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Pay day loans
Posted: Fri Mar 03, 2017 8:35 pm
A few years ago I got into big trouble with a wonga pay day loan and it spiralled out of control over the course of about 2 years. I heard in passing something about being able to claim - if it could be proved the company was irresponsible lending? I got to the stage that my whole wage was taken - luckily I had family to help and am out of any sort of financial agreement with any sort of lending like that - but if I am able to claim would want to make sure I do it correctly!
If anyone can help with advice on where to start I would be ever so grateful
Posted: Sat Mar 04, 2017 12:47 am
whats your basis for believing the loan to have been missold?
Posted: Sat Mar 04, 2017 5:18 am
Will need some more details, if you didnt accept the loan what would you have done ? How else would you pay the debts off ?
Posted: Sat Mar 04, 2017 10:41 am
I wouldn't say it was miss sold - but the interest was so high that the once you started on this spiral, the only way to get through each month was to borrow more and this became greater and greater. The final amount they lent resulted in the repayment being more than my monthly wage - which they knew. I am in no way saying that I was forced to take out the loan or that I take no responsibility for the trouble I ended up in with this but I had heard that the huge interest and practises held by these companies is now the subject of claims made by people. I was just wondering if anyone knew.
Posted: Sat Mar 04, 2017 4:11 pm
At the time after the first one the only way to get through each month and pay everything was to automatically take another one out. It is almost like the more you borrowed then payed back, you had to keep going on and on with each month becoming greater and greater due to the interest. It started from Â£50 and over the course of 2 years became over Â£1,000.
Posted: Sun Mar 05, 2017 8:45 am
Majority of the very worst hit people were being contacted - under an obligation from even the firms that rolled out of business.
From 100+ loans for me just under 6 years ago I'm still waiting for the postman to come a knocking. (I'm confident he never will) clean up of the market was enough compo for me. Had loans since as well but these weren't irresponsible.
Afraid there were irresponsible lenders and borrowers : (
Posted: Mon Mar 06, 2017 1:08 am
I sent them a letter about a year ago. stating it started with Â£100 and ended up being a monthly wage pay back etc and had a payment put into my account of Â£1300 . I did say i was suicidal and how it ruined my life
Posted: Mon Mar 06, 2017 1:39 pm
Did you provide any details or anything? Such as dates or do they have all of the information on record?
Thank you for reply