Early repayment taken without me asking for it to be!

IrKirsty

Hi,

Just looking for a bit of advice really - I got a payday loan last week with my repayment date set for the 20/03 however I got more money in my payslip than anticipated (:j) so I emailed them yesterday to ask them how I go about making an early repayment as there is no where on their website to say how to do it.
Fast forward 12 hours and I'm out shopping, tried to buy something and my card got declined.. checked my phone and had an email from the company saying they've took the payment!! I had no cash on me and they'd took everything I had in there so I ended up having to call a friend to come and collect me as I didn't even have enough money on my card to get home!

I'd only emailed them asking how to make the payment, not asking them to take it - I have two different bank accounts and needed to transfer money from one to the other before I was happy for them to take it.

I was just wondering if there is anything I can do about this? Or is it my own fault for asking them about it?

Any comments are greatly appreciated - thanks!

jimmy*c

What you can do is put it down to experience. Never use this type of lending again. They operate terribly and make assumptions that, as you've found out, put you in the proverbial.

[Deleted User]

Makes no sense, whilst wanting to understand, were you trying to pay them back in the cooling off period or something? so avoid the interest? (which is nowhere near as ugly as used to be and if not borrowing hundreds)

Having no money to get home is just a bit weird (they treat me like that on here) and is perhaps why you needed loan in first place? (they also say the truth hurts)

If true about deduction, you need to take it to the FCA and raise a complaint with the loan company direct for all our sakes, firstly you might like to check it's no broker fee...

If you need to borrow again, borrow less! name & shame please but there is another board for that...

stator

First step is a complaint to the company, if they don't respond satisfactorily then a complaint to the FCA. If they took money without permission it's quite serious but I expect all you will get is an apology.

IrKirsty

Deleted%20User wrote: »

Makes no sense, whilst wanting to understand, were you trying to pay them back in the cooling off period or something? so avoid the interest? (which is nowhere near as ugly as used to be and if not borrowing hundreds)

Having no money to get home is just a bit weird (they treat me like that on here) and is perhaps why you needed loan in first place? (they also say the truth hurts)

If true about deduction, you need to take it to the FCA and raise a complaint with the loan company direct for all our sakes, firstly you might like to check it's no broker fee...

If you need to borrow again, borrow less! name & shame please but there is another board for that...

Sorry my first post wasn't very clear.. not sure if I can make this not be confusing!

Basically I have two bank accounts:
Bank A - money which I am "allowed" to spend and the card I had on me today
Bank B - the card I keep the majority of my money on and transfer to bank A when I need to make payments etc but don't ever have that card on me

I had to borrow £200 just for a last minute repair but as I got paid more from work I wanted to pay back early to avoid the extra interest charges (I think you get charged £1.something a day). When I emailed, I expected to be told where to make the payment/how to make it so that I would have the chance to transfer the £200-odd pound from bank B into bank A but they didn't email back and instead took the money that was already in Bank A (which I had not planned to be used for that and if I knew it was coming out I would have transferred more over) hence how I got stuck with no money.

I hope that's a little bit clearer.. Only now I'm writing it down I can see how complicated I make my finances for myself :rotfl: I don't intend on using them ever again.. this is my first experience with a pay day loan so never again!

I emailed the company earlier on today so now I'm just awaiting a response.. will keep you all updated!

Many thanks for all your comments

tell_it_how_it_is

If you want to organise your cash like that, perhaps consider keeping the account you get paid into as the one which also pays all the bills etc. (Bank B as you call it), and set yourself up a weekly standing order for just your spending/free money into the other (Bank A)?

But either way, do indeed do yourself a huge favour and keep clear of payday loans. It can be a slippery slope.

matttye

What is it you actually want to do? You wanted to pay them back and you've now paid them back. I appreciate it put you in a sticky situation but now that that has passed, what do you want to do? There doesn't seem to be a problem now that you're back home safely!

Dr._Shoe

I agree.

Nobody got hurt, all that happened is you were slightly embarrassed like when I ran out of petrol and had to walk 4 miles home to get my purse, walk to a garage to get the fuel then back to my car. A round trip of about 9 miles. The walk home I had to do in heels!

Noone was hurt but boy, was I embarrased!

eskimo26

matttye wrote: »

What is it you actually want to do? You wanted to pay them back and you've now paid them back. I appreciate it put you in a sticky situation but now that that has passed, what do you want to do? There doesn't seem to be a problem now that you're back home safely!

Are you serious? They took money out her account without her permission. How do I make an early repayment is a question not permission! :rotfl:

Follow the complaints procedure- their own and the independent one. Have you been liable for any bank charges for going overdrawn?

roonaldo

stator wrote: »

First step is a complaint to the company, if they don't respond satisfactorily then a complaint to the FCA.

You mean FOS, the FCA don't deal with consumer complaints.

WillyWonga

At the end of the day the loan company has got its money back what its due. It is highly unlikely it will pay it back only to collect it again a few days later.

The golden rule of these lenders if you have to use them is stick to the agreement.

Eg: if you agreed the 30th repayment and want it on the 20th instead just leave it - tinkering with these companies is dangerous as more than likely try 2 repayments.

Stay away from them as they will screw up your chances of a credit card or a mortgage as banks take a dim view of them even if you pay on time.

Put it down to experience that they cannot be trusted. You will only cause more grief for yourself speaking to an overseas call centre explaining the situation.