1monthloan - repayment plan agreed or not?

[withpanache]

Hello All,

 

Last month I ran into some unexpected money problems and lost my second income. Unable to meet my full repayments to 1monthloan I emailed them on 26th Feb offering/asking for a repayment plan.

 

This is what I emailed:

 

Dear sir/madam,

 

I am writing to you to inform you that due to sever financial difficulty I am unable to meet this months scheduled payment. I have had a very unexpected change in my personal circumstance and I will be unable to pay the current open loan in one payment. I propose a repayment plan to assist in clearing the outstanding amount in the quickest means possible to me.

 

I propose £35.00 every month for 6 months, to be re-evaluated once the 6 months has expired. I would greatly appreciate that all charges and interest are frozen to allow me to pay back this sum as promptly as possible. I have tried to log on today to see total amount owed, however access to my account seems to have been disabled. Please confirm final amount owed, with interest noted clearly up until this month.

 

I would also ask that all communication is done by email or letter. I am not permitted to take personal calls at my work place and in doing so, could lead me to losing my job and therefore worsen my financial situation. Under no circumstances do I give you permission to call this number, please delete this number from your records.

 

Can you please send me your account information so that I can set up a standing order for the payment to be made? I shall ensure that this is set up for payment to be received no later than the 27th of each month.

 

I do hope that we can arrange a payment plan to alleviate the stress of my whole situation, and to also enable the repayment of the loan to your company as promptly as my finances will allow. I look forward to hearing from you and will help in any way I can to organise repayments with your company as soon as possible.

 

Please note my email address on your records in .........................., however this account has been hacked and I am unable to access it. Please use the address this email has been sent from.

 

Your faithfully

 

Michelle ................

 

I then cancelled my card and ordered a new one, as have heard they have in the past taken the full amount from customers accounts without permission and wanted to remain in control.

 

I received this response also on 26th Feb which I believed was an acceptance of paying back £35 a month for the next 6 months then re-evaulating:

 

 

 

Hi Michelle,

 

Thank you for your email,

 

We are happy to accept £35.00 per a month on the frozen balance of £312.00.

 

 

please provide the following details so we can action your repayment plan;

• 
  Payment date (the date you wish the money to leave your account each month)
  
  
  
• 
  
• 
  
• 
  Payment amount (the specific amount for us to take from your account)
  
  
• We are committed to working with customers who are in genuine financial difficulty and hope that, if you are having difficulties in meeting the required payment, you will contact us with your payment proposals
  
• 
  
• 
  

Please note your account remains subject to our automated collections procedure where attempts to debit from the card we hold on the system will continue.

 

We look forward to hearing from you,

 

 

 

 

I don't want to give them my new card details for reasons mentioned above, so sent the following on 27th Feb asking for them to confirm their bank details to set up a standing order and also a new contract to make sure I have the repayment plan in writing.

 

Hi Kim,

Thank you for your quick reply and acceptance of my payment proposal of £35 per month.

 

Please can you send me the correct bank details, as requested, to set up a standing order for this amount. I will be paying this months £35 as soon as this is received, and on the 25th of each month thereafter.

 

Please can you also send me a new contract stating these new payment terms.

 

I asked for my work phone number to be removed from my details and not to be contacted on that number, please confirm this has been noted?

 

Many thanks for your help and support with this matter.

 

Kind regards,

 

Michelle

 

 

Since then I haven't heard anything. I chased them up on the 8th March with the below email:

Dear Sir/Madam,

 

Please see email below sent to yourselves on 27/02/2013.

 

I am wanting to set up payments as soon as possible to get my loan repaid in the shortest time span but am still awaiting a reply.

 

Kind regards,

 

Michelle

 

 

I am now getting really worried and don't know what step to take next. Will they just be adding interest and charges every day? Will I end up with a doorstep collection for some huge amount?

 

I tried to do the right thing.

 

Please help!

 

 

 

 

Edited March 14, 2013 by withpanache

[pb8111]

acc number

53137341

sort code

20.17.19

 

 

this is what i have in my records when i was paying them by repayment plan

[Ace of Spades]

You have left identifiable info at the bottom of your last email, might want to edit that

[renegadeimp]

Also, why are you worried? get your bank to block the transactions and wait for their acceptance.

[withpanache]

You have left identifiable info at the bottom of your last email, might want to edit that

 

Oops, thanks for that!

[withpanache]

I'm worried that they will continue to charge me interest and late fees on a daily or weekly basis then tell me I owe them a huge sum.......

[renegadeimp]

They can charge it, but since it would be unfair and unenforceable, i wouldnt worry about it. Did you issue a full complaint to the OFT? PDL's have 11 weeks to get their acts together or be shut down.

[withpanache]

They can charge it, but since it would be unfair and unenforceable, i wouldnt worry about it. Did you issue a full complaint to the OFT? PDL's have 11 weeks to get their acts together or be shut down.

 

Hi, no I haven't made a complaint. I wasn't sure what to say exactly, because don't know if they have actually done anything wrong (apart from morally lol) by ignoring my emails and not sending payment details for me.

[biggeorge]

You need to get the stop the CPA letter into your bank or use another account for income to go into.

These people have stated to you in the first email back that they will try to debit your card and although you

have a new card its not been unknown for the banks to let them take the money.

 

Once your in control of your finances and they are safe your in control and can email them back again asking for the

standing order details, explain that without then they are delaying re-payments and you will not be back dating them.

Once they realise your in control of what they receive they will send you the details you requested.

 

Payday Loan Checklist:

1: No money in account that they have details for.

2: CPA letter to bank manager, in person and stamped for then followed up with recorded delivery.

3: Report bank card lost.

4: Letter to payday loan company removing authorisation to debit any funds from details they hold (recorded delivery).

5: New or alternative account with completely separate bank for income to be deposited.

 

George

[renegadeimp]

Regarding the OFT, simply email them from the address on their site, and tell them everything that has happened. Dont think others will complain instead. EVERY single complaint counts.