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The lending Trap

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The Lending Trap

Okay, so we’ve all seen the adverts. We are all familiar with the larger companies that market this type of product but no one really hears about the impact that these loans have on their customers.

I think I speak on behalf of a lot of people when I say juggling money and making sure ‘ends meet’ is no easy task. At some point or another, we’ve all struggled to make sure bills are paid on time, food is on the table, whilst still trying to maintain some semblance of a social life.

As soon as one bill is paid, another one slips through the letterbox. An endless cycle of longing for ‘payday’ to come.

This is where the ‘upbeat’ advert chimes in on the television. Reciting your current monetary issues to you, making you feel worthless; but wait! An answer is at hand! ‘Borrow money from us until payday!’ Seems like a great idea, right? I mean the people in the adverts are elated. I just click online, input my details and usually with an hour, I have funds in bank and am able to survive another day.

It seems like the answer to all your prayers. Even if you have poor credit, they can help you. ‘I’ll just pay that back at the end of the month’, you tell your loved ones.

Finally, payday arrives. Before you’ve even had chance to delegate your pay check to all of your ‘priority’ bills, the payday loan company have taken out your lending amount with an extortionate fee on top for the privilege. What ensues is a never-ending cycle of borrowing to pay back every month just to keep afloat.  As soon as you’ve borrowed once from them, it’s more than likely you will become a continued customer. Borrowing, paying back, borrowing, paying back.

You go from struggling to pay some bills each month, to struggling to pay them all.

The companies have fed off of the fact that most of their customers are embarrassed about having had to take out a payday loan in the first place. They’ve relied upon your embarrassment to ensure that their customers aren’t confident in reaching out for support when dealing with these companies; and have led them to believe that they have no choice but to pay the high interest rates and charges.

As the custom for payday loans has risen, thankfully, so has the interest into the companies surrounding them.

What has ensued is a lot of investigation into the ethics of these companies’ services and their ‘legislation’.

A 75% increase in complaints to the Financial Ombudsman, from last year alone, have forced payday loan companies out from ‘under their rocks’ and under the spotlight. As a result, many of the lenders have written off accounts for customers for fear of them trying to make claims against them.

What customers haven’t been told, however, is that a high proportion of payday loans have been mis-sold! All lenders are bound to disclosing an ‘income and expenditure’ form to customers, each and every time they are borrowing or ‘rolling over’ their loans!

This is why you have been, or are, locked into this cycle! It is not your fault that you are unable to pay these crippling fees and charges. Lenders knew all along that only the minority would be able to payback on time and stick to their agreements. This meant that they could then add on more charges, more fees and more pressure; lining their fat pockets with your tears and dismay!

We are here to say ENOUGH!

We fancy ourselves as the modern day ‘Robin Hood’ of the payday loan world. We want to try and take back what you’ve paid, what you haven’t paid and what you’ve borrowed! Giving YOU back the power that these ‘Sheriffs’ have taken away from you!

You deserve the right to have a voice! You deserve the right to be fairly treated and you deserve the right to be heard!

With your permission, we will contact all of your lenders, whether paid off or not; claiming you back all of the money you’ve had ‘stolen’ from them and then some! At the very least, we can try to get these loans written off for you!

With our ‘no win, no fee’ working ethos, you really have nothing further to lose and so much to genuinely gain!

Say ‘No more!’ with us to these ‘villains’ today!

Make a claim, make a stand!


Copyright: D Philips-Green