Posted: 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