Payday loan companies

[Sergeant Wilson]

11 hours ago, Ireerida said:

Even though it is extremely convenient and fast to apply for an instant payday loan, I've never taken out such loans.

Is there a Bonnyrigg Rose supporters club in LA?

[Sergeant Wilson]

On 11/03/2021 at 15:36, CristinaPerry said:

x don't see your credit score and they will provide you instant loans against the things you use as collateral. They even don't have much paperwork for the loan.

God bless you. Princes among men.

Edited July 14, 2021 by Cardinal Richelieu

[scottsdad]

My own debt story started in about 2011. I was the only one earning a wage at the time and cash was tight. Just after Christmas - the time we were always at our most skint - my car broke and I needed £350 to fix it. I had little credit history and it seemed easier (hindsight, I know) to go online to Wonga and take the money out there. I was in the trap. Come next payday there was a big hole in our finances. Having used a payday lender no normal creditors would touch me. So I took out another to cover the hole in the finances, but this made the next hole a month later bigger. 

Over the next few years I borrowed loads from these companies. I was financially stupid - I'm blaming nobody but myself here. I also borrowed bigger loans from Everyday Loans, Avant Credit, OnStride...I was in a debt hole. It came to a head for me in 2017 when I was once again applying for a loan with Savvy. They told me that they had worked out that once I'd paid my bills and loans I was still in deficit. This was shock 1. Shock 2 was when they then told me that they would lend me money but at a much higher interest rate. 

I was bricking it. Come payday I would have no money for food, petrol etc. This was getting serious. So I called StepChange. Angels. Put me on a Debt Payment Plan that was paid off last August. I am debt free now. Also, in the interim claimed against the lenders who had loaned me money when they shouldn't. Got big refunds (the interest I paid) from Everyday Loans, Peachy, Sunny and a couple of others. 

The story hasn't ended sadly. Legally my debt is paid off but three lenders (OnStride, Avant Credit and Peachy) keep contacting me saying I have an outstanding balance. I don't. Accountancy in Bankruptcy Scotland have even been on at them to no avail. Avant even called in a debt collector, but when I sent them the completion letter they backed off. I have raised disputes with the credit reference agencies and put in complaints to the financial ombudsman.

This year was the first Christmas where I literally didn't worry about money. Cold day in hell before I take out a loan again. 

[DA Baracus]

6 hours ago, scottsdad said:

My own debt story started in about 2011. I was the only one earning a wage at the time and cash was tight. Just after Christmas - the time we were always at our most skint - my car broke and I needed £350 to fix it. I had little credit history and it seemed easier (hindsight, I know) to go online to Wonga and take the money out there. I was in the trap. Come next payday there was a big hole in our finances. Having used a payday lender no normal creditors would touch me. So I took out another to cover the hole in the finances, but this made the next hole a month later bigger. 

Over the next few years I borrowed loads from these companies. I was financially stupid - I'm blaming nobody but myself here. I also borrowed bigger loans from Everyday Loans, Avant Credit, OnStride...I was in a debt hole. It came to a head for me in 2017 when I was once again applying for a loan with Savvy. They told me that they had worked out that once I'd paid my bills and loans I was still in deficit. This was shock 1. Shock 2 was when they then told me that they would lend me money but at a much higher interest rate. 

I was bricking it. Come payday I would have no money for food, petrol etc. This was getting serious. So I called StepChange. Angels. Put me on a Debt Payment Plan that was paid off last August. I am debt free now. Also, in the interim claimed against the lenders who had loaned me money when they shouldn't. Got big refunds (the interest I paid) from Everyday Loans, Peachy, Sunny and a couple of others. 

The story hasn't ended sadly. Legally my debt is paid off but three lenders (OnStride, Avant Credit and Peachy) keep contacting me saying I have an outstanding balance. I don't. Accountancy in Bankruptcy Scotland have even been on at them to no avail. Avant even called in a debt collector, but when I sent them the completion letter they backed off. I have raised disputes with the credit reference agencies and put in complaints to the financial ombudsman.

This year was the first Christmas where I literally didn't worry about money. Cold day in hell before I take out a loan again. 

Excellent to hear you got out of that trap. The anxiety of it all can be awful and it takes a huge strain on your mental health. Really good to hear when someone gets things like this sorted.

I hope you've changed your mobile number, as you'll know how often you get sent pish by all sorts of companies punting you loans. Same with the email.

Sounds like you're on top of your credit report too. Good stuff, as often these companies can be sneaky fucks who don't remove older loans from your report. Also ask to delete your account from their websites if you haven't already done so.

Quite a lot of the payday loan companies have gone bust. Real shame....

