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Help with getting a reduced repayment plan accepted by Payday Loan companies


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  • 1 month later...

Help!!! I can't get lending stream, CFO, and QQ to agree to a repayment plan.

 

CFO have gone crazy with their changes and a £200 loan is now £514 and rising.

 

QQ will only accept a repayment plan over 3 months and want £400 a month the loan was £800

 

Lending Stream have just gone very quiet and are not hassling me at all, they just don't repsond to emails.

 

Every time one of the companies email me i send them the offer of what i can afford (general a 6 months repayment plan agreeing to the orginial loan amount and one months interest) but none of them agree and CFO say they will keep addign charges until I repayment the loan, interest and charges they have added to the account in full.

 

What can i do to get this sorted and how can I get them to remove the charges they have added??

 

Please help me as I am getting very worried about this now and it is sprialing out of control

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Complain to the FOS that they are being unreasonable in not accepting a reasonable offer just so they can keep adding charges and interest.

 

The FOS charge these companies £400 for every complaint works out very expensive for them.

 

eventually the companies invloved will pass to a debt collector who will accept a lower amount, but they should not be allowed to just keep adding to your debt.

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By the sounds of things you have done everything you can to try and come to an arrangement. Just make sure you keep copies of all correspondence. QQ will more than likely pass to MacHall, horrible on the phone but generally quite reasonable by letter. I failed to come to an arrangement so just paid £10 each month. Each month they sent me a letter saying thank you for payment but you do not have a payment arrangement in place, so I just continued paying. That was what I could afford so that was what they were getting.

 

Another plan would be save (yes save!), they money you would have paid them each month while they are being unreasonable. At some point they will offer you a reduced settlement and by then you should have they money to take them up on their offer, or just email them offering the original amount plus one months interest. They will more than likely accept.

 

FOS are always a good option, costs you nothing but costs them a fortune!

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I have made a complaint to OFT - and will look into doing one with FOS tomorrow. I wish CFO would take me court - i'm sure a judge would rip them apart and set a reasonable repayment plan and also reduce the charges on the account

 

Thanks for the help guys - any further advice is more than welcome x

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Update

 

I have a severe and incurable illness, which at present is not responding to any treatment and I have had a lot of time off sick. I am on morphine for the pain and other medications to try and reduce my symptoms, and because of the pain and my condition I am unable to fulfil the demands of the job. However I was very lucky that I was re deployed under medical grounds to a different job in a totally different department much nearer home, but it is a lower grade then my previous job and also is a much lower pay as I am not entitled to the extra financial benefits that went with my previous job. I also had to give up my second job as I could not continue working two jobs. All of this has obviously affected the level of my income has dropped significantly, meaning I cannot afford to repay the loans as expected. I have told all the companies about this.

CFO have behaved very badly, calling me a liar etc - unfortunately for them they did this via email - a copy of which was included in my complaint to the FOS regarding their inability to accept a reasonable payment plan. I stated that the only reason CFO have refused a repayment plan is because they want to add as many charges and interest as they can. I have asked the FOS to remove all the charges and interests, except 1 month and accept a repayment over 6 months.

QQ just won't agree to a repayment plan and insist that if any repayment plan that is set up is subject to them having my bank details and debit card details, which I point blank refused to give, so we are getting nowhere fast!!

Lending stream have gone very quiet and are not pushing at all for repayment, so I’ll battle with them once I have dealt with CFO and QQ

Any ideas what I can do next

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  • 2 weeks later...

FOS have accepted my compliant and have written to the company as they refuse to accept my formal complaint. They have asked CFO to respond to my complaint and issue their final response. As we expect CFO to tell me to get stuffed in respect of my complaint (asking them to drop all charges and just add 1 months interest) FOS said that they will then follow through with my complaint and see what can be done.

 

All of a sudden CFO have been very quiet and I am no longer receiving upteen calls, text messages and emails a day. They wouldn't even respond to my emails askign what my aaccount number is as FOS wanted it, but I can't find my account number on any of their paperwork

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  • 1 month later...

I need some help please.

 

CFO have now either passed or asked for assistance from (i'm not sure which one as the letter doesn't say) from Daniel and Silverman. D and S are now informing me that they intend to take court action unless I pay £627.91.

 

I have asked OFT for assisatance in sorting this debt out and getting some of the charges reduced and also to get a reasonable repayment program sorted.

 

What should i do. I am going to contact OFT and let them know what they have done

 

Any other advice on what i should do

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The Office of Fair Trading will not deal with individual cases,,they will record the information and will use it

when licences come up for renewal.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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sorry i meant to say FOS.

 

I contacted FOS and they re sending a letter ton me to forward onto CO and the DCA. The letter confirms that a complaint has made been made regarding CFO.

 

I called D and S andinformed them of situation and that the account is in dispute. They said if I can foward a letter that FOS are sending me, they will run the situation past their manager and decide what to do.

