Payday UK cleared my bank account!

Apples2

But that is illegal and fraudulent.

If a company lends to me then it's up to me if I want to pay them back. They need reporting to the SAS and shutting down.

Treadmill

The last two posts have completely ignored the actual issue here, there are occasions for whatever reason a borrower may be unable to pay, as is the case here, there are guidelines provided by the OFT they have been breached. It's not that hard to understand is it ?

Funny how the usual payday loan and Amigo loan cheerleaders always chip in to these types of threads but never actually try to help in any way. It's almost like they have a vested interest.

Enterprise_1701C

Payday loan companies are notorious for doing this. If you want to avoid this happening, what you need to do is make sure there is no money in the account they have access to. You know when money is due into your account, move it immediately to a saving account by whatever way you can, anyone can set up a saving account, albeit with the post office or whatever, or even just draw the cash out of your account.

Of course what the OP SHOULD have done was set up a reminder somewhere to renew the agreement (sounds like an agreement to pay an overdue loan) and make sure they did not miss the deadline.

At the end of the day if you borrow money you have to pay it back.

antrobus

Treadmill wrote: »

The last two posts have completely ignored the actual issue here, there are occasions for whatever reason a borrower may be unable to pay, as is the case here, there are guidelines provided by the OFT they have been breached. It's not that hard to understand is it ?...

Without the details of what was actually agreed between the OP and the PDL, it's not possible to reach the conclusion that any guidelines provided by the OFT have been breached, particularly when you are referring to guidelines that post date that agreement and therefore don't apply anyway.

Treadmill wrote: »

Funny how the usual payday loan and Amigo loan cheerleaders always chip in to these types of threads but never actually try to help in any way. It's almost like they have a vested interest.

Funny how people who lose arguments often resort to throwing around what they perceive to be insults. Besides, you yourself have already concluded that "I can't see the OP getting the funds back", so what 'help' you think your contributions are providing I really do not know.

All we 'know is this; that the OP:-

• agreed on "a 3 month repayment plan" for a PDL that they had failed to repay
• claims that this agreement "expired" on the 2nd January without actually having repaid the loan,
• claims that the PDL then 'emptied' their bank account on the 3rd January

Without knowing the details of the agreement nobody knows whether or not the alleged emptying of the account was in accordance with the agreed repayment plan. The OP might or might not return to provide further information. Or perhaps they made up the whole thing for a giggle on a wet winter's day.

opinions4u

Treadmill wrote: »

The last two posts have completely ignored the actual issue here

I was clearly responding to the preceding post to mine.

Don't be so ignorant.

Funny how the usual payday loan and Amigo loan cheerleaders

If you actually take the time to read any of my posts on these boards, you will see that I am not a fan of borrowing money and paying interest for anything at all.

Least of all borrowing small amount and paying lots of interest.

There are a number of threads started by myself that try to guide people away from PDL companies, overdrafts, credit cards etc and making practical suggestions around better budgeting.

I do, however, believe that people borrowing money should make sure that they understand the repayment terms and the consequences of not meeting them.

So please retract any indication that I am a "cheerleader" for PDL companies. It's quite clear that I am not.

Don't use PDL companies. It's madness. Wait until you get paid before spending money. Then you get to use all your pay on "stuff" instead of giving a chunk of it to a PDL company.

KingElvis

Payday loans?

You're playing with the scum of the earth so expect them to use all available methods to get back their cash when you shyster them.....

They know all the tricks, excuses and hogwash you'll use...hell they made them up in the first place.

I hope that ipod, night out or other junk was worth it.

27col

It is amazing to me how people's loans seem to slip their minds. They don't even bother to keep what agreements they have signed and quite often don't even know how much the agreement was for. If it was me owing the money, it would be on my mind day and night until it was paid off.
My wife and I have only rarely ever had a loan or hp and they have never, ever run for the full period. We both hate the thought of paying interest and have always paid off early.

Apples2

It'll never catch on, easpecially with the new OFT's "don't worry about it fellas, borrow as much as you can, they aren't allowed to take their money back anyway" ruling....

~Brock~

Le_Pip wrote: »

I do not know if payday lenders subscribe to the Lending Cod,

sounds a bit fishy to me......

KingElvis

~Brock~ wrote: »

sounds a bit fishy to me......

Well, it's no plaice for me to comment, and I don't wish to carp on but.........that's what you get if you got to sharks