payday loan CCJ

[Mr $quandaŁot]

Re: payday loan CCJ

If a DCA rings why not have some fun with them like I did? I never answered their security questions but never the less did my very best to keep them on line for a while. This was in order to confuse their auto dialling system.

Talk a lot of garbage and then ask to speak to the manager. It's almost guaranteed that the manager's 'not available'. Then ask them to meet you somewhere or even ask them for a date. You may even go a bit further and start asking them some personal questions i.e. where they live, if they are married or not, how many kids, sexual preferences, religion etc. You could then ask them to pay your alleged debt if they truly believe you owe them something.

This is almost guaranteed to put them off and suddenly you receive no calls, but the key is to 'upset' their auto-dialler!

[loulouxx]

Re: payday loan CCJ

lmao brilliant! Will definately try that approach.

The CCJ has been settled now and I have just sent off SAR requests about the others after hearing about the OFT stance on Payday lenders as I'm sure a few of them will have major grounds for complaints.

[FlamingParrot]

Re: payday loan CCJ

lmao brilliant! Will definately try that approach.

The CCJ has been settled now and I have just sent off SAR requests about the others after hearing about the OFT stance on Payday lenders as I'm sure a few of them will have major grounds for complaints.

From April 1st the OFT is no more, however, there's tougher regulation on the way: :grin: :grin: :thumb:

There may be changes now the FCA has replaced the Office of Faffing and Twaddle as someone used to refer to it. msl:

http://www.ft.com/cms/s/0/39745222-b...#axzz2xjikRSP3

The chancellor in November moved to put a cap on the amount of interest that the companies could charge, and Mr Wheatley said on Tuesday that the FCA was collecting data from lenders to work out an appropriate level for the cap.

The FCA will force lenders to carry out proper affordability checks and stop consumers from rolling over payday loans more than twice. Research by the Office of Fair Trading, which previously oversaw the sector, found that about half of lenders’ revenues came from rolled over loans.

Don't forget that in addition to the FCA the Competition Commission are looking at the Payday loan market and in some respects they are more powerful than any other regulatory body.

http://www.competition-commission.or...payday-lending

It was they (and not the FSA) who effectively put an end to the PPI market by banning the sale of it at the point of sale.

[loulouxx]

Re: payday loan CCJ

OOO Thanks for that flaming parrot will definitely look into that a couple of the agreements seem to be C**P but above board the others have suspiciously gone very quiet...

[Amethyst]

Re: payday loan CCJ

My other payday loans are horrendous from my last count I have 15 but they aren't contacting me. Except for 2 Peachy Loans @ Ł395 and Cash Genie @ Ł410. I also have the following PDUK @ Ł225, Capital Finance One @ Ł581.90, Quick Quid @ Ł529.50, Wonga @ Ł706.91, Moneybox247 @ Ł313.88, Pounds til payday @ Ł571.91, Txt Loan @ Ł351.00. Pounds to Pocket @ 730.91.Monkeydosh @ Ł520, conversmoney @ Ł400, Uk Loan Store @ Ł520 and Tower Credit @ Ł300 and Pounds2day @Ł375.

OMG Loulou Just seen this (sorry)! That's so bad, not on you, but shows why stronger regulation is needed on these companies.

If you hadn't been able to get these payday loans what would you have done as alternative ? Just manage, or sought out an illegal loan shark ? Just wonder if you, and possibly GobbyOne who also has 15 or so PDLs running concurrently, could give us a bit on an insight into why these loans are taken out... just because you can, it's too easy, and they are in your face constantly with advertising ? Could you have got social fund loans previously ?

[loulouxx]

Re: payday loan CCJ

You can say that again. It started in 2008. I had debts coming out that were crippling me so I started with one PDUK. It was so easy so then 1 turned into 2, 3 and eventually I had 5 outstanding and had to ask my Dad for help. He paid them off and that was that. Fast Forward to 2011 and I started with one Wonga and then Quick Quid. Quick Quid really screwed me up because I had taken out previous loans. I had changed banks because of an overdraft and they funded the loan into the old account by faster payment. I had asked them to change my bank details over the phone this wasn't done and when I complained there was nothing that could be done and denied any request I had made to change my details. I ended up having to take out a further 2 loans to cover it. I got into a bad relationship and my EX borrowed money and in the past he had heart failure and used this as an excuse so I took out more loans to cover what he had borrowed. They only ever ask for wage slips the front and back of the debit card and a recent bank statement. That's it! I rolled over quite a few times and repaid then that day requested another. It's an awful cycle and starts with just one. I didn't even realise social funds existed until recently. The advertising actually makes my blood boil because these companies act like they are doing the person a favour but when in reality they are not. They are legalised loan sharks. One friend took out Ł100 loan and by the end of 4 weeks when she received a benefit lump sum through the tribunal they took out over Ł750!

