Payday Loan - 247 Moneybox Settlement

Red-Squirrel_2

henry24 wrote: »

I never understand threads like this one, to me when a person borrows money 43 months in a row it's the borrowers responsibility to pay it back and not moan that the lender should have stopped them borrowing it.

Desperate people in tight spots can make bad decisions. These lenders set up to take advantage of exactly that situation. Not very ethical and not the way we want the country to run surely?

henry24

Red-Squirrel wrote: »

Desperate people in tight spots can make bad decisions. These lenders set up to take advantage of exactly that situation. Not very ethical and not the way we want the country to run surely?

With some people I would agree with you but not this time, he knew what he was doing to borrow 43 times in 43 months

WillyWonga

People decided to get greedy and take Wonga to the ombudsman, won and then saw Wonga go bust and they lost everything.

You have the chance of the debt being written off and credit file amended albeit you will not receive any physical cash. Yet you want to pursue for cash compensation ?? Stop the greed and get yourself back on track

Red-Squirrel_2

henry24 wrote: »

With some people I would agree with you but not this time, he knew what he was doing to borrow 43 times in 43 months

Borrowing every single month just sounds to me like he was stuck in the cycle and never able to break it and actually pay the loan off and still have enough to last to the next payday.

nic_c

I agree with many of the seasoned posters here - Take the money. It seems to be a good solution for you, an account that is closed with no late payment markers or defaults, and the debt written down. To other creditors whilst you had a PDL for a long while it will show as properly maintained, paid in full, and now closed.

The alternative is the ombudsman, of which the result is not known. Also how would you show irresponsible lending, if you paid every time and have no late markers or defaults. They can show they did an affordability check and that every time you paid in full so no affordability issues (this is an assumption from your post of every month borrowing the same amount). There is a cycle of debt issue that could be used, but persistent debt laws only came into effect recently, so may not necessarily be used for this.

Short term loans, whilst should really be avoided, are not illegal. The Ombudsman ruled against Wonga because in many cases people couldn't pay off the loans, took a bigger loan to repay the old one and give the needed cash - a cycle which was repeated putting them further and further into debt.