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Hi folks, New to this forum.

 

I fell into the downward spiral of payday loans in August and I now owe 3 companies money. (Myjar, the loan store and 24/7 moneybox) £700ish in total.

Tonight I have emailed 2 (the loan store, 24/7 moneybox) of them thanks to a template I found on this forum, informing them of my financial difficulties, my right to cancel my CPA and wishing to do so. I have also informed them of my wish to enter a repayment plan and want all interest/fees frozen in the meantime.

 

I've also informed them I will be contacting my bank tomorrow to cancel all CPA's, and that any monies due will not be able to be settled until I have entered a repayment plan.

 

I am with Halifax bank of Scotland and have noticed a few folk having difficulties cancelling these with this bank.

 

An suggestions to ensure they are cancelled?

 

Also suggestions of what else to do if I'm met with any harassment, refusal of repayment plan vet from the above companies?

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This is my email:

 

Dear Sir/Madam,

 

My financial situation has changed and as such I am writing to you to inform you of this, as such I will not have any funds in my bank account for you to collect your payment to cover my loan, or pay any of my household bills and rent as my wages which will be paid in on 31/10/2013 will barely cover my expenditure for the month.

 

Please can you therefore with immediate effect, not attempt to take any payment from my bank account, either by direct debit or using my Visa Debit card details supplied through continuous payment authority as this will mean I will incur charges from my bank for the overdraft I have, which is already at maximum credit.

 

I would now at this point like to arrange a payment plan with you and freeze any further interest and charges going forward so I am able to pay off my debt with you as quickly as possible, contacting me either by letter, e-mail or on my personal mobile number only.

 

Please do not contact me at work as this will cause myself emotional distress and if you do as so I would class thus as harassment. I do not want to be contacted at any point at work regarding my debt.

 

It is with great regret that I am having to ask for a repayment plan, but due to these unforeseen circumstances which have now effected my ability to repay the loan to you in one lump sum, I have no other alternatives available. I will have to contact all of the other companies who I pay by Direct Debit to arrange payment options with them also as this has left me totally penniless and I have no idea when I will be able to get back on track.

 

I will be making my bank aware of the cancellation to the continuous payment authority for your company, and as such repayments due this month will not be accepted by my bank and I will continue repayments once we gave agreed a repayment plan.

 

For my protection, and from a legal point of view, I would like to inform you of the following:

 

You have 2 methods of contacting me (letter, mobile, or e-mail) which should be more than adequate for your company to communicate with me regarding the repayment of the loan. Any contact via mobile phone will be at my own discretion to answer as I may be at work and as such unable to answer and discuss my debt. Voicemails of a non threatening manner are most welcome and I will return phone calls out with my own working hours.

 

I have heard / read stories about people being constantly contacted when in my situation and I must inform you that I will be taking note of all methods of communication (times, dates etc) so to keep a record should I feel that I am being harassed or continually contacted, receive calls that are cancelled within a few seconds or receive automated voicemail messages asking me to contact you back. Please can you confirm that your company agrees to my preferred methods of contact and will not contact me whilst at work, and agrees to phone contact during my own time out with my working hours.

 

I must inform you in the strongest manner that I do not wish to be contacted at my place of work at any point regarding this loan / debt as this could jeopardise my employment and therefore I would not have the monies to repay the loan to you. My work telephone number was only provided for you to confirm that I was employed and that my place of work had a working land line and if required to ensure of my current employment, and this is what you informed me when setting up the loan. My work environment is not a place for me to discuss personal finance matters, or arrange further more convenient times for us to discuss matters further if you cannot do this by letter or e-mail.

 

As stated any phone calls will be at my own discretion, due to the nature of my employment in a confidential setting mobile phones are not allowed however I do welcome voice mails which I will return promptly out with my place of work, if this is not convenient for you, then a letter or an e-mail communication will have to be used. I expect not be contacted on any other number than my personal mobile number, and should I find this is happening then I will seek immediate legal advice as I have now given you prior notification regarding this.

