WageDayAdvance - unfair fees?

[dulwich1980]

Hi all.

 

I was just looking for some help regarding WageDayAdvance. I've been in discussion with them since Feb 24th regarding my inability to pay back my loan and trying to set up a payment plan with them.

 

I owe them £581.25 (loan + 1 months interest)

 

They've had me jumping through all sorts of hoops, filling out I/E forms (which i had to find a template for, myself).

 

My offer is £50 over 12 months as i have other payday loans to repay.

 

The latest email which i've received is as follows:

 

*****************************************

 

Thank you for your email.

 

As your balance from the end of March will be £733.50, on a pro-rata basis we will accept £55.53 subject to review after 3 month.

Are making payments via direct debit suitable for you?

 

*****************************************

 

Any suggestions? I've replied back and asked why the amount has risen. Also, the email I received on the 9th from their litigation department (stating that the amount outstanding was £581.25) said... surely they can't add any charges until the 16th then?

 

"Unless you contact us within SEVEN DAYS of the above date with your firm proposal of payment your file will be passed to our Collections and Litigation office for a decision to be made as to the next course of action in recovering your debt. This will incur more charges for missed payments, letters and interest."

[26072004]

You would need to check the credit agreement as to their fees and charges.

 

its possible they may add even more charges on the 16th, but their letter states the increased balance is at the end of march. They should not add fees or interest if you come to an arrangement to repay get them to confirm this in writing (email OK)

 

Do not set up a Direct Debt they may strip your account get their bank details and pay direct every month.

[dulwich1980]

Reading the credit agreement - which it seems I only have one for 2009 (when I took out my 1st loan with them), a default fee of £36 is charged and £12 for unpaid/cancelled direct debits.

[robjam1969]

WDA try and get extra, personally I would pay by standing order and insist your offer is all they are getting. Their collection agents are quite toothless. Up to you but I would stand my ground - your offer is reasonable.

[Cait116]

Hear Hear Robjam - what are they gonna do dulwich, take you to court? I don't think so. Stand your ground hun, only offer the original loan plus 1 month interest. Play them at their own game! Pay what you can monthly and to hell with them! Easy for me to say I know, but I would tell them to take me to court and that I would vigorously challenge their claim. These barstewards need standing up to. - Now - Rant over

Glo x

[Jamie Kingston]

i believe they may have taken to court in the past, be aware...

[Cait116]

Hi Jamie!

 

Did they win?

[JO1010]

as Glo said

 

Stand your ground hun, only offer the original loan plus 1 month interest

[dulwich1980]

Hello - thanks all for the replies... I have emailed them again today..

 

**********************************

Thank you for confirming the extra charges.

 

Am I to assume however that if I were to make a payment today (the £50 as per my initial repayment proposal), that the balance would remain at the outstanding £581.25 as the litigation communication received from yourselves on the 9th March stated that I had seven days to either make full payment of contact you regarding a repayment arrangement...

 

"Unless you contact us within SEVEN DAYS of the above date with your firm proposal of payment your file will be passed to our Collections and Litigation office for a decision to be made as to the next course of action in recovering your debt. This will incur more charges for missed payments, letters and interest. If you have paid the amount owed in full or made an arrangement with us about the repayment of your debt before you receive this letter, please ignore this letter."

 

Also, due to my account being compromised recently, the account I wish to make my repayments from has no debit card associated with it. I can therefore only pay via Standing Order and would be grateful if you could provide the account details I need to pay into.

 

Thank you

 

**********************************

 

Awaiting their reply...

[Cait116]

Looks good Dulwich. They gave me their account details and I have set up a standing order so hopefully you should not have a problem there.

[dulwich1980]

Their reply... looks like unless I can cough up the interest (which I can't as otherwise i would have just rolled over the loan) then I'm going to have to pay the increased fee!

 

***********

Thank you for your email.

 

In order to freeze the further month’s interest, we would require the months interest which would have been due on the 28th February, which is £116.25.

You may make a £50 payment to reduce the balance by £50 today but unfortunately this will be an insufficient amount to freeze interest being incurred.

 

Please advise what you wish to do.

*********

[Cait116]

Well, you tried! (Don't forget to keep everything you send and receive).

