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  1. If all else fails, he should take out a personal loan at a much better rate and pay the Amigo loan off, he'll save a fortune in interest.
  2. SafetyNet Credit is NOT a HCSTC (High Cost Short Term Credit - or payday/short term loans) product I am afraid - their APR is below 100% and there is no maximum loan term. HCSTC products must have a loan term of less than 12 months and an APR exceeding 100%. I am surprised Safety Net Credit even exist, it's an awful product and the thought of allowing them access to online banking fills me with dread. They're as bad as HCSTC products but manage to get around the restrictions, their terms and repayments are confusing as well.
  3. But technically didn't they lend the money to your partner, and not you? I don't know much about Guarantor loans, but I understand that your financial situation is largely irrelevant so I am not even sure they would credit score you or look at bank statements, they'd only be interested in your partners history. As I say, not sure but as they didn't actually pay any money into your bank account I don't know if you could claim IR lending
  4. Let's not be so dramatic, I don't think my post was harsh at all - you won't always hear what you want to, especially on a public forum - this isn't the Samaritans. That said, obviously, I didn't want to upset you and if I did in any way, I apologise. I appreciate that you may not have come here looking at irresponsible lending and that's the site teams fault for changing the title and giving that impression
  5. Out of curiosity, why would you think you have a claim for irresponsible lending? From looking at the loans you've had, it seems like you've taken a lot of loans in a very short space of time. You borrowed £1000 from Satsuma just 12 days ago and now you want to claim irresponsible lending? On the 5th April you borrowed £800 from MyJar, then on the 8th April you borrowed £1000 from Satsuma and then on the 9th April you borrowed £150 from Wageday Advance, that's £1950 in 4 days and then 5 days ago you had £250 from SafetyNet Credit - I'm sorry but this is irresponsible borrowing, what on Earth are you doing with all of this money?! Perhaps the only thing that may go in your favour is if you declared all of the outstanding loans at the time you applied and they still lent to you - were you honest on your application forms about your earnings and current loans? I'm sorry it's not what you would want to hear, but personally I don't think you would have a claim at all here - what this looks like is you borrowing a lot of money and trying to get out of paying it back as now you've realised just how much is owed. Just my opinion and of course nothing personal here.
  6. Everyday Loans lend to high risk customers and with that comes high interest charges, I assume you were fully aware of the amount of the repayments and the total amount repayable before you signed the agreement. You can throw around words like outrageous and unfair but what exactly did you expect, you agreed to this?? I'm not disputing the interest on this loan is eye watering, but that's how it goes - if you didn't like it you shouldn't have taken the loan out. I assume any discount would be at their discretion - I doubt they would be interested in discounting it though, why would they? They haven't broken any laws so I don't know exactly where you can go with this to be honest, maybe someone else may have some ideas.
  7. Quite a lot of those loans were taken within a short space of time, it is probably not reasonable to expect each lender would have known you had existing loans with other lenders as the CRA's are not always updated that quickly and it depends if you were honest about your outgoings on your affordability forms - did you put into your outgoings the existing loan repayments and lenders? If so, then I would say you MAY have a case for irresponsible lending, if not and you have lied on your application, that's a different matter. Are all of these loans still outstanding?
  8. Well, they applied for the loan, received the money and then never paid it back, so how can it not be legit? Irresponsible lending is all well and good, when it suits the person who owes the money. Unfortunately recently it seems a lot of people look to that to avoid paying their debts (not referring to the OP here, just generally) - they don't mind taking the money and spending it then claim they should never have got the loan, well, you know what you shouldn't have applied for it and spent it. As much as lenders are responsible for poor checks, borrowers do need to take account to some degree too. I'm not saying it was responsible or irresponsible, I don't know the background, my point was that ignoring debts is never a good idea.
