bank acc overdrawn by payday loan

Janie4Now

artanua wrote: »

well maybe you are getting there...

what if I successfully argue that the bank' s practice is unlawful therefore I dont have to pay them £920? do I stand a chance of releasing myself from the loan as wonga may not agree to return the money to the bank?

You're joking, right? Please tell me you're joking......

DevCoder

It wasnt unlawful and I agree with O4U and others comments. At least you now wont have a payday spiral nightmare.

I do disagree with SierraBravo21's comments as it has no benefit to this thread whatsoever.

DevCoder

artanua wrote: »

well maybe you are getting there...

what if I successfully argue that the bank' s practice is unlawful therefore I dont have to pay them £920? do I stand a chance of releasing myself from the loan as wonga may not agree to return the money to the bank?

You won't argue that successfully so not really an option.

artanua

did the bank acted on my best interest? banks duty is to me no wongas

miketaff1408

artanua wrote: »

but what if it is unlawful what the bank has done?

well on a brighter side now I may have to pay back £1300 for 11 years by £10 monthly installments :beer:

So you've lost your job and have decided that there is absolutely no chance of you getting another job in the next 11 years so you can pay off this money quicker?

Whilst I disagree with the offensive nature of the SierraBravo post, I do agree that you had absolutely no intention of paying back your dues to Wonga, and you are only bleating on about it being 'unlawful' as your plans were scuppered when the bank allowed the payment that you authorised Wonga to take.

Get over it, and put your energies into finding another job instead of going on a fruitless wild goose chase.

dealer_wins

Assuming you wont be unemployed for the next 10 years, when you next secure employment just get rid of the debt within a few months and have one less hassle in your life.

Its not rocket science!!

Janie4Now

OP - is your other name Conrad by any chance?

DCFC79

artanua wrote: »

Hi everyone,

In June I obtained a payday loan for £500 and agreed to pay back £650 the following pay day and gave my bank account details. I defaulted for three months as I lost my job. Pay day loan company was chasing me for £925 as I had defaulted 3 times and I had no money in my bank. In fact my bank account was already overdrawn for about £400 (informal facility and I have no overdraft facility). But this month I realized that my bank acc. was overdrawn again for another £925 - money taken from the pay day loan company. I was surprised and went to the bank to ask about it and I was basically told that I owed the debt to the payday loan company. When I told the bank they cannot do that as I have no funds they wanted to see my agreement with the pay day company as I might have some sort of indemnity (?) with the pay day company.

Can the bank do that? Or they realized they made a mistake and perhaps it would now be difficult for the bank to get the money back from the pay day loan company and were trying to convince me that I owed the money that is why they overdrew my account?

Please advise me as to what shall I do? Honestly Id rather have the bank chasing me than the pdl company. With the bank I had (have still?) an agreement in place whereby I paid £10 pm to clear the £400 overdraft. But if the bank cannot recoup the money from the pdl com. and I tell the bank you should not have allowed the payment to go through? Am I right?

Thank you.

artanua wrote: »

itsnt wonga but for the sake of it lets say wonga. only once £920. But with some haggling i would have probably paid back to wonga only £650 as initially agreed instead of £920 - amount they requested recently after the default

Ok my bad, dont know who pulled sierrabravos chain, just out of order.

OneLife_OneShot

When you knew you weren't going to be able to pay back Wonga, instead of defaulting 3 times and destroying credit ratings, did you ever think

"Hey maybe If I ring them and explain my situation they might negotiate a repayment plan with me and then I might be able to pay it back even at xx amount per month?"

I know how easy it is to happen, I lost my job when I owed Wonga £300 last year but I rang them and rang them again to make sure they set up a repayment plan and they did, I stuck to it and so did they, I paid them £50 a month for 3 months and then got a new job and cleared it. So it is possible to do this.

If you do not owe Wonga anything now then thank yourself lucky you are dealing with the bank and repaying that overdraft and not thousands of percent interest on a defaulted PayDay Loan.

sulkisu

artanua wrote: »

but what if it is unlawful what the bank has done?

well on a brighter side now I may have to pay back £1300 for 11 years by £10 monthly installments :beer:

Not necessarily. Overdrafts are payable on demand and the bank can simply claw back their money as soon as any money goes into your account. They could also CCJ you, which in addition to screwing up your credit even more than it already is, could make it hard for you to open another account elsewhere - even a basic one. If you cannot open a new account elsewhere, then the risk of going to your bank one day and finding your account has been emptied (e.g. when you find a new job), is a very real one.