Txtloan - Debt Collectors

[Willo53]

Hi,

 

Has anyone dealt with their purported debt collection team?

 

I had been dealing with their in-house collections team and they have now indicated it has been passed over to debt collection.

 

I have offered to pay them £120 on an original loan of £100 but they are digging their heels in asking for £200. I guess the cost will only increase now they are passing it onto another debt collection company.

 

Has anyone else been through a similar process with this lot and I will not be a position to pay anything more than £120 otherwise they will be getting £1 a month for 300 months!

 

Cheers

 

W

[Jamie Kingston]

the £1.00 per month never a smart move in my opinion, make a sensible offer and tell them you'll pay it but negotiate the amount down. they have a right to add charges but you have the right not to agree to pay them...

[Emily Lovely]

I do not think it is the smartest move...I have also taken loans from them and if you ask politely then have always decreased amount that I have to pay back:roll:. To be honest if you try to the other way you will be haunted by this debt several years..Is that what you want:?:

[robjam1969]

I think your £120 offer is reasonable and I would be tempted to call their bluff. No dca has any power over you and you can tell them to get lost as well. Keep a copy of your correspondence just in case so you can prove you have been reasonable. A £1 per month offer is fair if that's all you can afford.

[Willo53]

Dear David,

 

Thank you for the e-mail.

Your loan is about to be handed over to debt collection as today is its 186th day. We provide short term loans for 7 days only.

 

Above response after I offered a £120 settlment offer - they say the amount is still fixed at £200.

 

I can afford more than £1 a month that is for sure, but I would be offering that in protest to paying a figure which is 200% more than the original amount loaned. I figure that way, it would cost them more money in admin costs and it would not impact my lifestyle if I was paying £1 a month. I am quite happy to hand over £120 to clear the debt and I think both parties would be happy with that.

 

I have now sent the 'rejected offer' template letter but heard no response from yesterday. I wonder who is this debt collection they are passing it onto - my guess it will be a third party DCA.

 

They have not made life easy with their insistence to only take payments from my card number despite several requests for their bank details!

 

 

--

[Jamie Kingston]

text loan will probably sell and you'll have to deal with DCA... wait it out or perhaps go a little more than the £120.00 just to get them off your case.

[Willo53]

Cheers Jamie,

 

Up the ante to £140 as a final offer then?

 

I am not too sure they are interested in any offers now, from the last reply they seem hell bent on passing to a DCA.

 

If it goes to a DCA will that spell bad news?

[Jamie Kingston]

not bad news, just annoying mate. they will also up the bill again and you dont want to be fighting this into the new year because of £60.00. offer the £140.00 to close off the account, you just want rid of it, call them to offer it to a manager, if they have any sense they'll accept.

[Willo53]

Bit of an update. I got a response back from Txtloan saying their settlement figure would be £160 but this needs to be communicated via Fredricksons as this has now been passed onto them to deal.

 

They said once you have paid Fredricksons, they will then communicate to Txtloan who will then wipe off the debt.

 

Not too bad a figure and is less than what I was expecting they would request.

 

The question is now should I haggle with Freds for a lower settlement or should I just play ball and pay the £160?

[robjam1969]

Hi Willo

 

If they have sold debt to Fredericksons they would probably bite your hand off for £140. They will think it is their lucky day having paid a fraction of this for the debt. If not sold I suspect they will still accept £140. Personally I would stand my ground. Already by doing this they are negotiating!!!

[Jamie Kingston]

agree with robjam, but if push comes to shove pay the £160 and get rid of it, who the hell wants the hassle for £20.00 quid! cheers.

[Willo53]

Cheers Guys,

 

I will send an e-mail to Freds in the next couple of days, but expect it is probably en-route to them as we speak. They ill probably take around 7 days to get in migrated on their system and assign an account manager etc.

 

I get the impression the debt has not been sold but Fredricksns are probaly actng as their designated debt collector. Not sure how the arrangement works but would hazard a guess its either fixed fee or they receive a percentage of the total repaid.

 

Have a good NY everyone.

