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Explain to me please


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Hi All

 

At present i am dealing with my payday loans after defaulting recently.

I often see posts on here stating that the charges that these companys apply to payday loans when defaulting is illegal.

 

can someone explain me how these charges are illegal as surly if they are in the T & C's and i have signed them then they are enforceable.

 

Thanks

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charges have to be fair and reasonable. a late payment charge of £25 on an £80 for example is hardly unreasonable.

 

Think back to banks - unauthorised overdraft, bounced ddebs etc.... they had to reduce their charges as they were deemed unreasonable. even though everyone signed up to them.

 

Not everything you sign upto in reasonable.

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