Poundstillpayday journey - pay day loan

[magpierings]

Hi everyone

First post on here and i just thought Id tell you of my journey with Poundstillpayday which Im starting today, Ive spent the full day on here/reserching and Im hoping that my journey ends debt free, but, im sure it wont, Ive just sent this letter to PTP via customercare...

 

Dear Sir/Madam

Re My account

I have had an account with yourselves since around April 2008, over the past 18 months I have taken several payday loans and always repaid them in a timely manner

I am currently in financial difficulty, I am facing pressure from all sides and I do not know what to do, many of my creditors have accepted payment arrangements and I am calling upon yourselves to do the same if possible

Over the past 12 months alone I have paid to yourselves over £1800 in interest charges, not including broker fees and the original loan values.

 

 

As per the loan agreement which quotes the following terms and conditions and I have contacted you ,

The terms and conditions of the credit agreement and the broker agreement are as follows:

 

1. You must inform the creditor in writing within fourteen days of any change of name, postal address, job or any other circumstances relating to your ability to discharge you liability under the credit agreement.
   
2. The credit agreement and the broker agreement are governed by English Law
   
3. The creditor is licenced by the Office of Fair Trading of Craven House, 40 Uxbridge Road, Ealing, London W5 2BS. Our consumer credit licence number is 574990
   
4. The broker is licenced by the Office of Fair Trading of Craven House, 40 Uxbridge Road, Ealing, London W5 2BS. Our consumer credit licence number is 574988
   
5. Both the creditor and the broker are members of the Consumer Credit Trade Association (CCTA) and subscribe to its code of conduct. The CCTA operates a reconciliation service and arbitration scheme for customers who cannot resolve a complaint with member firms. You will be given details of this scheme if any complaint you may have cannot be resolved.
   
6. All terms and conditions, correspondence and any communication from the creditor or the broker will be in English.
   

 

I have taken advice on my current payments outstanding and I wish to make you the following offer;

3 x payments £200 each dated 23rd October, 25th November, 24th December in full and final settlement of the current debt of £1299

I believe that my offer of £600 as a full and final offer is fair when you review the history of my account and the amount of interest paid to yourselves.

In accordance with the Consumer Credit Act Section 138, to pay any more would constitute an extortionate credit agreement.

 

I have quoted the relevant points from the Act below:

138. (1) A credit bargain is extortionate if it –

 

(a) requires the debtor or a relative of his to make payments (whether unconditionally, or on certain contingencies) which are grossly exorbitant,

or

(b) otherwise grossly contravenes ordinary principles of fair trading.

(2) In determining whether a credit bargain is extortionate, regard shall be had to such evidence as is adduced concerning –

(a) interest rates prevailing at the time it was made,

(b) the factors mentioned in subsections (3) to (5), and

© any other relevant considerations.

(3) Factors applicable under subsection (2) in relation to the debtor include –

(a) his age, experience, business capacity and state of health; and

(b) the degree to which, at the time of making the credit bargain, he was under financial pressure, and the nature of that pressure.

(4) Factors applicable under subsection (2) in relation to the creditor include –

a) the degree of risk accepted by him, having regard to the value of any security provided;

(b) his relationship to the debtor;

© whether or not a colourable cash price was quoted for any goods or services included in the credit bargain.

I have contacted you as soon as I have felt able, and I am currently suffering panic attacks due to my financial situation, I do not want to let any of my creditors down, and I no longer wish to have to take out credit at high interest rates likeAPR 2334.71%

I beg your understanding, and I now require you to respond by e-mail to confirm that you will accept my full and final offer of £600.00 as settlement of this account on the dates specified

 

Thank you for your help and understanding

.............................................................................

 

 

 

 

Ive got my fingers crossed they'll respond, has anyone got any advice on this?

 

 

Thanks so much

 

 

Maggie xx

[PlumFairy]

Hi

 

Good e-mail. As to whether they will respond - yes they will but how, you can't be sure.

 

unlike more conventional lenders PDL do not seem to have any pattern at all to their responses. It seems more and more dependent upon the mood of the person at the other end of the computer at the time.

 

I am currently having a nightmare with them.

 

I would always recommend changing your bamk account, or at least your card details.

 

Good luck

[MsWeatherwax]

Great letter - and if you don't ask, you don't get.

 

Seconding PlumFairy on changing your account details, and not giving them to them for any reason.

 

Good luck, and there's plenty of very clued-up people on here to support you.

[robjam1969]

Welcome to CAG Maggie

 

Sound advice already.

 

It is unlikely PTP will accept this, not that it isn't a reasonable offer. looks like you have been a good customer of theirs. It is however time to draw a line in the sand and say no more.

 

They normally pass to a DCA called Clarity who are fine to deal with. PTP are virtually impossible to negotiate with and you must refuse to talk to them. They will probably give you some abuse but just ignore them.

 

Most importantly protect your bank account. Lose card as already advised and cancel any direct debits.

 

Normally passed to Clarity within 4/6 weeks.

 

Good luck

[slgsue]

Hi Maggie, I hope you dont mind but I used your letter as a template for my own to PTP. I did also say that we would only communicate via written correspondence and request that their threatening phone calls end!!!!

 

Not holding out much hope bring on Clarity hopefully they will be better to deal with!