PDL's requesting I&E

[paulh1818]

Hi. I have 3 payday loans refusing to set up a payment plan if I dont disclose my Income & Expenditure. I am not inclined to do so. Can anyone suggest a suitable reply?

Thank you.

Paul

[FrugalJo]

Hi Paul

Who are you PDL's with ?

Give them a basic income and outgoing.

I have only ever given them

 

Income £****

Outgoing £****

Available for creditors £***

Available for repayment to yourselves £**

5 out of 6 have accepted this, Minicredit being the only one to demand more. But I have never given any further info.

[paulh1818]

Thanks for replying. The PDLs are Payday Express, PaydayUK and Minicredit. I'll give them a basic I&E as you suggest and see what happens.

[renegadeimp]

Ahh. The usual three. as frugal said, give them a very basic income form, but do not give them ANY specific creditor information such as reference numbers or even names of creditors.

[FrugalJo]

Paul

PDUK were okay to deal with, PDE were stubborn but rene's advice was bang on and I just kept on and on emailing, eventually they gave in to a repayment plan. Minicredit as you know are ongoing.

[paulh1818]

Thank you. I owe PDUK about £80. Not a lot I know, but I could still do with spreading it over 3 to 4 months. PDE I owe £360. Not sure how I am going to pay that. Can't really say what I owe Minicredit because It seems to increase daily. About £530 so far not including the £60 quid they managed to loot from my account.(Original loan was only £100!!!). FrugalJo, I have been following your saga with Minicredit with much interest....

I will send them all a basic I&E first thing. Thanks for your advice. Have a good weekend guys!

Paul

[renegadeimp]

With minicredit, work on the basis you only owe the original loan plus interest. They LOVE to add on random charges for anything and everything, and none of them are legally enforceable.

[renegadeimp]

Whatever was on your agreement is what you owe.

 

A creditor is allowed an I&E form if you want them to consider a repayment plan. However, they are not allowed any specific details and they are not allowed to inflate your proposal for repayment. They can either say yes or no. They arent allowed to suggest a higher rate.

[paulh1818]

I have asked minicredit for a breakdown of the account with no response. I owe almost £600 now.

[sequenci]

A creditor is allowed an I&E form if you want them to consider a repayment plan. However, they are not allowed any specific details and they are not allowed to inflate your proposal for repayment. They can either say yes or no. They arent allowed to suggest a higher rate.

 

Actually, for the best chance of getting any creditor to accept a repayment proposal is to send a comprehensive I&E complete with info about other creditors. This way the creditors can all see that an offer is fair and reasonable. They could suggest a higher rate if the figures listed within the outgoings are over recommended guideline figures - and such figures are quite generous.

[renegadeimp]

What i meant was that specific names/references shouldnt be given. You can list it as "credit card 1: " Personally i wouldnt give them more details, as you never know what a PDL would do with the info. Remember Andrew Hart? The guy who actively went looking for people who had access to the NI database, so he could get peoples employment details in order to contact the employer? He was posting on linkedin and i think twitter as well.

 

I think that thread is still around somewhere.

[sequenci]

You should give the name of the creditor, no reference number is needed though

[renegadeimp]

The reason i mentioned ref numbers was because a while ago we had a report or two that some PDL's were asking for a reference number to ensure the debt was real.

[sequenci]

The reason i mentioned ref numbers was because a while ago we had a report or two that some PDL's were asking for a reference number to ensure the debt was real.

 

Don't give that info out. It's not necessary.

[paulh1818]

Minicredit sent me a letter today. I owe over £600 now on a £100 loan and they say they are sending a doorstep collector. I couldn't care less about the collector. I just wish they'd communicate properly. They still havn't sent me a breakdown of the account despite me asking three times. It's almost as if they are delaying things on purpose so they can add the charges... Does anyone have any advice on my next step with these clowns?

[sequenci]

Request their formal complaints procedure. Report to FOS/OFT and Trading Standards.

[paulh1818]

Minicredit have finally emailed me a breakdown of the account...

1. Loan principal GBP 100.00

2. Interest in total GBP 145.00 (1% of the Principal per day)

3. Overdue penalty GBP 25 (was added on the 1st day overdue)

4. Overdue penalty GBP 55 (was added on the 3rd day overdue)

5. Debit Attempt fees in total GBP 640.00 (every unsuccessful attempt to receive the repayment costs up to GBP5)

6. Debt Recovery fee GBP 100 (was added on the 30th day overdue)

They go on to say I have payed £90 which leaves the total outstanding at £975. I don't know wether to laugh or cry!

They also say 'According to the Loan Agreement You have to make all payments with a debit card and the only possibility to make payments is available on Your MiniCredit.co.uk online account.' Although my account is now blocked!? Can anyone advise me how to handle this as it seems to be getting out of hand. Thank you.

[sequenci]

Have you initiated a complaint?

[paulh1818]

Yes. The email I received begins 'The Following Response is being sent to You according to the Formal Complaints Procedure.' They also say they have responded to every email I sent them which is an outright lie.

[paulh1818]

Can anyone offer any advice on this? I have just checked my credit report and it shows that I owe £444.

[paulh1818]

Ok. I'm going to reply to minicredit to tell them that the penalty charges and debit attempt fees are unenforcable but that I am prepared to make payments to the original loan amount and the interest to date. I think this is fair and it would reduce what I owe by about £800. Im not really expecting them to accept but I'm going to try!

[renegadeimp]

Dont say theyre unenforceable. Say that you consider them unfair and you are placing the account into serious dispute until the charges are removed in full or they can justify the amounts they are applying.

[paulh1818]

Right ok. Thank you renegadeimp. I appreciate your advice.

[paulh1818]

Had problems with my internet connection but before I could email minicredit, I have received an email from opos. I know that opos are minicredits internal dca so should I just dispute the amounts with them now? thanks

[renegadeimp]

Unless.opos own the debt, just deal woth minicredit.