Payday Express - Cancelling/Withdrawing Loan

dfwsometimesoon

The balance of £937.50 is currently due on 28th September 2012 however should you have any further queries on this matter please do not hesitate to call me on the number below. Alternatively you could respond to our Customer Care department via the email address above.
Kind regards

Why have u quoted that to me ?? despite what u may think im not entirely brainless, am well aware that is the interest charge for the month and as you have so helpfully quoted that is the payment due back on 28th September 2012 which u agreed to when u signed up for the loan..... today is however the 5th September

JayD6

dfwsometimesoon wrote: »

to be fair no one but u was rude and that was only because u didnt receive answers that u wanted to hear.....have u called the payment team to make early repayment and asked how much the early repayment is??

Early repayment
You have a right to repay the credit early at any time in full or partially. You should let us know that you want to repay early either orally (by telephoning us on 0800 0126 860) or in writing to us at Express Finance (Bromley) Ltd, 4th Floor Northside House, 69 Tweedy Road, Bromley, Kent, BR1 3WA and we will let you know how much you will have to repay

No, others where rude stating they don't 'believe' this and that. Anyway, back down to Business.

You can Repay Early, correct. However they charge the interest for the full month.Which I refuse to do. I want to cancel the loan. I am happy to pay the interest incurred during the time it has been active. It is my right to cancel the loan and return the money within 28 days (i believe it's 28). You cannot argue that. (Well, maybe you can.)

JayD6

dfwsometimesoon wrote: »

The balance of £937.50 is currently due on 28th September 2012 however should you have any further queries on this matter please do not hesitate to call me on the number below. Alternatively you could respond to our Customer Care department via the email address above.
Kind regards

Why have u quoted that to me ?? despite what u may think im not entirely brainless, am well aware that is the interest charge for the month and as you have so helpfully quoted that is the payment due back on 28th September 2012 which u agreed to when u signed up for the loan..... today is however the 5th September

But I wish to cancel the loan, which it is my right to do so (getting bored of repeating myself now)

nfollows1982

To balance out this for the OP, I have found some information on Loan Finder Reviews, where another PDE customer has put in their rather damning review, the following

''Other PDL companies allow you to settle your debt earlier than than the agreed repayment date at reduced interest. PDE flatly refused my request to repay early and avoid interest charges and state that interest will still be occured to the original promise date regardless of if you've had the money for 1 day or 30''

If that's the case then I understand why you'd be annoyed, but still watch your attitude towards other posters, it doesn't help!!

dfwsometimesoon

JayD6 wrote: »

But I wish to cancel the loan, which it is my right to do so (getting bored of repeating myself now)

If thats the argument u are going down with payday express then good luck... they have already stated where they stand with that as u have had an account with them since 2011, regardless of whether u emailed to request they close the account ... did u receive confirmation of the closure and isnt there some legal bumf about details etc having to be held for a period of time.... plus in reapplying some 5 weeks later would that not just reactivate any old account???

new account holders, 1st time borrowers, from what i am aware are only allowed £400 max (if that even) any additional comes having had a few pdl and paying back etc.... so in hindsight ud have rathered they started u on an all new account and allowed u to borrow a max of £400 instead of the £700+ that u borrowed?? i think not to be honest .....

Ben8282

Have you actually called them today and asked for a settlement figure based on full repayment being made today?

It is illogical for this company to attempt to charge you interest for the full period for the simple reason that, as stated on the television Wonga advert, most payday loan customers repay early. If they took this attitude they would be annoying many many customers which would not be good for their business.

JayD6

dfwsometimesoon wrote: »

If thats the argument u are plus in reapplying some 5 weeks later would that not just reactivate any old account???

I was not informed of this.

dfwsometimesoon wrote: »

new account holders, 1st time borrowers, from what i am aware are only allowed £400 max (if that even) any additional comes having had a few pdl and paying back etc.... so in hindsight ud have rathered they started u on an all new account and allowed u to borrow a max of £400 instead of the £700+ that u borrowed?? i think not to be honest .....

That is irrelevant now and has nothing to do with the issue that i face. Hindsight is Hindsight the facts are in black and white. If i could of gone back then there was no need to use them.

For each loan that you take out, you are allowed to cancel within 14 days. The loan taken out with payday express was a new loan.

JayD6

Ben8282 wrote: »

Have you actually called them today and asked for a settlement figure based on full repayment being made today?

It is illogical for this company to attempt to charge you interest for the full period for the simple reason that, as stated on the television Wonga advert, most payday loan customers repay early. If they took this attitude they would be annoying many many customers which would not be good for their business.

I have spoken to them numerous times. I was told yesterday by a member of staff 'okay, if you wish to cancel then we need to use the calculator' 'oh wait, sorry my manager says that we cannot do that as you have had a loan with us before' The final settlement figure for me to clear the loan in full is £937. The email that I quoted which states this has come from their call center team leader.

Ben8282

The settlement figure is based on settlement being made on 28th September NOT today. Request a written settlement figure for a repayment made today and see what answer you get.

If I were you I would get off my high horse about 'cancelling' the agreement for which you have already received the money and pay up. Every day you leave it, the more the interest will mount up.

And learn your lesson about using payday loan companies to finance your income tax payments!

JayD6

Ben8282 wrote: »

The settlement figure is based on settlement being made on 28th September NOT today. Request a written settlement figure for a repayment made today and see what answer you get.

If I were you I would get off my high horse about 'cancelling' the agreement for which you have already received the money and pay up. Every day you leave it, the more the interest will mount up.

And learn your lesson about using payday loan companies to finance your income tax payments!

That is the figure for a settlement today. Unfortunately i cannot post links, but there are numerous cases of this. I do not understand how the agreement from August 2011 is still valid? Especially when it states that it is only valid for 70 days.