advice welcome QQ debt

[scotslad26]

I took out a payday loan of 800 and agreed to 3 stupid installments

 

They said i could not set up a repayment plan for the full balance til all 3 have defaulted

 

After the first defaulted I kept pestering them and finally they agreed to cancel the agreement and set up an affordable repayment plan.

 

SO not even a month old they want 1400 is this correct? 600 in interest

 

is it because i chose 3 different installments?

[Bombaymix]

:/ hmmmm

 

£800 + 1 months interest would be (roughly.. Depending what they charge per £100. Most typically charge between £25-£30) so at most £240 on top.

 

Which PDL company is it?

 

They make up their own figures tbh...

 

There's no legal basis for them to accept original loan amount plus one months interest but that's usually the figure that is advised (+ 1 default fee)

 

If you tell us the name of the PDL we should be able to advise how likely it is for the PDL to play ball ( or not)

[scotslad26]

its quick quid i have emailed them saying im not happy about paying 600 for someone in financial difficulties.

 

they have been reasonable setting up a repayment plan but paying 600 interest is outrageous

[Bombaymix]

Looks like they've added on the 3 months interest then making the amount of interest £600.

 

As you've contacted them about a repayment plan and they've agreed... It's worth asking them to now freeze interest and stop charges

[scotslad26]

they have stopped the interest and charges. pay by standing order. Im still waiting on a reply

[renegadeimp]

Dont let them add on the interest in advance