Wage Day Advance... Can they do this?

playmate86

Hi All

I took out a pay day loan with Wage Day Advance - I know, there's my first big mistake.

However, I originally borrowed £65.00 from them with interest of £23.60 to be paid = Total £88.60.

To date i have paid £115.65 to them, fair enough it wasn't in the "one month period" they gave me to pay it back - but regardless of how long it took me i have paid them the original loan plus one months interest plus another £27.05. I wrote to them to inform them i would not be paying anymore...they replied saying i was wrong and that i still owe them £82.50. I refuse to pay this. If i were to pay this that would be over 3 times the amount i original borrowed.

What can i do - legally?

Any help is welcome. Many Thanks in advance.:)

FireWyrm

My guess is that you've been paying the interest only. That's the trap with these companies.

Can you lay it out in more detail for us please? I suspect though, that either you clear the entire balance immediately, OR you continue to pay interest for the forseeable future until you do.

19lottie82

im sure they can, as you didn't pay it back in the agreed time frame.
check the T&Cs of your loan, but I seriously doubt that they will be breaching them.

pay it off ASAP to avoid any additional charges / interest and use this as a lesson - NEVER use a PDL company again, EVER!!!

elaine12022

Well they should be able to specify how the extra figures they quote are arrived at. Ask them for a breakdown, to prove their claim that you owe this figure, and where you allegedly agreed to this ie copy of the contract. (if you can't see where the figures come from).

If you can see after looking at all the terms & conditions it will probably be easier to pay upfront if you can, and hopefully get rid of them for good.