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Hi,

 

I had a loan with these guys 2 years back for £160, they defaulted me a couple of months later for £450ish and now looking at my credit report it shows me owing them around £1300 :(

 

On payday this month they took £200 out of my account (I had long ago cancelled the direct debit but it was re set up. I called my bank (Natwest) on the same day (about 7am) and as the funds hadn't reached the lender yet they reversed the direct debit. (I believe this is slightly different to the dd guarantee and indemnity as they did it over the phone and just said they were recalling the money).

 

They also said however that they couldn't prevent EPDL setting up direct debits again and it might be in my contract.

 

I've moved my cash into another account for now but I don't want any long term hassle with my bank now as I'm trying to be good with at least one lender so I'm considering making an offer of repayment and I just hoped for some advice on that.

 

I can afford £50/month starting at the end of this month but the £1300 doesn't seem very realistic to me. Do people think that capital + 3 months interest sounds reasonable?

 

Thanks for any advice.

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Only repay the loan / debt plus month interest, but first thing never repay by debt card only bank transfer, dont call them send emails, call your bank make sure they do not have CPR method. Even better get your wages paid to another account to ring fence your funds so you are in control. Depends on the lender but use this site its well worth the time to get information

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thanks for that advice. is capital + 1 months interest the rule of thumb for most offers then?

 

thanks

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Yes, stick to the amount if loaned plus 1 month only. They will demand more but dont give in to their demands.

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Hi, I've just checked and they have reinstated the direct debit. I've cancelled it again but can a payday loan company have irrevocable permission to keep setting direct debits up?

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Yep. They will keep trying to raid your acciunt. The best way ooen account quickly move your wages fast. Once you have git new account ipen your in control . Please act quickly now. We used think money they opened an account same day

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ok all done. Tomorrow I'll contact work and get my wages sent across to my new account, until then my funds have been transferred to a separate account. I'll go close the account tomorrow.

 

So do I now just continue making a reasonable offer?

 

Thanks again.

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DH84, just stumbled across this one. haven't heard from Early PDL in a while, thought they'd gone to the wall, that alas would be too good to be true!!

 

Can I check my understanding, they're claiming £1300 for a £160 loan?

 

Just because they can take their usual stance "it's in your terms and conditions, you signed up to it, you pay", does not mean they can claim these charges are fair - which leads to - Have you fired off complaints to Trading Standards and OFT?

 

Have a quick read of this. Don't be afraid to ask the question of these people.

 

http://www.consumeractiongroup.co.uk/forum/announcement.php?f=163&a=253

Edited by toptrapper

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DH84,

 

You can demand that your bank cancel DD's and CPA's. Loads of good info from the FSA regarding cancelling payments. I'd make sure your bank acknowledge though they have made the appropriate cancellations though for your own peace of mind.

 

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments

 

Regarding irrevocable permission? Not heard of this one, that said I'm fairly sure that can't be legal?

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Hello,

 

Thanks for the further advice!

 

I have set up a new account and closed the old one so they have no access to my money now anyway.

 

I was very surprised as well to be honest. I hadn't heard from them for 18 months + and then one morning I found they had taken £200 from my account by dd. They haven't written to me or tried to contact me since but before I closed my account they had attempted to reinstate my direct debit 5+ times.

 

I do think a complaint may be in order as the method of debt colection seems very odd, no notification of the direct debit being claimed or the amount, no contact with me before or since and continual attempts to re setup the direct debit.

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Sorry, I think i'm missing something, but they've tried to reinstatea direct debit on a closed account? Are you sure the account is closed, or just dormant?

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Hi, the account only got closed on Thursday, I was due some expenses and had to wait to receive them before I could close it.

 

During that time I looked at my online banking every day and they tried to reinstate about 5 x between 3 and 13th.

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