[buddabing]

Freds have been quite good with me. They accepted £10 a month in a £200 debt, but said they would accept £140 if I paid in one hit. I may have some extra money coming at the end of January, so will offerr £100 to clear. They are keen to get whatever they can, so I reckon they'll go for this.

[sillygirl1]

Fredericksons have a couple of 'solicitors for rent' who do their dirty work, Bryan Carter and Turnbull Rutherford - so watch out for 'soliciting' letters from those firms.

 

I suspect uncle Bryan will possibly try to chase if they don't get their money quick enough, but he is easy to see off.

 

Hopefully you can put this to bed at the end of January and stay clear of these 'payday' companies.

[skyblue2027]

my opinion is to stick with the original offer of loan plus interest. stick to your guns and as SG suggested, if this gets to Bryan Carter solicitors, come back on here for further advise.

 

i had a similar loan and paid back the original £100 plus interest. one of the guys on here helped me with the letter. check my bryan carter thread from june 2010.

[Willo53]

Hi Guys,

 

These two firms: Freds and Txtloan personify incompetence!

 

After receiving an update on the support interface with Txtloan that they had passed the debt to Freds and they would settle for £160. I waited until Freds got in touch and they said the debt figure was at £247 and a settlement of £160 was far too insignificant and £198 was lowest they could go. I then cited the e-mail received from txtloan about £160, in which the operator asked for a copy to be e-mailed to Freds.

 

Completed this and after two days of no response, I decided to give them a call. The operator this time, said he has a note on the system to say that Txtloan have to confirm with Freds that this is an offer they would be happy with!! I arugued the case, saying surely they should communicate all offers to their client and not the other way around, after all thats what they are paid for.

 

In the end I hung up, but emphasised that I thought it was both companies failing to admit responsibility. I dropped a note to Txtloan confirming the conversation today and that they needed to speak to Freds and surprise, surprise they said that Freds must confirm the offer to them.

 

You really couldn't make this stuff up. Any ideas how I can get through all this density from both sides and get the account settled??

[Jamie Kingston]

i would wait it out. stick to your guns. Try and call Txt loan and demand to speak to a capable manager or higher position who can make desicions. explain the situation, keep calm and collected. see what they say... forget about freds if they cant collect the debt they'll just pass it back to txt loan...

[shellyuk]

Hi

 

I think you should tell them you are recording the conversation and offer them payment i have always been led to believe that firms that refuse a decent offer as this sounds to be your case you can take them to court and get the debt wiped good luck hope you get this resolved do not let them walk all over you seems they keep raising the price keep all the codependency you get and go seek legal advice or see your nearest CAB DO NOT PAY THEM

[kayleigh-jayne]

i think you are being completely unreasonable and outrageous. i have dealt with txtloan myself and they were extremely helpful when i had my card stolen and offered me to pay later at no interest. the default letter says your loan is 6 months overdue and you only want to offer them £10 extra in interest fees when the interest for the week is £10! thats just ridiculous. its your responsibility to make sure you can repay before you take out a loan. the fact that they are negotiatiing with you just shows that they care about their customers-something most other companies out there wouldnt even consider.

[robjam1969]

An interesting first post Kayleigh

[Kitten1]

Hmmmm....

 

Do we have a txtloan worker in our midst??

 

S&@t happens love and it can't always be planned for.

[kayleigh-jayne]

i study business and if you think mathematically for a second ull realise that because of people who refuse to repay, others (ie me and u) have to pay more!

[Cait116]

Not sure what your studies have to do with this situation. Theory and Life - different things. If only life were really that simple.

[Kitten1]

There will always be 'can't pay' and won't pay. It's life unfortunately. You can't legislate for it but banks etc do plan for it with interest rates etc. Payday loan companies know that the bulk of their customers have cruddy credit references because they have no other way of getting finance. They then choose to lend money at extortionate rates to ensure they do make a profit from those who do pay responsibly etc.

 

These companies are certainly not going to miss out, believe me!!

[Cait116]

unless the government puts a stop to it!!!