 

Up to you Dulwich but I would personally wait until it went to a DCA and then negotiate with them on your original loan plus 1 month's interest. Like you said, you haven't got it to give.

[robjam1969]

I agree with Glo. A friend of mine refused to pay their charges and waited for DCA contact. He refused to pay them stating account was in dispute. All DCA could do was pass it back to WDA and he has not heard from them since.

 

I am not aware of WDA going to court as yet, but could be wrong. I think you are being reasonable and a court probably would as well. Ultimately you have to deal in a way you are comfortable with.

[dulwich1980]

Thanks for the replies - any advice on how to word the email back to them? I'm finding it slightly difficult to write anything other than, "You're having a laugh"

[sillygirl1]

By keeping your offers in email form you can show the court, should they try it, that you have tried to explain your change of circumstance and come up with an affordable repayment plan but all the company want to do is add fees and interest..... WDA used to be a good company to deal with but lately they have become one of the more difficult ones.

[Cait116]

Thanks for the replies - any advice on how to word the email back to them? I'm finding it slightly difficult to write anything other than, "You're having a laugh"

 

pmsl Dulwich :lol::lol::lol:

[dulwich1980]

Ok - so i've drafted the email below - any advice would be greatly appreciated. I think they might kick up a fuss about me not being able to make 1st payment until the 1st April - but the money I had accounted for them has (not so) kindly been taken by Virgin Broadband and I'm awating the refund...

 

***************

Dear Joe

 

Thank you for your email.

 

I must admit I am a little disapppointed with your response.

 

I am actively trying to pay my debt back with you - and have been in contact with WDA since the 24th February to try and arrange a repayment plan. My inability to pay back the full amount is through no fault of my own and as you can see from my loan history with you that I have always repaid in the past without any issues.

 

Adding these extra charges at this stage is not only unfair but as you can see from my Income and Expenditure sheet, is impossible for me to agree to.

 

I have £50 available after all of my outgoings to put towards my loan with you and as per my original repayment proposal would equate to 11 payments of £50 and 1 payment of £31.25.

 

By adding the extra charges now means that my repayment would increase to approximately £61 over 12 months - which I simply cannot afford now, nor in 3 months time when you suggest to review my repayments. Living costs are only going to increase - take petrol and electricity for example - and so I am unsure of how you could expect me to pay more than I can afford. The extra pressure on trying to make these payments would potentially only see me turning to other loan solutions, which could actually put my ability to repay this loan back at all in jeopardy.

 

I would be grateful if you could reconsider my original offer of paying back the £581.25 (loan + 1 month interest) over the 12 month period.

 

As stated in previous emails, I would like WDA's account details in order to allow me to start making repayments from the 1st April. Due to my account recently being compromised, I no longer have a debit card associated with it.

******************

[robjam1969]

Looks good to me

[sillygirl1]

Reads very well, keep sending that and keep all the emails as if they do try court you can prove you tried to negotiate and stop charges etc being applied. With the high interest cvharged on theser loans they do not like to try court too often....

[dulwich1980]

So, their latest reply

 

*******

Thank you for your email.

 

If you could make the £50 payment today, I would be willing to freeze the interest incurring until the end of March.

I would also deduct the £50 from the balance.

 

There is, unfortunately, nothing I can do with regards to the default charge.

 

So if you could make the payment of £50 your balance from the 31st March will be £567.25.

 

Please advise if this I suitable for you.

****

 

Which is them being reasonable i suppose - however due to Virgin taking my money and me still waiting on the refund - i can't pay this now

 

Nothing is EVER simple!

 

B*gger

[steve15640]

Send them your email again, saying you want interest stopped for the entire repayment period as requested !!

[dulwich1980]

Latest from WDA after requesting to freeze interest - they're being as stubborn as i am. I have explained the reasons as to why i cannot make a payment now and they don't want to know. Typical.

 

************************

Thank you for your email.

 

Unfortunately without a payment we are unable to freeze interest and charges.

Therefore, your balance on the 1st April will be £733.50.

 

We will accept pro rata payments of £55.53.

Please find our bank details below in order for you to make payment:

 

Barclays Bank

Account Name: Wage Day Advance Ltd

Account Number: 90931772

Sort Code: 20-45-14

Amount: £55.53.

 

I will hold your account for a few days after the 1st April for your first payment to be received.

********************