payday loans spiralled

[downer01]

hi, i am new and this might be a little long to ill say sorry in advance.
i have several payday loans but it got to much and i am unable to pay. Now the majority of these loans were paid out to cover other payday loans until it turned into a viscous cycle. I have contacted all creditors and explained i am unable to pay and if a repayment plan can be made. three out of the 5 agreed. I sent in a income and expenditure and Two said that my token offered will be too much and lowered payments. The third and smallest account took full token payment offered and added on 165.00 in charges and interest after a repayment plan was set up, i have since sent a letter of complaint as i have not been made aware of what these charges are for and why they were put on after i admitted financial hardship and being pushed further into debt by themselves. I have made a calender and added all loans borrowed, when the payments were and when they were paid back. During the months it hit me the hardest, it is clear to see i was taking one out to pay another, and i was being lent money in such a short space of time, ( some sameday when i paid a lump sum back, others the following day). This in it self should have shown i was in a financial pickle and by borrowing me more and more, some sending me emails telling me i am eligible for another loan, prompted me to take out further loans in desperation to repay others. This would have all been evident on my credit report if they had done the necessary affordability checks. Would a calender showing all these payments be enough to back a complaint for irresponsible lending ( one date for example, 2 loans had been taken out to pay back other creditors on that very same day). I never claimed i had more income then i did, i never claimed i worked when i didnt. One company satsuma as sent my inital email off to be investigated for irresponsible lending as they said after viewing my income and expenditure they should never have borrowed to me as i am unemployed. they have been the most helpful. My other creditors are myjar, sunny, fernovo and wonga. I have a email of complaint already written along with the colour coded calendar to send, if it will be of any help. thank you

[Joanna Connolly Solicitors]

It'll be helpful if you could give a little background (amounts/dates etc) in a separate post for each PDL lender so suggestions can be made in a bespoke way As you've said some treat you better than others so advice might vary.

You'll feel less concerned about this problem once you start to challenge them on their decision making which may have caused or at least contributed to the problem in the first place!

Di

[downer01]

thank you,

payday loans are as follows,

myjar- £1578.50 ( they froze interest and requested a token payment of 26.05 per month)
satsuma - £1512.50 ( frozen interest and requested payment of 2.00 per month, they forwarded initial email with income and expenditure to the complaints team for irresponsible lending account is suspended for 8 weeks to allow investigation)
fernovo- £176.00 ( are taking 50.00 per month and added 165.00 ontop for charges and interest, i do not know what for )
wonga- £1,927.68 ( refused a repayment offer as would take over 24 months, this is purely because of their added 1000.00 interest rate, will only proceed through a dmp)
sunny- £628.70 ( refused repayment plan, will only proceed through a dmp, but i am reluctant as repayment plans have been set up with three creditors)

i sought advice with payplan and they they advised to go bankrupt and as i do not have assets and do not work it means no creditors will get paid and i do not want to go down this route.

It is evident that i took these loans out in order to repay others as on the calendar you can see one borrowed and another paid in full ect.

[jamespeter2296]

Hi, These payday loans are a never-ending topic, my advice is to plan yourself accordingly and try to continue to pay as much you can to clear your debt which is in your hands to improve your credit file. Meanwhile, follow up and challenge them on decision making.

[The Tech Clerk]

jamespeter again please look at the date of previous posting -- this one is a year old

[Joanna Connolly Solicitors]

These payday loans are a never-ending topic, my advice is to plan yourself accordingly and try to continue to pay as much you can to clear your debt which is in your hands

If a debt is unenforceable in law then it becomes a legal argument not a moral argument.

Some people simply cannot afford to continue to pay spiralling PDLs which were taken out when they were in a desperate financial situation.

Read this link about 'Unaffordable and Irresponsible Lending' and how to seek a refund > https://debtcamel.co.uk/payday-loan-refunds/

Di

[jamespeter2296]

Hi Diana Mayhew - I have gone through your given article on how to get payday loan refunds and it is really useful for everyone seeking help on payday loans like me.