I got an email for the liquidators of one asking if wanted to claim about them. I said yes to see what would happen. Got a bank transfer of 67p a couple of months later.

[Benjamin_Nevis]

Cowboy Debt Collectors will frequently buy up old unenforcible debts in the hope they can bully folk into making repayments. Lowell Financial are notorious for chancing it with debts written off in bankruptcies, and non-existent ones that @scottsdad mentions. Absolute fucking sewer dwellers. I've quite enjoyed various payday loan companies going to the wall. I hope their former employees are having fun times navigating Universal Credit. 

[Markka]

My own debt story started in about 2011. I was the only one earning a wage at the time and cash was tight. Just after Christmas - the time we were always at our most skint - my car broke and I needed £350 to fix it. I had little credit history and it seemed easier (hindsight, I know) to go online to Wonga and take the money out there. I was in the trap. Come next payday there was a big hole in our finances. Having used a payday lender no normal creditors would touch me. So I took out another to cover the hole in the finances, but this made the next hole a month later bigger. 
Over the next few years I borrowed loads from these companies. I was financially stupid - I'm blaming nobody but myself here. I also borrowed bigger loans from Everyday Loans, Avant Credit, OnStride...I was in a debt hole. It came to a head for me in 2017 when I was once again applying for a loan with Savvy. They told me that they had worked out that once I'd paid my bills and loans I was still in deficit. This was shock 1. Shock 2 was when they then told me that they would lend me money but at a much higher interest rate. 
I was bricking it. Come payday I would have no money for food, petrol etc. This was getting serious. So I called StepChange. Angels. Put me on a Debt Payment Plan that was paid off last August. I am debt free now. Also, in the interim claimed against the lenders who had loaned me money when they shouldn't. Got big refunds (the interest I paid) from Everyday Loans, Peachy, Sunny and a couple of others. 
The story hasn't ended sadly. Legally my debt is paid off but three lenders (OnStride, Avant Credit and Peachy) keep contacting me saying I have an outstanding balance. I don't. Accountancy in Bankruptcy Scotland have even been on at them to no avail. Avant even called in a debt collector, but when I sent them the completion letter they backed off. I have raised disputes with the credit reference agencies and put in complaints to the financial ombudsman.
This year was the first Christmas where I literally didn't worry about money. Cold day in hell before I take out a loan again. 

I wouldn't blame yourself, there's tons of folk out there who are/have been in similar situations. Also, Savvy lending to you when you could apparently afford to repay £0.00 per month is all sorts of wrong.

With regards to some creditors still contacting you, they will eventually update their records, definitely keep on at them though and monitor your credit report.

[scottsdad]

If I can offer two pieces of advice to anyone here in the situation I was in:

1. You cannot borrow your way out of debt. I tried debt consolidation loans more than once (lower monthly payments!) and they never, ever worked. All these loans ever did was add to the overall debt burden. The ombudsman who made these companies pay me back the interest was really scathing about the companies - they could see my dreadful credit rating, my poor history of loans, my income/output and still gave me money. 

2. If you're worried, contact a charity that can help. I went with StepChange, who were excellent, but others are available. They do take a fee (2% of my payments) but given all the admin work they did on my behalf, well worth it. 

[Miguel Sanchez]

I got a leaflet through the door today from this mob: Cash Loans with Home Collection

Their website handily tells you that if you borrow £200 to pay back over 34 weeks, you'll pay back a total of £340. It also says that part of the costs you pay go towards a weekly visit from the person who's doing the lending - the leaflet has a name and mobile number on it for you to contact. Don't need a bank account, don't need to be employed, just need to phone up and someone comes to your door with cash. What could go wrong?

What's even more horrifying is the amount of seemingly similar websites when you google "loans at home."

Edited July 14, 2021 by Cardinal Richelieu

[CM.]

3 minutes ago, Miguel Sanchez said:

I got a leaflet through the door today from this mob: Cash Loans With Home Collection - Loans At Home

Their website handily tells you that if you borrow £200 to pay back over 34 weeks, you'll pay back a total of £340. It also says that part of the costs you pay go towards a weekly visit from the person who's doing the lending - the leaflet has a name and mobile number on it for you to contact. Don't need a bank account, don't need to be employed, just need to phone up and someone comes to your door with cash. What could go wrong?

What's even more horrifying is the amount of seemingly similar websites when you google "loans at home."

A weekly visit?  I wonder what the threats are if someone doesn't have their tenner one week 

[hk blues]

On 28/05/2021 at 11:27, Miguel Sanchez said:

I got a leaflet through the door today from this mob : Cash Loans with Home Collection

Their website handily tells you that if you borrow £200 to pay back over 34 weeks, you'll pay back a total of £340. It also says that part of the costs you pay go towards a weekly visit from the person who's doing the lending - the leaflet has a name and mobile number on it for you to contact. Don't need a bank account, don't need to be employed, just need to phone up and someone comes to your door with cash. What could go wrong?

