Pay day loan and DCA

[mon2016]

I have told Quick Quid that I cannot afford to repay the remaining balance of my loan which is around £400, they will sell it on to a DCA I would imagine.

I am unemployed and can only afford repayments of £30 per month at the minute.

Could these DCA companies add thousands of pounds of interest or are there any laws in place to limit the interest they can charge?

[Debt Camel]

Re: Pay day loan and DCA

I would be surprised if they sell on your debt quickly if you are offering £30 a month.

|Have you had a lot of loans from them before which you have repaid? Or from other payday lenders? If you have, look at http://debtcamel.co.uk/payday-loan-refunds/ and see if you think you have been given loans that were "unaffordable".

[mon2016]

Re: Pay day loan and DCA

I would be surprised if they sell on your debt quickly if you are offering £30 a month.

|Have you had a lot of loans from them before which you have repaid? Or from other payday lenders? If you have, look at http://debtcamel.co.uk/payday-loan-refunds/ and see if you think you have been given loans that were "unaffordable".

Yes I had previous loans with them adding up to around £1000 which I paid off on time.

I do think QQ giving me my most recent loan was irresponsible as I had two other loans at the time, I never told them about these in the application form but I would have expected them to see them when doing the credit check but maybe that is not the case, I don't know.

Regarding the current loan, I borrowed £350 and have paid off £162 altogether so far.