Payday Loans response to demand

[drewwhonumba2]

Hi Everybody,

 

I have got myself into a right state with Payday loans and have been trying to protect myself from default notices however I am now just sick of paying the interest and would rather have my money than a clean credit file.

 

Anyway, I now simply cannot afford to repay the loans however I earn reasonably good money and can pay them all off within 2 months.

 

Can you please let me know what you think about my response to 'Speed Credit' who are deamanding immediate payment and threatening to add a further £150 to my loan of £400 + further interest and charges, threatening to CCJ me and threatening warrant of bailiffs.

 

Hello,

 

Please do not ignore this correspondence.

 

I am including the 'Office of Fair trading' and the UK ' Financial Ombudsman' with all correspondence in relation to this account in order to uphold my rights and be protected by the UK laws.

 

Please note that I am not ignoring you and our relationship has not broken down however you have acted as an irresponsible lender on the following grounds and have not adhered to practices according to the' Consumer Credit Act 1974'

 

1. I am now in serious financial difficulties as a result of short term pay day loans

2. I currently have 8 payday loan creditors totalling a sum of over £4000.00

3. At the time that the Speed Credit loan was issued by you I had over £3,600 worth of payday loans and would not have been able to repay the full amount

4. No checks were made to understand if I could afford to repay the loan.

 

I do not agree to pay your extortionate charges and demand that all interest and charges are fully suspended. If you are not willing to suspend interest and charges then you will need to explain to me and to the 'Office of fair trading' how these fees are justified. If charges and interest continue to be added then I will have no choice but to make official complaints to the financial ombudsman and the office of fair trading

 

I do agree to the following:

 

1. I will repay the initial loan of £400 on Friday 29th June 2012

2. I will repay interest as originally agreed for 1 Month ONLY

3. This will total a repayment of £592 to reach you on or before 29th June 2012 (APR of 16 534% APR)

4. This will end all contracts between us and will not affect any credit file as you have originally lent this amount irresponsibly

5. If this is not acceptable then please respond to myself, the Office of fair trading and the financial ombudsman

6. If charges and interest continue to be added then I will have no choice but to petition your company in court.

 

I look forward to your response.

 

Regards

 

[renegadeimp]

If they threaten you at all, get everything to the OFT/FOS/Trading standards . ALso, 99% of their charges, if not 100% are not legally enforceable.

[drewwhonumba2]

I have just received this response!!!

 

Dear ****

 

Thank you for your message passed to us from Speed Credit.

 

According to our records you took out a 14 – 28 day SHORT TERM loan on 02.05.12 for £400.

 

You currently owe £703.

 

You agreed to repay your short term loan within 14 days. Payday loans can become expensive if you do not keep to the terms and conditions that you agreed to when you took out your loan.

 

Please note that as you borrowed £400, you are being charged £96 every 14 days. This is CLEARLY STATED in the terms and conditions YOU agreed to.

 

YOU agreed to the terms and conditions with your double digital signature by way of entering your email address in twice then clicking \'I accept and agree to the terms and conditions\'. The terms and conditions that you agreed to are legally binding under The Consumer Credit Act 1974.

 

Please remember that your original loan was for 14- 28 days ONLY.

 

Here is a COMPLETE breakdown of your account to-date with ALL the dates and the amount of ALL charges:

 

02.05.12 Issue LOAN £400.00 –

 

03.05.12 Charge Interest-1 £96 –

 

03.05.12 Charge Cash Transmission Fee £5

 

17.05.12 Charge Interest-2 £96 –

 

31.05.12 Charge Interest-3 £96 –

 

31.05.12 Charge Missed Payment Fee 1 (day 29) £10 ✓

 

On 13.06.12 you will incur the following charges:

 

£350 recovery fee

 

1 interest charge of £96

 

which will make your outstanding balance £1149.

 

You must pay either

 

1) £703 by 13.06.12,

 

OR

 

2) £1149 by 27.06.12.

 

Failure to make either payment will result in your file being passed to a third party bailiff company who will commence proceedings against you in your local county court.

 

If you have any questions please don\'t hesitate to call us on 0843 381 0843.

