3 deposits in a month before any loan repayment

Billyboy55_2

Hello,

I'm in a payday loan hell, yes only myself to blame but just wondering if the lender has acted wrong.

Basically I was allowed to refinance the loan twice in the same month, is this allowed? I received 3 deposits from them into my bank account in the same month before I had even made one loan repayment to them.

I hope I have explained this ok and look forward to your replys

TBeckett100

You asked for money because you were desperate and you were given it.

The bandwagon of foolish people trying to quash loans for their own stupidity is mind boggling.

Maybe you should hand the money back if you were missold. Oh no.

What would have happened if they hadn't loaned you the money?

Apples2

Billyboy55 wrote: »

yes only myself to blame

Then why ask if someone else is to blame?

DCFC79

You asked it to be rolled over and accepted it.

What do the terms of your contract say re rolling over./refinance a loan ?

James_B.

As above, yes, it's allowed.

Hopefully lenders are tightening up lending nowadays, so you'll not be able to borrow in the future. Do you think, though, that you'll thank them when you are declined?

manIntheMiddle

Payday loan hell, Why? You asked for more money they said yes. You needed the money, they gave it to you. Where's the hell, repayment? If you can't afford the repayment i bet they will let you enter into a repayment plan. Payday loan lenders are on egg shells with the FCA right now I can almost guarantee they will allow a repayment plan if you offer a sensible repayment.

Look we have all wanted more than we can have, that's human nature. Just be sensible and practical and offer what you can afford to repay but be mindful that they are a business and want their money back too. They do have the right to report to a Credit Reference Agency that you are making an "arrangement to repay" / "payment plan" if they accept and this "may" be reported negatively on your credit file. Hope this helps