 

I have no doubt that your company fully understands my situation and will adhere to Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997 and that of CPUTR, whilst I am arranging repayment of the loan with yourselves, and throughout the duration of any repayment period. I am fully aware of the OFT debt collection Guidance and I will consider making a complaint about a company's behaviour under the guidance if it becomes apparent that you do not follow the legal guidelines and would have no other alternative than to seek legal advice. In particular section (2.2 g) 'Ignoring or disregarding debtors' legitimate wishes in respect of when and where to contact them, for example, shift workers who ask not to be telephoned during certain times of the day'.

 

I do hope however, 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.

 

Regards,

 

 

Edited by jen007

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Hi Jen007

Welcome to the CAG

Seems a fair letter to me.Well done.

Whether they take notice time will tell.

Just make sure the CPAs are cancelled at the bank.

In person if possible.The end of the month is not far away.

Something like this.

Also a letter to take to the bank to cancel those CPAs-VITAL.

 

http://www.which.co.uk/consumer-righ...ith-your-bank/

 

You may also find this useful.

Take a look or listen to this.

I find listening to it cool.Then going through the letters etc.Reminds me what predators they are.

It also links up to a thread showing how Taking payday loans out will, not may trash your credit file even if paid early or on time.

payday loanlink3.gif SURVIVAL GUIDE.

 

.http://www.consumeractiongroup.c o.uk...van-law-centre.

 

If that is your correct name you do not need to leave your name on the letter.

You never know who is about.:wink:

Good luck

Tawnyowl.

 

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Thanks for flagging my name up.

 

Bank was easy, advisor was really helpful, I do now have an appointment with them though no doubt to try and sell me things but with my credit history I assume they won't be able to.

 

Cancellation of the two big loan Cpa's, Myjar I can pay back and end it my 'relationship' with them this month.

I don't have a printer so to ensure of a paper trail with my bank the advisor I spoke to suggested emailing customer services with my reference number and a summary of the call.

 

No word from TLS or 24/7 money box yet.

 

24/7 moneybox are wee bums though as when the advisor looked for them on my account, they trade as Pacific network.

 

Will be keeping an eye on my accounts. :)

 

Shoulders feel lighter but I know I've still a battle regarding a repayment plan.

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Response from the loan store......any ideas how to respond to this.

 

 

 

Dear XXX,

 

We are writing to you following your request to withdraw/cancel authorisation of the Continuous Payment Authority (CPA) which you provided to us at the start of this agreement.

 

We can confirm that we have cancelled the CPA which existed on this account. This means that no further payment will be taken from your debit card. Please note, your original arrangement remains in place and you will need to make an alternative method of payment to prevent any further collection activity on your account.

 

Should you have any questions in relation to the above, please do not hesitate to contact us on 0800 028 6608 or respond to this e-mail.

 

 

 

They then sent this 10 minutes afterwards

 

Thank you for your email, we can confirm that we have cancelled your continuous card authority and have noted to only contact you by email to resolve this account.

 

You have advised that your situation has changed due to unforeseen circumstances, can you confirm this in more detail? Are you still currently in full time employment? Has your hours changed in work? What has changed in your income that you now cannot pay this in full on the 31-10-2013?

 

Regards The Loan Store

 

 

 

Help?!

Edited by jen007
update....another email

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"You have advised that your situation has changed due to unforeseen circumstances, can you confirm this in more detail? Are you still currently in full time employment? Has your hours changed in work? What has changed in your income that you now cannot pay this in full on the 31-10-2013?"

 

From my limited experience this kind of information is on a need to know basis, and TLS don't need to know any of that.

 

Have you worked out what you have already paid them, what you still (if any) owe them and what you can comfortably afford to pay them each month ?


Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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Just tell them you have over-committed on credit and that if these payday loan companies did proper affordability checks we would probably not get into this mess!

They cannot get money out of a stone and if you don't have it then they cannot have it. Its not the end of the world although it probably seems like it at the moment. Most companies will eventually accept a repayment plan that suits you as they would rather get some money back over a longer period than no money at all.

