Payday loan robbers

SnowTiger

londonTiger wrote: »

being mean is accusing the OP of being a scammer/thief etc.

OP set the tone with the title they gave to their initial message: "Payday loan robbers."

ihateyes

it actually beggers belief the response of some people on here.
think they are better than anyone else.

tbh these people shouldnt post on something they have no knowledge about.

it is accepted people may not for whatever reason by unable to repay. and creditors are expected as per their consumer license to help debtors out. unfortunately Payday Express dont.

can you imagine of some of these uninformed posters ha a credit card with their bank.... missed the payment and the bank went and emptied their bank acount, then closed their credit card? there were up uproar.

Emma.... PDE are notiorious for agreeing one thing and doing the opposite. Did you get this in writing.

Complain to the OFT and forward any corresposdance to them if so.

The OFT states companies should not raid your account in such a way where you dont have money for basics, ie rent and food. so it ight be worth using that angle, and advising them unless they refun around £400 you will complain to the OFT.

Many PDL's have been warned by the OFT about this practice.

but then the posters on here who have no knowledge of PDL's just think they are better than you when infact the heads are up were the sun dont shine.

ihateyes

Apples2 wrote: »

You don't have "minimum payments" on a Payday Loan, the clue is in the title.

LOAN

wrong.... PDLS rake it in by you rolling the loan over and paying interest only.... in effect a minimum payment.

again a post by someone who has no direct knowledge of a PDL.

debrag

emmashouse02 wrote: »

I have a payday loan with Payday express and was unable to make my payment (£550)as planned last week so I arranged with them to pay the interst and some of the remaining balance (total £150)on 7th August. My mother transferred some money into my account this morning so that I could pay for something for her when I went out today but as soon as the money went in they withdrew the full £550. I have spoke to them 5 times today explaining that it was not my money and that I had made an arrangement with them to pay at a later date but they just said that I had settled in full and they would not be giving me my money back.

My mother is furious and will be contacting the police if they do not refund. They keep saying that they will listen to the recording of the phone call when the (alleged) arrangement was made but no one ever rings me back.

Are they allowed to take money from my card when I have an arrangement to pay at a later date? Does anyone know if their loan agreements are legal?

never phone, get everything in writing, as you have now found out they go back on their word.

Mara69

debrag wrote: »

never phone, get everything in writing, as you have now found out they go back on their word.

As do a substantial number of pay day borrowers!

debrag

That is true.

tell_it_how_it_is

ihateyes wrote: »

wrong.... PDLS rake it in by you rolling the loan over and paying interest only.... in effect a minimum payment.

again a post by someone who has no direct knowledge of a PDL.

So as you admit it is 'in effect', Apples2 was actually right all along, and you are wrong. The idea is to pay the full owed amount in one hit on the agreed date - if you don't, as you say, they rake it in.

KingElvis

That was your mum's fault for trusting you with money when you obviously can't be.

smithers1981

So you owed £550 to PDL company but you didn't have it, so you happen to convince your mum to transfer money into your account, just enough money as it happens and on exactly the same day as PDL come looking to collect?

Think if you were made of wood you would have a very long nose!

Apples2

ihateyes wrote: »

wrong.... PDLS rake it in by you rolling the loan over and paying interest only.... in effect a minimum payment.

again a post by someone who has no direct knowledge of a PDL.

You demonstrate a complete ignorance to what a Payday Loan is.
When you sign up for these daft loans you agree to abide by the conditions of the loan. You agree you will take the loan and repay it on a specific day....all of it, including the Interest.

There is no agreement when signing up that this loan will be extended over many months.

When you, and your like decide you are not going to repay it in accordance with the agreement you signed there becomes a problem.
You broke the very agreement you signed up to.

Such is the polularity of this situation (people taking and not repaying), many PDL lenders have a recognised facility to deal with you in reasonably sympathetic terms. This is the rollover you speak of which you have decided you had already agreed to when applying, you didn't.

With the contract now broken, it's terms are worthless so YOU need something else to replace it to stop them steaming into your account. Here we go with the letter between you and the lenders agreeing with a way forward, e.g just pay the interest and agree a method of repayment.

Without any such written agreement, they can, and often do, continue to withdraw all the funds whenever and as often as they like, it's what you said they could do in the original agreement.

THEY offer loans on THEIR terms, you seem to believe they offer loans under YOUR terms.

How many times do you have the read the same story on here before believing it?