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  • FIRST POST
    • Pdiddy82
    • By Pdiddy82 17th Feb 18, 2:19 AM
    • 9Posts
    • 5Thanks
    Pdiddy82
    Payday Loan Polava !!!128545;
    • #1
    • 17th Feb 18, 2:19 AM
    Payday Loan Polava !!!128545; 17th Feb 18 at 2:19 AM
    Hi guys,

    I'm on the cusp of being debt free after a few (8 to be exact) years of financial hell since a divorce.

    I have one debt being settled this month which has defaulted since around 2013 which is the last main hurdle. However....

    Since around 2011, I ended up using payday lenders to try and keep abreast of things and even though I have never defaulted on their payments, I have suffered unpaid transaction fees with my bank, been left seriously short (the expenditure forms for the loans are basic to say the least) and have been caught in the cycle ever since.

    Worst offenders, Quickquid & Lending Stream. Between them both I have taken out £2850 worth of loans which across the years isn't too bad. Looking at my payments though it amounts to £5485.55 which is horrendous!

    I know people will say "But you read the small print and knew the apr etc" but small amounts here and there have spiralled.

    I do have one payment taken from my account though which I cannot get my head around. I have looked at my payments coming in, and nothing correlates to it. Back in 2013, payday dot co dot uk (cannot post url) have taken £500 out of my account. The first loan I took out was back on Oct 2011 with Quickquid so doesn't make sense.

    Does anyone have any info on this company and whether I should contact the ombudsmen?

    And also, is it worth contacting both QQ & LS to try reclaim some of the interest? I had 2 credit cards on default for pretty much the whole period so their credit checks are pretty poor, and although very naive of me (and desperate at the time due to circumstances) I didn't have much choice. The alternative was homelessness.

    Many thanks in advance !!!128522;
Page 1
    • forgotmyname
    • By forgotmyname 17th Feb 18, 4:29 AM
    • 27,198 Posts
    • 10,957 Thanks
    forgotmyname
    • #2
    • 17th Feb 18, 4:29 AM
    • #2
    • 17th Feb 18, 4:29 AM
    The ombudsman will probably say speak to the company concerned and make a formal complaint.

    It maybe a matter that could be resolved quickly and easily.

    Credit checks are not the be all and end all of the lending stream. They borrow to hisk risk clients hence the high APR they charge. They hope you pay enough for them to make a profit.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • TrickyDicky101
    • By TrickyDicky101 17th Feb 18, 6:16 AM
    • 3,028 Posts
    • 1,956 Thanks
    TrickyDicky101
    • #3
    • 17th Feb 18, 6:16 AM
    • #3
    • 17th Feb 18, 6:16 AM
    If the alternative was homelessness, surely the likes of QQ extending loans was of benefit to you?
    • dresdendave
    • By dresdendave 17th Feb 18, 11:48 AM
    • 762 Posts
    • 931 Thanks
    dresdendave
    • #4
    • 17th Feb 18, 11:48 AM
    • #4
    • 17th Feb 18, 11:48 AM
    If the alternative was homelessness, surely the likes of QQ extending loans was of benefit to you?
    Originally posted by TrickyDicky101
    Although it might not apply to the OP's circumstances there is a trend for people to get a PDL for an emergency such as rent to avoid eviction or a car repair to enable transport to work. However a few months down the line they then want compo because they claim the company shouldn't have lent them the money. What might have happened had they been denied the loan is conveniently forgotten.
    • Pdiddy82
    • By Pdiddy82 12th Mar 18, 12:24 AM
    • 9 Posts
    • 5 Thanks
    Pdiddy82
    • #5
    • 12th Mar 18, 12:24 AM
    • #5
    • 12th Mar 18, 12:24 AM
    7 years down the line, not a few months. Everybodies circumstances are different and it does peeve me off a little about some people's opinions being holier than thou.

    Bearing in mind the original loans were before the regulations were placed on these companies, the interest rates and monthly payments were never as they made out. And I can't see how a company can loan money, have one month you pay £40, then the next £250 out of nowhere!

    Please don't be so judgmental when offering "advice". These companies have cost me a lot, not just financially but personally as well.
    • John-K
    • By John-K 12th Mar 18, 7:21 AM
    • 654 Posts
    • 1,016 Thanks
    John-K
    • #6
    • 12th Mar 18, 7:21 AM
    • #6
    • 12th Mar 18, 7:21 AM
    Although it might not apply to the OP's circumstances there is a trend for people to get a PDL for an emergency such as rent to avoid eviction or a car repair to enable transport to work. However a few months down the line they then want compo because they claim the company shouldn't have lent them the money. What might have happened had they been denied the loan is conveniently forgotten.
    Originally posted by dresdendave
    It!!!8217;s a bit of a catch-22 for the lenders. The sort of people to whom they lend seem very willing to either Welch on the deal, or to pay it back and then try to wriggle out of it later, demanding compo.

