Jump to content
26072004

Payday loan interest and charges

style="text-align:center;"> Please note that this topic has not had any new posts for the last 3683 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Are there limits on how long and how much these companies can continue to add interest to their loans?

 

The same goes for the charges they add for missed or late payments?

 

Can they legally add default charges for passing the case to someone sitting next to them in their office?

 

It seems they just go on charging forever I have seen posts stating they cant do this or that at certain times and hope someone here can point me in the right direction.

 

I have tried in vain to find out this info with no success.

Share this post


Link to post
Share on other sites

normally after 90 days of charging they will pass to debt collector..the charges seem to stop when they go to dc

Share this post


Link to post
Share on other sites

well which company (s) is it thats doing this and we can work out how to deal with them...

Share this post


Link to post
Share on other sites

quick quid, payday uk and safeloans also cash choice

Share this post


Link to post
Share on other sites
quick quid, payday uk and safeloans also cash choice

 

Hi Jellycubes, sorry i was writing to the person who started the thread. Have you not dealt with these companies already from past threads??

Share this post


Link to post
Share on other sites

Sorry have i got confused lol ? I thought that the thread was asking for information on charges and when they stop

Share this post


Link to post
Share on other sites

It wasnt any one particular company it just seems they all get away with charging what they want.

 

There MUST be some limits to what they can charge legally.

 

Wonga's credit agreement states they can charge interest at 360% p.a until the debt is cleared, even after any court judgement and they can charge reasonable costs.

 

I have not had the misfortune to go that far with them but when a £200 loan turns into a £2000 debt is that really reasonable.

Share this post


Link to post
Share on other sites

i guess it is - but nothing will come of it because most wont take you to court. I know for a fact that a couple of them do, but they are also easier to deal with regards to agreeing a plan etc... the larger lenders wont take it further except sell it on - i think wonga cap the deafult at like 60 days or something....

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...