Author Topic: Wage Day Company  (Read 2068 times)

Bill22

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Wage Day Company
« on: Jan 24, 2011, 10:30:39 AM »
Hi, Please can anyone give advice. I owed a wage day company £50, but was unable to pay this as I had only £40 left of my wage due to illness.  I informed them of this and but they processed 4 payments of £10 leaving me with my account empty, I found this very underhand and have now no money until next month for food or gas.  Is there anything I can do? 

James Falla

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Re: Wage Day Company
« Reply #1 on: Jan 25, 2011, 12:45:31 PM »
Hi there Bill22
 
Unfortunately I have heard this type of story many times. There is really little or nothing that you can do about the money that has already been taken. Do you still have an outstanding balance with the loan company? If so, and you want to control the payments to them, you should cancel the standing order or direct debit at your bank. However, if you have given them your debit card details, the only way to stop them taking money is to cancel the card and ask your bank to issue a new one.
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AshleyPark

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Re: Wage Day Company
« Reply #2 on: Feb 07, 2011, 05:28:07 PM »
James is right if you do have any outstanding payments due to them and want to take control of the situation you would need to cancel the card,  Due to the way they took your payments they may have charged fees to your account and may try to take these fees after your next paycheque goes in.
 
Lee
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 http://www.ashleypa

shocksoc335

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Re: Wage Day Company
« Reply #3 on: Feb 11, 2011, 07:39:35 AM »
You should if your account has become overdrawn close down your bank account and have your money transferred elsewhere such as a basic bank thats not linked to any debt that you have to protect your money. When you do this ask the bank to stop interest and charges. Any money you then owe to this Pay day company will be returned to them and you should negotiate to meet a payment towards it using your financial statement sheet.

If you feel; the company have been underhand you have to complain Wage Day Loans are on the rise, complain to the Office of fair trading or even the financial ombudsman. These companies can and will be shut down. PS - Don't use them again!
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James Falla

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Re: Wage Day Company
« Reply #4 on: Feb 22, 2011, 03:27:52 PM »
Generally speaking pay day loan companies are not acting against the law shocksoc so I am not convinced that they will be stopped from trading any time soon. However, this is not to say that I agree with them and indeed I feel that their use should be avoided as generally if people are already in debt, borrowing more simply makes the situation worse.
 
I agree with your advice about opening a new bank account if Bill22 owes money to the bank. However as far as I am aware, the problem is only with the pay day company. Given this, the easiest thing to do is arrange for the car to be cancelled and a new one issued. Then repayment of any outstanding debt can be controlled.
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L-E-E

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Re: Wage Day Company
« Reply #5 on: Mar 09, 2011, 10:06:04 AM »
as James mentioned they are not acting outside of the law. Some pay day lenders are more relaxed than others when it comes to assessing a clients ability to repay the loan

James Falla

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Re: Wage Day Company
« Reply #6 on: Mar 09, 2011, 04:39:08 PM »
Generally I have found that payday loan companies are pretty reasonable when it comes to agreeing to IVAs Lee. It just seems that they chance their arm a bit when it comes with negotiating directly with the person in debt about simply reducing payments. Ultimately if they have debit card details they seem to use them in my experience. That is why it is always best to cancel the card before trying to negotiate with them. 
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shocksoc335

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Re: Wage Day Company
« Reply #7 on: Mar 10, 2011, 07:57:56 AM »
I'm not suggesting they are acting outside of the law James I am suggesting that they can be very unreasonable and as such complaints should be submitted to OFT etc

Some of these companies are being investigated. A simple request such as don't take the payment from my account is ignored. I would consider that to be unreasonable.

I have previously worked for this type of company and have been asked to approach the bank for small payments then larger payments until funds are regained. (Lucky I am now on the light side)

Personally Bill has a right if experiencing financial difficulties to request that money is not taken from his account on hardship grounds. If these companies ignore his request he also has a right to complain.
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James Falla

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Re: Wage Day Company
« Reply #8 on: Mar 10, 2011, 06:16:21 PM »
Hi Shocksoc.
 
I do agree with you that the tactics used by some of these companies are unreasonable. However, it seems that unreasonable or not, they continue to employ them. As such, the best thing to do is ensure that they cannot take money by cancelling the card. Being able to make a complaint after the event is one thing, but avoiding the frustration of it happening at all is a far better option in my view. 
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shocksoc335

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Re: Wage Day Company
« Reply #9 on: Mar 12, 2011, 07:36:56 AM »
Totally agree James!
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