[loulouxx]

Re: payday loan CCJ

Also the reason I turned to firms like this was because my credit was shot to pieces from the past and no banks would touch me. Neither would the likes of Everyday loans or Welcome finance. So I think this is the main reason why these companies have become so popular. Also they advertise to be cheaper than overdrafts which is a complete load of tosh IMO. Anything I can help with in regards to getting these shark heavily regulated I am more than happy too.

[Amethyst]

Re: payday loan CCJ

Completely understand. Problem is even if overdrafts are cheaper you have to be able to get one. We tried to get an overdraft earlier today as we had car tax, insurance and mot land on us at same time this week so have nothing till Friday...I'd never go to a payday loan though times like this it's tempting and I can completely understand how it happens.

Thank you loulou I'm keeping an eye on the FCA and CMA and their current activity in the short term high cost credit market and if further opportunities to have input arise I'll come back to you.

[loulouxx]

Re: payday loan CCJ

Definitely there are some harrowing stories about how these companies operate. There was a post recently about a guy who committed suicide because of the threats and even when the family told the company they tried to take payment that same week! I used the money shop to pawn an item that I wouldn't miss and with 7 months to pay it back there is only a Ł29 charge and the quicker its paid the lower the charge that another avenue to take if banks wont help. It's funny because even they when they saw my wage slip straight away ask if I would like a loan!

[Amethyst]

Re: payday loan CCJ

Have you considered credit unions?


(sounds a bit random. Basically have you looked at them, do they seem too difficult/complicated, inaccessible etc)
http://www.leedscitycreditunion.co.uk/ for example (if you happened to live in leeds naturally) seems to be one that's coming out of its shell a bit.

[loulouxx]

Re: payday loan CCJ

I only actually realised what they were a few weeks ago lol. But once I know where I am with the Payday loans then I'll be looking to get them all consolidated so that could be an option. There is also a site that deals with peer to peer lending but its not regulated from what I can tell because its based on personal lending so they're not classed as a consumer. Emoney Union I think it was called. Have you heard of this?

[Amethyst]

Re: payday loan CCJ

Peer to Peer is getting looked at by the FCA at the minute too (it's just gone regulated as of 1st April). I'll have a look at this Emoney Union, let you know what I think.


Useful article - http://www.which.co.uk/money/credit-...ding-websites/

If you're a borrower, not only will you be credit-checked by a credit reference agency (CRA), but you'll also have to pass the peer-to-peer site's own credit-worthiness tests in order to qualify for a loan.

http://www.p2pfinanceassociation.org.uk/ - trade body

https://www.moneyadviceservice.org.u...-to-peer-loans

(expect a pile of useless useful info appearing now lol)

eMoneyUnion.com is an electronic system in relation to lending. The system is operated and owned by eMoneyHub Ltd. eMoneyHub Ltd Authorised and regulated by the Financial Conduct Authority. eMoneyHub Ltd is registered with the Office of Information Commissioner No. Z3292835. Peer to Peer Lending via the eMoneyUnion.com electronic system is NOT covered by the Financial Services Compensation Scheme. Registered Office: 4 Trafford Rd Alderley Edge Cheshire SK9 7NT Company Number 08158588. Any enquiries telephone 01625 750033


FCA Interim Permission Firm Name: Emoneyhub Limited
Interim Permissions Reference Number: 652286

[loulouxx]

Re: payday loan CCJ

lol. Hmmm in theory it looked great but would be very interested what comes up about them and other sites like that.

Just a thought but I read an article about credit unions are going under and that some people may lose their savings? I'm thinking would this be a direct link between this and the competition they are facing because of Payday loans and that they are now lending to people who have no savings? Ill try and find the article and post the link.

[Amethyst]

Re: payday loan CCJ

hmmm, very few reviews around the web so I would stick to the biggest P2P firms. The credit checks might be a barrier and the interest rates won't be the greatest, but better than a PDL. I'll have another look tmw and try get some proper T&C's etc, but it's an area that I haven't really looked into all that much so very hard to comment.

[loulouxx]

Re: payday loan CCJ

http://www.theguardian.com/money/201...ion-money-save here's the article from May 2013 but it does say which I missed that they are covered by the FSCS so any money below Ł85K can be got back.

http://www.creditman.biz/uk/members/...wsviewID=19725 Also this gives an indication of Payday loans vs Credit unions. I think its because people are not aware of the alternative. I certainly wasn't.