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Payday loan "loophole"
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?
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?
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She's an idiot. And don't lend her any money.0
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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."All truths are easy to understand once they are discovered, the point is to discover them."
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Deleted_User wrote: »She's an idiot. And don't lend her any money.0
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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.0
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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.0
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Seems legit.0
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She doesn't sound like the sort of person capable of having a lawyer for a friend?0
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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:Never ASSUME anything its makes a>>> A55 of U & ME <<<0 -
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.Some days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200
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