Toothfairy / NDR Recovery / paychck credit

[dizzy]

I unfortunately have a number of payday loans that i need to try to arrange repayment plans for. This one is a bit stickier and wonder if someone can advise me.

 

I took a loan with tooth fairy in December for £300. I couldn't pay and during January called them after threatening emails from NDR Recovery. I needed to pay £100 to them straight away, then arranged to pay £80 a month to them. My worries clouded clear thoughts and have done for months since and simply agreed to their demand. The £80per month was set up til November of this year. Thats £100 plus 10 months of £80 totalling £900 from a loan of £300.

I am now facing up to my debt and trying to clarify what i have to pay because of sheer stupidity or what i shouldn't owe simply down to the cheek of some of th PDL companies.

 

I am already drafting up a letter to OFT as this company seems to be trading under different names and have taken the payments from me under different names which other thread have advised they shouldn't, but should i also mention that i feel that i have almost paid due the original debt i owed and ask OFT to get involved. Is this part of their job?

 

I have paid £100 plus 3 payments of £80 (i rang and couldn't afford to pay April and they did let me skip this month by extending the period of the payments til December) so in total i have paid them £340. I am not sure of the original interest and charges agreed but the first chasing email i had stated that the loan plus interest (accruing at £9 per week per £100 borrowed) was for £413.

 

When sending an email asking them to agree a lower reayment plan, should i mention that i feel i only owe roughly £75 and not the figure that they suggest til December or should i arrange the payment plan then not pay them after i have reached the figure i feel is right? Can they then send a default / debt collectors / bailiffs / CCJ or pursue me further after this?

 

Can anyone also tell me if there is a legal difference between doorstep collectors and bailiffs?

 

I'd be grateful for any advice.

[renegadeimp]

Just to clarify. How much was the total loan and how much have you paid.

 

Also stay off the phone. Only communicate in writing no matter what the pdl or the dca says.

[dizzy]

thanks renegadimp. After reading other threads on here i will definately be staying off the phone now.

 

I originally borrowed £300 and in January agreed without thinking to £100 there and then plus 10 payments (sorry said 9 before) of £80 per month til November totalling £900. I have paid the initial £100 plus £80 in Feb, March and May.

 

Thanks for responding.

[dizzy]

Hi there, i put off the letters to the PDL's for a few days and its taken me a few more to write what i think covers everything i want to say to this PDL company in particular. I have written to this one in question with an email which keeps bouncing back and have then tweaked it with the following and have sent it by email again and by recorded delivery. Any advice on whether i have done the right thing with my wording.

 

I write in relation to the pay dayloan I took from Toothfairy Finance via Kwikcash on xxxxxxx for the sum of x.

I am currently looking into my finances in detailas I am very much struggling with my outgoings at this time. Having reviewedthis loan, I note that I have paid to you up to now, the sum of xxxxx. At the end of January when I called youroffice to explain I was unable to afford the full amount of xxx (loan plusinterest), I feel I was put under pressure to agree to a repayment plan to stopfurther action. On this plan, the total sum that will have been paid to youwould be xxx! I would be grateful if you would explain to me, by email, why itis necessary to pay back 3 times the amount originally borrowed. In addition, Iam concerned as to why I have had correspondence and dealings with 5 differentcompany names all relating to the one loan that I originally took from ToothfairyFinance and request you explain these circumstances to me and confirm the nameof the one company that I am currently a debtor to.

In light of the above calculations and the factthat I am currently feeling hardship, I ask you consider a further finalpayment of xxx that would reflect what I feel is the balance owed of the originalloan amount plus interest.

If you will not consider the above, I request thatyou freeze all interest and any additional charges you state you will impose inprevious emails to me, until such time that we have come to an agreement of theamount owed and a payment plan is in place. I also ask you to explain to me how the calculation of what youcurrently request has been made. I will then contact you again followingprofessional financial advice as to what payments I would be able to make toyou.

