Student loans and pensions

Jojo6 · 23 July 2020 at 6:57PM

Good evening, I have a student loan (the old one!!) and want to clear it. If I do, will more money be deducted than currently towards my pension each month? I am a teacher and so use teachers pensions.

Many thanks 😊

Gaz83 · 17 July 2015 at 10:08PM

woody53 wrote: »

Hi all just wanted to share some good news regarding payday loan companies.....
From early 2011 until mid 2014 I too was caught in the payday loan trap, all my own fault may I add, I borrow the money and in the end paid every penny back, would estimate 15000 over the years maybe 20.
Early this year I saw all the news regarding payday loan companies and irresponsible lending, unfair interest etc etc etc, so I decided to have ago and try and get a few quid back myself.
So far I have been in contact with 5 of the companies I was lending multiple loans from at the same time with many roll overs too, I have received 4 apologies and offers totalling over 5000 and the other complaint is now with the ombudsman.
I never expected these amounts back but if you too were in the same situation, get all your facts in order and get complaining, from the initial email sent I had the money back within 8 weeks.

Why claim it back, then? You admit yourself it was all your own fault. Clearly you couldn't have failed on affordability as you paid everything back.

This tactic of claiming back from payday loan companies even from people who have borrowed and paid back with no problems is really going to bite people with poor credit histories on the !!!! when they find out that not even Wonga will lend to them.

woody53 · 17 July 2015 at 10:23PM

Gaz 83.....I never said I did not have problems in paying them back, I only came to my senses when I was too far gone owing about 5000 at the end of the month, I had to confess to my girlfriend who lent me the money.....which before you ask I have paid back.....and the part about affordability checks.....come on were they ever done before 2014....from what I have got back from these companies I think not in fact I know not.
And when people who have no intention of paying any money back get there debts cleared and compensation thrown in,why shouldn't someone who payed it all back get a few quid back.....

ViolaLass · 18 July 2015 at 8:24AM

Let's hope you never need to borrow from them again.

sourcrates · 18 July 2015 at 10:12AM

It's not so much the capital borrowed, nor I suspect the stated interest, but the fees and excessive interest that were added when an account was defaulted.
Under the legislation at the time, they could add whatever they liked in charges and interest, for a period of 60 days usually, before an account was sold to a debt collector.

Obviously this greatly inflated the debt, and made it even more difficult for the debtor to repay it, this was the main point found to be unfair to the debtor after the regulator stepped in, it was not so much the original loan, but all the fees and interest for non payment.

So, in my opinion, you would be well within your rights to claim theses fees and interest back from the lender, plus whatever compensation was deemed nessessary, and if that meant a full refund, then so be it, I can see no difference between this, and mis-sold PPI, in both cases the customer was unfairly treated.

[Deleted User] · 18 July 2015 at 10:28AM

Well don't take out finance that can't be afforded, can somebody who was forced into a DRO or bankruptcy as a result of payday loans have that reversed? No bet not. I also learnt a lesson in having a DRO along with being massively judged to boot over the years.
I learnt don't take out finance that can't be afforded and live with your actions. No?

That's why I'm against making any sort of claim. Personally.
Same went with PPI. Why should people receive money, possibly more then they EVER paid and walk of scott free?
Not to mention the innocent people who could lose their jobs.

Personally this thread is more discussion time. Just seems wrong.

woody53 · 18 July 2015 at 12:48PM

Why all the negativity.....most of these companies have been screwing people for many years, its only over the last few months they have been told to clean up there act.
When I made the complaints I never asked for a set amount of money back, they set the amount they deemed fair, and if they were not guilty of irresponsible lending and massively unfair charges why would they apologies and compensate people.........many thousands of people have been put in a massive financial strain because of payday loans.......yes we borrowed but sometimes there is no other way....if this post convinces one person am more than happy with that.

Rossim1985 · 18 July 2015 at 10:37PM

I completely agree with the OP! I sometimes think people are far too quick to judge and hold a 'I am holier than thou' attitude on this forum. Having been in the payday loan trap myself in the past, this is something I am very interested in, and OP I'm going to PM you directly if you don't mind!

As you state, it's only in the last few months that these firms have cleaned up their acts, with many of the more dubious firms disappearing completely having made an awful lot of money in a short time by exploiting people.

sourcrates · 18 July 2015 at 10:57PM

Deleted%20User wrote: »

Well don't take out finance that can't be afforded, can somebody who was forced into a DRO or bankruptcy as a result of payday loans have that reversed? No bet not. I also learnt a lesson in having a DRO along with being massively judged to boot over the years.
I learnt don't take out finance that can't be afforded and live with your actions. No?

That's why I'm against making any sort of claim. Personally.
Same went with PPI. Why should people receive money, possibly more then they EVER paid and walk of scott free?
Not to mention the innocent people who could lose their jobs.

Personally this thread is more discussion time. Just seems wrong.

Your entitled to your point of view, but I have to disagree, until the regulator intervened, the payday loan industry was an unregulated mess, as I said before, it was not so much a problem to people paying back the original loan, it was the excessive interest and charges applied to accounts, for missing the repayment date, that pushed people over the edge.

Quite small debts became Hugh ones within a very short space of time, they were taking advantage of an unregulated industry, and making a fortune, whilst making life hell for a lot of people, in any other area of finance this would not of been allowed, the powers that be were slow to react to a Hugh serge in demand for these products, but eventually, common sense was restored.

You say they should not of borrowed what they could not afford to pay back, that's a very sweeping statement and a very nieave one, things happen in life, there are 1001 reasons why people can't meet there financial commitments, hell, if everyone thought like you, there would be no need for this forum, no one would miss a payment, and debt collectors would be out of business, tell me please, where is this perfect world of yours ?
People mess up, it's Human nature, they should not be exploited because of this, if people were overcharged in this way, they should be compensated, period.

woody53 · 21 July 2015 at 1:20PM

Thanks for the positive posts.......I think everyone who is or were in bad financial situation caused by the payday loan companies and there unfair crippling charges should fight back.......ive had lots of messages for advice, I am no expert but will be happy to help anyone, just inbox me.......

Kay159_2 · 8 September 2015 at 8:45PM

Would you mind me asking who the companies were as I have been in a very similar situation with 7 companies and the first two have point blwnk refused their lending was irresponsible though they agree ongoing checks were never made and cannot show exactly what the credit check checked.
Thanks

Student loans and pensions

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