What's even more horrifying is the amount of seemingly similar websites when you google "loans at home."

 

On 28/05/2021 at 11:31, C. Muir said:

A weekly visit?  I wonder what the threats are if someone doesn't have their tenner one week 

It sounds like the good old days when the collector from the department store would come around on a Friday night to collect the weekly payment.  

Edited July 14, 2021 by Cardinal Richelieu

[Derry Alli]

10 minutes ago, hk blues said:

It sounds like the good old days when the collector from the department store would come around on a Friday night to collect the weekly payment.  

All too familiar growing up. The Provi wummin. 

Her man looked like this :

For extra discretion to the payer, he'd just loiter in the street until his wife collected the money. 

(Husband/Bodyguard - was obviously scared his wife would get mugged) 

[hk blues]

11 minutes ago, Mr. Alli said:

All too familiar growing up. The Provi wummin. 

Her man looked like this :

For extra discretion to the payer, he'd just loiter in the street until his wife collected the money. 

(Husband/Bodyguard - was obviously scared his wife would get mugged) 

We never had the Provi but the McGills man would come every Friday.  It didn't seem strange at the time, but I remember he would just let himself in and come down the lobby into the living room.  The Pru (insurance) man did the same.  

[heedthebaa]

9 hours ago, Mr. Alli said:

All too familiar growing up. The Provi wummin. 

Her man looked like this :

For extra discretion to the payer, he'd just loiter in the street until his wife collected the money. 

(Husband/Bodyguard - was obviously scared his wife would get mugged) 

I was a provi agent for 25 years, if they didn’t pay, I’d send the wife 

[Benjamin_Nevis]

Provident are binning their doorstep service and just going to the standard online model. Which means it will be far easier to completely rubber the c***s

[strichener]

I take great pleasure in announcing that Amigo loans is just the latest of the shite bags to be going down the toilet.

49.9% APR on a guaranteed loan FFS.  Good riddance.

[ICTChris]

I read a book about the Chicago mafia a few years ago, the last big trial of major members in 2005. Several of the defendants were prolific loan sharks and their rates were better than some of these firms. Frank “The Breeze” Calabrese had a base rate of 52% a year for his loans. Frankie was probably more likely to murder you than Winga though, swings and roundabouts.

 

[Benjamin_Nevis]

1 hour ago, strichener said:

I take great pleasure in announcing that Amigo loans is just the latest of the shite bags to be going down the toilet.

49.9% APR on a guaranteed loan FFS.  Good riddance.

Saw that earlier.  They were recently told to GTF when attempting to cap compensation payouts to many thousands of mis-sold victims. Their call centre staff are utter arseholes to deal with as well. 

1 hour ago, ICTChris said:

I read a book about the Chicago mafia a few years ago, the last big trial of major members in 2005. Several of the defendants were prolific loan sharks and their rates were better than some of these firms. Frank “The Breeze” Calabrese had a base rate of 52% a year for his loans. Frankie was probably more likely to murder you than Winga though, swings and roundabouts.

 

Yeah I don't think I'd be advising any of my clients to rubber those boys 

[MacDuffman]

I take great pleasure in announcing that Amigo loans is just the latest of the shite bags to be going down the toilet.
49.9% APR on a guaranteed loan FFS.  Good riddance.

Surely the debt will just get sold on. Punters will not benefit.

[strichener]

1 minute ago, MacDuffman said:

1 hour ago, strichener said:

I take great pleasure in announcing that Amigo loans is just the latest of the shite bags to be going down the toilet.
49.9% APR on a guaranteed loan FFS.  Good riddance.

Surely the debt will just get sold on. Punters will not benefit.

If I were a debtor that believed I was due compo then I wouldn't be paying to a  company that in the "interest of fairness" has stopped processing compensation claims.

[Benjamin_Nevis]

3 minutes ago, MacDuffman said:

1 hour ago, strichener said:

I take great pleasure in announcing that Amigo loans is just the latest of the shite bags to be going down the toilet.
49.9% APR on a guaranteed loan FFS.  Good riddance.

Surely the debt will just get sold on. Punters will not benefit.

The only thing that sets Amigo apart from all the other c***s is the guarantor aspect. If they go tits up, it'll be interesting to see if that transfers to whichever other bunch of c***s buys up the debts. If the guarantor's liability doesn't transfer over then 95% of their debtors could probably completely ignore them.