Issues with payday loans uk and payday uk

roxiejarrigan

I recently applied for a loan at paydayloansuk.com. It looked pretty trustworthy so I thought I'd give them a go.

After filling out the application form it turned out they had arranged a loan for me with Payday UK, a completely different company!

There website made no mention of being a broker (or if they did it was in very small print) which I found confusing, but I'd recently seen a Payday UK advert on TV so thought they must be reputable so went ahead anyway. I guess I should of applied directly instead of going through payday loans uk as there website is quite misleading and could of quite easily be some sort of scam now I think of it.

Anyways, to my next issue. Unfortunately I couldn't pay my loan back on time (very,very stupid of me I know). I contacted Payday UK to inform them of this and they said they will extend the loan but I will be charged extra. Not a problem.

Then all of a sudden they have emptied my bank account on the original due date. It has left me pretty much penny less except for the £1.74 left in my bank account! I wont be paid for another 5 days. Can they really get away with this after I made an agreement with them and can I get my money back?

DCFC79

roxiejarrigan wrote: »

I recently applied for a loan at paydayloansuk.com. It looked pretty trustworthy so I thought I'd give them a go.

After filling out the application form it turned out they had arranged a loan for me with Payday UK, a completely different company!

There website made no mention of being a broker (or if they did it was in very small print) which I found confusing, but I'd recently seen a Payday UK advert on TV so thought they must be reputable so went ahead anyway. I guess I should of applied directly instead of going through payday loans uk as there website is quite misleading and could of quite easily be some sort of scam now I think of it.

Anyways, to my next issue. Unfortunately I couldn't pay my loan back on time (very,very stupid of me I know). I contacted Payday UK to inform them of this and they said they will extend the loan but I will be charged extra. Not a problem.

Then all of a sudden they have emptied my bank account on the original due date. It has left me pretty much penny less except for the £1.74 left in my bank account! I wont be paid for another 5 days.

Just to add, on paydayloansuk.com it says on the main page and I quote " Payday Loans UK helps you get fast cash when no one else can. Payday Loans UK matches consumers with responsible lenders "

roxiejarrigan wrote: »

Can they really get away with this after I made an agreement with them and can I get my money back?

Yes they can get away with it since you agreed to pay them back by a set date and you broke the agreement.

Whether you can get your money back im not sure.

iolanthe07

Can they really get away with this after I made an agreement with them and can I get my money back?

It depends on the terms and conditions you agreed to when you took the loan, but payday loan companies are known to be ruthless at clawing back money they are owed and they generally do operate (just) within the law.

Peelerfart

I would certainly make sure any monies you get in are moved to a different bank account or they will just keep taking it.

27col

How can you complain about them not being trustworthy. It was you who broke the agreement that you had signed up to, not them. The reason matters not, you did not keep your part of the agreement, so they took immediate action to get at least some of their money back.

Daedalus

27col wrote: »

How can you complain about them not being trustworthy. It was you who broke the agreement that you had signed up to, not them. The reason matters not, you did not keep your part of the agreement, so they took immediate action to get at least some of their money back.

Er, no. The agreement was broken, the PDL accepted this breach and wished to carry on with amended terms (extended period, extra interest). The PDL broke the new, and now only legally valid, agreement by taking the funds early.

Fishingtime

paydayloansuk.com
Surely their motto must be, "Like shooting cats in a barrel"
So many people fall for these pay day loan sharks, even after all the bad press about them.
Not to mention all the bad threads about them on this site..

Have you noticed that people often come on this site for the first time after already getting into trouble with these firms

Apples2

Daedalus wrote: »

Er, no. The agreement was broken, the PDL accepted this breach and wished to carry on with amended terms (extended period, extra interest). The PDL broke the new, and now only legally valid, agreement by taking the funds early.

Does that suggest a borrower breaking an agreement is all fine and dandy but if the lender breaks the second, we are all agahst and horrified? Should we all not play by the same rules?

Interesting to see exactly what is agreed in writing about this specific debt.

Daedalus

Apples2 wrote: »

Does that suggest a borrower breaking an agreement is all fine and dandy but if the lender breaks the second, we are all agahst and horrified? Should we all not play by the same rules?

Interesting to see exactly what is agreed in writing about this specific debt.

No it does not suggest anything of the kind.

If Party A breaches a contract Party B can do one of two things;
1) Terminate the contract.
2) Through words or actions continue with the contract.

In this case the PDL appears to have gone with option 2 as they accepted the breach and rearranged the terms. It would be inequitable for Party 2 to accept the breach and carry on only to use that breach against Party 1 at a later date, such as claiming late charges etc.

No party has the upper hand.

Apples2

Ergo. They are as bad as each other.

I'm not defending the pdl company, but.let's not think of them as a wonderfully approachable company. They make a handsome living from the debt avoiders and have robust mechanisms in place to counter these peoples actions.

If you can't repay it on time, don't take it out in the first place. Trouble results

Daedalus

Apples2 wrote: »

Ergo. They are as bad as each other.

I'm not defending the pdl company, but.let's not think of them as a wonderfully approachable company. They make a handsome living from the debt avoiders and have robust mechanisms in place to counter these peoples actions.

If you can't repay it on time, don't take it out in the first place. Trouble results

Not at all. Contracts are breached all the times, sometimes through no fault of either party. You are employed (contract) to work on Monday, but can't get there due to snow (breach). Employer could potentially sack you, but most will accept the breach and carry on. It would be unfair for the employer to turn around a year later and sack you solely for the breach they previously accepted.

I am not defending the OP or PDL company. I am stating a princple of contract law. If the OP is to be taken as fact, the PDL agreed a new contract to repay at a later date, they forgave the breach, they can not renegade on that new contract without the OP's consent anymore then the OP could renegade on the original contract without the PDL's consent, which was given.

So they are not as bad as each other.