    With this customer base of course they need to charge huge interest rates, and then, as surely as day follows night, the customers will point to this as evidence of wrongdoing.
    Last edited by John-K; 12-03-2018 at 7:23 AM.
    • sourcrates
    • By sourcrates 12th Mar 18, 10:53 AM
    • 14,310 Posts
    • 13,517 Thanks
    sourcrates
    • #7
    • 12th Mar 18, 10:53 AM
    • #7
    • 12th Mar 18, 10:53 AM
    Before regulation was introduced for payday lenders, a lot of these companies broke every rule in the book, they would set up Direct debts without authority, and literally empty peoples bank accounts in an instant.

    It was not business they were conducting, but theft, on a grand scale, they were taking advantage of this new way to lend money, and as usual, it was the least able to take the hit, that did so.

    OP you need to complain firstly to the company in question, they have 8 weeks to give you a final response.

    If your not happy with that response, then you can involve the FOS.

    If you were struggling with these loans in the past, you may want to consider getting a refund if any were mis-sold to you, check out this link, and good luck to you :

    https://debtcamel.co.uk/payday-loan-refunds/
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Pdiddy82
    • By Pdiddy82 12th Mar 18, 10:55 PM
    • 9 Posts
    • 5 Thanks
    Pdiddy82
    • #8
    • 12th Mar 18, 10:55 PM
    • #8
    • 12th Mar 18, 10:55 PM
    Easy to say when their rules and regulations didn't match up to what they are now after proper regulation. Read the whole thread, the loan was originally taken out when they felt like they could do whatever they wanted. I didn't make the rules up, they did, against my wishes!
    • Pdiddy82
    • By Pdiddy82 12th Mar 18, 11:01 PM
    • 9 Posts
    • 5 Thanks
    Pdiddy82
    • #9
    • 12th Mar 18, 11:01 PM
    • #9
    • 12th Mar 18, 11:01 PM
    Plus I note that the holier than thou lot can't see that the main part of the post was about £500 taken from a company I've never heard of. And this was just before the whole payday lending saga. Cannot find any information about the company at all, it does not exist!
    • John-K
    • By John-K 12th Mar 18, 11:03 PM
    • 654 Posts
    • 1,016 Thanks
    John-K
    Easy to say when their rules and regulations didn't match up to what they are now after proper regulation. Read the whole thread, the loan was originally taken out when they felt like they could do whatever they wanted. I didn't make the rules up, they did, against my wishes!
    Originally posted by Pdiddy82
    You signed up for them, they did not change the terms on any of your loans after you took them out. If you chose to roll,it over, or take out more, you would have agreed to the new terms on each occasion.

    You cannot blame others for your decisions, no matter how much you might like to. This is part of becoming an adult, accepting that part of learning from your mistakes is living with the consequences of them.

    It is hard to do, we are hard-wired to look for external causes of our own foolishness, inattention or failings, but most people get there in the end.

    Show someone a video of someone tripping over in the street, and the viewer blames the clumsiness of the victim. Ask a person who’s tripped over what happened, and they will blame the council, for not maintaining the pavement, or someon passing by, for distracting them.

    You are doing it even here, in the post to which I am responding. You are not reading what I said, you are misunderstanding, and so you are assuming that ai did not read the whole thread. I did, it is only a few pages long. I read it, ipunderstood it, and took the time to offer you my view.

    It’d be nice if you now clicked the “thanks” button, before putting aside your dreams of compo.

    If you want money, ai promise you, it feels far better to,get out there and earn it.
    • Pdiddy82
    • By Pdiddy82 12th Mar 18, 11:16 PM
    • 9 Posts
    • 5 Thanks
    Pdiddy82
    I do go out there and earn a wage, every single day and have done since I was 18 years old.

    Single income family when I had debts dumped on me from a previous marriage and my partner is disabled and has been for the last 6 years. I appreciate I may not have been the most mature with my money in the past but god damn the last 7 years have been complete hell. I am almost debt free through hard work and determination.

    I can't help but feel your replies are patronising and completely unhelpful, so you may not get a "Thanks" tick...
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