payment plan or something similiar, which stacymcm mentions that they were quite happy to do. But surprise surprise they do not stick to their side of the deal
  • aaron_223
    aaron_223 Posts: 19 Forumite
    Dealerwins and tonkinator,

    It's equally as outrageous that you feel the need to mock people who have got into financial difficulty.

    Payday Loans are never the option in my opinion, but my like many others before me and many after me have found this out the hard way.

    As if it's not desperation enough to be asking strangers for advice on an internet forum you feel the need to then mock them.

    I'm not being funny, but if you never made mistakes in your financial life before what exactly are you doing in the loans problems and advice forums?
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    rider1974 wrote: »
    But surprise surprise they do not stick to their side of the deal

    Thats 1 all then :)

    I do agree that PDLs definitely need to improve their default procedure, and if they agree a repayment schedule with a client they should stick to it rather than attempting to raid accounts continuously.

    Hopefully you can avoid using them in the future because it seems once you cannot repay them as agreed (which happens an awful lot), nothing but misery, hassle and bitterness occur.
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