Would this be deemed as excessive?

huntz

Hello,

On the 16th of Feb I applied for a £100 pay day loan from Mr Lender. They took off a £10 same day charge and a £7 admin fee which I didn't know they were going to do so I recieved £83. They automatically put me on a roll over which you have to call them up or email them to turn off which they charge interest and another admin fee. Anyway I had a few rollovers and I decided this time not to rollover and they are due to take a final payment of £135 on the 9th of July. Anyway I did some quick sums and realised I was going to have paid back £296 for an £83 loan. I have a few email exchanges below, can someone advise me if this would be deemed excessive I feel I am getting ripped off. The email exhange starts from the bottom up.

**************************************

Thanks for your response.
Can you advise me if paying £296 for a £83 loan would be deemed excessive considering its more than three and half times the amount?
Thanks
Sent from Yahoo! Mail on Android

From: *
To: *
Subject: RE: RE: RE: RE: Confirmation of Roll Over
Sent: Thu, Jul 4, 2013 11:37:46 AM


Dear *,

Thank you for your email.

We would like to confirm as you opted for the same day transfer option there is a mandatory £10.00 charge and a £7.00 admin fee, therefore the amount of £17.00 was deducted from your loan amount of £100.00 and the amount of £83.00 was transferred into your account.

As previous stated your loan is due to settle on the 9th July for the amount of £135.00, once this payment has been received the total amount paid will be £296.00.

Should you have any further queries please do not hesitate to contact us.

Kind Regards

*
Customer Service Advisor

*









From: *
Sent: 03 July 2013 13:23
To: *
Subject: Re: RE: RE: RE: Confirmation of Roll Over


Thanks for getting back to me.
Im having difficulty with that table. Bearing in mind i recieved £83 can you please tell me the total i will pay back including the upcoming payment.
Thank you
Sent from Yahoo! Mail on Android


From: *
To: *
Subject: RE: RE: RE: Confirmation of Roll Over
Sent: Wed, Jul 3, 2013 12:02:44 PM


Dear *,

Thank you for your email.

As rollover is an interest payment only to defer your loan to the following month, each month you have the loan you incur an interest.

Please see below your account statement;

Date


Type


Details


Auth Code


Debit


Credit


Balance

16-Feb-13 12:35
InitialLoan
Capital
£100.00
£100.00
16-Feb-13 12:35
InitialFee
Same Day Fee
£10.00
£90.00
16-Feb-13 13:59
InitialFee
Admin Fee
£7.00
£83.00
16-Feb-13 16:04
InitialFee
Total Fees
£17.00
£100.00
16-Feb-13 16:04
Interest
Interest
£35.00
£135.00
19-Mar-13 00:05
Payment
Rollover
978366
£35.00
£100.00
19-Mar-13 00:05
Interest
Rollover
£35.00
£135.00
16-Apr-13 02:05
Payment
Rollover
190478
£35.00
£100.00
16-Apr-13 02:05
Payment
RO Fee Payment
190478
£7.00
£100.00
16-Apr-13 02:05
Interest
Rollover
£35.00
£135.00
14-May-13 02:05
Payment
Rollover
955053
£35.00
£100.00
14-May-13 02:05
Payment
RO Fee Payment
955053
£7.00
£100.00
14-May-13 02:05
Interest
Rollover
£35.00
£135.00
11-Jun-13 00:05
Payment
Rollover
220552
£35.00
£100.00
11-Jun-13 00:05
Payment
RO Fee Payment
220552
£7.00
£100.00
11-Jun-13 00:05
Interest
Rollover
£35.00
£135.00

Should you have any further queries please do not hesitate to contact us.

Kind Regards

*
Customer Service Advisor

*








From: *
Sent: 03 July 2013 12:37
To: *
Subject: Re: RE: RE: Confirmation of Roll Over


Hello,
Sorry im a bit confused by this i believe i only recieved £70 odd in capital.
Could you please provide me with a breakdown of the money involved including the money i actually recieved in bank, the rollover fees, admin fees and a total paid back including the payment thats due on the 9th?
Thank you
Sent from Yahoo! Mail on Android


From: *
To: *
Subject: RE: RE: Confirmation of Roll Over
Sent: Wed, Jul 3, 2013 11:19:21 AM


Dear *,

Thank you for your response.

We would like to confirm that your capital amount is £100.00 with interest of £35.00 apply therefore the amount due on the 9th July to settle your account will be £135.00.

Should you have any further queries please do not hesitate to contact us.

Kind Regards

*
Customer Service Advisor

*








From: *
Sent: 03 July 2013 11:35
To: *
Subject: Re: RE: Confirmation of Roll Over


Hello,
I do not wish to roll over the loan, so i dont think i should be paying the extra £35. Can you clarify please?
Thanks
Sent from Yahoo! Mail on Android


From: *
To: *
Subject: RE: Confirmation of Roll Over
Sent: Wed, Jul 3, 2013 10:25:51 AM


Dear *,

Thank you for your email.

We would like to confirm that the rollover set on your account has now been cancelled and we will debited the amount of £135.00.

Should you have any further queries please do not hesitate to contact us.

Kind Regards

*
Customer Service Advisor

*










From: *
Sent: 02 July 2013 20:23
To: Rollover Desk
Subject: Re: Confirmation of Roll Over



Hello,



I do not wish to rollover this loan.



Can you please take the full amount on the date specified please.



Thank you for your help with this.



*

[Deleted User]

of course they are excessive and possibly unfair,but thats how PDLs make their money,didnt you notice the 5000%apr in the small print?
if you swim with sharks you tend to get bitten....sorry

John1993_2

Excessive? Yes it's crazy, what were you thinking?

Anyway, lesson learned, so hopefully you'll not do it again.

huntz

Yes but I haven't paid the last payment of £135 so I have only paid £161. I'm thinking of not paying the last amount and says twos up im not paying. What will happen will I be black listed?

somethingcorporate

You rolled over a pay day (intended to be a very short term loan) for 4 months! I think you did pretty well for it to only be £300 for a £100 loan.

Let it be a lesson not to touch these things again.

huntz

Can someone post this image of the details please it's not letting me post an image because im a new member.

http:// www. gadgetsfan. com/mrlen.jpg

I had to add some spaces to the url, if someone could post it for me to make things clearer.

I'm not sure whether to pay this last payment or not

Thanks

John1993_2

huntz wrote: »

Yes but I haven't paid the last payment of £135 so I have only paid £161. I'm thinking of not paying the last amount and says twos up im not paying. What will happen will I be black listed?

They'll still try to take it from your account, will hit you with large extra charges if they cannot (you've already accepted these when you took out the loan), and yes, you'll likely have a default marked on your credit file, making it harder and more expensive for you to take on debt in the future.

After this happens, you'll still owe them the (now increased) total.

I think that you seem to be edging towards saying that you somehow should not have to pay back the debt because it was expensive. If so, maybe you should come out and say so.

John1993_2

huntz wrote: »

Can someone post this image of the details please it's not letting me post an image because im a new member.

http:// www. gadgetsfan. com/mrlen.jpg

I had to add some spaces to the url, if someone could post it for me to make things clearer.

I'm not sure whether to pay this last payment or not

Thanks

Why would you not? What do you hope to gain by defaulting further?

huntz

What I'm wondering is it legal to charge so much?

sharp82

Pay it back!! They will shaft you big time if you dont!

sharp82

huntz wrote: »

What I'm wondering is it legal to charge so much?

Yep. You signed up to the t&cs