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Payday loan default charges

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Hi everyone,

 

Do payday loan default fees and excessive interest on money owed after the repayment date still come under unfair terms in contracts regulations?

 

In short I can now afford to pay back the loan and a reasonable amount more but not to the extent they are asking. I am happy to defend myself in court should it go that far.

 

What is my position here? Is there any difference between this and the default charges on bank accounts?

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I think you'll find if you make them an offer (£20 less than you are prepared to pay) they will show some interest - but may reject it - you then top up your offer by the £20 and I bet they take it.

 

The don't want their agreements or interest charges being revealed in court!

 

Someone I'm helping had a demand for £900+ they settled for £420 when he told them he's be happy to let a judge look at the agreement together with the OFT and TRading standards.


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Ok Ell-enn, i have actually made an offer which will be followed up by another phone call and so this is good news. My worry is that they will agree to it and then take more from my card. Therefore i will get an email from them outlining full settlement and then send a bank transfer.

 

Thanks so much for the reply.

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You obviously take a risk with the card payments - the only way round it is to make the payment get confirmation it has been taken from your account and then "lose" your card so you get a new one and they can't take any more out of your account.


Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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You could ask for there bank details and transfer it that way?


Please sign this petition - Asking for the government to drop the length of time credit ref agencies can hold data on us!!

 

http://petitions.number10.gov.uk/CreditRA/

 

:smile::p:rolleyes:

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