MR lender roller over

dpage18

Hello all .

Firstly i applogies for my poor literacy skills i am heavily dyslexic

So sadly i had to use mr lender for a short term loan of £300 with £90 interest . There was an option to roller over the loan for another month and pay just the intrest of the loan for the 28th OCT and then the rest of the loan 28th of this month.

Here is my issue i got a email today asking me to pay £390 ! i expalined i paid the intrest off last month but the customer service agent told me the £90 was just for OCT and it will be re applied for Nov........

I will copy the email below . To me this suggest i have paid the intrest off the loan and now only have the actul cash borrowed .. No where can i see it seys the £90 is re occuring .

*********
Dear Danny

This is confirmation that Mr Lender will debit just the interest of £90.00 on the 26/10/2012.

Your loan will then be due to roll over on your following pay date of 28/11/2012 as you have auto roll over Active.

We will be using your debit card ending in *******6.

If any of these details are incorrect, please contact customer services immediately on 0208-532-5022 or reply to this email.

By rolling over your loan, you are agreeing to pay just the interest and we will mark your credit history in a positive manner, however, Mr Lender always recommend paying something towards the capital to help reduce your balance.

To pay something towards the capital or if you wish to settle this loan, please contact our payments department on 0208-532-5022 or just reply to this email. Lines open Monday to Friday 9am to 5.30pm.

Yours sincerely,

Mr Lender

*****

Would love to know any one thoughts and if any one thinks i am in the right or rong for thinking it was just the cash balance i had to settle

Thanks in advace

[Deleted User]

You're in the wrong. Interest will continue to be applied for as long as the loan exists.

jonesMUFCforever

What are the chances here that OP will get another Payday loan with another company to clear this debt??

fozmcfc

Not being funny, but they are not going to allow you to borrow £300 and pay back £390 after 2 months, when they lend you £300 and you have to pay back £390 after 1 month.

Please just pay the £390 back anyhow you can and don't use a payday loan lender again, if you have trouble paying it back at the end of the month.

You'll just end up in a never ending cycle at best at worse several payday loans in a never ending cycle.

SnowTiger

dpage18 wrote: »

Hello all .

Firstly i applogies for my poor literacy skills i am heavily dyslexic

So sadly i had to use mr lender for a short term loan of £300 with £90 interest . There was an option to roller over the loan for another month and pay just the intrest of the loan for the 28th OCT and then the rest of the loan 28th of this month.

Here is my issue i got a email today asking me to pay £390 ! i expalined i paid the intrest off last month but the customer service agent told me the £90 was just for OCT and it will be re applied for Nov........

Sadly, they are correct.

Presumably you borrowed £300 on 28th September and agreed to pay it back, plus £90 interest, on 28th October.

On 28th October you chose to pay the outstanding interest of £90 and continue to borrow the £300 for another month.

They are now charging you another £90 for continuing to borrow the £300 between 28th October and 28th November.

Basically, they charge you £90 for every month that you borrow £300 from them.

Pay day loans are evil. :mad:

Apples2

Sounds like you wanted to swap 300 of theirs for 90 of yours.

How did you think you would never have to repay the 300 with nothing extra arriving on top?

Enfieldian

Why did you think that they would not charge any interest for the second month when you had been told that you had to pay £90 interest for the first?