My son took out a £400 pay day loan on 22 June 2019. His intention, as he has started a new job and moved from weekly to monthly pay, is to pay the whole loan off when he gets paid at end of July. He has accessed his account on the pay day (uncle buck) website, to see how much he will have to repay which, provides very little information other than the monthly repayments and total interest to be charged and found that the payments are not what was agreed. The loan offered was repayments of £144 per month but the loan breakdown says the payment is £168 per month. So, I advised him to check the loan agreement. He has only received 2 (2nd email is customer survey) emails from the lender. The first confirms the loan amount has been approved and paid to his bank, there is no loan agreement attached and having searched his computer he downloaded nothing at the time and says that all he received was a text message saying your loan has been approved and asking him to call the loan company which, he did. they asked him about his outgoings and reason for the loan he then received the email. No info about interest being charged or repayment amounts. He made the application online which is when he was given the repayment amount of £144. The email says 'This agreement is identical in terms to the unexecuted agreement, a copy of which has already been provided to you. You have the right to request a copy of the executed agreement before the end of the period of 14 days beginning with the day after 22/06/2019'. He hasn't been provided with any loan agreement. Is this a properly executed loan agreement under the Consumer Credit Act?

Thank you. I've been looking into the asking them to freeze the debt. I had no idea they are obliged to do this. I will have a look at the templates

Ok, thank you

I have two credit cards, one with a balance of £4500 and another with a credit balance of £2350 and a credit limit of £3000. When I took it out, the lower limit card had an interest rate of 39% which increased to 59% and due to the fact that I have been making the increased 'persistent debt' payments has been reduced to 54%. I took out a 0% balance transfer card and was able to pay £540 (the maximum credit limit I was able to get was £600, I have not used the other £60 on the card and I am making the minimum payment, 0% period is 9 months) to try and reduce the interest. However, on my June statement the estimated interest for July is £135 and the monthly payment is £158. The other card the initial interest rate was 19% but is now 39%. I pay the 'persistent debt' payment but then always need to use the available balance to live on so I am getting no where with it. I have tried without success to get a loan to pay off the more expensive card at a lower interest. I have no bad debts or missed payments and my credit score is around 560. I am however, a single mum with two children renting from a housing association. I work full time but around a third of my income is from Universal Credit. I cannot see me ever making progress with these credit cards and due to the age of my children the Universal Credit will stop in 5 years time and I will struggle to meet the payments. I feel I've paid enough interest on these debts, the credit providers have had their monies worth of interest and the hike in the rates is not justified. I'm considering stopping paying these cards, waiting for a default to be served and then hopefully coming to an arrangement to pay the resulting balance off. What, worries me is that I would be taken to court CCJs obtained and then get visits from bailiffs. Or should I take a different approach? Thank you in anticipation of your responses