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Everything posted by Nao

  1. There will probably be 300 million loopholes anyway, for example payday loan companies can simply offer longer term loans (like for example amigo loans which is by the way run by people who used to be in the payday industry), or they'll do it like airlines and simply rename their fees faster than the government can legislate. Besides, capping cost doesn't go far enough, only a complete ban will do.
  2. Legally they can set up a repayment plan long before you default, its just front-line staff not being permitted to by company policy, fortunately oft, fos and Courts (if any / all of them ever should get involved) all agree that you did the right thing by trying to set up a manageable repayment plan as soon as possible, so all wonga achieve by delaying it is make themselves look bad.
  3. If it was another PDL company demanding money: Negotiate affordable repayments on what you actually owe, set up payment plan and repay. With this particular company however I would not waste too much effort on trying to negotiate anything as they are notorious for ignoring Customer communication, breaching regulations and various other things. Just send them one single letter by recorded delivery (and keep a copy) that outlines how you are going to repay what you actually owe (amount borrowed plus interest for how long the loan was originally for minus any payment already made), plus make it clear to them that if they want one penny more they will have to take you to Court where you will take any and all legal action necessary to defend against their claims. (don't worry, they won't take you to Court). And don't be afraid to prioritize other debts like Council Tax, Rent and so on over PDL debts, the Courts would do the exact same. Even if its just a fiver a month or whatever, they can be happy if they get anything at all. Also go to a branch of your Bank and ask for all CPAs from CIM Technology, Toothfairy, Webloans processing, MHB, NDR and any other connected company to be cancelled, get it confirmed in writing (signed by Branch Manager) that the Bank has done so. If Toothfairy should then somehow manage to help themselves to money the Bank will be legally required to refund it immediately (and the Bank can then try to get their money back from Toothfairy). Also please collect any and all communication you receive from this lender and forward it to the OFT, a lot of their emails and letters are "potentially" in breach of a whole bunch of regulations.
  4. Pay the last £50 as you had agreed to by Bank Transfer. Then make sure they can't help themselves to any money. Then send them one letter by recorded delivery that you consider the debt settled in full, that they are to immediately cease any all debt collection attempts and harassment. After that just ignore them, but collect all communication you receive from them and forward it to the OFT. Also don't worry about their threats,it is nothing but a standard threatogram they send to everyone, all bark no bite.
  5. The credit report was doomed the moment he signed the credit agreement, even if he would have only ever had one pdl and repaid it on time he would likely still be refused for mainstream loans due to the pdl. Negotiating affordable repayment plans with everyone he owes money to and fighting the unfair charges they will no doubt have added is the best way to go.
  6. What an utter and complete failure from the ASA. I'd say all those wealthy people who are responsible for regulating the pdl industry should be forced to spend one week each year working at one of the countless charities that try to clean up the devastation left behind by those pdls. Then maybe they would start to understand what impact those lenders and their practices are really having.
  7. In theory you have to different ways of cancelling a CPA: 1: Directly with the company that set it up. 2: The Bank. (note, it must be done at least one working day before the payment is due). In theory the Bank must refund you immediately if the CPA should be used to get any money from your account (the law however doesn't specify what exactly qualifies as immediately). In reality to be on the safe side go to a branch of your Bank, have them cancel the CPA, get a piece of paper from the Bank that confirms it has been cancelled and insist for it to be signed by the Branch Manager, that not only provides you with sufficient evidence should you end up having to fight either the Company or Bank in Court, but also provides a safeguard against the Bank blaming errors of front line staff. Yes, there are other ways for them to get money from your Bank account, can't post them here for legal reasons, but if they actually used them they wouldn't just put their credit license in jeopardy but face criminal prosecution.
  8. Simple: Give out 1000 loans for £200 each with £250 to be repaid on schedule and you have a profitable business. OR Give out 1000 loans for £200 each with £2500 to be repaid behind schedule and you have an even more profitable business as long as 10.1% or more people are intimated enough by the threats to pay up. Standard threatograms like the one posted above by rippedoff15 could be seen as one big joke as all they achieve is to lower the chance of the debt even being legally enforceable as no Judge would look favourable upon such letters if it wasn't for the sad fact that those pdl companies and their dcas prey on the vulnerable and that some people have even been driven to suicide by bully debt collection practices.
  9. I would do the following: Pay a visit to your Bank and cancel any and all CPAs for Toothfairy, CIM, Webloans immediately and get the cancellation confirmed in writing from the Branch Manager. While there get written confirmation form the Bank that you have not received a payment from Toothfairy. Make a copy of the confirmation that you never received the payment, send it by recorded delivery to Toothfairy along with a strongly and clearly worded letter that they are to immediately cease any debt collection attempts as the loan has never been paid out based on which you dispute any debt exists. Send a complaint to fos, oft and let the media know as well, I'm sure they will love to expose lenders that are worse than wonga:whoo: After that just ignore them.
  10. Given the way their advertising and pre contract information is worded they would have a very hard time defending if they would be challenged over a claim from themselves that they provide a rolling account / line of credit.
  11. They have to accept the money you pay them towards the debt regardless if they agreed to the payment plan you suggested. However, first you need to get them to give you a detailed breakdown of what you allegedly owe in writing, then you have to challenge each and every penny above what is actually owed and make it perfectly clear to them that they will not get a penny until the amount actually owed is confirmed in writing.
