Txtloan have cleared my account

[mightyroyals]

Hi i had a loan with txtloan and i had my card stolen and i emailed them and got the basic response of tough anyway i heard no more from them for about a month til tuesday when i recieved an email saying thank you for your payment of £246. i then checked my bank account and all seemed ok til last night when i checked my bank account and i am now overdrawn.

 

i had 185 pounds in my account which were for train tickets so i could go and see my family this month and was just waiting for the train company to take the money but instead txtloan decided to help themselves to £246 and now leave me with no money and overdrawn and not able to see my family as i planned.

 

Is there anything i can do about this many thanks in advance

 

mightyroyals

[Willo53]

Very limited action you can take. The money shop did exactly the same to me over a old debt which was not valid anyway. You could write them a letter with the threat of fradulent use of your card and that you will be contacting the OFT,Financial Ombusman, Trading Standards and FSA and see if this scares them. I would first of all speak to your bank and refer it to their fraud team, although I did the same with Halifax and they did not seem interested in the least.

 

Check the contract you signed with them, there will probably be some section which states they can use your card to reclaim unpaid debts and this is how they try and justify it.

 

Keep us all updated.

[mightyroyals]

i did ring my bank last night and the person i spoke to told me to call up the debit card investagation team tomorrow morning but he also said some companies can still take money off a card when stolen or lost, he did tell me to tell them i was in dispute with the company as this may help.

 

I just cannot believe that these cretins can get away with this

[postggj]

Yep Happened To Me

I Ended Up Closing My Bank Account And Getting A New Account Number And Cards

 

Even If You Cancel Your Cards, The Payday Companies Use A SysteM Called Continuous Authority Mandate

 

They Use The First 12 Didgits On Your Card, Not Sixteen To Force It Through

 

Lesson To All

 

When You Cancel Your Cards, Make Sure The Bank Put On A stop on The Card

 

Thats A Procedure

 

Just Going In And Cancel Or Reported Stolen Is Not Enough

 

Remember stop

Edited January 2, 2010 by postggj

[crockie]

When we had a problem with a payday loan co the banks fraud department refused to help as they said we did actually owe the money.

 

We managed to get the money back via a different route, however I believe that this particular company then closed the loophole that I used.

 

In our case the document that my OH had signed gave them authority to take a lump sum payment on a particular date. We asked to deffer for a month and they said no and tried to take the payment, the payment didint go through. They then left it a week or so and then took several smaller payments (obviously repreated transactions to see how much they could get) which didnt quite come to the amount they now claimed we owed including charges.

 

I emailed them saying that we had only given permission for them to take £x amount and not the smaller payments. Nowhere in the form that OH signed did it mention any other amount, by the end of the day we had the money back.

[mightyroyals]

Phoned the fraud department up this morning and we not intrested one little bit and told me it was my fault and that i would be charged daily intrest etc etc i have now started looking for a new bank account but as i dont drive or have a passport and dont claim benifits i have got to call national insurance and ask for a invitation letter or something i am just worried now as i get paid on the soon and dont want to lose a load of money from it going into my old account,

 

Will a works company let you pay you wages into someone else's account i.e my girlfriend even though she has a diffrent surname anyone know??

[postggj]

no probs paying into a different account as long as you have full details

 

if the cards were cancelled by the bank

 

the bank has to refund

 

done this with barclays

 

dont take know for an answer

[Ell-enn]

You can ask your employers to pay your wages into your girlfriend's account - you will need to give them the instruction in writing. Quite a few of the employees where I work ask me to pay into another person's account, usually girlfriend or partner, or even parents.

[mightyroyals]

Thats one relief at least i wont lose half my wages to charges and what is left to pay in the account from what they took.

 

I just cannot believe they can get away with this kind of behaviour the money i had in my account was for travel to my parents who i have not seen for over a year im soo soo angry and upset right now

[fletchy83]

I've been thinking about joining TXTLoan, which lead me to this website from a Google search, so go easy on me as I'm new. This thread got me thinking.

 

mightyroyals: I can sympathise with your situation as it's never fun to have cards stolen or charges withdrawn unexpectedly.

 

In fairness to TXTLoan (don't bite my head off), it does seem that they were simply taking the money owed to them. Unless it wasn't owed, in which case nobody should be able to take funds out of your account. Presuming you owed the money, however, I don't see why their taking it should be seen as an injustice to you. Sorry.

 

"the money i had in my account was for travel to my parents who i have not seen for over a year"

 

Again, I feel really bad for you and I hope you have sorted out your problems and been able to see your parents, but what I don't understand is that you obviously had some money in your account, so why didn't you just pay off the TXTLoan debt before the high APR charges started to kick in?

