Mr Lender

[Deleted User]

Hi Guys,

I posted a thread on another section, check it out if you want to know my background in more depth. Basically i am a compulsive gambler have got myself in about 20,000 worth of debt and am in process of sorting my problems out. I have been in contact with my pay day loan companies and all were very understanding. Apart from one Mr Lender- I told them that i could not afford to pay my pay day loan last month due to my gambling issues and they said fine we will put your account on hold for 30 days no interest charged. I originally borrowed £750 the current settlement figure is £1000 even though it should not have incurred any interest. Then they offered me a repayment plan where i would end up paying £1300?! I spoke to one of my mates who borrowed off them before and he said they were really unreasonable and ended up ignoring them until they passed it to a debt collections company who were apparently really good with him and let him pay back the original amount he borrowed in 3 payments so it worked out better for him? What should i do? Any advice really would appreciate.

sourcrates

Some pay day lenders, once you have defaulted on repayments, do tend to accept the original amount borrowed to settle the account, not sure what Mr Lenders take on this would be though.

Its true you will always get a better repayment deal from a debt collector, they are usually much more flexible, i assume your credit file is a mess anyway, so wont make any difference in that respect.

[Deleted User]

sourcrates wrote: »

Some pay day lenders, once you have defaulted on repayments, do tend to accept the original amount borrowed to settle the account, not sure what Mr Lenders take on this would be though.

Its true you will always get a better repayment deal from a debt collector, they are usually much more flexible, i assume your credit file is a mess anyway, so wont make any difference in that respect.

Hi, thanks for your response.

Yeah my file is a write off right now. So can not get any worse. So maybe this is a viable option.

Pixell

I originally borrowed £750 the current settlement figure is £1000 even though it should not have incurred any interest.

Why do you believe this is the case? You didn't take out a 0% interest loan, there would of course be interest to pay?

Perhaps you're getting mixed up with late payment fees and interest? In which case they are legally entitled to charge you a £15 fee plus interest, however, the maximum the loan including all fees and charges can go to is £1500. Ignoring the debt may lead it to reach the max then being passed onto debt collectors, in which case I doubt they'd accept £750.

Personally, I'd try negotiating with them as soon as possible.

Well done for getting your issues sorted though, hope it goes well for you.