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Payday Loan Help - Toothfairy!


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Hey

 

I had a right nightmare with some Payday Loan companies, I had over £3000 spread across various lenders, I have an interest free loan of £3000 with my boss and that's paid off ALL except one lender and I pay my boss back £75 per month.

 

This just leaves Toothfairy who I have £500 with, I have asked about a repayment plan and got the following reply ... where do I stand?

 

 

Thank you for your email. We do not accept payment plans at Toothfairy Finance. Our loans are 28 day loans only. You have the option to roll your loan for an additional payment of £72 by 7.4.11. If payment is not received by then we will pass your file to NDR debt recovery and this will incur fees of £350. 0800 862 0218

 

 

What step should i take next, I can easily afford £150 a month to get this cleared asap, but they aren't playing ball and just want to whack interest and charges on, which my £150 only just covers! hence back in the loop!!

 

Thanks

Mike

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I suspect that you will have to play hard ball with them. I have never dealt with NDR but read enough about their tactics. If they won't take you to court (not seen them try yet) they will have to come to an agreement if you refuse to pay them. As for their fee it is laughable. You will just have to put up with the harrassment from them in the short term.

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I've paid the £70 fee as a token gesture for the time being, will bide me some time anyway. I get a fair whack each month in salary so I can happily pay them £150-200 and clear it in 2-3 months, but they wont play ball and keep adding interest on.

 

I'm debating about moving the debt to wonga, at least I can deal with them! :D

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These people are a nightmare to deal with. They ignored my emails and then waited until a day after my due date. Then just came up with a random day for me to start a repayment plan (courtesy of ANOTHER set of charges) .Until somthing is sorted they just ignored me and added charges. Im still not sure what my next step is.

 

£150 a month sounds very reasonable and id just wait for them to accept it. If they stat telling you that you have to pay £100's extra then just stick to what you said. They will get bored after a while and accept i think

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These people are a nightmare to deal with. They ignored my emails and then waited until a day after my due date. Then just came up with a random day for me to start a repayment plan (courtesy of ANOTHER set of charges) .Until somthing is sorted they just ignored me and added charges. Im still not sure what my next step is.

 

£150 a month sounds very reasonable and id just wait for them to accept it. If they stat telling you that you have to pay £100's extra then just stick to what you said. They will get bored after a while and accept i think

 

Hi i had a loan with toothfairy couldnt pay bacj. Passed to ndr who dsaid would add 350 in charges. I said the charges are illegal and please take me to court. They backed down and i made an arrangement to pay. Before the first payment on arrangement was due i constantly recieved threatenig emails and txts saying no contact made so baillifs coming to take goods worth 9 times value of debt etc. I just replied well if this is how u act sending pathetic empty threats i look forward to getting anyone removed from my doorstep without court order and i will gladly now let it go to court due to the threats. Yesterday recieved a letter from marshall hoares baillifs saying they now legally own the debt making all kind threats etc but a quick check at companies house online shows that they are infact toothfairy finance and changed name in febuary . So when ndr/toothfairy phoned yesterday i just said sorry i have letter saying marshall hoares legally own the debt so cant discuss it. While he was lost for words just said bye and hung up. Have emailed toothfairy that unless they stop threats and come to sensible agreement like original loan and one months interest spread over a reasonable time i will gladly go to court. Sorry for rambling on just a warning that marshall hoares baillifs are toothfairy finance.

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No prob. Yeah i got a text message aswell saying Marshal Hoare Bailiffs now have the debt. I haven't received any letters though.

 

Jamie...What do you think i should do? They are not emailing me or sending me any letters. Do you think i should wait? I do not have a mobile anymore so they can not call me.

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They need to be reported to the OFT, they CANNOT use their bailiff powers in collecting this debt, if they do they should have their licences revoked. You need to get the police involved hee as the bailiff cannot use his bailiff powers..... they are misrepresenting their level of involvement here. (Another paydayloan company tried using Marstons Bailiffs to collect and came badly unstuck).

 

Get the complaints in to

 

Office of Fair Trading (who have already cautioned Toothfairy - mention this in your compliant and get the info off the OFT website)

Trading Standards via Consumer Direct

Local police regarding threats by bailiffs who are acting WITHOUT a court order

Local MP (who can get questions asked in the House about this lender....)

 

GET COMPLAINING AGAINST THEM NOW AND REPORT THE REFERENCES TO THE COMPANIES WHEN YOU GET THEM

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just been looking at Toothfairy/NDR it would appear they are owned by the same people.

 

same business address, same registered address and even same directors.

 

so what happens is Toothfairy pass their debts to someone sitting on the next desk, charge a fee for this and then NDR add more charges, all monies basically going to the same parent company.

 

is this legal?????

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No prob. Yeah i got a text message aswell saying Marshal Hoare Bailiffs now have the debt. I haven't received any letters though.

