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I have routinely seen the following advice posted;

 

"for pdls, work on the basis that you owe the loan, original stated interest and a default fee. If they want the charges, they can justify that that are fair and proportionate first" Is there any basis for this? and does paying rollovers class as part of this repayment?

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Any basis? Sure. 99.99% of PDL's charges are unlawful and unenforceable. The rest you stated is fully lawful and fully enforceable.

 

If they can justify the charges, meaning they must be attributed to an actual admin task and they cant make a profit off it, then the charges are enforceable. Note, that they have NEVER been able to justify the charges they are levying upon debtors.... yet.

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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Thats a sticking point. In the terms and conditions of the contract regarding rollovers, you are basically paying them the interest for the next period, and they pretty much consider it a loan extension, or grace period. It's not unlawful, but it is very shady and exists purely to make the PDL profit for no effort whatsoever.

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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