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Hello,

 

I am in the process of setting up DMP for my payday loans.

 

I have had a reply from Text Loan advising I would owe £554 instead of the £350. What should I do?

 

The email as follows:

 

Dear Richard,

 

Thank you for contacting us.

 

If you require a repayment plan for a period of time exceeding the 60 days of our credit cycle, the full overdue balance to be repaid will be £554, which is fixed as after 60 days the interest and charges are frozen.

 

We are prepared to accept £15.95 monthly payments. Please be so kind as to provide the exact dates we can debit your card, or set up a standing order.

 

 

--

Kind regards,

Adrian Young

Client Account Manager

 

 

Any ideas of what I should do? Should I just pay the £550? Or shall I contest the amount?

 

thanks

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Ask them for a FULL breakdown of the entire debt. Also remind them that if you are forced to enter them into a DMP, they could only get £1 a month dependant on your high priority debt repayments such as bank loans, secured debts, electric, gas, water etc , and still have the interest frozen. Remember, PDL repayments are considered LOW priority.

 

Also, NEVER give them any info relating to your bank details which holds your day to day money. PDL's all too often say they will only debit the minimum amount, yet almost always take the full amount.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I agree tell them you have higher priority debts and that they will be in the queue.So it's in THEIR interest to come to a sensible arrangement. Do not agree anything that you cannot afford. I don't think textloan enter references on your credit files whereas other companies do.

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