Payday loan "loophole"

melbell

A loud mouth work colleague is boasting that she has had 6 payday loans and shes not paid anything back as her "lawyer mate got them written off"

Is she talking rubbish or is this the new "Wipe off your credit card balance" sort of scam? Or (More than likely) she wanting lots of red on her credit file?

[Deleted User]

She's an idiot. And don't lend her any money.

OneLife_OneShot

She is likely talking through her hole and doesn't realise people actually know things about PDLs like yourself. Ignore her or put her straight.

melbell

Deleted_User wrote: »

She's an idiot. And don't lend her any money.

I won't lend her a pen that I got free from Barclays!!

melbell

conisme wrote: »

She is likely talking through her hole and doesn't realise people actually know things about PDLs like yourself. Ignore her or put her straight.

I know, I just was wondering if this is the whole new "Give me some money and I'll wipe your PDLs" sort of scam

nyc_451

Yeah I see people not paying back for years... I don't know what debt collectors are doing but obviously it doesn't work. And these people are not even ashamed, they still come to our company to do other things.

dealer_wins

She might be angling to get you to take out a payday loan or 2 "with her help" and give her a cut. Then leave you in the brown stuff.

_Andy_

Seems legit.

Elvisia

She doesn't sound like the sort of person capable of having a lawyer for a friend?

dalesrider

drewflemming wrote: »

And then you wonder why lenders charge these sky high interest rates on small loans. Outrageous!

Not defending them here :mad:

But do agree with them on the unfair way they have to show a APR.
There max lending period is usually 30 days. Which totally messes up the APR as they have a fixed charge per loan, in most cases.

Of corse the OP's friend maybe right.
But she will soon run out of companies to lend her money :rotfl:

bargainbetty

It is possible that the person has defaulted, and the lawyer friend has written letters stating that she is unable to pay and asking them to be written off. She will probably have default markers all over her credit file, her credit report will be trashed and her chances of getting any further credit or a mortgage in the next six years are shot.

Well done her. Take the !!!!!!s for a few hundred quid and cut your own nose off in the meantime.