Toothfairy Account no longer showing with CRA

[fkofilee]

Agree... I wonder though, if they do sell them... They should freeze the interest charges!! No more £3k debts!

[renegadeimp]

Interest should really be frozen on termination of the agreement. However, many PDL's wont terminate it as they know they can try and add on silly amounts of interest purely as a profit making exercise.

[Mise Eire]

I have no intention of repaying more than I originally owe no matter who they sell it on to. My gut feeling is that another one of Larholts companies will rear their head looking for repayment plus another grand or two thrown in

for good measure. If this happens then NOTHING will be repayed, not even the minimum I owe.

[EdmondD]

I said before I spoke to one of their people 3 weeks ago. They are owned by Per Gullestrup. He was closing the company down to transfer our loans to a new company. I have tried to call them again but no answer. I assume they will start calling again soon under their new name.

[nuclearshark]

Guys! Toothfairy Finance and CIMS Tech have entered into administration today!!!

 

Such a bad thing couldn't have happened to a nicer firm

 

I get my new Noddle Report tomorrow so I'll double check it again. I've barely repaid them £100 and as much as this forum should not be used for Debt Avoidance, I won't be paying them. I firmly believe there is a big difference between avoiding a debt and a refusal to pay a debt. This will be a refusal based on both the charges, lack of communication when querying their unenforceable charges and basically to spite them!

 

I hope Mucky Hall picks them all up...!

 

I haven't received any calls or emails from then in well over 18 months. Although they stopped that around the time I reported their website to their ISP for taking Customer Card Details over HTTP. (Funny that! I'm far too cynical) Basically, not using any form of Security. Very irresponsible. Their ISP upheld my complaint within 12 hours of bringing it to their attention and forced them to enable HTTPS and SSL on their web servers.

 

Personally, a debt write off for "services rendered" in forcing them to implement security seems a good price for them to pay... After all... If a hacker collective found it... It would be TKMaxx all over again but far worse!

[nuclearshark]

Just to update. A month on and it's still not showing in my 18th December Noddle File

[renegadeimp]

Check the other 2 agencies files

[nuclearshark]

Check the other 2 agencies files

 

They never appeared there to begin with. I think they only used CallCredit...?! I'll check them out soon and post back as I need to check them again soon as I've had another couple of DCA Letters over Christmas (See my SRJ Post, don't think that's speedcredit at all?! ) So I need to research but will let you know...

 

Nuke

[TF-Destroyer]

Im going to have to change my Forum name as it seems the job is done

 

http://www.citizensadvice.org.uk/index/pressoffice/press_index/press_20140110.htm

[TF-Destroyer]

However noticed my debt of £76 has now been passed over to 'Loads of Dosh Limited' anyone know of them?

[sillygirl1]

I think as part of closing a PDL company down ALL electronic processing to the CRAs should be recinded.... would put yet another nail in the coffin lid and prevent other companies benefitting from their misbehaviour.

[fletch70]

It's no different to when a loan is assigned or institutions merge. I know we all hate PDLs but ....

[fkofilee]

Agree with SG1, with the TFF debt gone from my credit profile, it now means i have 25% less debt to clear!!!

[Nao]

However noticed my debt of £76 has now been passed over to 'Loads of Dosh Limited' anyone know of them?

 

Loads of Dosh is the old name of the company that purchased the debts, they are currently renaming themselves to DHR Capital.

[xxlozxx]

I originally took out a £400 loan with Toothfairy (silly me) found myself in financial difficulty and couldnt pay and went into DMP. Contacted them they refused to deal with Stepchange although regular payments have been made to them and accepted they continued to bombard me daily with the usual dribble from NDR and Marshall Hoares etc. and they say I now owe £2874. Then received email saying Marshall Hoares no longer accepting payments followed by an email from DHR Capital (see below). Im a bit dubious about this correspondence and really do not wish to speak to them on the phone. Cannot reply tos email as it doesnt allow you to. Im worried its the same idiots just a different name. Any suggestions would be appreciated.

 

Email Received

 

Dear xxxxxx

 

As you would have seen from our recent contact, the loan book containing the loan you took out with ToothFairy Finance was assigned to DHR Capital Limited.

 

We have reviewed your account and have substantially reduced your outstanding balance by removing all collection fees and lowering your interest charges. You will not be asked to pay more than 2.5 times what you originally borrowed (this is equal to no more than 20 weeks interest). Any payments already made will count towards this maximum repayment amount.

 

We are able to offer further reductions on the amount you owe if you are able to fully settle your outstanding balance within 6 months.

 

If you have any questions, please contact our collection agents at 0203 476 4029.

 

Yours sincerely,

DHR Capital Limited

 

Blackwater UK Limited (Consumer Credit Licence Number 633023) have been instructed as collection agents by DHR Capital Limited.

[renegadeimp]

Dont fall for it. They bought your debt for a few pence. Notice how they say they can offer more reductions if you pay within 6 months?

 

Do you have the money to offer a settlement figure?

[xxlozxx]

Yeh have already paid £160 to them through my DMP and it does say they will deduct any payments already made so was thinking of a silly offer any suggestions where to start? A bit curious why they are saying they will deduct any payments already made if they are a different company?

Edited January 14, 2014 by xxlozxx

[renegadeimp]

Start at 10%. We already know they paid pretty much nothing for each account.

[nuclearshark]

Edit: Corrected Percentage Calculations and listed previous values to avoid confusion, apologies. Nuke

 

Start at 10%. We already know they paid pretty much nothing for each account.