  12. Considering the lender can be fined up to £50000 for failing to deal with a legitimate complaint it is really in the lenders best interest to deal with complaints seriously though. But then of course we are talking about the Toothfairy here:evil:
  13. Sorry this is a bit long, from the Consumer Credit Act 1974:
  14. Yep, best to do it in branch and get a piece of paper signed by the branch manager confirming that they've done it, can be a pain to get it, but short of changing to a different bank its the only 100% safe way.
  15. Not even a dmp can negotiate with TFF, just pay whatever you actually owe when you can in instalments that don't hurt you too much and just ignore their shouting, they are all bark and no bite, can't say much, but from the research I've done and forwarded to the relevant authorities but there are good reasons why they don't take people to Court.
  16. Send them random unimportant messages through the webform until you get a reply from a real person with a working email address, then reply to that with what you actually want to send them.
  17. See what I mean? they can't even agree with themselves on the amount you supposedly owe, no Court would take them seriously.
  18. In order for a Court to make a decision if you actually owe the money they claim you owe they have to tell the Court one amount, seeing how they change the amount allegedly owed often several times a day there is zero chance a Court would take them serious. So no, they won't ever take you to Court, so no need to fear that at least. All you owe is original loan amount plus 1 month interest plus initial default fee minus any payment already made.The rest is all unenforceable fantasy charges. Now with any normal company you would simply contact them and negotiate a payment plan, but don't bother with this company, success rate is less than 0.1%. Just pay them whatever you can easily afford whenever you can until the amount actually owed is paid off and not a single penny more. You will also have to make sure they don't help themselves. Report the card provided in the application as stolen / lost, so they can't just hammer it randomly. Also make sure the Bank cancels all CPAs for them, you'll have to go to the Banks branch and demand that the branch manager signs a paper that says the Bank has to cancel all CPAs for this Company any anyone acting on their behalf. That way should the lender then raid your account you can hold the bank responsible.
  19. I would advice to not do that. Don't ever pay extension fees. Just default, then pay back the loan, extending it will just just prolong the problem. As for looking forward to Court papers from them, don't expect any, they've changed my £300 loan (which has been paid off more than a year ago) into more than £12000 (yes, 5 digits) and have threatened thousands of times to take me to Court, guess what, they've never done so. And you know why? they stand zero chance of enforcing the debt cause they can't even agree with them self on the amount owed (a Court would tell them to go away just for that alone, not to mention the countless violations of guidelines and laws), just pay off what you actually owe whenever you can in whatever instalments you can,then just ignore them.
  20. Unless a Bailiff can prove he is an actual Bailiff and has been sent about a specific debt by the Court then even if they would show up you could tell them to leave, if they refuse call the police, threatening man dressed in black in your property and you are scared to death. Trespassing charges will just be the beginning, however there is no evidence to suggest anyone ever received a visit about a loan from these muppets. So don't worry about it and just pay off what you can when you can up to the amount actually owed which is very likely to be much much lower than what they demand (although they usually don't know what they demand as you can easily receive multiple emails from them the same day demanding different amounts).
  21. They will not show up at your door, don't worry about that. Even if they did, unless they show you evidence that they have been sent by the Court even a foot in the door is a crime. With other pdls I'd advice to negotiate a suitable repayment plan, with this particular one though, just pay what you can when you can and only the amount actually owed (original loan + 1 month interest + initial default fee minus any payment already made), then simply tell them to stick it where the sun doesn't shine if they demand more (which they will beyond any doubt). If you did pdls the honour of considering them bottom of the barrel lenders toothfairy wouldn't even be stuck to the underside of the barrel, much less inside of it and there is zero evidence of them ever doing more than send threatening communication. Just pay it back when you can so you can later pat yourself on the back, feel good and say you've done the right thing.
  22. From a legal point of view no one can take a penny from your card / account unless you provide your consent to the specifics of the transaction, even if you already provided consent in the past you can withdraw it (thats what cancelling a cpa is). So from a legal point of view you are covered, however are you willing to give the pdl the benefit of doubt and assume they follow the law even when its to their detriment? Sure you can get the money back in many cases if they help themself, but that can sometimes take a long time. Which is why many advice to close account and change bank, yes its very drastic and shouldn't be necessary, but its the only 100% safe way. But its up to you if want to go through that hassle for that last bit of peace of mind, cause as I said, legally the pdl can't take a penny without your consent.
  23. When you are with a dmp wonga can't bother you anymore, they have to deal with the dmp from now on. While wonga is legally required to try to come to an agreement with the dmp they are not legally required to accept any specific repayment proposal, but dmps usually are good at the take what we offer or get nothing game. Eventually wonga will realize that accepting what little gets offered is better than nothing.
  24. No official email address exists, just their online form, physical mail just ends up in an empty garage and phone is no option with any pdl / dca. You can just send random unimportant things to the contact form on the website until you get a response from a real human using a real address and then reply to that with the actual communication, I know its a lot of hassle, but those muppets got reason to hide.
  25. Speedcredit must be getting desperate, they've tried to take £12060 from my bank account yesterday:mad2: Rather obviously that didn't go to plan as they didn't get a penny, but the Bank called me anyway to ask why someones constantly trying to get £12060 from my old cancelled card hehe. Sorry for being gone so long, had some unrelated issues, but shoudl be back for good now.
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