 

Jamie...What do you think i should do? They are not emailing me or sending me any letters. Do you think i should wait? I do not have a mobile anymore so they can not call me.

Hi do you have an update how your getting on with them?

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I got an email saying im refusing to take to them Bllah blah blah. I emailed again saying all they need to do is agree to my payment plan and I will pay when i get paid (in a week)....But no reply

 

Its pointless, they will just send the same crap email again in a week or so.

 

If I wanted to listen to loads of crap....I would fart

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  • 1 month later...

Hi

Think i need make new post but not sure how.

i applyed for toothfarily loan yesterday and was approved and told it would be in my bank within the hour its now 24 hours later and still not there i have tried to call them and only get the auto service not able speak with anyone also tried to email them which the email was sent back undelivered.

 

 

i am so out my wits end now i just want to cancel it as its just putting me under stress which i cant really deal with at moment

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Hi Mike,

 

Not sure if you have seen this

 

OFT acts to improve lending practices

 

116/10 9 November 2010

 

The OFT has taken action to address unsatisfactory business practices of payday lender CIM Technologies Ltd, known as Tooth Fairy Finance.

Tooth Fairy Finance is a payday lender which typically lends amounts of between £100-£300 to students on a short-term basis via telephone or SMS.

 

The OFT has imposed requirements on Tooth Fairy Finance which set out that it must not:

  • vary the repayment date or amount payable in respect of the loan, unless this is specifically agreed in advance with the debtor
  • trade using names other than those permitted by its credit licence
  • levy debt collection charges that are disproportionate to the amount owed.

The company must also appoint a suitably qualified person to advise on, and administer as necessary, legal and regulatory compliance.

Failure to comply with these requirements could lead to a fine of up to £50,000 per breach or to action by the OFT to revoke the company's credit licence.

The OFT is also working with the Consumer Finance Association (CFA), the trade association for payday lenders, to promote higher standards across the payday loans sector.

Ray Watson, the OFT's Director of Consumer Credit, said:

'Payday lending provides access to credit for consumers who have limited choices. It is imperative that those who offer payday loans do so responsibly and in accordance with the law. Where we are not happy with a business' lending practices we will not hesitate to take action to protect consumers.'

 

NOTES

  1. Google 'OFT ToothFairy'
  2. Businesses should not include terms in their contracts with consumers that enable them to vary the date and amount for collection without prior agreement. The OFT considers such terms are likely to be unfair under the Unfair Terms in Consumer Contracts Regulations 1999, as they have the potential to operate to the significant detriment of consumers. For example, where money is unexpectedly taken from consumers' ccounts during a time of financial difficulty, consumers may incur additional fees and charges from their bank or financial provider.
  3. Under the Consumer Credit Act 1974 (the Act), businesses that offer goods or services on credit or lend money or are involved in activities relating to credit or hire must be licensed by the OFT. The OFT has a duty to protect the interests of consumers by monitoring the fitness of those holding or applying for licences.
  4. A licensee who carries on business under a name not specified in the credit licence commits an offence (section 39(2) of the Act).
  5. Where the OFT is dissatisfied with any matter in connection with a business, a proposal to carry on a business or any other conduct by a licensee, associate or former associate, the OFT may impose 'requirements' on the licensee (section 33A of the Act). The OFT may also take action to impose a requirement whilst dealing with an application for a licence to be issued. Requirements may require a business to do or not to do (or to cease doing) anything specified for the purposes connected with addressing the OFT's dissatisfaction, or securing that matters of the same or a similar kind do not arise.
  6. There are two ways that OFT can impose requirements. Firstly, the OFT may issue a formal notice to the business informing it of the requirements it is minded to impose. The business may then make representations to an adjudicator who will consider these and make a determination. The business has a right of appeal to an Independent Tribunal. Alternatively, the business may propose requirements and if these are in the same terms as the requirements the OFT is minded to impose, the OFT can impose these requirements without proceeding with the formal notice. Under this procedure, which has been used in this case, the business does not have a right of appeal to the Tribun

:first:

FABULOUS......

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The saga carries on, debt is now up to £832 and they are still refusing a payment plan ... got to love them, PDU, Wonga, QuickQuid are all done/settled now ... thank god.

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Hey

 

Right just got this from them, any ideas what steps next? I don't know if it makes any difference at all but this loan was taken out using a text message reply to them ...

 

Mike

 

 

 

 

Dear Mr xxxx

 

We will be able to take a token £100 payment on account of your outstanding balance but we cannot freeze the interests and charges.

 

Please explain in detail why the loan was taken if it could not be repaid in full as per the terms and conditions you agreed to?

 

Please note that we would like to come to an amicable arrangement with you but any offer that is too low will lead to your file incurring fees and being passed on to third party Recovery Agents and Solicitors. Your national credit file will also suffer affecting your ability to borrow in the future.