  9. Why is the answer always ignore on this subforum? It's not that easy, getting texts like this can really unsettle some people and advising people to ignore their debts isn't the answer. I understand what you're trying to say, they don't have any powers like bailiffs but still it would be best to try and get it sorted one way or another - it obviously isn't going to go away. Advising people to ignore debt collectors on a debt forum is poor practice, there is still a legitimate debt outstanding (amount should be queried). If you can't afford to repay what they want, complete the I&E and get a payment arrangement in place, it wouldn't take long to settle a debt of that size. Get a breakdown of the debt first, query the charges and fees as well. It'll stop the texts/calls for a while. As I said before, you did take the loan so you should make an effort to repay something as long as it's reasonable and affordable.
  10. Devils advocate here, but ultimately you'll still need to repay the loan - you did have the money after all. Just maybe don't pay the DCA, see if you can repay Different Money instead? Just looked at Different Money's website, are you able to login to their account management area to make a payment? They still have a phone number on their site, maybe try that? At the end of the day you will have to repay something to someone, debts don't simply disappear. Have you tried offering the loan amount plus one months interest and maybe an extra £15 for missing the repayment? That would be reasonable I would have thought. Based on £150 I'd say an offer of £200 would be sensible. As the others have said, only communicate in writing. Thing about ignoring demands like this, which I agree with the others are probably all empty threats, is that they still play on your mind. One thing is for sure, do not pay them £530. You can choose to ignore them, put up with them contacting you on the phone/email (which they would be entitled to do) and perhaps then selling it onto anoter DCA in a few months time and the process starts again or just try and deal with it now and move on. The loan was taken out pre-FCA rules so they're probably adding all sorts of fees to the loan which you should try and avoid paying
  11. At last, CFO Lending (Capital Finance One) have had their comeuppance This is fantastic news and I am so happy that possibly the worst of all the lenders have been put to rights FCA Article here: https://www.fca.org.uk/news/press-releases/payday-firm-cfo-lending-pay-34-million-redress
  12. That doesn't really make sense, that is the whole point of a Safety Net Credit loan, it's pretty clear on their website how it works? They're not like normal payday loans. I'm not a fan at all of how it works, but you know, at some point people really need to be accountable for their own actions
  13. The same fate befalls Capital Finance One as it did to Cash Genie. In my opinion they were the worst of the worst and I really hope they get the same treatment from the FCA and have to repay the money they extorted from people. They are under investigation so it's looking positive.
  14. I am not sure I really understand what's not good about this cap and why everyone is against it or saying it's not enough? I think the problem is that people look at this one dimensionally, from the point of view of people that default on them. For a casual borrower that repays on time, this is great news. What more do you want the government to do? Now, if I borrow £100 for 10 days to help pay a bill, I will only repay a maximum of £108 - I think that's reasonable? How could it possibly be any cheaper than that, I would imagine lenders wont make much profit on that £8 anyway after they cover their administration costs etc. Exactly how cheap do you want it to be? Any cheaper then they wont exist at all and that would affect a lot of people. They've capped the maximum amount it will ever go to and the default fee at £15. Someone above mentioned I cannot believe they're saying default fees are OK, but if you don't repay your loan on time they have every right to charge something, just like a bank does if you miss a direct debit payment. £15 is better than the hundreds they're charging at the moment. It seems like the only solutions people on here would be happy with is either them all shutting up shop and the industry disappearing or them charging 0% interest with no default fees. I personally think the FCA are doing a great job and are really coming down on them in the way it should have been done years ago. All of these brokers that are dipping into peoples accounts - who in my opinion are worse than payday lenders - will be out of business in a few months. Payday loans are now dead in the water IMO. Nobody will be offering these loans anymore, come Feb/March it will all be installment loans as they're more profitable. That's what people need to watch out for, borrowing more than they need just to get a loan.
  15. Although they take over next month, I think they have had to get permission from them to keep lending on an interim basis, then at some point this year they'll have to undergo a full application. I've read the FCA website, looks like they're going to be quite strict on criteria so all we can hope for is that the really dodgy companies get rejected! I would have thought that the FCA would take into consideration forums like this as well, I bet they look at them
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