Wage Day Advance - How Much Do I Owe Them... - ... NOW DRS Chasing Me

[nometer]

I could really do with some help regarding Wage Day Advance .

I took out a pay day loan with them last year for £280 with £362 being payable.

 

Due to finacial difficulties and getting out of my depth with payday loans I changed my bank card and didnt make the payment.

I now have had a request from DRS on behalf of Wage Day Advance for £575

 

I requested a Breakdown and this is how it was calculated

 

£280 Loan

 

£362 payable

£82.60 Deferal

£82.60 Deferal

£36 Payment Declined

=£575

 

I never asked for a deferal although I also never told them I had changed my card either.

 

Can they charge me this amount.

I'm more than happy to pay the money that I had the interest for that month = £363 but the rest seems excesive.

 

Does anyone know of a template letter for dealing with wageday loans?

 

Can they do this

[Bombaymix]

I'd write to them offering a repayment plan for the £362 (original loan plus one months interest)

 

You could make payments towards that amount and when reached, simply pay them no more. Advise them that the account is settled and further deferral charges are excessive and if they want to pursue you for them to do so in court!

 

Try it! They're a DCA so they probably bought the debt for peanuts and will probably be happy that you are offering any kind of payment!

 

Might be worth contacting them before making an offer to make sure that they have the CCA!

 

Good luck

[nometer]

Drs did state that they are working on behalf of wage day advance

[cashins]

Drs did state that they are working on behalf of wage day advance

 

Doesn't really matter, there is no way that Wage Day could justify those charges in court and it is very unlikely, from the reputation this market has, that they would take it anywhere near a court.

 

David

[dx100uk]

I'd write to them offering a repayment plan for the £362 (original loan plus one months interest)

 

You could make payments towards that amount and when reached, simply pay them no more. Advise them that the account is settled and further deferral charges are excessive and if they want to pursue you for them to do so in court!

 

Try it! They're a DCA so they probably bought the debt for peanuts and will probably be happy that you are offering any kind of payment!

 

Might be worth contacting them before making an offer to make sure that they have the CCA!

 

Good luck

 

can you confirm under what legal document you are quoting from about sum+1mts int?

 

also cca is not really relevent on PDL stuff.

 

dx

[nometer]

I have read on quite a few threads that an offet of loan plus one months interest is acceptable. It would be good to know if any case law that under pins this statemtment.

[dx100uk]

no none we have ever found

the siteteam have been asking this for months

 

it is VERY IMPORTANT that advise contained on thids site is CORRECT

not HERESAY.

 

dx

[nometer]

Not to sure on how best to approach this now.

I did have a look through the legal issue forum for payday lenders that have actually gone to cc for judgement, i couldnt find any that make the offer for sum plus 1 month interest.

[dx100uk]

pay them £362 total inc what tyou already have done

 

no PDL will ever got near court for 'penalty charges'

 

dx

[Bombaymix]

Hmmm....

 

Ok, maybe I will refrain from offering an opinion in future. I have read NO legal statement confirming that 1 months interest plus original loan amount is the only amount that needs to be paid - only what I've read on these forums time and time again.

 

Whilst I accept that advice offered here should not be 'hearsay', the op asked for advice and I offered advice.

 

Your own advice in your previous post wasn't so far from my own - so I really don't see why you felt the need to rip my post and advice to shreds.

 

Listen to dx tho, dx obviously knows best and has had personal experience dealing with wagedayadvance.

 

(they accepted my payment proposals btw and I'm stopping paying them when they've received my original loan amount plus one months interest - I'll let you know how I get on)

 

Regards

[dx100uk]

just becareful

 

no worries

 

dx

[Bombaymix]

Ok, don't want to mislead people. I've received so much good advice here - just wanting to 'give something back'

 

Cheers BM

[dx100uk]

cant fault that and never will

 

dx

[Jon1965]

That is the only problem with this site, if someone says something often enough people start to believe it, examples are changing bank accout (sometimes necessary sometimes not) Principal +1 months interest ( I have asked till I am blue in the face and been branded a trouble maker but no reply)

However i will agree with dx, and in my opinion you didn't roll over the loans as generally rollovers only come into force once the interest has been paid . As for the declined payment it may well be in the T&C's but that still doesn't necessarily make it legal (unfair terms etc). If you want a real laugh about excess charges look at my wonga thread lol