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I stupidly took a pay day loan of a £100 from this company last month. My partner was due to return to work after been off sick since March but is not fit to return till next month. I emailed them and asked if I could set up a repayment plan of £60 this month and £60 next month as they added £20 for interest.

They said the only repayment plan they could set up was for £300 which is £200 more than I recieved. I have agreed to pay £60 a month for 5 months as they would of added loads of charges to the account is this right? surely they cant make up there own repayment plans and just make you pay a figure they have decided.

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Theyre lying. The charges they are stating are unfair charges and should not be paid. Work out your incomings and outgoings. If it leaves only £1 a month, then so be it. As you said, they cant just pluck a repayment plan out of thin air. They are bound by regulation to work with you to form a repayment plan that wont leave you in further financial hardship.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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You can. Ask for their bank details so you can set up a standing order. If they dont accept, then withold payment till they do.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Dont pay what theyre asking, that is daylight robbery! Do not communicate with them via phone, just email and cc yourself into the email trail. You tell them what you can afford, and make sure they freeze any interest and charges. The amount you owe them it is not in their interest to take you to court therefore do not put up with any bullying tactics.

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Dear dazza72

 

What a suprise they have now agreed to let me pay two instalments of £60 which is the loan plus one month's interest. Just waiting for them to send me their bank details which havent been forthcoming as yet.

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