Help! Payday loan-paid off balance but they charged me extra!

mr_boony

I took a loan out with mr lender for £300 and after 13 days rang up to cancel it. The FSA states that any loan has a 14 day cooling off period so I was within my rights to cancel.
I rang and the girl said that's fine they will charge my card to cancel the loan and i wont owe any further money. I asked how much they will charge and was told £300. When I checked my statement they had taken 3 amounts £105, 87.50 and £107.50. Next day I check and ANOTHER payment for £105 had been taken!
I emailed them to complain I was told the amount being charged was £300, not £405, and got an email back saying it was a mistake I have been charged too much they should only have taken £49.99 interest fee. Now I know they can charge interest by law for the days I had the loan but I was not told this in the phone no mention of interest was made I was told I had to pay £300.

Now I'm waiting for a response, but where do I stand legally? They want £10 for a transcript of the call but they have taken an unauthorised payment is that fraud?

Apples2

So you tried to take a free payday loan?

I always wondered what would happen if someone tried the 14day cancellation on them.
I never knew but was sure as eggs are eggs it wouldn't be made simple. I guess tba is the answer.

Play with fire and you get your fingers burnt

mr_boony

I've used it before on another company both times I was expecting to be paying large bills and turned out I didn't need the loan as bills weren't as high as I was expecting and only paid the amount I borrowed. They are allowed to charge interest for the days I had it, but they told me £300 on the phone I was expecting only that to be debited not extra, and I was told the £300 would clear the loan no mention of interest rates

KeepFighting_2

mr_boony wrote: »

I've used it before on another company both times I was expecting to be paying large bills and turned out I didn't need the loan as bills weren't as high as I was expecting and only paid the amount I borrowed. They are allowed to charge interest for the days I had it, but they told me £300 on the phone I was expecting only that to be debited not extra, and I was told the £300 would clear the loan no mention of interest rates

You do not state how long you had this other loan did you cancel it at 13 days as well or after 1 day perhaps. Probably makes a difference. You knew full well that you should be charged I think you will find that even if you get the transcript it will not hold up. You morally owe them the interest for the days you had the money. If these loans are instant then do not understand why you waited 13 days to cancel. If you are going to play them then you have to accept that sometimes they will get you back.

mr_boony

The loan was for 6 weeks it wasn't due until 28th march, I thought my car was going to cost a bomb to get through mot so wanted the money incase, it didn't so I didn't need the loan. If they had told me they were going to charge me interest on the phone at time of cancellation then fine but they didn't they told me they would charge £300, and even if they had charged interest they charged me £55 more thn the interest owed!

dealer_wins

Dodgy loan company and dodgy borrower both try to get one over on each other LOL