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    • I subscribe to a company called Audible - they are owned by Amazon and they provide audio books. I work as an HGV driver and so I find listening to a book is great for swallowing up the long distances being travelled on the road.   Quite recently, I bought a book and it is proving to be an eye opener in relation to the subject of weight loss. One of its main topics is to discover why so many of us are 'obese'. In the book the author (who seems to be a respected Doctor and researcher) goes on to say that the human body itself is responsible for gaining weight and it is not because of people with low willpower. It also shines a light on what food companies have been doing over the last 40 or so years which has contributed to the existing obsity problem.   I put it out here because I think it would be a great read or listen for those, who like me want to lose weight and keep it off.   It may be better to obtain the printed copy of the book because there seems to be graphs and pictures which I am not able to view because its an audio book.   The book is called: The Obesity Code Unlocking the Secrets of Weightloss by Dr Jason Fung.   I have not finished the book yet so I have not got to the conclusions bit but I notice by doing an Amazon search that there is also an Obsity Code Cookbook so that will be my next purchase.   I will say that what I have heard from the book so far, it seems very balanced and it looks like common sense mixed in with practical advice which will undoubtedly help a lot of people.   I will let you all make up your own minds about it though.   Regards   Alan
    • I wonder if anyone can help me. I had a loan with a high street bank from about 10 years ago and I had to stop paying because I lost my job. I reduced my payment to a token payment for a few years but I then ceased this some years ago because I took some advice from an online forum which said that I should ask a ‘Subject Access Report’. I did this and I also asked for a copy of the contract with both signatures which highlighted that myself and the bank had a contract and what its terms were. As the loan was made up of an overdraft and a formal loan I thought they would have paperwork. However, eventually the bank responded by saying that they had no contract and they admitted that as such it was not enforceable in court. Over the last year, the bank have again appointed Moorcroft Debt Recovery Limited to use their strongarm tactics. I have not been responding to the last couple of letters asking me to contact them to arrange a payment plan and now their letters are becoming more threatening. Here is the text of their latest letter……. Quote   We are aware that you have failed to agree an affordable repayment plan with us concerning the above account.   As no agreement has been reached we are now in the process of reviewing your account to consider the steps which may be taken in relation to further debt recovery action. The options include recommending one of the following:   ·         1. Continue in our attempts to contact you by letter and phone. ·         2. Instruct a local representative to arrange to call at your home address to try to re-establish contact with you.   To prevent possible further action you must contact us. Failure to contact us by the 22/10/19 will result in one of the aforementioned debt recovery actions being undertaken without further notice.  Unquote As you can see, they are now getting more threatening. I really do not want people knocking at my door – does anyone have any ideas as to what I can do to sort this situation? I do not want to pay for something that seems unenforceable but I do not want knocks at my door either. Any help would be appreciated.   Kind regards    
    • Yes it was a tomlin/consent order I have a recent statement its not showing any additional charges on it. The statement does not show the balance to pay each month, as the contract was terminated in March 17 and the termination bill was added to the account so my payments reduce the account balance £14262.38  Capital £6995.00 Interest £7213.38 Plus 3 x £18 charges  I presume if it went to court again I would be notified?    I thought court costs and charges could increase a balance owing but not be included in arrears or court proceedings when listing the amount owing, or am I wrong?    
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I have been trying to reach an agreement with a Payday Loan company for about 10 months now & have a complaint with the FOS ongoing with them.

 

I am dealing with a DCA & not the original loan company although the original loan company still own the debt as far as I can tell.

 

The original loan was for £300 (£375 with interest). I ended up rolling it over for about 10 months so have paid £750 more or less but the loan still stood at £300 (I was only paying interest).

 

The loan company wanted over £600 to clear the account but I told them that was too much - they are now saying they will accept £400 as full & final. I still feel this is too much. I told them this & they have said ok well make us an offer.

 

I just wanted some advice/opinions as to what I should offer now.

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I think it's irrelevant to a debt collection agency if you rolled over a loan numerous times with the original pay day loan company. I would say you should still be required to pay back the original loan and one months interest (£375) so their offer of £400 can surely be reduced by £375 if you made them this offer which I'm guessing they would accept?

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The debt collection agency don't own the debt - the original PDL company still does.

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So the dca are just collecting the debt on the payday loan company's behalf?

 

Which pdl company and which dca please?