 

Please explain in detail with evidence exactly what has changed in your circumstances since you took the loan.

 

Please note that to freeze the file now and to stop any further action on it you will need to:

 

*

 

CLEAR the balance within 4 weeks from today

*

 

the first payment being made within the next 5 working days.

 

Thus you will owe a frozen balance of COMPLETE

 

Please confirm your commitment to this arrangement and confirm what payments you will be making and when.

 

If you cannot come to an arrangement such as this your file will be passed on to third party Recovery Agents and Solicitors and fees will be incurred. Your Credit file will suffer and you will be pursued independently of ourselves.

 

We look forward to hearing from you today so as to achieve a speedy and cost effective resolution to this matter. If we do not hear from you today your file will be passed on.

 

Thanks

 

Collections Team

 

Toothfairy Finance(54)

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ANYONE???? PLEASE!!!

 

 

 

Dear Mr xxxx

 

Ref: ToothFairy Finance Ltd – ToothFairy Pay Day Loan / xxxxxx

 

Thank you for your email.

 

CIM Technologies Ltd (trading as Toothfairy Finance), Toothfairy Finance Limited as well as Northern Debt Recovery are fully compliant with all necessary legislation.

 

A. Financial Services Authority:

 

FSA regulation is only required for secured loans. This is an unsecured loan covered by the Consumer Credit Act.

 

B. Consumer Credit License:

 

-CIM technologies Limited (trading as Toothfairy Finance) is fully licensed in accordance with the Consumer Credit Act by the Office of Fair Trading. CIM Technologies Consumer Credit License number is 615666. The local trading standards office is Camden.

 

-Northern Debt Recovery is fully licensed in accordance with the Consumer Credit Act by Office of Fair Trading. Northern Debt Recoverys Consumer Credit License number is 631166-1. The local trading standards office is Camden.

 

In conclusion all actions will be fully complaint and all necessary licenses held.

 

We trust that this has alleviated any of your concerns relating to legal and procedural compliance. It is imperative that you now work with us to repay the loan. Please contact us within 24 hours to discuss this.

 

If we do not hear from you by close of business TODAY we will have no option but to :

 

1.

 

Add full legal and recovery fees to your file.

2.

 

Pass your file with ALL evidence to third party Recovery Agents and Solicitors

3.

 

Register your defaults as per this loan agreement against your national credit file.

 

We look forward to hearing from you today so as to achieve a speedy and cost effective resolution to this matter.

 

Yours sincerely,

 

DEBT MANAGER – JACK ROGERS (43)

 

NORTHERN DEBT RECOVERY

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Anyone????

 

I offered £100 per month for £832 (what they told me yesterday) on condition they froze charges/interest.

 

 

Dear Mr xxxx

 

This offer will not be acceptable. Minimum repayment we can accept is £150 per month in order to freeze interest and you current outstanding balance is £904.

 

Tomorrow this file will be passed to Marshall Hoares Bailiffs.

 

They will pursue this debt via your local County Court and once Judgment is obtained will look to obtain an attachment of your earnings and the ability to seize goods.

 

We would like to avoid this and recommend you reconsider your payment plan offer, however you only have until 10:00 tomorrow call 0843 381 0843 to avoid further action.

 

We STRONGLY recommend you reconsider your position.

 

Yours sincerely,

 

DEBT MANAGER – ZARA RABBIT (49)

 

NORTHERN DEBT RECOVERY

 

0843 381 0843

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Complain complain complain, they are NOT Allowed to add collection charges and if they are trading under a group CCL licence that is agains the OFT Guidelines, phone Consumer Direct http://www.consumerdirect.gov.uk and contact OFT http://www.oft.gov.uk about this, and send them their emails, they are completely out of order.

 

NO WAY can they take goods up to 9 times the value of the debt on your doorstep WITHOUT a court order, and the bailiff company need reporting to the courts for 'collecting common debt' which NEGATES their bailiff powers.

 

Get those complaints in NOW

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Marshall Hoares Bailiffs, NorthernDebtRecovery & Toothfairy Finance are all one entity.

 

Marshall Hoares Bailiffs are NOT bailiffs. They are debt collectors. All bailiffs have to be certified by the HM Courts Service & must not be associated with or in the business of buying debts. NO WAY can they take goods up to 9 times the value of the debt on your doorstep WITHOUT a court order

 

www.ensas.org.uk/membersearch.asp

www.acea.org.uk/membership

 

They are not registered to either of these or HM Court sevices & making complaints to any of these bodies should have these morons smited off the face of this planet!

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Hi,

 

Complaints in place and email sent to Camden trading standards, how do you suggest I reply to toothfairy? I've offered them £150 cash now and £100 per month but they have refused this, the debt was only £400, it also appears they are adding their £9 per £100 interest on the interest too, it's the only way I can get from £832 to £904 in a day!!!