 

I don't understand why people take out emergency 7 day loans if they cannot afford - or are not willing - to repay them on time.

[mightyroyals]

I've been thinking about joining TXTLoan, which lead me to this website from a Google search, so go easy on me as I'm new. This thread got me thinking.

 

mightyroyals: I can sympathise with your situation as it's never fun to have cards stolen or charges withdrawn unexpectedly.

 

In fairness to TXTLoan (don't bite my head off), it does seem that they were simply taking the money owed to them. Unless it wasn't owed, in which case nobody should be able to take funds out of your account. Presuming you owed the money, however, I don't see why their taking it should be seen as an injustice to you. Sorry.

 

"the money i had in my account was for travel to my parents who i have not seen for over a year"

 

Again, I feel really bad for you and I hope you have sorted out your problems and been able to see your parents, but what I don't understand is that you obviously had some money in your account, so why didn't you just pay off the TXTLoan debt before the high APR charges started to kick in?

 

I don't understand why people take out emergency 7 day loans if they cannot afford - or are not willing - to repay them on time.

 

i would of paid it off on the 7th day but i could not coz my card was stolen and txt loan would not give me there bank details to make the deposit instead they charged me and then cleared me fair i think not they did not want to help they were just being plain greedy and gettin what they could from me. and did not want to help at all.

[robjam1969]

That's the second post today defending txtloan.

 

I suppose we are all entitled to an opion:confused:

 

I would suggest in the majority of cases peoples circumstances change and that is the reason they can't repay.

[fletchy83]

mightyroyals:

 

Out of interest, how was it that you couldn't repay on the 7th day but TXTLoan was able to take the payment anyway? I checked the TXTLoan website and in their help section I found this:

 

Day 8- we collect £ 110, however, if funds are not available

 

So presumably TXTLoan tried to take the £110 from your account on the 8th day but you had insufficient funds? Because if your card was stolen and then a month passed, it doesn't make any sense that TXTLoan would then be able to take £246 from you, as surely the card details would be different? Or are you saying that TXTLoan waited until a month had elapsed before taking any kind of payment from you? I also found this, which suggests your debt had been passed to a collections agency:

 

Day 23- if the loan is not paid back in full, we send a forth reminder including a £20 administration and transaction fee, loan totals £200;

Day 46- if the loan is not paid back in full, we refer the loan to our collection department which incurs an additional £46 administrative charge and transaction fee and we may refer the loan to our collection partner.

 

 

robjam1969:

 

I guess I'm just playing devil's advocate. I probably won't sign up to TXTLoan as I don't need the money that urgently but I don't see any other reason not to do so. Yes, circumstances change, but over a 7 day period? If finances are that tight and unpredictable surely it's best not to take out a short term loan in the first place??

[mightyroyals]

mightyroyals:

 

Out of interest, how was it that you couldn't repay on the 7th day but TXTLoan was able to take the payment anyway? I checked the TXTLoan website and in their help section I found this:

 

 

So presumably TXTLoan tried to take the £110 from your account on the 8th day but you had insufficient funds? Because if your card was stolen and then a month passed, it doesn't make any sense that TXTLoan would then be able to take £246 from you, as surely the card details would be different? Or are you saying that TXTLoan waited until a month had elapsed before taking any kind of payment from you? I also found this, which suggests your debt had been passed to a collections agency:

 

 

 

robjam1969:

 

I guess I'm just playing devil's advocate. I probably won't sign up to TXTLoan as I work for them but I don't see any other reason not to do so. Yes, circumstances change, but over a 7 day period? If finances are that tight and unpredictable surely it's best not to take out a short term loan in the first place??

 

The full amount was there for them on day 7,8,9,10 all the way through all they had to do was give me there bank account details and i would of transferred the money to them straight away but they are to ignorant to do that and there Dca are a in house Dca so in other words there the same ppl who call you and dont listen to a word you say. Also i don't really care for your thoughts on the issue anyway coz they have no relation to the thread questions at all any how i am not prepared to get in this argument with someone who obviously has some connection to the company. SO PLEASE STOP POSTING ON MY THREAD TROLL

[fletchy83]

mightyroyals:

 

Sorry if I have caused you any offence. I'm not trolling and my connection to TXTLoan involves little more than a general interest and subsequent search on Google. So far, most of the comments I have read about the company have been negative, but I'm just trying to understand your particular situation. During my short spell on this forum I have encountered an unfortunate prejudice against any kind of different opinion, which isn't exactly encouraging.

