Is there any legal basis re total + 1 month..

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AC1975

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Post by AC1975 » Mon Mar 26, 2012 12:37 pm
...one issue that has come up often elsewhere is this notion that payday lenders can ultimately (if they went to court) only claim the amount lent plus only one month's interest. No one can give me the legal/oft basis for this and I reckon it's an urban myth. The reason I was digging around for this info is that my brother has taken out a payday loan for £430 and within a 1 1/2 months (he's a plumber and took time off work) finds himself owing £850!! Anybody have any ideas? thanks
 
 

Broke of London

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Post by Broke of London » Mon Mar 26, 2012 3:15 pm
I haven't heard about this before; I would have thought their contracts were solid but could be wrong. CAB might be able to advise. x
 
 

kallis3

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Post by kallis3 » Mon Mar 26, 2012 3:20 pm
I've not heard it either but rather think it could be wrong.

Hopefully a more,knowledgeable poster will be a le to help.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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