Txt loan, wda, pduk and 247 moneybox default

[BENJANI127]

Can no longer afford to keep rolling over my loans with the above 4, all due for repayment next week.Emailed them all earlier today advising I will be defaulting, already cancelled bank card and cancelled direct debits.TXT LOAN already replied and confirmed they will accept my offer of 351 over 4 months to repay a 300 loan - with no additional interest and charges - Thank You Very Much Text Loan.Awaiting for the other 3 to get back to me to confirm acceptance.Only going to start paying them if they agree to the original loan + 1 month's interest.Will be glad to hear from anyone who has dealt with 247 Moneybox as other forum posts for WDA and PDUK look favourable to repayment plans.Thanks All.

[asmilecostsnothing]

Yep I had 247 Moneybox about a year ago - repaid higher amount compared to what was initially owed that said they were ok (were the first to act on my correspondence sent) and accepted a repayment plan of what I could afford at the time - think I was paid up in 5 months

 

The charges were stopped as soon as I spoke to them and my account was not raided when they probably had opportunity to do so

 

Be prepared for these to phone you at work !!

 

 

 

Payday UK ok - will try and debit your account on payday regardless!

[BENJANI127]

Thanks.

 

I have left notifying 247 Moneybox to the end want to speak to them first before sending them a letter about defaulting on the account.

 

WDA and PDUK also confirmed acceptance of repayment plan within 24 hours without adding any further charges. Quite impressed at the quick response from them all.

 

For anybody who needs help with a email/letter template this is what I sent to the 4 payday companies. Before sending this I would advise for you to report your existing debit card as lost/stolen and once you have received you can notify the payday companies!

 

 

Dear Sir / Madam

 

RE:- **************

 

I am writing in reference to a loan of £***.** taken out recently.

 

Since entering into this agreement my financial circumstances have changed and I now find myself in a position where I am unable to meet the full repayment or extension / deferal payment on my next paydate of **/**/**.

 

I am proposing a repayment plan to repay this debt in full as below.

 

£**.** per calendar month payable on **th of the month commencing **/**/** calculated as the original loan amount + 1 month's interest.

 

Please advise of the total amount of this loan being the initial amount borrowed plus one month's interest to enable me to calculate the final payment and setup standing order payments.

 

I also request that you provide details of the bank account which I can make payments into. I cannot make payments by any other method.

 

As in line with published guidelines by many regulatory authorities I request that you only contact me regarding this matter via email to this address as I will be able to reply to any emails very rapidly and prefer this as a means of communication.

 

I hearby revoke your authority to collect any transactions from my bank account under Regulation 55 of The Payment Services Regulations 2009. Any transactions taken from my account will be deemed as unathorised and will result in a complaint being made t o the OFT.

 

Any note to contact my employer / workplace by telephone will be in breach of the Communications Act (2003) s.127 and this will be reported to OFCOM, Trading Standard and the OFT.

 

I regret that I cannot make the full repayment of this loan at this time but I am doing my best to resolve this issue as quickly as possible.

 

I await your reply.

 

Yours Sincerely

[renegadeimp]

Sounds good. Make sure you copy it and hand it to your bank as proof of cancellation of authority. Also write to your bank and say that you want them to deny any transactions on your account related to the PDL's, and want the CPA's cancelled. They will say you must tell the creditor first, but they have no rights to do this.

 

If they do say it, then you can simply show them the email, and tell them that under Regulation 55, and regulation 67(3) to (5) of The Payment Services Regulations 2009, the bank must comply with your instruction. Make sure you write this down, hand it in person to your bank manager and ensure you get a receipt for it.

 

If your bank still refuses to honour your instruction then throw http://www.fsa.gov.uk/pubs/consumer_info/know_your_rights_payments.pdf at them quoting the second page, specifically the article titled "Cancelling a regular card payment"