Jump to content


Everyday Loans - Fixed sum loan agreement advice please ...


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 3597 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hello,

 

Am out of depth here so help is appreciated....:-)

 

I have a fixed sum agreement CCA 1974.

 

The agreement is between me and Everyday loans.

 

Amount of credit - £2,638.06

Number of payments - 29

Amount of monthly payment - £ 165.95

APR Variable - 76.0%

 

Duration 30 months

 

Documentation fee £ 158.28

Broker fee 0.00

Interest 2174.49

 

Total charge for credit - £ 2,332.77 :(

 

Interest rate 51.9 per annum variable

 

 

Is the interest right ?? I worked out 76 % of £2638.06 as £2004.93 ! :(

 

 

I do not understand were the 51.9 % variable means ??

 

 

Can anyone help me - if it is wrong can I say that this agreement is not legal - its got to be these people are never wrong are they they are taking the food off our plates - but I have heard that they try to charge more to others !! I am so sad bad things have happened to me and I have to put up with this stuff !

 

I wish I could put a stop to this nonsense and legal robbery ! - with three kids and an income I am fair game arent I

 

Advice much appreciated and thank you !

Link to post
Share on other sites

needs a move to the paydays loans forum

 

i'll get that done

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

Whilst not a payday loan it still comes under the same sort of shark like behaviour.

 

Have you contacted Trading Standards, your local authority might have a Money Lending Unit set up to get rid of this type of company... they are becoming more prolific now and something HAS to be done otherwise the debt situation will be far far harder to break.

 

Can you post a copy of your agreement, minus personal details for us to see.... might be a few pointers in there.

Link to post
Share on other sites

Hi I have tried for an hour to scan the document in .. just cant do it following the instructions provided, the document appears so small it is not legible

 

sorry ... but thanks for help

Edited by apollokid
Link to post
Share on other sites

You need to upload it to Piccassa or Photobucket to let people read it properly, it is still too small to work out.

 

I would say that if they have included the Documentation Fee in with the cost of the credit that has invalidated part of the interest payable, but I am not an expert on these things.... just because it says there is no broker fee doesn't mean to say there is a broker element included elsewhere.

Link to post
Share on other sites

Hi

 

Went to Everyday loans direct ... no broker involved at all ...

 

Have turned computer wizzard .. so here goes and thank you so very much for your help .. we appreciate it,,

:):):):):)

Edited by apollokid
Link to post
Share on other sites

The answer is in the amount of loan you have to repay if more than half of the loan time has elapsed, that is rather an onerous (think that is how it is spelt) term... plus the fact that the APR seems to be completely wrong.

 

I am no expert but I would say that the basic loan is unenforceable via a court, purely on the APR aspect... it is WAY too high for a fixed term loan.

 

I would let Trading Standards see the copy of the loan paperwork and see if they can do anything for you - but dont hold your breath on that.

Link to post
Share on other sites

Hi,

 

I phoned my local authority money centre for advice.

 

They said they would pass my details onto trading standards as a result of what I had told them. They seemed to think this deal was okay I admittedly signed the papers for this loan and repay it I shall. This was not the issue here. But I told them they dont advertise their rates and are evasive when you ask anything like what rate will you charge you. Their selling practices leave a lot to be desired, test visit there perhaps :)ir

 

I spoke to Everyday who explained to me the figures were right, they couldnt work them out for me - but they were right. They could work it out manually but could take them an hour !:confused:

 

I asked them why they charge such high rates - they passed on that but agreed it was a lot. :-o

 

Trading standards are looking at their business practices that is not advertising the rates that they charge in advance. When I went to see them and asked them their rates they are evasive, however they know you are there and in your circumstances -(low credit score ) they have got you right were they want you. You need money the bank have shown you the door - and there they have you.

 

They keep you waiting for ages while they go through your banks statements and documentation and after a while you may start to lose the will to live - they sit you in a little office ... go away decide how much to thump you for and come back tell you what your rate will be and there you are ... :Cry:

 

Welcome use similar practices keep you waiting and waiting, this is quite hard sell, and must have been devised by some physcologist somewhere. This is a carefully practiced routine designed to wear you down, you are probably on a downer financially to go there - this is all part of a process :( I use the term "Desperate" lightly.

 

I needed the money .. and there was little else I could do, and these people know that, they hope you will pay, and pay, and when you are nearly finished your loan they will contact you "would you like some more" - you end up in perpetuity.

 

I didnt know my credit score will suffer - having finance companies on my file ? I am told the better organisations realise what these people do and mark your score down accordingly, their lending is expensive and the quality of credit is used against you again ! you are going to have a hard damn time paying anyone else (They reckon) - that is their line of thinking .. anyway

 

I hope this little warning may save someone falling into their clutches. I hope if you are in a similar position that you are able to get the money services you need without becoming a victim of this company but we all know it is probably easier said than done ...:Cry: and another warning they are expanding ....:-o

 

everydayloans news

 

 

Thank you for your help anyway ..

Link to post
Share on other sites

  • 5 months later...

Hi,

 

Can anyone advise if these people should advertise their sordid rates of interest ?? they get you in the office and make one up i think !

 

I guess that depends if you take up their expensive PPI ..and their usual excuse to rip you off your credit score !

