Loan Help!!!

bg100

would that not be the case? How could they report payments to an agreement that is not there?

Vikipollard

bg100 wrote: »

Apples2 wrote: »

Wishful thinking unfortunately. Lenders are no longer required to provide a copy of "your" signed agreement, just a copy of one which was running at the time you took your loan(s) out.

The paper is neither here nor there, if you don't pay, your credit file is marked as late, then missed and eventually default.


What is the ruling if they cannot provide even a hard copy of agreement with 12-14 days then? Any copy I mean?

Why would they not be able to provide a bog standard agreement that applies to everyone that takes out that type of loan?

somethingcorporate

They would and could.

It's totally hypothetical but as long as they can prove a debt exists (i.e. they transferred the money to you) you can and almost certainly will be pursued for it (aside from some limitations issues on time from last payment etc).

If you intend on paying it back why are you asking these questions?

tell_it_how_it_is

May I suggest your energies would be better served looking into realigning your monthly income and expenditure?

One imagines you could be conceivably get rid of your payday loans quickly, and never need to consider one again?

Make your money work for you, not against you. You'll be far happier.

imoneyop

Stabilo_Boss wrote: »

Amigo loans accept a guarantor but they are high interest as a last resort

This has to be the worst advice I have heard - why should someone with a good credit history end up having to pay the OP's debts when he can't afford to service them any more.

bigadaj

imoneyop wrote: »

This has to be the worst advice I have heard - why should someone with a good credit history end up having to pay the OP's debts when he can't afford to service them any more.

Yup, too true.

Rather than guarantor loans it's invariably better for teh individual with good credit to take out a separate loan, hand it over to the other person and get the repayments back from them. Though this isn't advised for the person with a good credit history anyway.

This way the interest rate is far lower whilst if there is a default the consequences are exactly the same.

bg100

I wouldn't go down the guarantor route, mainly because it's my debt, and wouldn't want to burden anyone else with it. My history is 'fair' not good, so therein lies problem of finding a lender.

iolanthe07

What is the ruling if they cannot provide even a hard copy of agreement with 12-14 days then? Any copy I mean?

If the loan was after April 2007 they only need to provide a 're-constituted' agreement.

bg100

Do they only have window of 12-14 days to provide this then, if you request copy?

imoneyop

bg100 wrote: »

Do they only have window of 12-14 days to provide this then, if you request copy?

Be an adult, accept you've been foolish and repay what you owe rather than looking for loopholes.

It will take them 10 minutes to work out which agreement was in force when you took out your loan and print it and stick it in the post to you.