differentmoney.co.uk Payday Loans. Don’t pay them back, read why here

differentmoney.co.uk Payday Loans. Don’t pay them back, read why here

If you have had payday loans and are in serious trouble, or just can’t pay them back, do not worry. There are a few tricks you can do to get out of paying them and there area  lot of companies about now that were set up for the sole purpose of fighting them on your behalf. Lets face it, the tactics they have used over the years have been dodgy to say the least, so its time they got a dose of their own medicine!

There has been some criticism of these loans in the UK recently. Vince Cable MP said “The growing popularity of these loans highlights the problems stemming from the credit crunch and unsustainable levels of personal debt in the UK. An alarming rise in the popularity of ‘payday loans’ has seen the numbers resorting to high-cost credit quadruple in four years.

differentmoney.co.uk Payday Loans. Don’t pay them back, read why here

Illegal tactic they use against you and your credit file

I discovered this completely by accident and a lot of companies adopt this illegal tactic, from debt collectors to payday loan companies. They threaten to put a default/negative mark on your file, which means for the next 6 years you will find it hard to gain any credit again. However, they are sending to the large companies like Experian, your details, far earlier than they should and putting negative marks on your file. This means Experian shows either a missed payment or default on your file, before they legally should, it is a scandalous move on their part. So try this tactic now and I guarantee you will see your credit score improve immediately. I looked for a free to join, smaller credit agency, that most importantly allows you to dispute any/every negative listing against your file online, by simply clicking against the entry. If you see any defaults/negative marks on your file, click dispute on all of them and it will lodge with every agency in the UK, even if you think it should be there. I disputed everything from payday loans, to debt collectors and had 80% of them removed as they were unfairly lodged by the company. Check your file for yourself now, the free one I used was this one

Controversial payday loans that charge astronomical interest rates of 2,000% or more over short periods to desperate borrowers have become hugely popular since their emergence in 2006, according to a report by a consumer watchdog. Paydayuk.co.uk, for instance, charges borrowers £50 for a loan of £200, which for short-term borrowing is an APR of more than 22,600%.


  • Around 1.2m recession-hit Britons used expensive short-term credit facilities in 2009

 

  • It means 2% of the population now regularly uses the loans – a fourfold increase on the numbers borrowing in 2006.

 

  • Altogether, around £1.2bn was borrowed last year. But individual loans tallied 4.1m, suggesting a large number of serial users.

 

  • Over the last four years, the growth of the online market has seen the average charge on a £100 payday loan rising from 15% to 20% – or £20 for every £100 borrowed.

 

  • An average £300 payday loan would cost £360 if it was repaid after one month.

 

  • But the danger comes if that loan had to be deferred or ‘rolled over’. After six months, the same loan could cost as much as £660 to repay in full.

 

differentmoney.co.uk Payday Loans. Don’t pay them back, read why here

If you have multiple debts and want to get rid of them all today

The problem with having quite a bit of debt, is it can become overwhelming and extremely stressful living day to day. If you have multiple debts and just want to get rid of all of it and let someone else handle it for you, then I can recommend one company for you. It is free to join and protects you from court action and bailiffs. They will contact all your creditors and end all the calls/letters/texts you get daily, whilst being able to force up to 70% of your debt to be written off as, ‘bad debt’. So if you want to end be rid of it all today check them out here
Consumer Focus believes that ordinary High Street banks should start offering affordable short-term loans as alternatives.

The report said: ‘Our research has shown that low income consumers choose payday lending in preference to more mainstream options, because of the problems they encounter when using traditional products such as overdrafts and credit cards’.