 

Unfortunately when you rolled over for 10 months you were simply paying to keep the payday loan company off your back for a month. I'd say forget about those 10 rollover payments and try and concentrate on getting the settlement figure somewhere near the amount you borrowed plus 1 months interest.

 

I had a loan with payday express a few years ago... Paid them £100 a month in rollover charges for the best part of 24 months... Still owed them £500 (£400 + £100 interest) when I defaulted.


It never rains but it pours...

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Surely this shouldnt be allowed to happen - the money you have paid so far should be considered when making an offer to them.

The PDL is Money Shop & the DCA is Empingham (who to be fair have been 100 times more helpful than The Money Shop ever were).

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Ultimately it is the person's choice if they want to keep rolling over their loan so as Bombay said to keep the pay day people off your back for at least a month. It's perfectly understandable as to why the roll over interest isn't partly deducted from the original amount and thus I can appreciate why any DCA wouldn't consider any roll over payments to be deemed as contributing to the original amount due. If you can bring them down by £25 on their offer to £375 then you would be paying what you legally owe. If they are awaiting your offer you could always try your luck to make an offer of say £300 and if they decline then work your way up to no more than £375.

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Hi SuperDaz,

 

I would start offering them 40% of what they want, this is IMO a reasonable offer. So if they want 600 GBP, offer them 40% = 240 GBP in full and final settlement. Make clear in your offer that you :

1) Have been a long-term customer who always paid back on time

2) Are unexpectedly in financial difficulties which will not change in the foreseeable future

 

There is a good chance they will agree as it will be much cheaper for them to take the 240 GBP and write off the rest, than chasing you for the rest of their life...


24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

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OK this hasn't gone well. Below is the series of emails (looks like its back to the FOS for me):-

 

Me:-

After reviewing the figures in the statement I believe that The Money Shop are trying to charge me way too much to settle this outstanding debt. I've already paid several times more than the initial cost of the loan & I think that asking for an extra £600+ is just wrong.

Could you please ask if The Money Shop could review this figure & get back to me with a more realistic sum. Please also indicate whether this is their full & final offer.

 

Emp:

Sorry for later reply, we offer you full and final offer £400 to clear this account, this offer available till 30/11/12. Please let me know.

 

Me:-

Thanks for the offer, however I still feel that is too much considering how much I've already paid.

I am happy to receive any revised offer however & I'm glad that we seem to be finally moving in the right direction regarding getting this resolved.

 

Emp:

Would you like to make a full and final offer to close this account? I can always ask the question to Moneyshop. It will be their decision to accept the offer or not.

 

Me:

I will have a think about what I consider a fair offer and get back to you. Whatever I end up paying I will most likely not be able to pay it all in one lump sum and so would need to pay over a few months. Would this cause a problem?

 

Emp:

I can offer F&F £400 to clear over 4 instalments. Please let me know.

 

Me:

I'm prepared to pay £300 over 6 monthly installments (Starting December) if you can arrange that for me.

 

Emp:

We can't do £300 over 6 months. As I mentioned, will be able to settle for £400 over 4 instalments.

 

Me:

I can't afford any more than £50 a month. Would you settle for £350 over 7 months?

 

Emp:

Final offer will be £400 over 5 months to clear- that’s £80 month. Let me know.

 

Me:

I really can't afford more than £50 a month. Even this amount will be a struggle.

 

Emp:

Please complete attached Income and Expenditure and return to me , I will go to client to see if they accept £50 for 6 months as full and final .

 

Me:

Please find attached my I & E form.

 

Emp:

I have a reply from client, they are offering full and final £376.45 or £50 month to clear full balance. This is the final offer for you to decide. Let me know.

 

Me:

Is that full balance (£50 a month) £400?

 

Emp:

Full balance is £627.42.

 

Me:

Sorry but £627 is way too much and I can't afford £376 all at once.

 

Emp:

I can’t offer any further assistance on this matter, we will accept £50 month to clear full balance. Full debt recovery commence from today if no agreement reached.

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It is a pitty you can't take up their offer of £400 over 5 months for £80 a month. As I mentioned before this seems a reasonable settlement offer regardless of your roll overs and the original due amount of £375. I assume the extra £25 is the default fee. Is there no way you can find £30 so you can pay £80 each month? I agree you shouldn't pay back £600.

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I could possibly start to pay that amount in a couple of months time when a couple of my other debts will have cleared but not right now.

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so why not offer them something small for two months and the larger payment thereafter - but only offer what you can stick to.

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