I would like to advise you that I do wish to pay mycreditors and do not wish to avoid paying what I owe, however I would like youto look at the loan I took in detail, consider the payments that I have alreadymade, that I feel, have fairly repaid the amount that I originally borrowedplus adequate interest.

As I am in the process of seeking debt advice (and willtake legal advice as to overpayments to debtors), and have changed where mylimited income is held, I advise you that no funds will be available in my bankaccount and instruct you not make any attempts to debit from my debit card asno payment from here on in is authorised (this letter is notification of mywithdrawal of authorisation). If anypayment was to succeed which would send me into an unauthorised state ofoverdrawn, my bank account will be charged and any monies allocated to you onmy next pay date will have already been swallowed up in bank charges hence nonpayment to any of my creditors the following month. Also, if this occurs I willseek further advice from trading standards and other necessary organisationsfor debiting without authorisation and before any repayment plan is arranged.

My current financial situation is causing me a lotof worry and anxiety and ask that you kindly reply to me as soon as possible byemail.

PLEASE NOTE: It is very difficult to contact you via email and all email addressesthat you have sent an email from, will not accept a reply. I also note that youfrequently send emails confirming amounts you state is required and “reminders”of expected forthcoming payments and “confirmation of conversations”. Thereforeas the quickest way of communication is email, I look forward to a furtheremail from you in response to this letter. In addition, please also note that I am rarely able to answer thetelephone for a private conversation and cannot, therefore will not, returncalls as I cannot afford to therefore, email or post is the only way tocommunicate with me.

I look forward to your response to my queries and requestas soon as possible. If I do not hear from you with a response within 7 days viaemail or post as to whether you are willing to acceptxxx as full and finalpayment, and are not able to provide an explanation as to the extortionate feesattached to this original loan of xxx, I will have no option but to takefurther advice from the office of fair trading and other relevant authorities.

Regards,

Also, i've had responses back tonight from both NDR and toothfairy email addresses stating that my email will not be read unless i send it via their contact form on their website. Any advice on whether it would do any harm to send this also via their website.

Thanks all in advance.

[JOHNINYORK]

Reb1980.

It is only a suggestion,have you tried emailing SpeedCredit with your reply.Inform them that you are aware that they all feed from the same trough.If they deny this,enter your details into the pay now section on the SpeedCredit site.Your details will be there.

Or maybe,send your email as you have done before,when it is rejected,copy it and resend using their web site.At least you will have some sort of evidence to fall back on.They want you to use their web site,so that you do not have a record.Just the same as a phone call,you do not have a record unless it is recorded.

 

Regards,John.

Edited June 24, 2012 by JOHNINYORK

[dizzy]

Reb1980.

It is only a suggestion,have you tried emailing SpeedCredit with your reply.Inform them that you are aware that they all feed from the same trough.If they deny this,enter your details into the pay now section on the SpeedCredit site.Your details will be there.

Or maybe,send your email as you have done before,when it is rejected,copy it and resend using their web site.At least you will have some sort of evidence to fall back on.They want you to use their web site,so that you do not have a record.Just the same as a phone call,you do not have a record unless it is recorded.

 

Regards,John.

 

Thank u i will try email ing them too. Have sent them the email by recorded delivery to all three of the addresses i can find for all of the names they go by. Its funny, since i sent them the first email earlier in the week to which i had an deliver reply stating my email will not be read, I've had two emails relaying that payment is due and the consequences of not paying which is more threatening than the normal reminder i get from them! Really worried about them trying to take money from accounts they don't have the details of but that are in my name, has anyone experienced this? Bank said its possible!

[renegadeimp]

It's possible, but only if you have another account in the same group of banks. I dont know whether its legal or not for them to do it, but it is 100% a very shady practice. Thats why CAG always advises you create a bank account with a completely different bank. For example, if you bank with halfiax, rbos, natwest etc, then make an account with the coop.