Satsuma

[xiireeceiix]

Hi all,

 

I took a payday loan out with Satsuma over a year ago, I used my right of withdrawal to end the loan, however I have some unexpected bills come up therefore I couldn't pay the loan off, the loan term finished around July 2020, they have not once tried to chase me for the loan.

 

Any idea how long it will take them to sell the loan on or even if they are going to pursue the loan??

[dx100uk]

have you moved since taking it out?

 

what does your credit file say about this loan status ?
 

 

dx

 

35 minutes ago, xiireeceiix said:

I used my right of withdrawal to end the loan

 

what so you mean by the above?

 

dx

 

[xiireeceiix]

Hi dx,

 

No, I havn't moved since taking out the loan and my credit status on the loan says I only owe the original amount of £300 and that the loan is in good standing.

 

By this I mean, I have 14 days from the start of the loan to withdrawal in which I then have 30 days to pay back the original loan amount plus interest, I withdrew from the loan however I didn't pay the loan back.

[dx100uk]

under the Consumer credit act you had 14 days to cancel.

which you did.

 

there is nothing in the act that states any time limit upon how quick you must repay any sum, and nothing about interest that can be charged.

 

so they sent £300 to your nominated bank account.

satsuma (provident) have had numerous troubles so no-one can sadly guess when they'll sell anything on.

 

why dont you offer them a payment plan before they trash your credit file?