 

I am intrigued by your situation because it doesn't make any sense. You claim that your card was stolen but your bank account had sufficient funds to pay for the TXTLoan debt on days 7, 8, 9, 10 and all subsequent days. So why didn't or couldn't TXTLoan take the amount on the 8th day but somehow managed it a month or so later? It's a reasonable enough question and I think it resides at the heart of the argument - as you are clearly aggrieved by the company's actions, I'm sure you can easily answer it rather than resorting to "get off my thread" comments, which hardly help anybody.

[robjam1969]

mightyroyals:

 

Sorry if I have caused you any offence. I'm not trolling and my connection to TXTLoan involves little more than a general interest and subsequent search on Google. So far, most of the comments I have read about the company have been negative, but I'm just trying to understand your particular situation. During my short spell on this forum I have encountered an unfortunate prejudice against any kind of different opinion, which isn't exactly encouraging.

 

I am intrigued by your situation because it doesn't make any sense. You claim that your card was stolen but your bank account had sufficient funds to pay for the TXTLoan debt on days 7, 8, 9, 10 and all subsequent days. So why didn't or couldn't TXTLoan take the amount on the 8th day but somehow managed it a month or so later? It's a reasonable enough question and I think it resides at the heart of the argument - as you are clearly aggrieved by the company's actions, I'm sure you can easily answer it rather than resorting to "get off my thread" comments, which hardly help anybody.

 

Far from it Fletchy, different opinions are more than welcome. However the idea is to provide support to people. I have never dealt with Txtloans but don't feel the need to question Mightroyals to the degree you are.

 

Your argument is well stated, but probably not helping and that is the whole point of CAG. If you don't have a connection to Txtloan then there are plenty of other lenders for you to google to your hearts content.

[fletchy83]

robjam:

 

The issue of whether or not to sign up with TXTLoan resulted in my arrival on this forum, so it's not a question of searching for other lenders.

 

As much as I can sympathise with mightyroyals (we have all been in tricky financial situations), I don't understand the basis of his or her argument, which is why I have probed the issue further. Perhaps this is not in the spirit of CAG, as the so-called prejudice I encountered can be more aptly described as a two-camp situation: either you are on the side of the debtor or you are a troll.

 

I'm content to leave the point as it is and not cause any undue stress to mightyroyals, but the reason for my asking is that either the company in question waited until the full amount of charges could be applied to the account before attempting to withdraw the outstanding balance or it attempted to take the £110 on the 8th day but no funds were available in mightyroyal's bank account.

 

The difference is important because if the former example is true then the FSA can become involved, which would obviously be of benefit to mightyroyals, whereas if the latter example is true then, unfortunately, the whole argument comes crashing down.

 

What I don't understand is that TXTLoan were able to take money out on the 46th day but apparently not any earlier - for people interested in such issues, it is worth finding out. Wouldn't you agree?

[fletchy83]

I'd just like to reiterate that I don't intend to offend anyone - just hung up on the aforementioned issue. Yesterday I managed to upset an individual whose son had been caught speeding, so maybe it's just me

[sillygirl1]

They dont WANT the money on any other day than the day they get the maximum they can... that is the reason. GREED, pure and simple.

[garysonjack]

i have only used them once and had no problems but i have never needed to put money in their account as my card is fine.

 

The charges however are ridiculously high!!!!

[GCampbell64]

garysonjack, as I said on another thread, the charges aren't really all that high when viewed in context. Looking at txtloan's site, they have an apr of just under 1000% - but I don't think it matters whether it's 1000% or 10,000%, because you're supposed to repay in 7 days.

 

So it's really only a £10 charge (10% on the loan itself) over one week. If you are likely to not be able to pay in this time, don't sign up to a payday loan!!

[SmithBlack]

Unfortunately a few people will not follow that advice.

[Maya chic]

garysonjack, as I said on another thread, the charges aren't really all that high when viewed in context. Looking at txtloan's site, they have an apr of just under 1000% - but I don't think it matters whether it's 1000% or 10,000%, because you're supposed to repay in 7 days.

 

So it's really only a £10 charge (10% on the loan itself) over one week. If you are likely to not be able to pay in this time, don't sign up to a payday loan!!

 

I am cab driver in London and a VIP client of TxtLoan. Have used many short-term lenders out there and must give credit to these guys. They are always helpful and had never had major problems with them.

 

To their defense, if 'garysonjack' jumped into my cab asking to take him to Manchester, I would expect to get paid upon arrival. If you did not pay, or ran away, there would be extra charges accruing because of your actions. For instance, Police would now be involved and finally through debt collection and County Court Judgement the principal you owed in Manchester would surely be doubled by the time we caught you.