1 Month Loan advice.

[RDJ2011]

Date: Thu, 29 Dec 2011 10:16:24 +0000

Subject: RE: Daily interest and Charges added to your 1 Month Loan

 

Good Morning,

 

Thank you for your email.

 

I would like to confirm your outstanding balance and the repayment options available to you. A breakdown of your account is as follows;

 

Due Date: 28/12/11

Original Loan Amount: £350.00

Initial Interest: £105.00

Further interest added (as a result of default/to enter into a repayment plan): 2 X standard interest: £210.00

TOTAL BALANCE REPAYABLE: £665.00

 

Provided a suitable plan is agreed and adhered to, the figure above is frozen regardless of the period of time it takes to repay. If at any point you are able to pay a one-off amount to settle the account we will of course look to dramatically reduce the amount still outstanding.

 

£100.00 a month is acceptable but it will be on the balance on the £655.00 and the first repayment will need to be made tomorrow. Until we have an agreement in place we may try and contact you on all telephone numbers your have provided in your application.

 

Please provide the following details to us so we can set your repayment plan up;

　

· Payment date (the date you wish the money to leave your account each month)

· Payment amount (the specific amount for us to take from your account)

· Card Number (the long number on the front of the card)

· Start Date

· Expiry Date

· CV2 (last three digits from the back of your card)

 

Please note - Until the initial payment is received, your account will remain subject to our system generated collection procedures.

　　

Look forward to hearing from you soon.

　

Kind Regards,

 

 

 

How should I reply to the above????

[Jamie Kingston]

what can you afford to pay them each month?

[asmilecostsnothing]

Make it work for you:"Provided a suitable plan is agreed and adhered to, the figure above is frozen regardless of the period of time it takes to repay. If at any point you are able to pay a one-off amount to settle the account we will of course look to dramatically reduce the amount still outstanding."I would say thank you for your most generous offer, (their offering you a discount if you can pay a bigish chunk of) this is strictly on the condition of xyz and I will only pay with your suppling of bank account details or I'm posting my standing order xxx dateKeep everything in writing this is your protection, I'm sure others will chip in but I would be selling something to jump at their offer.

[RDJ2011]

what can you afford to pay them each month?

 

Thanks Jamie & asmilecostsnothing for the replies.

 

The amount is mentioned above £100 x 3 then a final payment of £155 which will include one month interest.

They're wanting me to pay original outstanding interest plus two more months interest.

 

Orig loan + Interest = £455

1monthloan payplan = £655.

 

Seems a lot to me?

 

Is there a counter offer / only pay via standing order template around?

 

Cheers.

[asmilecostsnothing]

Hi RDJ

 

Could you not try the Orig loan + Interest figure of £455 for starters?

you never know you may get lucky ! some lenders are ok with this basis and some just aren't I only had half 'success' on this with mine if I'm being honest

 

Could a family member help with a one of payment and you then pay them back weekly/monthly - at least you would be shot of them then

 

Otherwise your options are making a formal complaint over the charges which is open to you

[Jamie Kingston]

lets say the balance sticks at £455.00 - what can you pay each month?

[RDJ2011]

lets say the balance sticks at £455.00 - what can you pay each month?

 

I offered £100 x 3 then final payment of £155 ( It seems a lot but I want rid of them asap. )I have others that I am paying off as well ( quite a few but they have all agreed to payplans ).

Just after a bit of advice on how to respond, Thanks for the reply btw.Cheers.

Edited January 5, 2012 by RDJ2011

[Jamie Kingston]

well that's crazy that they are not accepting. I would stick to my offer and NOT agree to pay anymore. Should they wish to continue these silly games you will complain to the FOS and OFT.