PDL - Speedcredit charges

hanes

Hello

I wont link to my previous post about this company but its there if you wish to look through it - but please dont judge me based on it like some have.

Ok so i took out a loan with this company for £400. Didnt pay it back within the time and so it goes on.

They email, text, leave 4min long voicemails with nobody there.

From a £400 debt it now stands at £2000.04

Are they within right to demand this much and continue adding intrest?

Im sure they can only add so many days of interest before it gets capped?

Also since they have not followed the new practices that came into effect from 03.2012 where they are required to send you debt help information and a breakdown of the loan amount, can i question this?

I have called them many times and offered a settlement of the capital plus a months interest but they just scoff at you and say you must pay legal fees etc even though the company that they pass onto IS the same in house.


I've just had enough of trying to sort this out now - I know my file is trashed and will be for 6yrs but come jan/feb i'll be in a whole better financial posistion.


But still i wont pay 2k to them....


Any help?

Thank You

Coveredinbees!!!!

when you borrow money you have to pay it back when you say you will or you get charged extra interest.

dealer_wins

hanes wrote: »

Are they within right to demand this much and continue adding intrest?

With due respect it was you that agreed to the terms and interest rate when you borrowed the £400. So of course they are within their rights.

Treadmill

dealer_wins wrote: »

With due respect it was you that agreed to the terms and interest rate when you borrowed the £400. So of course they are within their rights.

How do you know speed credit are abiding by the terms and conditions of the loan, you've not even seen them ?

Sad how this forum is now full of apologists for loan sharking.

marathon_man_3

It is not a case of being apologists.
However, if you borrow money (even from a bank) and fail to pay it back, there are obviously financial consequences. To do so with a loan from a pay-day loan company, given their reputation, is certain to be more expensive.

Janie4Now

Treadmill wrote: »

How do you know speed credit are abiding by the terms and conditions of the loan, you've not even seen them ?

Sad how this forum is now full of apologists for loan sharking.

Not sad. Just tired of people taking loans, not paying them back and then looking for some sort of "legal" loophole for not paying.

If you borrow money you should pay it back. If you can't pay it back according to the terms of the loan then you will get extra charges (all clearly set out). It's not rocket science.

We are absolutely NOT apologists for loan sharks, but we are similarly NOT going to support people who are looking for quick fixes. That's how they got into the mess in the first place. What they will get here, if they ask for it, is constructive advice and support for getting their finances sorted out.

Apples2

representative
16 534% APR

I find that APR remarkable, but then plenty of people thought (and think now) that is a great offer and one worth taking.

It all seemed perfectly agreeable when signing the dotted line.

After all this time on here you should know by now that all correspondence should be in writing (even as a follow up after talking to them), not that it would help you as they rejected your meagre offerings anyway.

You could let this go to Court and let a Judge decide if the repayment is acceptable but it was clearly displayed on the Homepage of the site in the first place.
To do that you need to stop everything, stop any mechanism they have of accessing your account and walk down the CCJ route.

This a result of burying your head in the sand. If you tackled this straight away, it is likely you would owe a LOT less.


EDIT: Bear in mind that if you do visit Court, you have ZERO proof you even tried to make them an offer (because you didn't make it in writing).

OneLife_OneShot

Sadly yes they are within their rights, you signed the e-signature, if you didn't read all the small print that isn't their problem.

Most people know the massive APR's of these companies so its not suprise, ring them and get on a repayment plan or you will be looking at more interest.

iolanthe07

sure they can only add so many days of interest before it gets capped?

The interest only gets capped at their discretion, or that of a judge if it goes to court. No one else will cap it, though legislation is apparently in the pipeline.

DCFC79

Treadmill wrote: »

How do you know speed credit are abiding by the terms and conditions of the loan, you've not even seen them ?

Sad how this forum is now full of apologists for loan sharking.

Not apologists at all, im just perplexed why people cry wolf when a pdl co adds on interest and what not when the borrower doesn't stick to the agreement they signed.

Surely the T&C's must have been checked over by the FSA so muct be fair.

UsetheFORCE

If you sign up for a loan term of 30 days and for whatever reason you are unable to repay on the specified date then it is ridiculous that that continue to be charged interest at the same rate every day beyond this!!!

If I wanted a 2,3,4,5,6 month loan then I would of applied for one!!!

Just because it is in a set of terms and conditions doesn't make it legal and I would be surprised if it is actually legal!!!