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Payday loan loophole BEWARE! please read this
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vodkablue64
Posts: 5 Forumite
in Loans
Im a single dad on benefits at the moment, my daughter and myself live in the middle of nowhere so we need the internet to search and apply for jobs and the car (junk bucket) to get to the shops and hopefully to my next job, On benefits we have to sacrifice a lot to keep these so needless to say the house is pretty bare now after selling lots of things to keep these two essentials going.
About six weeks ago I had a car insurance payment to make £30 but had nothing, If I didnt pay this the insurance company charge me £60 for defaulting and then the bank fee of £28 so the spiral begins! I browsed the internet to look for a £50 loan and found hundreds of companies promising me the earth on a stick, I filled out my details so that they could see if I would qualify, yes I did surprisingly but I had to pay an admin fee of £44, I didn't see the point so gave up but the damage was done.
A few days later when I went to collect my child tax creduts from the bank I had no money! the loan company had taken £44.88 out of my account, I wasn't aware that I had signed up for anything? I called the bank and they said that there was nothing that they could do, I had to call the loan company which I did, they agreed to give me my money back within 30 days, I am now into week 5 and they have informed me another two weeks.
Having learnt my lesson and my fingers thoroughly burnt I never gave it another thought. 4 weeks later 5 other companies have been taking money from my account, ranging from £44 to £69 the original company has sold on my details and every man and his dog who owns a loan company is trying to take money from my account and there is nothing I can do about it, I have spoken to all of the departments at the bank, the fraud squad, trading standards etc I have cancelled my card for this account, stopped all payments to this account and it is sat with £0.0p in it, the bank told me that because this is an admin fee and not a repeat request for installments they can get away with it. BEWARE this is so demoralising and is just not worth the hassle, Im sorry this is a long message but it needs explaining.
About six weeks ago I had a car insurance payment to make £30 but had nothing, If I didnt pay this the insurance company charge me £60 for defaulting and then the bank fee of £28 so the spiral begins! I browsed the internet to look for a £50 loan and found hundreds of companies promising me the earth on a stick, I filled out my details so that they could see if I would qualify, yes I did surprisingly but I had to pay an admin fee of £44, I didn't see the point so gave up but the damage was done.
A few days later when I went to collect my child tax creduts from the bank I had no money! the loan company had taken £44.88 out of my account, I wasn't aware that I had signed up for anything? I called the bank and they said that there was nothing that they could do, I had to call the loan company which I did, they agreed to give me my money back within 30 days, I am now into week 5 and they have informed me another two weeks.
Having learnt my lesson and my fingers thoroughly burnt I never gave it another thought. 4 weeks later 5 other companies have been taking money from my account, ranging from £44 to £69 the original company has sold on my details and every man and his dog who owns a loan company is trying to take money from my account and there is nothing I can do about it, I have spoken to all of the departments at the bank, the fraud squad, trading standards etc I have cancelled my card for this account, stopped all payments to this account and it is sat with £0.0p in it, the bank told me that because this is an admin fee and not a repeat request for installments they can get away with it. BEWARE this is so demoralising and is just not worth the hassle, Im sorry this is a long message but it needs explaining.
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Comments
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Can you not close the account and open a new one?"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein0
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Firstly, you must be at a pretty low ebb, but you need to give as many facts as you can.
How many websites did you enter your card details into?
Can you remember which websites they were?
Have you had a look at the terms and conditions of those websites?"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Being a jaded cynical !!!!!!! my advice would be to never give out your bank account details unless you're actually wanting to buy/commit to something. Giving out those details freely to randomjoe.com for the sole purpose of "credit checking" (aka: "we're about to charge you for some crappy membership that noone in there right mind would voluntarily want") is never a wise move.0
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Clive_Woody wrote: »Can you not close the account and open a new one?
I cant close the account if i want refunding0 -
Firstly, you must be at a pretty low ebb, but you need to give as many facts as you can.
How many websites did you enter your card details into?
Can you remember which websites they were?
Have you had a look at the terms and conditions of those websites?
Sadly just the one but the company sells on your details to others as they know its a limited source of income but hey shouldnt have done it but i did like a mug0 -
Being a jaded cynical !!!!!!! my advice would be to never give out your bank account details unless you're actually wanting to buy/commit to something. Giving out those details freely to randomjoe.com for the sole purpose of "credit checking" (aka: "we're about to charge you for some crappy membership that noone in there right mind would voluntarily want") is never a wise move.
Hindsight, cynical, and all that yes I get it, I know I messed up the point of posting was to try to make sure other people dont fall victim.
They dont actually advertise that they are going to take the money first or anything but they did but i did think it was all over after I fell at that point what I didnt expect was other companies being able to help themselves into my account when I hadnt even had contact with them.0 -
Clive_Woody wrote: »Can you not close the account and open a new one?
I forgot...well done the Tigers!0 -
Why contact trading standard and the fraud squad for ? Did it state what they would do with your details ?
Who were the websites ?0 -
Which one?vodkablue64 wrote: »Sadly just the one but the company sells on your details to others as they know its a limited source of income but hey shouldnt have done it but i did like a mug"Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
You sure you didn't apply at more than one site? Beg you 50 quid you did!0
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