Payday Loan Victory (of sorts)

[meols cop]

I had a payday loan of £200 rolled it over once and then couldn't afford to pay last Nov. Of course I got the usual threatening e mails texts and phone calls etc, but I never engaged with them as I didnt have the money to pay.

 

Anyway the total went upto over £900 with fees and interest etc but I continued to ignore them. Last week I got an e mail saying I could settle the account for £250. I replied back with. "no chance but Ill settle for £100" They bit my hand off and I paid and my account is now clear.

 

They really know that they don't have a leg to stand on with all these fees etc so I would just offer what you can afford.

[Space2001]

Yeh, they may not have a leg to stand on with fees etc. but that is one thing, it is quite another taking a loan and only paying half of it back. I suppose you could argue that with the harrassment and stress of the phone calls that this is reasonable compensation.

[silverfox1961]

Hi

While I think that isn't a 'sort of' win, I feel it is a great win BUT I hope you got it in writing and that they wouldn't sell any remainder on

[renegadeimp]

Hi

While I think that isn't a 'sort of' win, I feel it is a great win BUT I hope you got it in writing and that they wouldn't sell any remainder on

 

Thats what i was thinking too. It's very unusual for a PDL to do this. There arent many reports at all of them settling for half of the original loan.