Also I would advise opening a new bank account or having wages paid into a different account just in case somehow they manage to still get access to your account, which is not unheard of, even after 'cancelling' the CPA


247moneybox: £418.04

1monthloan: £260

WageDayAdvance: £462

MicroCredit: £156

Amigo: £427.44

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I've had previous loans with the loan store, intact they were the first and thus the spiral started.

 

I owe them on 31st of this month £269

 

Money box is £196

 

Myjar £120

 

I also have £200 flex account with quick quid but I have 1 repayment due on this on 31st of £82 and so happy to pay this and end my relationship with them and Myjar at the end of this month.

 

*edit*

(looking at the above, how did I get into this mess!!!! Crikey. What an endless circle of repaying and reloaning to survive.)

 

No repayment plan in place with any as yet.

 

I don't know how to word a reply to these emails.

The first email from TLS threatens 'further action' if I dont repay full amount by another means

Any legislation I can throw at them for this?

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You don't need to reply to either e-mail. "Further action" is meant to scare you into overextending yourself again, don't fall into the trap.

 

As manontheweb advised, I would seriously look into getting a new account and securing this months wages ASAP.


Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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You don't need to reply to either e-mail. "Further action" is meant to scare you into overextending yourself again, don't fall into the trap.

 

As manontheweb advised, I would seriously look into getting a new account and securing this months wages ASAP.

 

I do though, to set up a repayment plan.... My question is how do I reply to it? Worded appropriately to ensure they accept it

 

I'll look into changing my bank details/setting up a new account.

Edited by jen007

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Update...

 

I emailed them back refusing to give them my personal circumstances and that I don't take kindly to pressuring me to settle in full.

 

Their reply:

 

Thank you for your email. We would like to confirm that the email that was sent to you at 09:14 was an automated email after we had cancelled your continuous card authority. This is just purely stating that the original agreement is still in place however we will need an alternative method of repayment when setting a re-payment plan, thus being; BACS or an alternative debit card etc.

 

We can confirm that interest and charges will be frozen when your account has been placed into a re-payment plan stage and this is what we will need to discuss. The reasons the questions were made about your employment or any changes is so we can come to the best possible arrangement for you. We would need to know if there has been a drop in income so we can get clearance on a longer term plan. Will you be able to send in an income and expenditure form and then this will enable us to see what arrangement will be best for you?

 

The arrangement that we can agree to without seeing any documentation from you will be over 3 months, this will be £86.66 per month and we can start this from the 31st of October, will you be able to adhere to this?

 

Regards The Loan Store

 

Can I reply with a refusal of this offer and giving I/E and offer £51.99 over 5 month?

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I would offer them £40 a month over x months with a final payment of £19 or whatever would pay the balance off completely, ask for their bank details and say you will make the first payment at the end of the month if they accept.


247moneybox: £418.04

1monthloan: £260

WageDayAdvance: £462

MicroCredit: £156

Amigo: £427.44

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I would e-mail back with your offer, minus the I&E at this stage, and tell them it's in Full & Final Settlement, could they please forward their account details to enable you to pay them.


Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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I would offer them £40 a month over x months with a final payment of £19 or whatever would pay the balance off completely, ask for their bank details and say you will make the first payment at the end of the month if they accept.

 

I have offered £40 x5 payments per month with full and final settlement on 6th payment of £59.99. With no I/E details. Think it's all the legislation I'm throwing at them.

 

Will see what they say...

(I'm actually amazed at how easy it's been with the loan store.....24/7 moneybox have yet to reply to first correspondence!!)

 

Should I email Pacific Network the email also? (Moneybox mother company)

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Good work!

 

Are you emailing collections@247moneybox.com ?

 

I usually get a reply from that address.


247moneybox: £418.04

1monthloan: £260

WageDayAdvance: £462

MicroCredit: £156

Amigo: £427.44

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Good work!

 

Are you emailing collections 247moneybox.com?

