Payday loans - discuss the MSE guide

legend01

ive just had my bank on the phoine asking if ive given this company permission to take from my account as they have tried on 5 occasions in the early hours,now this started last year when i had a loan & because i didnt get paid i couldnt pay them so i asked them if i could pay weekly only to be told no we want it all now or you will have to wait until you are in default then i heard nothing for few months then a couple of months ago i went to get some money out & my account had been cleaned out i had not a penny to live on until i got paid again,but i had never given my new card details to anyone so how did they get them infact i had never used my card in any way that you could get all the numbers so i called the bank rbs who to my amazement told me i must owe it to them & there's nothing they can do,ok so i spoke to someone else at the bank & told me to cancel card & cpa them which all was done,well this morning to my amazement i get a call from rbs asking if i had given permission for cfo to take 5/6 amounts which i had not but how did they get my details now i no i have never used this card apart from the cash point & last night to set up a transfer while i was in my online banking which has its security on but they must of hacked in my account to do this as i no for 100% there is no other way they could of got my details.so to everyone stay away from cfo & their dirty tricks & their illegal activity.
Also do i go to police about this as hacking is illegal ?

Apples2

legend01 wrote: »

ive just had my bank on the phoine asking if ive given this company permission to take from my account as they have tried on 5 occasions in the early hours,now this started last year when i had a loan & because i didnt get paid i couldnt pay them so i asked them if i could pay weekly only to be told no we want it all now or you will have to wait until you are in default then i heard nothing for few months then a couple of months ago i went to get some money out & my account had been cleaned out i had not a penny to live on until i got paid again,but i had never given my new card details to anyone so how did they get them infact i had never used my card in any way that you could get all the numbers so i called the bank rbs who to my amazement told me i must owe it to them & there's nothing they can do,ok so i spoke to someone else at the bank & told me to cancel card & cpa them which all was done,well this morning to my amazement i get a call from rbs asking if i had given permission for cfo to take 5/6 amounts which i had not but how did they get my details now i no i have never used this card apart from the cash point & last night to set up a transfer while i was in my online banking which has its security on but they must of hacked in my account to do this as i no for 100% there is no other way they could of got my details.so to everyone stay away from cfo & their dirty tricks & their illegal activity.
Also do i go to police about this as hacking is illegal ?

#Punctuation

It sounds like you borrowed from them and have never bothered to repay your debt, hence the attempts to withdraw money.

You authorised them to make those withdrawals for as long as you owe them....forever. It doesn't matter that you cancelled/changed bank cards as you authorised them using the previous one.

By Cancelling the CPA they can no longer withdraw money, but they obviously tried to. The Bank have done the right thing by rejecting the request and contacting you.

Nobody has "hacked" your account, take the tinfoil hat off and come to some arrangement with them to repay the money you owe.

What are you expecting the Police to do?
You owe the lenders money which you won't repay.

yummihatesbanks

how to beat the payday loan sky high fees? ONLY IF YOU CAN REPAY FULLY IN UNDER 2 WEEKS...............Found out that i could pay back my loan early but they were charging me the full amount + all interest then read small print and YES YES YES RESULT.....LEgally you can cancel the loan within 14 days and you DO NOT REPAY ANY INTEREST at all. I did it today used the loan for 5 days rang to cancel(time sonsuming because they dont want to let you) and you dont legally have to give them a reason. Loan cancelled full amount repaid and ZERO interest charged so i used the payday loan company for ZERO extra.....this is fully legal and a way of getting our own bk on these companies...

louloubxx

Hi All,


Payday Loans seem like a great idea but come the next month you're worse off and having to roll over or borrow again. I have buried my head in the sand and got in BIG trouble purely through my own stupidity and the non transparent charges they add on. I borrow £80 loan and my wages were 2 days late and as soon at the wages were in the payday loan people took out £250 and a week later said I still owed them £100. some have even had their entire accounts emptied after charges that were totally unfair. After the company took the £250 I then had to borrow more from 2 lenders at £125 each 3 days into getting my wages. My friend took out £100 when her ESA was stopped and had to wait over 2 months for the backdated pay to go in and they took nearly £400. So before the whole read T&C and don't live hand to mouth (PS unless you are a high earner everyone lives hand to mouth or has done) Most people don't have a choice who they borrow from because of various reasons that unless you have experienced or seen someone go through I don't think should be passing judgement.
Some people on this forum at times can be very holier than thou with comments Yes I do understand that people wont agree with what the writer has said/done/claiming/etc but a lot of people are in heavy debt or have been conned by banks (Top job for a psychopath is a Banker) and other financial institutions are already feeling ashamed and it takes a lot to post and ask for help and the last thing needed is for someone to comment the could've should've how does that help? or your stupid dumb and a fraud, Surely the point of MSE is to give advice from knowledge and experience. Also some of the posters can be really rude when the advice isn't what they want to hear.


Sorry for the long post!

Herbalus

louloubxx wrote: »

(unless you are a high earner everyone lives hand to mouth or has done) Most people don't have a choice who they borrow from because of various reasons that unless you have experienced or seen someone go through I don't think should be passing judgement.

No doubt a lot of people do live hand to mouth, but I always advocate spending less than you earn if you can. I appreciate it's hard for people, but if you do that, and put a little aside each month, you have a small pot just in case you are paid late etc. To me, and to many others I'm sure, the idea of spending an entire months wage in one month is something that should be avoided.

louloubxx wrote: »

Some people on this forum at times can be very holier than thou with comments Yes I do understand that people wont agree with what the writer has said/done/claiming/etc but a lot of people are in heavy debt or have been conned by banks

While I agree that some posters can appear harsh, I don't agree that people have been conned by the banks. I believe we're all responsible for our own financial affairs and should protect ourselves from these "cons" by saying no to products we don't want, and understanding the products that we have.

