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Hi there

 

Made a mistake and used Mr Lender. I borrowed £500. Over a series of months I 'rolled over the loan' 4 times @ £135.00 = £540. I then, after much pain, entered a payment plan with them - after paying the £135 they needed to set it up! I now pay £50 a month for nine months.

 

I think I must be stupid!

 

Can anyone advise what to do here as looking on the forum it seems that one months interest is acceptable. if I go through with it all payments it will then be well over £1000.

 

Any advice on how to proceed or letters to send?

 

Many thanks,

 

Jon

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Dont pay them another penny, Already paid back loan plus one months interest.

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Kind of knew that but having funny 5 mins i think.

 

What's best way? Email and say that then wait?

 

There are rude whatsits. Even ignored my MP.

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the unfortunate thing is although you have repaid everything etc... they are still within their rights to ask for payment. If you took a mortgage and then repaid interest and paid the same amount as the capital back you can't just tell the mortgage company to do one... I wouldn't agree with Sillyboywyn - you may be able to negotiate a more appropriate deal in the circumstances.

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I have experience with doing this with 11 payday loans all within the last 12 months, i know it works.

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it may work, but its wrong. i have learnt from my own personal experience too, unfortunately.

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I do not wish to rain on anyone's parade but the one months interest is in my opinion rubbish in this case. I imagine that each time you rolled over you digitally signed a new credit agreement? . If that is the case you will have paid only the contractual amount on the latest loan.

 

Having never used them i can not comment on their collection techniques but i think they may be more trigger happy than some on litigation.

 

You could refuse to pay and take the risk, not recommended but what i would do as i have nothing to lose,or you pay up as agreed.


Any opinion I give is from personal experience .

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You owe the original loan, plus original interest stated on your contract and a default fee. The rollovers are completely separate and basically you gifted them free money to keep them off your back for 4 weeks.

 

If they try and add charges, then make them justify them. It would be very interesting to see their reply.


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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OK thanks for the very mixed replies. I will send an email and see!

 

Just can't be doing with litigation etc. I presume that if they get arsey then I need to cancel my cards etc?

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it may work, but its wrong. i have learnt from my own personal experience too, unfortunately.

 

could you clarify this Jamie. what have you done and what happened?

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years ago I took out some payday loans. Ignored them, got taken to court by one, and DCA's from the others. Made payment plans with all and paid them all off. Have learnt to be more honest.

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People need to get the idea of 'I only owe the capital plus one month's interest' out of their heads.

 

The fact you rolled the loan over several times is irrelevant and can't be taken into consideration when you're setting up a payment plan. Sorry, but you would have known this when you rolled it over all those times.

 

One thing that does confuse me with Mr Lender though, is that they charge 1 months interest to enter a payment plan which is wrong, they should have stopped all charges/interest at the point you entered a payment plan, so your balance would be £635, then if you paid £135 that should come off that balance and then £50 per month thereafter for 10 months? Not charge £135 then setup a payment plan for £635. That is something they shouldn't do in my opinion and perhaps you could challenge that?

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That one month interest charge for a repayment plan is against OFT guidelines. The ONLY reason they do it is because nobody reports them and it give them your bank details to strip the account. It's well documented on these forums.


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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I was saying the one months interest was rubbish a year ago but was treated with utter contempt.

 

As for the total repayable here it seems to me to be reasonable if i have my maths right. Borrow 500 interest about 125 so repay 625.

On this repayment plan,9x50=450+135=585 so actually less.


Any opinion I give is from personal experience .

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No - not the case but my fault as didnt give full facts.

 

Loan was £450 - I rolled over 4 times at £135 interest. I then called them and after a long email exchange they set up 9 x £50 payments but theu 'charged' £135 to set up the repayment plan.

 

Repay Date Amount Notes

25/02/2013 £50.00 Payment 2 of 9

25/03/2013 £50.00 Payment 3 of 9

25/04/2013 £50.00 Payment 4 of 9

24/05/2013 £50.00 Payment 5 of 9

25/06/2013 £50.00 Payment 6 of 9

25/07/2013 £50.00 Payment 7 of 9

23/08/2013 £50.00 Payment 8 of 9

25/09/2013 £50.00 Payment 9 of 9

25/09/2013 -£135.00 Discount to close account

 

I really need a template of what to say if I'm going for' i've now paid more than one month plus one month interest.'

 

I have already paid 4 interest payments totallling £540.

 

Has anyone actually done this and what was the result?

 

Thanks again

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So just to clarify, you rolled over 4 times at at some point after the last follower you asked for a repayment plan. ( How long was that)

Eventually the agreed so long as the first payment was 135 and then 9 payments of 50 which is a total of loan and one months interest.

 

My thoughts are that your argument you have already paid more than that has no legs what so ever.

 

So far as i can see your options are pay either as they requested or a lower amount or not pay anymore and take the risk that they will bring the fight to you with a possible ccj.

 

Sorry if that'd not what you want to hear. If you are working with some assets i would just suck it and pay up.


Any opinion I give is from personal experience .

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No - not the case but my fault as didnt give full facts.

 

Loan was £450 - I rolled over 4 times at £135 interest. I then called them and after a long email exchange they set up 9 x £50 payments but theu 'charged' £135 to set up the repayment plan.

 

Repay Date Amount Notes

25/02/2013 £50.00 Payment 2 of 9

25/03/2013 £50.00 Payment 3 of 9

25/04/2013 £50.00 Payment 4 of 9

24/05/2013 £50.00 Payment 5 of 9

25/06/2013 £50.00 Payment 6 of 9

25/07/2013 £50.00 Payment 7 of 9

23/08/2013 £50.00 Payment 8 of 9

25/09/2013 £50.00 Payment 9 of 9

25/09/2013 -£135.00 Discount to close account

 

I really need a template of what to say if I'm going for' i've now paid more than one month plus one month interest.'

 

I have already paid 4 interest payments totallling £540.

 

Has anyone actually done this and what was the result?

 

Thanks again

I would write and TELL them that you now consider your liability discharged as you have made the required payments of 9x£50 and the one off £135.00 charge + £xxx in interest and you will not make any further payment and you consider the matter closed.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Hi

 

Has anyone actually done this and succeeded? Ideas and suggestions are great but has anyone done it and got positive results?

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Trust me when i say, if brig gave advice, youd do well to follow it as you can guarantee it has worked well in the past.


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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Problem being that from what the OP has said he hasn't made the payments. If that is the case i am afraid the brigadier is wrong.

We are still in April 2013 and the repayment plan doesn't finish until September .


Any opinion I give is from personal experience .

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Swanleyboy if its of interest i am not working and have no assets. I have not repaid my payday loans because i have NO money and they haven't taken any court action to date.

The only way you could argue about the payments imho is if they did automatic rollovers without you having to sign a new agreement .


Any opinion I give is from personal experience .

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Sorry I misread the payment plan.

It will now be difficult to go back on the agreed plan, unless you can prove that you were coerced into making such an agreement, there is no factual basis I think for the payment of the original loan + 1 months interest.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Right so I have to pay then! OK

 

Yes i did roll over 4 times which meant that the payments 'paid' the original loan. I rolled over as £135 was a lot less to find then £450.

Stupid I know. I then came to a decision that it was mad to carry on so I emailed them. They said yes to a payment plan but as the previous posts have said they needed £135 and then payments of 50 x 9.

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Difficult to know what to advise now, before this ''repayment'' plan was entered into how much have you already repaid?


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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