Toothfairy Finance! Serious advice needed!

[Becci0830]

Hello

 

I have a serious problem with a company called Toothfairy finance, I need some really good sound advice on this!

 

On 1st June 2011 when i was a student, I needed emergency funds. So i Googled "payday loans" being a student and having poor credit I didn't actually think I would be accepted, So when I applied for a £200 loan with TF I was really surprised that I was accepted, Straight away too!! I understood the interest charges stood at £9 per week for every £100 taken out with them!

 

So, come the next two weeks when I was due to pay it off, I had a serious problem with my car, I needed to pay for this ASAP. So I called TF up and explained my problem, All I remember (as it was nearly 2 years ago) was that they were rude, nasty and didn't want to help. So i ended up putting the phone down on them, and thinking I could pay whatever i could find off. So for a few months this is what I did, I paid off bits and bobs. I heard nothing from the company for months on end! Not until i moved back home in the NEXT YEAR. All of a sudden my account was over £1000. I was stunned. So I called them, I asked questions and I told them I simply could not afford to pay this back. In the end I was bullied into excepting 10 monthly payments of £100. I paid my first £100 and then realized this was really too much! It was leaving me without food every month. So i called and again got horrible treatment. So i cancelled my DD and I didn't contact them again. It's not April 2013, and myself and my partner are looking to buy a house. So i checked on my credit file just to see what was what. It turns out I know owe £2104.

 

By the way, This isn't just interest, These charges are apparent recovery fees?

So I called them, And it appears their customer service is as bad as it always was. I got told from this women that i needed to pay the outstanding amount right away. Like i have that money laying around!! So i explained, I tried sticking to my guns and said i was willing to pay the origainl amount of £200 plus some interest but not that amount of money! She then asked if i Had £400 today, I said i don't have £4 let alone £400 to give to you!! But if I did she would have happily closed my account.

I couldn't understand it? Why couldn't she reduce the account to £400 and let me pay it off in installments?

Anyway, again like 2 years ago I was rail roaded into another payment plan with them. £50 a month for 16 months.

This is still too much for me, I really do not want to pay them back £800.

 

I have contacted the FOS who have assured me i have a complaint against them. The FOS have wrote to them, and have wrote to me so now I have to wait 8 weeks. BUT TF DO NOT HAVE MY NEW ADDRESS or my new mobile number because I cannot handle the threatening emails they send me!

 

So how do I go about getting them off my credit file altogether? Does anybody think actually getting the FOS involved will help? Or am i just going to have to pay them back £800 for a £200 loan

 

PLEASE HELP

 

Becci x

[Mise Eire]

I reckon if you want to get them off your credit file then you'll have to come to some arrangement with them. However don't pay them all these fees, you should only offer them 400\500 ish to close it imo.

And you should make it clear to them that you can only pay what YOU can afford and not what they want.

Maybe someone might be able to confirm but I think that the default will dissapear off your credit file 6 years after it was instated there. If you are willing to wait this long then you might get away without paying anything to them but afaik if you make any payment then the default is updated to the new payment date. I'm not sure if they can keep the debt on your file after 6 years but someone else might confirm this.

 

Its all about bargaining with them. Also its a waste of time talking to them on the phone as they will say whatever they want and threaten you. If you do make a deal with them then get this in writing from them as their word over the phone is not to be trusted.

 

If you have a look in the toothfairy section above there's loads of people that have problems with this shower. They are without doubt the worst of all payday loan companies out there.

 

Also don't under any circumstances give them any bank details if paying. Only pay by standing order to their bank account or they'll clear your account out.

[renegadeimp]

If you have a look in the toothfairy section above there's loads of people that have problems with this shower. They are without doubt the worst of all payday loan companies out there.

 

Also don't under any circumstances give them any bank details if paying. Only pay by standing order to their bank account or they'll clear your account out.

 

Very good advice here. Toothfairy is ran by a man who i cant describe here as it is against CAG's rules. He never follows regulation or OFT guidance and uses any method he can to get around his credit licence and the law.

[postggj]

tooth fairy, 2011

 

let me do some digging

 

i believe around that date they had their credit licence revoked

 

ill get back on this one

 

seems oliver larnholt hardy is still up to his tricks

[renegadeimp]

Hi squaddie. The parent company MCO capital was being actioned, so the owner "sold" the company to another of his sub companies. This exploited a loophole in his licence and allowed him to continue trading after the other company got shut down.

[postggj]

We both know who we are talking about,

 

Why is talking about this criminal on CAG against the rules ???

 

Is Mr dog breath chappie still part of this cartel

Edited April 15, 2013 by squaddie

[renegadeimp]

Talking about him isnt. However, accusing him of things he hasnt been charged with or convicted of is. Especially since he is well known to view these forums. I've had a few run ins with him myself on here.

[postggj]

charged with or convicted of

 

we will let the OFT decide that one after all

 

he is a convicted criminal

[26072004]

Becci,

 

While you case is being loked into buy the FOS do not pay them a penny, the case is in dispute and if they try to contact you remind them of this and let them know you will be forwarding any emails direct to the FOS as part of your claim.

 

Unfortunately your credit file will show this loan I dont think it can be removed, but if the FOS agree a figure to pay back, get it cleared and at least it will show as repaid even if it did go into arrears

[renegadeimp]

If the FOS are investigating, then you should still keep up the repayments as per the repayment plan. Only ever stop paying if the FOS tells you to stop.

[postggj]

Agreed