Help/Advice needed please

[superbluesant]

I have been rather stupid with my money offer the last year and now have 5 outstanding payday loans. With 4 of them now with debt collectors. I've now got myself in a position to sort out this mess and pay them off with plans.

 

 

My issue is the amounts quoted as owed are far more than borrowed. One is 6 times more. However I don't have any information on the loans. So how would I go about finding this information out.

 

 

Many Thanks

[silverfox1961]

Hi and welcome to CAG. Sorry your first post was missed.

 

Firstly, can you name the PDL companies, how much is owed.

 

You must not deal with this by phone. ALL communication must be done in writing.

 

These debts are non priority and as such, YOU work out what you have to play with and offer that. If they refuse then you can raise a formal complaint with them as they should be accepting something rather than nothing.

 

Do not be put off by the stupid 'admin fees' and 'late payment charges' as these are unlawful (on the assumption these are fixed fees)

[renegadeimp]

Hi superbluesant. Welcome to CAG.

 

an you post up as much info as possible about your debts, but make sure to omit any personal info. Forget about the charges for now, as they are unlawful and unenforceable. PDL's and their DCA@s know this but see it as a way to make profit easily.

[superbluesant]

Thanks for the replys. Here is what the latest letters say I owe.

 

Pounds to Payday £519

Wonga £1400

Peachy £523

Payday Express £632

Minicredit £1800

 

I have emailed all the companies asking for a detailed statement but have received to reply.

[renegadeimp]

No itemised statement of account means you only pay what was in your contract. That is the original loan amount and original interest over the contract period.

[superbluesant]

The problem I have is i'm unsure what that figure would be

[renegadeimp]

What did your initial contract state? Normally it would be the amount you borrowed and the interest that was initially charged on it.

[superbluesant]

My problem is I dont have this information should I send all these companies a CCA letter and write to the DCAs saying the debt is in dispute until im able to work out correct figures?

[superbluesant]

Is anyone able to help me on this?

[silverfox1961]

My problem is I dont have this information should I send all these companies a CCA letter and write to the DCAs saying the debt is in dispute until im able to work out correct figures?

 

When you signed the agreements, they would have had a total figure to pay back on the assumption you paid on time. Do you not have these agreements?

 

If not then you will have to CCA to get them (templates are in library)

[superbluesant]

I have the cca letters ready to send but who do I send them to the original company or the debt collection agency or both? and is a postal order ok for the £1 payment as i have no cheque book?

 

Thanks for the quick reply

[silverfox1961]

You send the CCA letters to whomever is chasing at the moment. If the DCA are collecting on behalf of the PDL, they should pass it on to the creditor.

 

Postal order is the correct way to go and make sure you know which postal order went to which creditor. You will get a receipt from the post office for each PO so when you send them, write on the receipt which company you paid. You can check with the Post Office to find out which one has been cashed.

[superbluesant]

Thanks again. Advice is very much appreciated. I will update if and when i get replies.

[superbluesant]

Ive had a reply to the cca request from payday express here is the information.

 

Loan amount £400. over 28 days total to repay £516

 

I have had extension fee of £116 taken from my bank account on 8 occasions totaling £928

plus 3 default charges of £15 taken totaling £45

 

And this leaves me with an outstanding balance of £632 which equals the original amount plus one more extension fee of £116.

 

I now want to write to them with the object of arranging a repayment plan. But would it be worth me trying to say I will only pay a certain amount as what they want is unfair?

 

Thank you

[renegadeimp]

Did you authorise those rollovers?

 

Those default charges are penalty fees and can be reclaimex. Did they try and charge a transaction fee when you got the loan?

[superbluesant]

I don't think so and defienately not all 8 of them.

[superbluesant]

I don't think so and defienately not all 8 of them.

[superbluesant]

I don't believe there was a transaction fee. Can anyone help with a letter I could send to them with how much I should offer to repay?

[renegadeimp]

Can you post up the actual reply in response to your CCA request?

[superbluesant]

I have no way of scanning it no

[renegadeimp]

Well, lets do it simpler. What have they sent you?

[superbluesant]

Im no longer sure if they have sent what they should of having never sent off for a cca before. Its a 3 page letter. The first page states that this a statement for my account. With a loan summary stating the following:

• Original term of loan
  
• Date of Initial advance
  
• Amount of Credit
  
• Total Amount Due
  
• Annual Percentage Rate
  
• Annual Interest Rate
  

The next page is the statement with all the fees and payments on with a running balance and the final page has the agreement terms.

[renegadeimp]

They should send you a copy of the original app form, or post 2007, a reconstituted agreement. Then a statement of account and terms and conditions of the loan.

 

If all that is in order, and it probably is, what do you want to achieve from this?

[superbluesant]

I want to pay the debt off. In installments but at a fair price because I feel all the charges ive had were a bit unfair. So want some advice of what to now to write to them and how much to offer.

[renegadeimp]

Give me a few and ill write a letter. Going to re-read the thread first and see which PDL's you are having issues with.