For example, I've never been conned by the banks, because I read the terms and conditions of the products I have and know how to use them. If I don't understand the cost of something, I don't sign until I've found out. As a result, the banks have never made a single penny from me in charges.

louloubxx

Apples2 wrote: »

#Punctuation

It sounds like you borrowed from them and have never bothered to repay your debt, hence the attempts to withdraw money. It's not always a case of not bothering but 80% of the time you tell a payday loan company that you are having trouble and they will try to take the money. A friends Dad paid her loan on his card then 2 years later she used the company and the payment was decline at 12PM on the day it was due and the company used her Dad's card plus a charge for the returned item.

You authorised them to make those withdrawals for as long as you owe them....forever. It doesn't matter that you cancelled/changed bank cards as you authorised them using the previous one. Continuous Payment Authority can be cancelled by the bank. This has been dismissed previously and Banks still deny they can but they do have the power and always have done.

By Cancelling the CPA they can no longer withdraw money, but they obviously tried to. The Bank have done the right thing by rejecting the request and contacting you.

Nobody has "hacked" your account, take the tinfoil hat off and come to some arrangement with them to repay the money you owe. Payday Lenders She stated that she tried to contact the company and they wouldn't listen only wanted the full amount. Just because she owes them what gives them or anyone else the right to raid anyone's account. Based on the fact that she informed them of her difficulty they still emptied the account would come under the unfair relationship act. Part of having a credit licence is to be fair and offer assistance that suits both parties under an agreement not just to suit the lender.

What are you expecting the Police to do?
You owe the lenders money which you won't repay.

The Police can't do anything no but by the sounds of it you are condoning the underhand and unethical ways to get payment.

Herbalus

louloubxx wrote: »

The Police can't do anything no but by the sounds of it you are condoning the underhand and unethical ways to get payment.

I view it more likely as an attempt to explain some facts about the way payday loan companies work to a poster who doesn't know.

Payday loan companies' methods may not be ethical by any stretch of the imagination, but this post was more about what they do so the poster can know how to respond.

louloubxx

Herbalus wrote: »

No doubt a lot of people do live hand to mouth, but I always advocate spending less than you earn if you can. I appreciate it's hard for people, but if you do that, and put a little aside each month, you have a small pot just in case you are paid late etc. To me, and to many others I'm sure, the idea of spending an entire months wage in one month is something that should be avoided.


While I agree that some posters can appear harsh, I don't agree that people have been conned by the banks. I believe we're all responsible for our own financial affairs and should protect ourselves from these "cons" by saying no to products we don't want, and understanding the products that we have.

For example, I've never been conned by the banks, because I read the terms and conditions of the products I have and know how to use them. If I don't understand the cost of something, I don't sign until I've found out. As a result, the banks have never made a single penny from me in charges.

In today's climate where the cost of living is increasing but wages are not it can prove impossible. Rent has increased as fuel and other utilities have but its only the lucky few who have seen a comparative increase in wages against that but surely stating should've doesn't help and only adds to the feeling of helplessness.


Terms and conditions were not always clear and gave all the information needed as proved by the need to change the regulations. I was mis sold based on being given the incorrect or even untrue information and as it was my first experience of banking and credit I didn't have any reason not to distrust the sales. I do agree that people have jump on the band wagon especially in the cases of I didn't know they added it but that's if the company did itemise the charge. As in the case of mine they combined 2 charges so it was hard to see. I use to work in a extended warranty call centre and the way that the sales people in store sold the policy was inexcusable and left out information that at times meant that the customer wasn't covered. Where there is an incentive to sell and bonus driven targets it can sometimes blur the product suitability and the focus is put on selling the most expensive product instead of the most suitable. Well done for never being conned I wish with hindsight I had been more savvy and not took everything at face value in my late teens and early 20s. I gave a friend who is a Solicitor one of my agreements and even they had trouble getting the key information from all the terms.

Herbalus

louloubxx wrote: »

In today's climate where the cost of living is increasing but wages are not it can prove impossible. Rent has increased as fuel and other utilities have but its only the lucky few who have seen a comparative increase in wages against that but surely stating should've doesn't help and only adds to the feeling of helplessness.

I'm a student. I don't spend money that I don't have, because I don't believe it's right, or sensible. I believe the vast majority of people have it in their power to spend less than they earn over the long run (obviously in some months expenditure can be higher than income).

I do have savings that were passed down (inherited) from my grandparents, but I haven't spent that. I also have savings from when I have worked and not spent everything. I honestly think that if a student can do it, other people can do it too.

I think that there are two ways of responding to someone saying "you should have done x": the first type of person takes it on the chin and learns for the next time; the second rejects it, puts their head in the sand, and wishes it would go away. I think the first person is the one who is most successful, and everyone can choose to be that person who determines to do better in future.

I hope you don't see my comments as unreasonable or unempathetic, because I'm not looking for conflict, just discussion

louloubxx

Herbalus wrote: »

I view it more likely as an attempt to explain some facts about the way payday loan companies work to a poster who doesn't know.

Payday loan companies' methods may not be ethical by any stretch of the imagination, but this post was more about what they do so the poster can know how to respond.

Ah ok in that case I apologise if that is the way it was meant. I think after seeing some of the comments on other threads where people condone the tactics used I jumped. From experience most of these companies are very unhelpful and won't deal fairly with a customer who can't pay anything less than the full amount for good reasons not just because they don't want to its more can't. There are ones who are very fair and will help settle the account to what the customer can do but that is one out of maybe 10 who wont.