 

I usually get a reply from that address.

I am now.... :D

 

 

 

Response from TLS to my repayment plan.

 

Anyone know any legislation I can throw at them?

 

 

Thank you for your email. As stated previously we are willing to help you resolve this matter and for us to agree to an arrangement that is outwith our perimeters we would ask for you to send in your income and expenditure form, without this we cannot place you on the repayment plan that you have stated and your full balance will become due on the 31st of October.

 

We appreciate that you have said that you are not obligated to send in your documentation but we can confirm that this is purely to agree to the best possible arrangement for you, we are willing to help you and we have our own guidelines that we have to adhere by.

 

Regards The Loan Store

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Presumably, the same legislation you threw at them in post #14 ....... ?

 

Please don't take offence but, sites like CAG would not need to exist if all institutions dealt fairly with everyone else. I hope you sort your problem out with the minimum of fuss, but I rather suspect this will be no walk in the park


Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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Presumably, the same legislation you threw at them in post #14 ....... ?

 

Please don't take offence but, sites like CAG would not need to exist if all institutions dealt fairly with everyone else. I hope you sort your problem out with the minimum of fuss, but I rather suspect this will be no walk in the park

 

It may seem like I know what I'm talking about but most of my correspondence has been copy and paste from a template I found in here. I actually dont know what the legislation is, only that it has helped someone else.

 

Obviously TLS are refusing my repayment plan which is suitable for me, because they want to see my I/E but even I don't fully know this due to giving myself a kick up the bum and sorting out my debts. The payday loans are my first ones I want to sort out, due to the fact I can't sort anything else out if I'm paying back to relend to pay my priorities.

 

As I said before I know I have a battle, but it's one I intend to win/sort out, hopefully with the help of the kind members of this site.

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Then I would suggest above all else securing this months wages by opening a new account and getting your wages paid in to it. Yes the bank may have cancelled your cpa, but ever seen a thread mention, cancelled cpa money still gone ?

 

Next actually work out your I&E, how can you offer payment plans if in your own words "even I don't fully know this" ? PDL's are unsecured low priority debts

 

You have notified them you are experiencing financial difficulties and wish to enter a repayment plan, this will not happen overnight, but make sure when you do come to an arrangement you can afford it and it doesn't tip you back into their clutches.

 

Just keep at them


Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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Then I would suggest above all else securing this months wages by opening a new account and getting your wages paid in to it. Yes the bank may have cancelled your cpa, but ever seen a thread mention, cancelled cpa money still gone ?

 

Next actually work out your I&E, how can you offer payment plans if in your own words "even I don't fully know this" ? PDL's are unsecured low priority debts

 

You have notified them you are experiencing financial difficulties and wish to enter a repayment plan, this will not happen overnight, but make sure when you do come to an arrangement you can afford it and it doesn't tip you back into their clutches.

 

Just keep at them

 

 

I have worked out roughly what I can afford and then trying to arrange agreements which equal the amount I can afford with a small buffer in case some companies dig their heels in, but obviously I am still awaiting confirmation from 247 moneybox and other small debts from non pdl that I can fit in this budget.

 

Hence why I feel I can't do a proper I/E as I genuinely currently don't know exactly how much I'll have going out each month.

 

I applied online with my bank for a second current account but declined. Most likely for credit file purposes, going to go in branch tomorrow to try for the basic of basic accounts. (easycash)

 

Unless my wage can be paid into a savings account (I have none though).... then I transfer what I need via mobile banking to my current account.

 

My payday is 31st....don't even know if that's enough time to let my HR ddepartment know of the change. (closed at the weekend)

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When doing your I&E exclude what you think you should pay the pdl companies, and see what your true disposable income is. If it's £10, then they get a pro-rata portion of that £10.

 

There are plenty of planners available, search CAG at the top of the page

 

I appreciate it's not a pleasant position to be in, but as you say you will sort it out


Regards

 

vselym

 

"Every day, and in every way, i'm getting better and better" - Chief Inspector Dreyfus

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tell them that your account has been hacked/cloned whatever you have to do. even ask them to give you a cheque?

