Uncle Buck

[bankbandit]

I have taken out a payday loan as a last resort, I have the funds to pay them back straight away, ie at the end of the 30 days so am plannin g to do this. The only thing is they requested cheques to value of £520 as "security" but have assured me they will not cash these and take ot from my debit card, also they will return them (the cheques) if I wish. I thinkI will have them returned, no wish to dip into the payday loan pool again. Would anyone advise any other action?

[T2upNorth]

As a matter of interest (sic) what was the loan amount?

 

If you are 100% sure you can pay back, good. But, please, stick to your convictions, don't go there again!

 

So they have your debit card details and cheques? I wouldn't want to suggest anything untoward but I'd be very nervous about the cheques not being returned. That is just a personal opinion.

[lozzzy]

If you really have to use a payday loan company have you checked if there is a cheaper option out there with less interest to pay?

[katpuss]

Sorry to be the bearer of bad news but please do not take a loan out with Uncle Buck.

 

I have done in the past and they will charge your card and cash your cheques.

 

I would suggest using Payday UK if you really need to get a payday loan.

 

Is there anyone you can borrow the money from?

[paydaypayback]

I am inclined to agree with Catpuss and say unless you have to do not get a payday loan - they are a nightmare.

I am a former payday loan user and have dealt with most companies and have learnt from experience that they are incompetent, unfortunatly 'legal' loansharks who stop at nothing to obtain as much money as possible from their unscrupulous tactics and targeting of vulnerable people. I personally hold the belief that their credit licences should be torn up and the company executives banned from ever holding one again.

I further agree with Katpuss that Payday Uk are the best of a very bad bunch. Whilst I am loathed to give any of these companies any credit whatsoever Payday Uk were actually fair when dealing with me.

The basic outline of it was that I defaulted on a £300 loan with them which was passed to their collections agency Keyes Whitlock who accepted monthly payments of £40 to clear the account. They did not add any charges or interest (which amazed me) as long as the monthly payment were met. Other companies I have dealt with have charged me ridiculous default fees, interest charges and made trying to pay them back an absolute nightmare. I will reiterate though that unless you need one desperately do not take a loan out with one of these companies.

Do you have a friend or family who you can borrow the money off - even pay them the £20 per hundred you would pay the payday loan company?

[bankbandit]

Unfortunately I have already had the money, £400 received paying back £520, I can afford to pay the loan back at the 30 days point, I may just report the cheques as lost to stop them being able to cash it, or if they do will just have to claim the money back through small claims or FOS. Thank you all for the time in replying.

[katpuss]

Unfortunately I have already had the money, £400 received paying back £520, I can afford to pay the loan back at the 30 days point, I may just report the cheques as lost to stop them being able to cash it, or if they do will just have to claim the money back through small claims or FOS. Thank you all for the time in replying.

 

Have you taken the loan out within the past 14 days? If so you can cancel as per the credit agreement that you should have received before the money was transferred.

[mjc007.5]

Hiya bankbandit,

 

Sound advice here already. If you cancel (within the 14 days) and borrow from friend/more reputable source then would be best. If you absolutely can pay them back as scheduled then fair enough and good for you

 

This lot are particularly difficult - if they are prepared to return the cheques then 100% get them back. If not, I would cancel them with the bank (were they guaranteed?). Banking rules dictate that for correctly guaranteed cheques, the first one to a company written on a particular date has to be honoured ( I have been here in detail! This is even on a closed account which is why you either need them back or correspondence confirming they have destroyed them!).

 

You would remain exposed as they have your card details so in event your position of being able to repay changes you would need to take rapid action in reporting card lost or stolen and evacuating your funds to another account.

 

Of course as long as you can repay then all will be well and none of this will come to pass! If for any reason things change folk here will be able to advise further but the main thing is do not under any circumstances take out another one of these elsewher to service this one!

 

All the best