loan sharks !!!everyday-loans!!!

Mr_F_Dorsetty

If you feel you have been badly advised or that information was not made clear to you at the point of signing the loan agreement then I would strongly suggest you go and see the Citizens Advice Bureau as a matter of urgency.

Take all your paperwork concerning the loan with you and have a chat with an advisor. It is free and they are there to help people who are confused or having problems.

It maybe that you are stuck with the loan, but it is certainly worth an hour of your time to talk to the CAB and see what they say or maybe suggest.

27col

janiio07 wrote: »

I got the loan last year in October and they said on phone today it will be paid off in October 2015. I mean they was very clever and very in n out I'm sure they did say how much and how long. Like I said I was nieve and my 1st loan. I know I've learnt a lesson always read what u sign.

Not just read what you sign, but understand it as well.

[Deleted User]

I bet you didn't call them "loan sharks" when they handed over £2000 to you.

If you even knew a small amount about real loan sharks you wouldn't have called this company that at all.

Next time you need to borrow money take a responsible adult with you.

BillJones

janiio07 wrote: »

To be honest they didn't mention how long or how much I'd be paying back but if they did I would of defo not sign for a 1000 loan out to pay 7000 back that's just ridiculous. Is they nothing I can do then only if I pay it off quicker be a Lil less

This is not believable. No loan company would be so stupid as to break the law so badly.

Irrespective of this, if you ask for a settlement figure they'll tell you how much you actually need to pay back now to settle the debt.

Ask them, pay it back, and please try not to borrow like this again.

Monkeyballs

Um, I might be misunderstanding the numbers here but are you saying that for £2k you are repaying £7k across a two year period?

So that's borrowing £1k and repaying £3.5k over a two year period...

That's £2.5k in interest across the whole or £1.25k over a year?

That sounds abut the same as somewhere like Provident would charge so it is around about what your would expect from a creditor offering similar rates - described like that it doesn't sound so bad (ok, it does but not as bad as £7k over two years) so is that how it was originally laid out to you?

MB

ConsumerWizkid

From what I know of Everyday Loans, they have a couple of products you get put forward for which are designed for people with bad credit and the rate you are offered is with that in mind.

They quote 79.7% on their website as an average interest rate but I've heard people talk of rates up to 199%.

The reality is that if you've defaulted a lot on other loans or had other credit problems in the past most lenders just won't touch you, including the dreaded payday loan providers. More so now than ever with the changes to the FCA regulations on consumer loans that went live at the start of last month.

For some people, a loan at 199% is still preferable than not having the cash at all. So I'm guessing the two loans you were offered and signed for were both at that kind of rate, they definitely would have quoted the rates and repayments to you and you would have signed paperwork clearly stating those figures.

You can pay it back faster and avoid the total interest charges you're looking at, if however the paperwork you signed doesn't reflect those rates then you'd definitely have a case to take up legally! I entirely expect that the paperwork does reflect that though