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Good, I would run over the manager I thinl:madgrin:

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

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  • 2 weeks later...

I wish had run over the manager - i am sure it would class as "in the best interests of the community!!" ::wink:

 

However, back to the long run saga of PDL v me.

 

CFO

Still doing battle - CFO do not email me any more, and I have only 1 letter from the DCA. To be fair to the DCA i did phone and inform them of the situation and they said my account is now on hold and will be looked at by a manager. I now have the the letter from FOS to say I have made a compliant and it has been accepted by FOS and is awaiting a case manager to be allocated to it. I am going to fax it to them and see what happens. My guess is that they will throw this case back to CFO and the emails etc will start again.

 

 

Quid Quick

Bloomin useless!!! They ring occasionally and text but won't liaise re a payment plan unless it is within 3 months. I am ignoring them until they decide to offer a reasonable payment plan. I have a compliant to FOS all typed up - just waiting for their final response to my complaint. If i don't get it soon I will send the FOS the complaint anyhow.

 

 

Lending Stream

I have heard nothing from them - not even a letter telling me i have defaulted on the loan!!! All the time they are keeping quiet, then so will I!!! It gives me more time to deal with the others.

 

In short - i'm exactly where i was in January!!!

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I have QQ on my back and they are not being the most helpful companies in the world!!!

 

They refuse to agree to a payment plan for more than 3 months and will only accept payment via DD. I was willing to agree to an inital payment plan of 3 months but i refuse to allow them to have a DD into my account and stated that I will only pay by Standing Order.

 

QQ stated that they do not accept payments by SO and only have card or DD payments only.

 

They are now passing my account to an outside agency - any ideas who this will be and how do i deal with this? I am happy to repay the debt,but I will NOT give them my bank details so they can raid my account whenever they please!!!

 

Is the outside agency usually reasonable and accept payment plans???

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Thats tough you have offered to pay, standing orders can be accepted by any one,

what they don't like is you being in charge, with an ''OPEN' DD' in their hands they can steal what they

like from you at any time.

I have in the past marked a DD mandate with the following.

The Sum Specified and The Date Here ON Must Not BE Change or Amended WITHOUT MY PRIOR WRITTEN AGREEMENT.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

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  • 1 year later...

I had a loan with mini credit for £120. I became ill and had surgery which lead to complications and i was signed off sick for 3 months from work so i was unable to repay the loan.

 

I have cancelled all my bank cards and i keep a careful eye on my accounts to make sure they don't try setting up a direct debit. I have told them the cards are now invalid but the keep trying to take the money - I get phone messages saying they are taking 3 payments from my registered debit card.

 

I have emailed Mini Credit several times but they refuse to respond or agree a repayment plan. They also ignore my requests for their bank details so i can make payment via standing order and tell me i must log into my account on line and make payment via my card, which i will not do.

 

I received a letter today telling me that the loan has increased to £514.80!!!!

 

I am going to send them yet another email (see below) Is there anything else i can do? I know I have to wait 8 weeks before submitting to FOS, but I hjave the complaint form filled out and ready to go, as from what I have read Mini Crdit will not respond favourably or be reasonable.

 

Last time i took a PDL to FOS the complaint was upheld and the company was forced to remove all the charges and give me £150 compensation, so i am hoping my complaint will be as fortunate as last time!!

 

 

Email sent

 

FORMAL COMPLAINT

 

Despite numerous emails to you to sort out a repayment plan you have ignored these emails and have continued to add charges and interest to this loan, which has almost tripled the debt.

 

I wish for you to remove the excessive charges and interest - i believe that you have deliberately not agreed a repayment plan so that you can add these charges

 

In my previous emails i have informed you that i has been very ill and have had surgery and been signed off work, therefore i have not been able to repay the loan as expected.

 

I would like to agree a repayment plan and i will make these repayments via standing order. I make a monthly repayment of £20.

 

Please confirm that these charges have been removed and that you agree to a repayment schedule of £20 a month. Please include your bank details so i can set up the standing order from my bank account.

 

If the above is not agreed to I will escalate this complaint to FOS and ask for their intervention to get you to agree to a repayment plan and agree reasonable charges.

 

Please respond via email as i wish to keep a paper trail of what has been agreed.

 

If i do not receive a response to this email within 14 days I will escalate the complaint to FOS without further notice to yourselves.

Edited by yourturntopay
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In regards to fos you have to wait 8 weeks before complaining. You could however include the oft in the letter although you should be making those complaints regardless.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Minicredit dont do backing down,.

 

my friend went with payplan after having numerous loans etc, and Payplan classed Minicredit as a priority creditor...... that tells you something.

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Speak to your local CAB; Minicredit are hardcore when it comes to recovering consumer credit debts (see my post "That's gotta hurt"; I'm 6 months down the track). They will not budge an inch and I consider myself a very effective advocate for my own interests.