 

Mike

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Add that to the complaint, what you need to do is make a 'super complaint' listing all their infringments, complete with arguments about their unfair contract (they already charge astronomical interest so adding fees etc and daily interest at their rate is an abuse of law - courts would only allow 8% interest annually on a debt once a CCJ is granted).

 

They are taking the proverbial, by continually offering them your offer (keep those emails as evidence) you are showing you are acting very responsibly in this matter and they are not.

 

Sit tight and they will eventually have to do something - if it is court I have a defence which will hopefully make them discontinue, they will NOT want to appear in front of a judge to explain their behaviour and cannot get away now with 'its in the terms and conditions'.

 

You might need £75 to defend but can put this against costs......

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Hi all. I have had dealings with toothfairy and nor then one day received this email from Marshall hoares:

 

PRE-VISIT Notice

 

Client: ToothFairy Finance Ltd - ToothFairy Pay Day Loan

Client Ref: 214827

 

Date: 16/04/2011

 

You have failed to make suitable repayment arrangements concerning the above arrears which remain outstanding.

 

Our recovery Agents will now visit your premises to arrange payment . This will involve a person visiting you to demand payment. Should the payment not be forthcoming, further visits will take place until we have payment in full. All visits may be chargeable.

 

You must make the IMMEDIATE FULL PAYMENT of all outstanding amounts (as shown above) to prevent this action from commencing or contact us to arrange a suitable repayment plan.

 

YOU HAVE 3 days FROM THE DATE STATED IN THIS NOTICE TO MAKE PAYMENT

NOTE: THIS IS YOUR FINAL CHANCE TO AVOID COURT ACTION. NO FURTHER WARNING WILL BE GIVEN

 

A fully prepared case will be sent to your local County Court for Judgment against you as well as agents instructed to your door. After a successful judgement we would seek a Warrant of Execution to seize goods and / or obtain an attachment of your earnings to have this debt deducted directly from your salary.

 

WE ADVISE YOU TO CONTACT US IMMEDIATELY on 0843 381 1111

 

Yours Faithfully

 

 

Door Collections

Marshall Hoares Bailiffs

Telephone: 0843 381 1111

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Hi all. I have had dealings with toothfairy and nor then one day received this email from Marshall hoares:

 

PRE-VISIT Notice

 

Client: ToothFairy Finance Ltd - ToothFairy Pay Day Loan

Client Ref:

 

Date: 16/04/2011

 

You have failed to make suitable repayment arrangements concerning the above arrears which remain outstanding.

 

Our recovery Agents will now visit your premises to arrange payment . This will involve a person visiting you to demand payment. Should the payment not be forthcoming, further visits will take place until we have payment in full. All visits may be chargeable.

 

You must make the IMMEDIATE FULL PAYMENT of all outstanding amounts (as shown above) to prevent this action from commencing or contact us to arrange a suitable repayment plan.

 

YOU HAVE 3 days FROM THE DATE STATED IN THIS NOTICE TO MAKE PAYMENT

NOTE: THIS IS YOUR FINAL CHANCE TO AVOID COURT ACTION. NO FURTHER WARNING WILL BE GIVEN

 

A fully prepared case will be sent to your local County Court for Judgment against you as well as agents instructed to your door. After a successful judgement we would seek a Warrant of Execution to seize goods and / or obtain an attachment of your earnings to have this debt deducted directly from your salary.

 

WE ADVISE YOU TO CONTACT US IMMEDIATELY on 0843 381 1111

 

Yours Faithfully

 

 

Door Collections

Marshall Hoares Bailiffs

Telephone: 0843 381 1111

 

Just wondering is this legal?

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Like I said before they are not licenced bailiffs, just debt collectors, the address they use is registered to Northern Debt Recoveries.

 

Get your complaints in.

 

Have a read here

http://www.consumeractiongroup.co.uk/forum/showthread.php?306836-tooth-fair-payday-loan-unfair-treatment-and-threats

 

same as you

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NO IT IS NOT LEGAL IN ANY WAY - phone the OFT and Trading Standards and your local MP.

 

I am going to ask the site team to get this to a journalist interested in PDL companies.

 

If they do 'send a fully prepared case to your local court' you should receive a copy and you have the right to defend yourself.

 

They cannot repeatedly send people round.

 

I think you ougt to seek police advice on that letter it is blatant intimidation and harrassment and is designed to totally misrepresent their powers.

 

If a bailiff company is collecting on a 'common debt' then the bailiff company CANNNOT collect money on the doorstep, cannot use their bailiff powers and MUST be reported to the Ministry of Justice.

 

You can also send that email to ripofftipoff with a history, they would be very interested indeed in this particular type of threat.

 

GET THOSE COMPLAINTS ROLLING BY PHONING THE OFT AND TRADING STANDARDS

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