Loans2go help - edited as hard to make sense of last post -

Azyalex

Hi, so I've had this problem where I can't justify paying this loan company I think it's criminal and was wondering if there was anyway to fight it, where I won't have to pay this ridiculous amount for such a small loan, 

so basically back in 2019 I needed a £100 loan quickly and the only one I could find that would accept me at the time were Loans2go. 

They would only do me a £500 loan so I took it and paid them back instantly £400... 

I presumed in theory I'd have only a £100 to pay back which I was planning to do a week later... 

So a week later passed I went to pay £100 plus £10/20 interest or so I had thought and then when I attempted to pay it came up with I owed £1670!!!!! 

Called them up and they said that's all they can do and I still need to pay a fixed 2 year term of a £500 loan which is absolutely ridiculous and the man I spoke to on the phone was so rude!! 

so I may have been silly but completely ignored them for 2 years and they've passed my accounts over to various debt collectors latest being now United Kash... 

I was just wondering what I can do to help this situation I know for a fact at the time it was unaffordable for me given me a £500 loan but I was stupid so I took it anyway even though I was unemployed etc at the time they still gave it to me... 

I have tried writing to them telling them it was unaffordable and they sent me this long email telling me it was affordable by their checks and said they had some database check my finances even though it definitely could not have been accurate as I was unemployed and my only income was that from a few bets I won online.

please can someone reccomend what I can do now...

And even after a week that £1670 wasn't just a settlement after 2 years it was from the very time I took out the loan no matter how long had passed even though I called a week later he wouldn't accept any less when they stated on an email that they gave 7 days to withdraw and then an additional 30 days but that was NOT the case, but I'm never going to be able to prove that now... 

Carl2510

Firstly I think you need to admit if you lied on your affordability was your monthly income £1500? If not then the answer is simple get it paid off ASAP and let time heal your credit report.

Caz3121

when you called them did you specifically ask for a settlement figure which you would have received in writing as per their terms and conditions? 

3. Earlier payment by you

You have the right to pay off some or all of the debt that you owe us at any time. You must give us notice that you want to do this. If you want to pay off your debt in full, you must tell us the date on which you plan to do this. You can contact us at Loans 2 Go Limited, Bridge Studios, 34a Deodar Road, London SW15 2NN or by phone on 03304004381 or visit any of our UK stores. If you want to pay off the loan in full, we will send you a settlement figure in writing setting out what you owe. When you make a partial payment, we will first use it to pay any arrears or overdue interest and will then apply the payment to reduce the term of the agreement.

The amount you would have seen online would have included all the interest that would be paid if you continued to pay over the full term.
You say you were unemployed yet they state you stated your income as £1,500...are they wrong or did you lie on your application?

jonesMUFCforever

I will write what I think - there is no way in this world even with a payday loan company that the figures the OP has produced are even vaguely correct. I even went to their website and looked at their terms - so somebody has got their figures mixed up or is telling porkies about what really happened.

sourcrates

Please stick to one thread only per subject, and do not post your personal details on a public forum.
For this reason, your other thread was deleted.

Azyalex

Yes I did lie about the amount I earnt but I knew I could pay it back as I was getting £600 the following week and the figures are correct United Kash the company I now owe the money too wants £1677.04p they must have added fees... 

jonesMUFCforever

Azyalex said:

Yes I did lie about the amount I earnt but I knew I could pay it back as I was getting £600 the following week and the figures are correct United Kash the company I now owe the money too wants £1677.04p they must have added fees... 

A white lie here a white lie there - they will come back to bite you soon.
Added fees? If you had paid the £100 from the £600 you were expecting the next week you would only have interest to pay at their interest rates £100 for say 10 days would have been £28 or so at around 1000%

DrEskimo

jonesMUFCforever said:

Azyalex said:

Yes I did lie about the amount I earnt but I knew I could pay it back as I was getting £600 the following week and the figures are correct United Kash the company I now owe the money too wants £1677.04p they must have added fees... 

A white lie here a white lie there - they will come back to bite you soon.
Added fees? If you had paid the £100 from the £600 you were expecting the next week you would only have interest to pay at their interest rates £100 for say 10 days would have been £28 or so at around 1000%

I think that is the basis of the poster's complaint.

They allege that the customer service team incorrectly stipulated that the full loan balance would be payable even if they settled early, which is clearly false information.

What does not help the poster (and they acknowledge this) is that rather than chasing for clarification or seeking additional advice at the time, they seemingly just chose to ignore it and stop paying entirely...

Carl2510

Azyalex said:

Yes I did lie about the amount I earnt but I knew I could pay it back as I was getting £600 the following week and the figures are correct United Kash the company I now owe the money too wants £1677.04p they must have added fees... 

I just don’t think you’ll have a leg to stand on if you input the incorrect information.

MEM62

Based on the information that the OP has provided, any leg that they may have had to stand on was removed at the point they stopped dealing with the situation.   

sourcrates

What you failed to understand is that no one does payday loans anymore, they are nearly all over a minimum of 6 months, so once you sign on the dotted line, your committed to a six month loan, this is an example of what they charge -

"Representative example if you borrow £550 over 18 months at a flat rate of 207.6% per annum (fixed) with a representative 1013.3% APR you will make 18 monthly payments of £125.71, repaying £2262.78 in total".

Never, ever assume anything, read your agreement, those interest charges are mind blowing.