 

However, their stubbornness is also their greatest weakness, and leaves them open to regulatory censure. The OFT guidelines on the recovery of consumer credit debts state quite clearly that

 

2.2 In general terms, businesses should

 

• treat debtors fairly – debtors should not be subjected to

aggressive practices, inappropriate coercion, or conduct which

is deceitful, oppressive, unfair or improper, whether unlawful or

not

 

• be transparent in their dealings with debtors and others –

information provided should be clear and should not be

confusing or misleading

 

• exercise forbearance and consideration – in particular towards

debtors experiencing difficulty - we would expect businesses to

work with debtors with a view to providing them with

reasonable time and opportunity to repay debts and, where

appropriate, to signpost them to sources of free independent

debt advice

 

• act proportionately when seeking to recover debts, taking into

account debtors' circumstances - actions taken in respect of

 

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/OFT664Rev.pdf

 

Their clear failure to act in accordance with OFT guidance, the failure to attempt to mitigate their loss, to act in a reasonable manner; they can't possibly be helpful if they were the subject of complaints to the Financial Ombudsman and OFT on the basis of s140 of the Consumer Credit Act 1974, the Unfair Terms in Consumer Contracts Regulations 1999. Some of their actions could also be construed as aggressive or misleading business practices under the Consumer Protection from Unfair Trading Regulations 2008.

 

You might also consider looking at whether they have observed the formalities required in a consumer credit contract; if it is improperly executed (does not contain all the required contract terms) it is unenforceable by virtue of s65 and s127 of the Consumer Credit Act 1974.

 

I would emphasise that I am not saying that they have contravened these statutes and regulations, or encouraging you to take any particular course of action (except to consult the CAB or a lawyer); however, I would venture that to take the positions they have on a debt of £120 and to continue to purport that penalties and interests are accruing while you're off work due to illness, requires an especially acquisitive and soulless person.

 

Also, email your MP and see if you can have someone from their constituency office assist you.

 

This isn't legal advice and is merely for educational purposes. Always consult a legal professional prior to acting on such information

Edited by MostUncivilised
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Sadly the CAB and local MP are not the way to go - we already have established that.

 

The way to deal with them is

 

 

  1. Continually email them with an offer - then if they do go to court you can prove that you have communicated with a viable offer
  2. Contact the OFT and Trading Standards both of whom are aware of this companies transgressions - if you do not complain to them you are wasting your time posting on this forum
  3. Contact MP Stella Creasy - she is very pro-active in the Payday loan market and has people who can help - local MPs do not have the resources they need to deal with the issues.
  4. If you are making offers over a period of time put the money to one side as you can lodge it with the court to prove that you have the resources to continue paying at the level you have chosen
  5. Their interest charges, penalties and other fees are easily argued against and not enforceable via court - unless of course you get a judgement by default because you could not be bothered to defend.

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Sadly the CAB and local MP are not the way to go - we already have established that.

 

The way to deal with them is

 

 

  1. Continually email them with an offer - then if they do go to court you can prove that you have communicated with a viable offer
  2. Contact the OFT and Trading Standards both of whom are aware of this companies transgressions - if you do not complain to them you are wasting your time posting on this forum
  3. Contact MP Stella Creasy - she is very pro-active in the Payday loan market and has people who can help - local MPs do not have the resources they need to deal with the issues.
  4. If you are making offers over a period of time put the money to one side as you can lodge it with the court to prove that you have the resources to continue paying at the level you have chosen
  5. Their interest charges, penalties and other fees are easily argued against and not enforceable via court - unless of course you get a judgement by default because you could not be bothered to defend.

 

Curiouser and curiouser. You continually appear to encourage people to do less rather than more, and give factually incorrect legal advice like claiming that interest charges are not enforceable in court. They are enforceable and they are enforced all the time, and it is highly irresponsible to claim otherwise.

 

With regards to local MPs, you don't know until you try. If someone is, for example, a single mother or a pensioner, there is a good chance they may obtain assistance from their MP in dealing with the PDL, and when I did a vac posting in an MPs constituency office we did help quite a few people with utility companies and the like. Even if they don't receive direct assistance, it always helps for MPs to be getting this feedback from their staff as it will help to develop the MPs position on PDLs.

 

I think you should be more careful about the advice you're giving; it's simply irresponsible to be posting factually incorrect legal advice and encouraging people to limit their options and narrow the scope of the manner in which they attempt to reduce their liability.

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What you have to remember is PDL customers do not have the time, knowledge or resources to deal with their debt and need a 'quick fix' that allows them to sort out other (to them) more important issues.

 

The key at the beginning is to make the person realise that they are now in control of their finances, that these companies have very little power over them and that these companies legally cannot pile on charges and fees in the way they think they can.

 

What is factually and legally wrong about that statement. That is the gist of the advice we give on here.

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