 

Agreed. But bear in mind that you have already repaid 40% (Amended from 60%) of the capital. So I would be tempted to settle at that figure as F&F Settlement and make no further payments. If we add the interest that you owe in terms of guidelines (Capital+1 Month) then you owe: £496.00 - £160 already paid = £336 outstanding. That's 32.2% (Amended from 67.7%) of what you owe already repaid.

 

In line with renegadeimp' suggestion in we know they bought the portfolio for 7.5% of it's worth, if anything I would be saying they owe YOU money if they agreed to a 10% settlement offer. So hold your nerve and see what happens. Personally considering the amount that was awarded to a complainant by the Financial Ombudsman Service against Marshell Hoares Bailiffs. If I were you I would be considering the matter closed.

 

The DCA's suggestion that no-one will pay more than 2.5 times what they owe is farcical in my opinion. Looking at my loan which was around 3k before it was removed from my credit file; does that mean I will be paying up to 7.5k back? for a £400 loan? Not a bloody chance!

 

You owe at WORST the capital and 1 months interest and nothing else! Make that perfectly clear to the DCA. But as we know the portfolio was bought for 7.5% of it's value. 10% is a reasonable starting point. But as I said above. You've repaid more than 40% (Amended from 60%) already!

Edited January 15, 2014 by nuclearshark
Corrected Calculations / Dyslexia Related Error

[xxlozxx]

Agreed. But bear in mind that you have already repaid 60% of the capital. So I would be tempted to settle at that figure as F&F Settlement and make no further payments. If we add the interest that you owe in terms of guidelines (Capital+1 Month) then you owe: £496.00 - £160 already paid = £336 outstanding. That's 67.7% of what you owe already repaid.

 

In line with renegadeimp' suggestion in we know they bought the portfolio for 7.5% of it's worth, if anything I would be saying they owe YOU money if they agreed to a 10% settlement offer. So hold your nerve and see what happens. Personally considering the amount that was awarded to a complainant by the Financial Ombudsman Service against Marshell Hoares Bailiffs. If I were you I would be considering the matter closed.

 

The DCA's suggestion that no-one will pay more than 2.5 times what they owe is farcical in my opinion. Looking at my loan which was around 3k before it was removed from my credit file; does that mean I will be paying up to 7.5k back for a £400 loan? Not a bloody chance!

 

You owe at WORST the capital and 1 months interest and nothing else! Make that perfectly clear to the DCA. But as we know the portfolio was bought for 7.5% of it's value. 10% is a reasonable starting point. But as I said above. You've repaid more than 60% already!

 

Thank you guys I have managed to find a postal address for both DHR and Blackwater UK (DC for DHR) and written to them asking them to send me details of the debt in writing. I will not be making any F&F until I have something legit on paper. I will post again if/when I receive a reply.

[fletch70]

Can anyone tell me where the guidelines of loan+1 months interest comes from. I thought that went out a long time ago.

 

My understanding is that the industry agreed standard was no more than 2 months interest on top of the agreed repayment. I am not saying that I agree with that and things might have changed in the last year

[fkofilee]

No I think it was always 1 month plus interest because that's what the contract states for a bulk standard payday loan.

[fletch70]

[ATTACH=CONFIG]48647[/ATTACH]

 

To be honest not on the contracts I have seen and I have seen one or two. This was a theory that was around a year or two ago and my understanding is that it was not valid

 

These were the last set of guidelines I saw

[nuclearshark]

[ATTACH=CONFIG]48647[/ATTACH]

 

To be honest not on the contracts I have seen and I have seen one or two. This was a theory that was around a year or two ago and my understanding is that it was not valid

 

These were the last set of guidelines I saw

 

Interesting. Thanks for that. This is news to me. I have always been lead to believe from various sources that a PDL can only be pursued for non payment for 1 Months interest + Capital. I have seen this quoted on this very forum a number of times. Am I to assume this advice is no longer valid now?! In which case I apologise.

 

The PDF you linked however does state the following as mandatory compliance:

 

Freeze interest and charges if the customer makes repayments under a reasonable repayment plan or

after a maximum of 60 days of non-payment.

 

Which is approximately 2 months. So in theory using this framework the interest owed would be £205.20 worked out as follows:

 

£48 Fornightly Interest Divded by 2 = £24 (Weekly Interest)

 

£24 x 52 (Number of weeks in a year) = £1248 Yearly Interest

 

£1248 Divided by 365 (Number of days in a year) = £3.42 (Rounded to the nearest penny)

 

£3.42 x 60 Days as per the guidelines in PDF above = £205.20 Interest

 

£205.20 + £400 Capital = £605.20 Total Repayable!

 

---

 

So in the case of xxlozxx the calculation would be as follows:

 

£400 Capital + £205.20 Interest = £605.20 - £160 Already Repaid = £445.20 Outstanding. That leaves the percentage repaid at 26% based on a 60 day loan which is still higher than 10% settlement and considerably higher than the purchased portfolio value of 7.5%

Edited January 15, 2014 by nuclearshark
Corrected Calculations

[fletch70]

No apologies needed. The problem i see with the guidelines are it says reasonable and we all know pdls have a funny version of reasonable. The other problem as i see it is two months of non payment but payment isn't due until the first repayment date hence i make it up to three months interest.

 

You are spot on when you say that the 1months interest has been banded about here and in other places fir a long time. Unfortunately the site team looked into it and found no evidence to support it.