Payday loan robbers

ihateyes

Apples2 wrote: »

Y

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






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

?

again your knowledge is very poor...

first point..... i can name several PDL's:

1month loan, Cash Genie, Open Door loan, Quid 24

who take interest only unless you log on and select full amount on payday.


second point most of these PDL's t&c's are worthless and this has been demonstated in court by people who have been taken to court (only a few PDLS do this, most ie Minicredit stay well away from court) and won as they have challegened the fairness, but most importantly the unfair charges, and some companies unwillngness to try and come to an agreement if there is financial hardship.

tell_it_how_it_is

ihateyes wrote: »

again your knowledge is very poor...

first point..... i can name several PDL's:

1month loan, Cash Genie, Open Door loan, Quid 24

who take interest only unless you log on and select full amount on payday.

I think it is you who is misinterpreting what we are saying to be honest. No-one is saying they won't give you an extension option - it is of course in their (and certainly not the customer's) best interests - to offer that. Free continuous money for them after all. Our usage of them may be poor (indeed non-existent in my case), but our knowledge most certainly is not.

On each of the website examples you give, the blurb on their websites generally alludes to the idea of taking a loan and settling it in one hit up to a month later, such as "The loan is meant to be used for a short period of time to see you through until your next payday, typically, no more than 31 days" on Cash Genie.

Similarly, examples on each of their websites relate to the same concept, i.e: "Representative example: £225 borrowed for 29 days, Interest 377.5% p.a. fixed, Total Amount Payable £292.50 in 1 payment of £292.50, Total cost of credit £67.50 comprising of interest of £67.50" on 1MonthLoan - the name kinda gives away what is supposed to be the idea on that one!

Therefore, it is likely that a great percentage of people who sign up from reading the website info will go into it with the belief it is to be settled within the next 31 days.

I'm sure there must be some genuine reasons for rolling over these loans, but I'd personally think it is safe to suggest that in the majority of cases where such options are chosen, the people concerned are not the best when it comes to money management.

Apples2

From Quid24

Quid24.com aims to be the fastest short-term loan service provider in the UK. Our goal is to provide help to those who just need a quick loan before their next payday. This is why our short term loans are also known as payday loans. Sometimes an unexpected bill comes in or you have unusually expensive outgoings in a particular month. People in such cases need a quick cash injection to sort out their temporary money worries.

A few clues highlighted.

Ever feel like you're swimming upstream with some people?

ihateyes

Apples2 wrote: »

From Quid24

A few clues highlighted.

Ever feel like you're swimming upstream with some people?

https://www.quid24.com/help/#anchor26

Yes, if you have not made the loan repayment by 5pm of day on due date we assume that you wish to extend the loan. In that case we will try to collect the extension fee from your debit card and extend the loan for another week. Please note that extending a loan over a long period of time can be very expensive. As responsible lenders, we do not want to cause a bigger financial burden for you. This is why we have to restrict the number of times we extend the loan.



Now when the company first came out, i borrowed £100.
the payment was due out on the friday...... plenty of money there as i got paid. i noticed the following week, the had taken just a rollover fee. i complained but they wouldnt budge. i then refused to pay the loan and witheld all payments and put an official complaint through, they rejected it.

It went to the OFT and i won.... why....

See that above statement that i copied across it wasnt on their website. see their credit agreement, it stated they would take full amount. I screen shotted their whole website, and the OFT ruled in my favour and since they have made it clear on their website and from what im aware amended their credit agreements.

Apples2

ihateyes wrote: »

It went to the OFT and i won.... why....

Because they were supposed to take the full amount but didn't.
We all know the ethics of Payday Lenders, it is very well documented.

garynuman

who take interest only unless you log on and select full amount on
payday.

I know these companies have "questionable" ethics but I had no idea they did this!

Thanks for the heads-up!

Gaz

sharpy2010

thepaydaypiggy wrote: »

I see that you have had some trouble with your payday loan. I understand your problem as the money was not yours. I would push the company regarding this as they would have the conversations recorded.

If you still require a short term loan I would suggest a paydayloan from thepaydayanalbeadcompany.co.uk as we will match your needs to over 30 quality lenders.

Reported as unsolicited advertising.

bigadaj

sharpy2010 wrote: »

Reported as unsolicited advertising.

Maybe you need to look at the website address again.