 

Any advice please

Link to post
Share on other sites

yes they should be publicised by law

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

Hi,

 

I am sorry to hear of your experience ..these guys are real shysters.

 

Please let me know how you get on and how you intend to protest :mad2::mad2: ALL FOR IT May evenn join you 8)8)8)8)8)8)

 

I have another 18 payments of £166.00 to go. When I borrowed £2600.00 twelve months ago i anticipated the balance might have gone down slightly. Experian credit files state the balance today £2093. I have paid Everyday (Everyshark) £1826 my balance has decreased by about £500.00 :jaw:

 

I recently changed bank accounts and cancelled my Direct debit .. I paid Everyshark their payment via Debit Card the day the payment was due. However, they sent me a bill for £5.00 for not paying DD ! with interest if not paid within 28 days ...

They will tell you they can store your card details .. I told them I only fund that card to pay them (Which I do) 8)

 

 

So, I wrote a letter of complaint .. told them NO More directdebits from em ! and I wasnt going to bother about trying to claim back my mis sold PPI policy - but I am now ! I sent them a bill for a total of £75.00 PPI - FOS if they dont pay, it will cost them time and effort to respond.

 

May I suggest the following to Everyshark customers cancel your DD and pay the sharks by Debit card ! this will cost them so much time and effort to collect their ill gotten gains (If you yourself have the time to spare)

 

Check you need the PPI they sold you !

 

Write and challenge them and simply put a spanner in their works !:mad2:

 

I intend to make my loan agreement the most questioned in history :-o

 

Good luck

 

AK

 

why are you giving the leeches your card details??????

 

do it by SO

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

Hi,

 

The purpose of paying the leeches by card is to waste their leeching time by having to take the card payment over the phone ...

This is more labour intensive than DD / SO payments ... ring em and waste their time if more people did this it would waste much of their daily leeching time .. no SOs for them

 

They dont like SOs anyway for some reason it may be that the account holder has more control over their payments ??/ leeches pray on controlling people and their cash in their accounts

 

Please join in making the run up to xmas less profitable !!!! waste their sharking time ..

 

Regards to all

 

AK

Link to post
Share on other sites

Yeah its worth doing I think - i shall certainly be doing it also....make them work for it...

 

The problem is though - we dnt know how to calculate it so it would be difficult to check what EDL say isnt it?

 

I will have a look as soon as I get back

Link to post
Share on other sites

  • 3 weeks later...

Hi,

 

Paid Eeryshark the other day .. full up to date payments.

 

I wont pay them by DD anymore :whoo:

 

They keep ringing me to ask for my card details so they can process my monthly payment each due date.

 

Question is Can a loan shark company like this lot demand payment via storing bank debit card details ???

 

Is it legal for people to store information in this manner ???

 

Anyone provide some response to this issue ???

 

I have no intention of giving my debit card details, or a DD instruction.

 

What I will do is pay them in full each due date for 19 more times !

 

To date for £2600 loan i have paid these people the total of £166.00 x 12 £1992.00 pounds and I still owe 19 x £166.00

 

£3154 so £ 3154 + £ 1992 = £5146.00 for a £2600 loan paid back over 30 months.

 

I write this here so people can be warned... and to remind myself how stupid I have been myself. :-x:-x:-x

 

If this thread stops just a few people falling into the clutches of Everyshark then my time here is well spent

 

All the best

 

 

AK

Link to post
Share on other sites

i have started elzippy their own thread

 

dx

siteteam

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

Hi,

 

Paid Eeryshark the other day .. full up to date payments.

 

I wont pay them by DD anymore :whoo:

 

They keep ringing me to ask for my card details so they can process my monthly payment each due date.

 

Question is Can a loan shark company like this lot demand payment via storing bank debit card details ???

 

Is it legal for people to store information in this manner ???

 

Anyone provide some response to this issue ???

 

sadly they can,

 

I have no intention of giving my debit card details, or a DD instruction.

 

What I will do is pay them in full each due date for 19 more times !

 

To date for £2600 loan i have paid these people the total of £166.00 x 12 £1992.00 pounds and I still owe 19 x £166.00

 

£3154 so £ 3154 + £ 1992 = £5146.00 for a £2600 loan paid back over 30 months.

 

I write this here so people can be warned... and to remind myself how stupid I have been myself. :-x:-x:-x

 

If this thread stops just a few people falling into the clutches of Everyshark then my time here is well spent

 

All the best

 

 

AK

 

 

well done.

 

now

nothing else you can reclaim? ppi?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

ah 76%

that explains it..

 

can you not borrow from a cheaper source and pay it off early?

 

i see no right to cancel box, was this signed on premesis?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

DX

 

No nothing I can reclaim ... I refused PPi which probably made my APR higher these people really are bad news.

 

76% that is after I had a smaller loan with them paid in full, Xmas (Last year) and wife needing funds to see sister in Tenerife due to illness last November led to this bad deal.

 

I deeply regret this ...

 

Please rest assured this will be a pain for them to get the funds out of me .... Though I do not suggest defaulting on a loan that an individual signs up to. ...

 

I will make life awkward so awkward for them, I urge other s to do the same.

 

Compass are running a good campaign to cap shark legal lending practices in the UK

 

All the best

 

AK

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...