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will be coming a student soon (at the age of 26) and so saw a link to this company advertising as money stundents were 'entitled to'

 

soon realised it was a loan company,

 

but surely the wording of this is wrong/illegal etc...

 

Toothfairy finance

 

thankfully i have a perfect credit score so have no need to go to this sort of comapany, but can see alot of students gettting sucked into their '0%'

:D
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Companies such as these will get away with this sort of thing if no-one complains.

 

Who knows who to complain to? If it was an internet website for a normal business, then the local Trading Standards is the place to complain to, I believe. But since it's dealing with credit, would the FSA be the place to complain to?

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Yup FSA AND OFT

 

PF

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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1089% :eek:

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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I wonder if they have a credit license

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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I wonder if they have a credit license

 

From their FAQ

Q: How do I know this is legitimate, who regulates my loans

 

A:Tooth Fairy Finance are fully regulated by, and registered with the Office of Fair Trading. As we offer only unsecured loans we fall under the regulation of the OFT not the FSA. Our Consumer Credit Licence number is 61566, which is registered in the name of ‘CIM Technologies Limited trading as Toothfairy Finance’. We have a compliance officer who would be happy to answer any further questions you may have on this matter. We hope this helps and give you further faith in our service and intention

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Status: Active

Date of Incorporation: 07/03/2007

 

Country of Origin: United Kingdom

Company Type: Private Limited Company

Nature of Business (SIC(03)):

9305 - Other service activities

Accounting Reference Date: 31/08

Last Accounts Made Up To: 31/08/2008 (DORMANT)

Next Accounts Due: 31/05/2010

Last Return Made Up To: 07/03/2008

Next Return Due: 04/04/2009 OVERDUE

Last Members List: 07/03/2008

 

A search on the credit licence register brings up nothing hhmmmm

Edited by pompeyfaith

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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Interest

 

The interest rate for microcredit with Toothfairy is 0%.

 

Cost

 

The cost of a micro loan is interest free, instead a clear and easy to understand administration fee of £9 per £100 per week is charged.

 

 

So not interest free then!

 

The maths part: Microloans offer credit borrowed for less than one year. Using APR multiplies the loan cost but NOT the loan amount which gives a silly percentage. For example using this method a typical loan from Toothfairy would be calculated at 1089%APR but in real terms it is £18!

 

Real terms is £18, real terms its 1089% !!!!! B*GGER ME!!!

 

Yorky

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yup shocking and there accont return is overdue and despite my search i cannot find a credit licence

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

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[/b]

 

 

So not interest free then!

 

 

 

Real terms is £18, real terms its 1089% !!!!! B*GGER ME!!!

 

Yorky

 

 

Yeah, it's horrendous, but at the same time it's a useful service to people who can't otherwise get credit, such as students. They've saved me a couple of times.

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Yeah, it's horrendous, but at the same time it's a useful service to people who can't otherwise get credit, such as students. They've saved me a couple of times.

 

saved? or exploited you?

 

dont the government do hardship loans that are like interet free or something?

 

(i may be talking out of my bottom)

:D
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saved? or exploited you?

 

dont the government do hardship loans that are like interet free or something?

 

(i may be talking out of my bottom)

 

Well yes I was exploited by the appalling interest rates, but I knew full well what I was signing up for. Every story I've read on here has started 'I failed to pay the loan back' or similar. Well, what do you expect? They're not just going to let you off!

 

If they were claiming people hadn't paid when they really had, it would be a different matter, but as it repeatedly says on the websites of these companies, 'If you think you're going to have problems paying it back, don't take out a loan!'

 

Payday loans are intended for people who have money coming, but not for a couple of weeks and want an advance on that at the cost of the interest rates these companies attach to such loans. If you don't have the foresight to see three weeks ahead and know you're not going to be able to repay it, then it's hardly surprising you end up with debt recovery agencies after you!

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  • 3 weeks later...
Well yes I was exploited by the appalling interest rates, but I knew full well what I was signing up for. Every story I've read on here has started 'I failed to pay the loan back' or similar. Well, what do you expect? They're not just going to let you off!

 

If they were claiming people hadn't paid when they really had, it would be a different matter, but as it repeatedly says on the websites of these companies, 'If you think you're going to have problems paying it back, don't take out a loan!'

 

Payday loans are intended for people who have money coming, but not for a couple of weeks and want an advance on that at the cost of the interest rates these companies attach to such loans. If you don't have the foresight to see three weeks ahead and know you're not going to be able to repay it, then it's hardly surprising you end up with debt recovery agencies after you!

 

 

Yes but they make it bloody well too easy to obtain these loans dont they?. Payday loans are indeed intended for people who have jobs but there is nothing on there site or no restrictions put into place stopping people who havent got the means to, and whats to stop a 12 year old child getting one of these loans?? "oo free money" there is no way of tooth fairy finance to know the age of said person or ability to pay back. you may say well its your responsabilty to pay but when your a student and cant find a job and havent eaten anything at all for 8 weeks you start to get pretty bloody desperate. so before condemning people think abit mate.

peace out

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