 

Yours sincerely,

 

COLLECTIONS (129)

 

NORTHERN DEBT RECOVERY

 

0843 381 0843

 

NOTICE: The contents of this e-mail are intended for the named addressee only.

 

It contains information which may be confidential and which may also be privileged. Unless you are the named addressee (or authorised to receive for the addressee) you may not copy or use it, or disclose it to anyone else. If you received it in error please notify sender immediately and then destroy it.

[renegadeimp]

I have just received this response!!!

 

Dear ****

 

Thank you for your message passed to us from Speed Credit.

 

According to our records you took out a 14 – 28 day SHORT TERM loan on 02.05.12 for £400.

 

You currently owe £703. No you don't.

 

You agreed to repay your short term loan within 14 days. Payday loans can become expensive if you do not keep to the terms and conditions that you agreed to when you took out your loan.

 

Please note that as you borrowed £400, you are being charged £96 every 14 days. This is CLEARLY STATED in the terms and conditions YOU agreed to. Doesnt matter what the ToC's state. The law overrules them.

 

YOU agreed to the terms and conditions with your double digital signature by way of entering your email address in twice then clicking \'I accept and agree to the terms and conditions\'. The terms and conditions that you agreed to are legally binding under The Consumer Credit Act 1974. See previous response

 

Please remember that your original loan was for 14- 28 days ONLY. Doesn't matter. I fyou have trouble repaying it, then they are obliged under OFT guidance regulation to come to take your circumstances into account and come to an agreement for repayment.

 

Here is a COMPLETE breakdown of your account to-date with ALL the dates and the amount of ALL charges:

 

02.05.12 Issue LOAN £400.00 –

 

03.05.12 Charge Interest-1 £96 –

 

03.05.12 Charge Cash Transmission Fee £5

 

17.05.12 Charge Interest-2 £96 – Non enforceable

 

31.05.12 Charge Interest-3 £96 – Non enforceable

 

31.05.12 Charge Missed Payment Fee 1 (day 29) £10 ✓

 

On 13.06.12 you will incur the following charges:

 

£350 recovery fee Non enforceable and 100% unfair charge

 

1 interest charge of £96 Non enforceable and unfair charge

 

which will make your outstanding balance £1149.

 

You must pay either

 

1) £703 by 13.06.12,

 

OR

 

2) £1149 by 27.06.12.

 

Failure to make either payment will result in your file being passed to a third party bailiff company who will commence proceedings against you in your local county court. They cannot force you to do this as stated in the OFT guidance and it could have repercussions on their credit license.

 

If you have any questions please don\'t hesitate to call us on 0843 381 0843.

 

Yours sincerely,

 

COLLECTIONS (129)

 

NORTHERN DEBT RECOVERY

 

0843 381 0843

 

NOTICE: The contents of this e-mail are intended for the named addressee only.

 

It contains information which may be confidential and which may also be privileged. Unless you are the named addressee (or authorised to receive for the addressee) you may not copy or use it, or disclose it to anyone else. If you received it in error please notify sender immediately and then destroy it.

 

 

I also notice it is NDR DCA. If they do not have ownership of this debt, tell them the above and that from now on you will be ignoring every piece of communication from them and will be dealing with the Original Creditor.

 

Remember, NO DCA has any legal rights unless they have purchased the debt.

[sillygirl1]

Everything on that list is unenforceable, the original contract and loan amount is the amount you owe at the end of the day.

 

My only comment about your original letter to them was it is too wordy - keep everything short and do not threaten them unless they have threatened you.

[sillygirl1]

The bailiff company cannot itself start court proceedings, that is a load of tosh, they cannot use their bailiff powers in collecting a common commercial debt, that threat alone is enough to send that email to the OFT.

 

The unholy trinity of Toothfairy (aka Speedcredit)/NDR/Marshall Hoares Bailffs is well known to the OFT and Toothfairy have been sanctioned by them before. Make sure you get your complaint in pronto.

[drewwhonumba2]

Thanks Guys,

 

Was I right to include the OFT and Financial Ombudsman on all correspondence?

[renegadeimp]

Yes. Make sure to issue a Formal complaint with the OFT as well. Include any and all threats, as well as any cases of misrepresentation.