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Credit agreement broken ?
Lucky10101
Posts: 4 Newbie
in Loans
I have a friend who had a loan with a payday company ( I was against it ) but she did it anyway . She got the credit agreement with the usual amount borrowed interest charged and what her monthly payments will be . The loan company took 5 separate payments on the same day so they charged her £100 5 times. On separate transactions but all on the same day through the continuous card payment she agreed to have when taking out the loan . Would this mean the loan company has broken that credit agreement ? As they have took more than what was agreed with the original credit agreement? They have since returned the overpayment they had taken the following day .
Any advice would be great full
Any advice would be great full
0
Comments
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Obviously it was a glitch in their systems which caused the breech.
The breech was rectified within 24 hrs.
Has it caused your friend any financial distress, such as taken her over any agreed overdraft limit ?
If yes, you may be able to complain to the company and recoup any charges imposed by the bank, a written complaint would be the best option.
If no, then these things tend to happen on occasion, the breech itself carries no penalty.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Pay day lenders have not been allowed to take multiple payments in one day since 2014. Here is a Guardian news article on it.
It could just be a software glitch at their end.
Please make your friend aware that payday loans are really damaging to someones credit history and the records are kept for six years. Some mortgage lenders wont lend if there is evidence of pay day loans.0 -
Lucky10101 wrote: »Would this mean the loan company has broken that credit agreement ?
No. Your friend is fine to carry on with the loan.0 -
Thank you very much for the reply I!!!8217;ve just read the guardian artical and the company that!!!8217;s doe is mentioned in that article . I!!!8217;ll let my friend know . Thanks for taking the time to reply it!!!8217;s much appreciated0
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