Overdue Loan but no default notice

[KOWENS132]

Hi I have a payday loan which is now 4 months overdue.

I contacted my lender before the payment date requesting a repayment plan and have little or the same repeat response.

Have heard nothing since 2 weeks after default date and all my emails and written attempts at contact have been ignored.

The interest is still being added,I did not roll over and have not been issued with a default notice.

 

Any suggestions what I should do and does the lack of the default notice improve my position?

 

many thanks

[renegadeimp]

Can you give us some more background on the loan?

[26072004]

Who is the lender?

 

I thought they could only add a max 2 months interest under their own codes of practise.

 

Name, shame and report

[KOWENS132]

Sorry for the delay in replying - its 247 Moneybox

Is the 2 months max interest the acceptable rate now?

[renegadeimp]

We go by what the FOS stated to a poster a few months ago.

 

You owe the original loan plus contracted interest and a fair default fee. Anything else they try and add is taken on its own merits and must be justified as an appropriate charge and not placed purely for self gain, such as late payment charges.

 

Other people will say different but it's what i have been advising people and it works well. You just have to make 100% sure that extra charges are not valid before you stand your ground.

[Echinus]

You will probably have to write using recorded (signed for) delivery before 247 will respond to any contact attempts

[tono688]

Hi!!

 

I got into a bit of trouble with 247 and emailed them, they asked for an I&E and an offer... I offered them £35 on a balance of £310 and they accepted within 24 hours... i swear it depends on who is working each day as they seem to treat everyone differently!! confused.com!!

[Peterbard]

Yes this is the method recommended, offer them a repayment of the original contract price.

Include an I and E if you like. You could remind them of the recent Govian Law center case which had a debt written off because the rollover was issued without a capacity assessment being carried out.

 

Pay day loan companies are getting very nervous at the moment , a lot of justifiable negative attention and they generally settle if they think someone is going to make a fuss.