Payday Express Help

[FearfulFuture]

I am currently trying to sort out my PDLs.

 

Payday Express is one of these and I can see they're a bit of a nightmare. However, I took a loan with them in July of last year and it has been rolling over ever since. The amount is £500 which means I pay £100 per month in interest. I have not instructed them to only take the interest, and by my count they have had £800 out of me and I still owe £500. My questions are this...

 

1. Should I have a new loan agreement with each deferral?

2. I am going to write to complain to OFt and FOS, However am also going to complain to the company directly. How do I go about doing this, and what should I say?

 

Thanks in advance FF x

[renegadeimp]

£100 a month? Somethings not quite right there. You say you have paid £800 and theyve said its interest only payments. How much does the total debt stand at?

[FearfulFuture]

The total debt for the original loan is £500. The £100 per month is interest payments on that total balance.

[FearfulFuture]

It might help if I say I haven't defaulted on that yet and that I am just making the £100 per month interest repayments. However have done so for the past 8 months!

[renegadeimp]

Youve paid more than you owe. In my opinion you should write to them stating that you have now paid the amount owed in full and the interest payments are unfair and extortionate. make sure the letter/email states that it is a FINAL settlement and any communication bar a letter confirming the debt fulfilled will be classed as harassment.

 

Thats just my opinion though, and i'd prefer someone else to come in and state a few regulations you can use too.

 

 

...£100 month interest only.. who the heck do they think theyre kidding.

[FearfulFuture]

Some regulations would be great if anyone else can help with that, and possibly a template letter! I should imagine I will have a bit of a fight on my hands, however it is extortion (especially seeing as I haven't got a copy of CA despite THEM rolling over the payment everymonth with no authorisation from myself). I have changed my banks details now so they can't take anything anyway.

[renegadeimp]

Well, the first thing you should do is ask them for a breakdown of the debt and a full and detailed explanation on how they come to £100 / 20% interest per month on a £500 loan.

[alice.in.wonderland]

You wil be hard pushed to get them to accept roll over fees as paid balance

could be wrong with the OFT looming over them so it may be "gestures of good wil"!

they will say you could have paid bal off in full or set up a re-payment plan before now

the onuis will be on you to prove you didn't know this

the many people that have been in this position are testimony to this and there isn't much by way of success in this

[FearfulFuture]

You wil be hard pushed to get them to accept roll over fees as paid balance

could be wrong with the OFT looming over them so it may be "gestures of good wil"!

they will say you could have paid bal off in full or set up a re-payment plan before now

the onuis will be on you to prove you didn't know this

the many people that have been in this position are testimony to this and there isn't much by way of success in this

 

I'm not trying to be a chancer, or wiggle my way out of anything, I do want to set up a repayment plan, but I just want to make a complaint about how they go about rolling over loans without taking instructions and stating that they do. That's all!

[eden gardens]

For what it's worth i borrowed £400, rolled it over for 12 months paying £100 per month in 'interest' every month. Then thought i am never going to pay this off so after numerous emails letters etc trying to negotiate to no avail. I said o.k enough is enough you want the money take me to court..knowing i had paid it back 3 times over.. not heard a thing for 6 months. Stand up to these people do not answer phone calls etc they soon move onto someone else

[stephenweslo]

stop paying now