 

With regards to the expenditure form, just use a little bit of poetic licence and make one up that basically shows you can only afford £40 per month for them. They won't ask you to prove it

 

(well I have never had to anyway)


247moneybox: £418.04

1monthloan: £260

WageDayAdvance: £462

MicroCredit: £156

Amigo: £427.44

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tell them that your account has been hacked/cloned whatever you have to do. even ask them to give you a cheque?

 

With regards to the expenditure form, just use a little bit of poetic licence and make one up that basically shows you can only afford £40 per month for them. They won't ask you to prove it

 

(well I have never had to anyway)

 

Woke up to an email that RBS have gave me a current account, so shall go into work today with details. :)

 

I doubt the public health service ;) would cut me a cheque.

I'll give it a bash. Although my maths isn't that great.

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Good news on the new account! At least your wages should be safe if you can get them paid into that one.


247moneybox: £418.04

1monthloan: £260

WageDayAdvance: £462

MicroCredit: £156

Amigo: £427.44

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Done a statement of affairs. Aim to move down my lust of debts, starting with pdl first.

 

 

Statement of Affairs and Personal Balance Sheet

 

Household Information

Number of adults in household........... 1

Number of children in household......... 1

Number of cars owned.................... 1

 

Monthly Income Details

Monthly income after tax................ 1247

Partners monthly income after tax....... 0

Benefits................................ 0

Other income............................ 195

Total monthly income.................... 1442

 

Monthly Expense Details

Mortgage................................ 0

Secured/HP loan repayments.............. 0

Rent.................................... 295

Management charge (leasehold property).. 0

Council tax............................. 80

Electricity............................. 40

Gas..................................... 40

Oil..................................... 0

Water rates............................. 0

Telephone (land line)................... 0

Mobile phone............................ 35

TV Licence.............................. 12.12

Satellite/Cable TV...................... 57

Internet Services....................... 0

Groceries etc. ......................... 280

Clothing................................ 20

Petrol/diesel........................... 50

Road tax................................ 16.25

Car Insurance........................... 86

Car maintenance (including MOT)......... 25

Car parking............................. 0

Other travel............................ 0

Childcare/nursery....................... 235

Other child related expenses............ 0

Medical (prescriptions, dentist etc).... 10

Pet insurance/vet bills................. 13

Buildings insurance..................... 0

Contents insurance...................... 0

Life assurance ......................... 0

Other insurance......................... 0

Presents (birthday, christmas etc)...... 35

Haircuts................................ 0

Entertainment........................... 30

Holiday................................. 0

Emergency fund.......................... 20

Total monthly expenses.................. 1379.37

 

Assets

Cash.................................... 0

House value (Gross)..................... 0

Shares and bonds........................ 0

Car(s).................................. 950

Other assets............................ 0

Total Assets............................ 950

No Secured nor Hire Purchase Debts

 

Unsecured Debts

Description....................Debt......Monthly...APR

pdl 1..........................120.......120.......0

pdl 2..........................267.......68........0

pdl 3 .........................196.......0.........0

d/c 5..........................316.......0.........0

d/c 4..........................278.......0.........0

d/c 3..........................172.......0.........0

d/c 2..........................482.......0.........0

deft collection 1..............140.......0.........0

pdl 4..........................259.......0.........0

Total unsecured debts..........2230......188.......-

 

Monthly Budget Summary

Total monthly income.................... 1,442

Expenses (including HP & secured debts). 1,379.37

Available for debt repayments........... 62.63

Monthly UNsecured debt repayments....... 188

Amount short for making debt repayments. -125.37

 

Personal Balance Sheet Summary

Total assets (things you own)........... 950

Total HP & Secured debt................. -0

Total Unsecured debt.................... -2,230

Net Assets.............................. -1,280

 

Created using the SOA calculator at http://www.stoozing.com.

Reproduced on Moneysavingexpert with permission, using other browser.

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