legality of payday loan post termination interest

[Guest]

Re: legality of payday loan post termination interest

No sorry i cant lol Davyb please explain the legality of these payday loans and how do we get out of them? Regarding missed payments which the payday loan companies love especially if your not educated into the scam thats going on behind the scenes.

You know most people post on here either because they have useful or entertaining information to impart, or sometimes because they require help or support.

For the life of me I cannot understand your reason for posting, I guess that would make you an enigma(or something)

D

[miliitant]

Re: legality of payday loan post termination interest

into the scam thats going on behind the scenes.

please do tell if it helps in anyway

[Guest]

Re: legality of payday loan post termination interest

into the scam thats going on behind the scenes.

please do tell if it helps in anyway

It won't

D

[labman]

Re: legality of payday loan post termination interest

No sorry i cant lol Davyb please explain the legality of these payday loans and how do we get out of them? Regarding missed payments which the payday loan companies love especially if your not educated into the scam thats going on behind the scenes.

I'm at a bit of a loss here. This is a friendly site and I've only come across you for the first time today. I am unsure why there is a need to be quite so hostile for no apparent reason. As you won't answer either Militant or myself re your experience of these loans, and you seem to despise DavyB for no reason, I am left puzzled.

I guess it takes all sorts to make the world go round!

[legalese]

Re: legality of payday loan post termination interest

They want you to keep borrowing from them, they want your custom, so will write to you or email you more offers once you have paid them back the money you borrowed, they make money so easy for you to get hold of. They want you to borrow and make it easier and easier by giving you a top up account online. They are profiting from you by charging large APR. Fall into arrears and they keep charging you, then bailiffs to collect.

By the time you realize whats going on your whole wages are for them, nice isnt it, you will eventually be working to keep them affloat, you will fall into arrears at some point and thats when you find out they are smashing your credit up so you cannot borrow else where. Selling money for profit is what they do.

[legalese]

Re: legality of payday loan post termination interest

They also tell you its a contract which is a lie, it is not a contract, they fish for bad credit people who they know are in hard times and are in need of money. Taking advantage and quick profits

[labman]

Re: legality of payday loan post termination interest

Again,while I've come across some who fit your scenario very well, many now appear to get help before things get that bad. The 'recentish' legislation allowing for the cancellation of Recurring Payment Authorities has done a vast amount to help.

The attitude of courts is also a big point in favour of the consumer, as they tend to dislike these companies as much as all of us do. You are right that they prey on those who can least afford their loans and make credit far too easy. It was interesting to read this week of the big increase in professional people feeling the need to take out these loans.

Nobody needs to be in a position now where all their wages have to go to a Payday Loan Company, and thank goodness for sites like this where people who have fallen victim to them can come and seek help.

[miliitant]

Re: legality of payday loan post termination interest

anybody who has ever had the misfortune of taking out a payday loan has every right to be bitter

arguing about it helps know one, even with good intention

lets no let this thread degrade into he said this, he said that

lets concentrate on the CCA and statutory obligation to fight these vultures, not any sort of back stabbing and past experience

[Guest]

Re: legality of payday loan post termination interest

I am afraid you won't find it in the CCA, it wasn't designed to protect people from this kind of loan. There probably would have been grater protection in the earlier Money Lenders Act.
The Crowther report ensured that debtors were informed about the value and the details of the credit bargain, there is nothing within the act that protects a debtor from taking out a loan he cannot repay.

The legislation regarding the control of these loans needs re-thinking at a basic level in my opinion.

D

[labman]

Re: legality of payday loan post termination interest

there is nothing within the act that protects a debtor from taking out a loan he cannot repay.

The legislation regarding the control of these loans needs re-thinking at a basic level in my opinion.

D

Hear, Hear!

While there's responsible borrowing, there's also responsible lending. The legislation governing PD loans is totally unfit for purpose.

[legalese]

Re: legality of payday loan post termination interest

If anyone has loans from these thieves and you have gone too far and are in debt upto your eyeballs and want out, my advice is stop paying them alltogether. There is nothing they can do about it, nothing at all. You must go about it in a way that they cannot take you to county courts, i am trying my very best to give you the best info there is but davyb always wants to say something about sections and the law, forget legislation forget it as its no good for you.

[labman]

Re: legality of payday loan post termination interest

I refer you to Post 9.

[legalese]

Re: legality of payday loan post termination interest

Yes labman i agree but these payday loans need to be stopped altogether and borrowing from them and paying back is not the answer, either dont use them or take them for what they are and thats every penny. They will skin you alive and watch you go down with your family, they are a company for profit and profit is all they are interested in.

[miliitant]

Re: legality of payday loan post termination interest

You must go about it in a way that they cannot take you to county courts, i am trying my very best to give you the best

please tell us how, i am in the dark on how you go about this action

[labman]

Re: legality of payday loan post termination interest

If anyone has loans from these thieves and you have gone too far and are in debt upto your eyeballs and want out, my advice is stop paying them alltogether. There is nothing they can do about it, nothing at all. You must go about it in a way that they cannot take you to county courts, i am trying my very best to give you the best info there is but davyb always wants to say something about sections and the law, forget legislation forget it as its no good for you.

In addition to Militant's post, subsequent to this one, I have to say this is terrible advice - that is not personal or opinion, it is a statement of fact.

My suggestion would be to go a reputable FREE Debt Advice Organisation such as CCCS, Payplan etc... and seek advice. Just stopping to repay a debt you owe is not a good way to avoid court proceedings.