Help/Advice needed please

[superbluesant]

Hi renegadeimp do you have any advice of what to offer/write to them? Thanks

[superbluesant]

Do you think its a good idea for me to offer to pay just the original loan minus the charges £400 - £45 so offer£365 as they have already had 8 times the one months interest from extension fees which i never asked for/ agreed to. Or will I have to add on one months interest making it £481 to offer.

 

Until the figure is agreed to I wont be able to work out exactly how much i can pay a month so wont know how much to offer on a repayment plan. so should i just offer an amount I know will be doable and then increase later?

[renegadeimp]

Wow. sorry for some reason this never got bumped and i lost the thread. Gimme a min.8

[renegadeimp]

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

 

 

Ok. First, you could complain about them as they obviously havent taken your circumstances into account, as they have allowed you 8 rollovers. Also, the default charges are completely unenforceable and you should either reclaim them ( if they terminate the contract), or deduct them from the amount they say you owe.

 

As for a repayment plan, take some time and work out a detailed I&E for your eyes only. You need to get yourself on a budget so you can manage your debts. Under NO circumstances send the PDL the detailed I&E.

 

Remember, a PDL is very low priority. They are on the level of catalogue debts so they arent important, even if they think they are. You offer what you can REALISTICALLY afford without neglecting your day to day life or your priority bills. If this means they get a fiver a month, or even £1 a month, then thats all they will get. If they are stupid enough to go to court, a judge would side with you as you can clearly show you want to pay the debt but they refuse to agree. In some circumstances, the courts can reduce the debt significantly or even wipe it.

 

So as you see, there really isnt much to worry about. What you can do is work out your repayment proposal and remember, keep it realistic. Dont be pushed into something you are going to struggle with and cant stick to.

 

Also, feel free to draft a letter, post it up and we can tweak it. We know how PDE work and they are pretty easily dealt with. However, its best not to use a template letter with them as they normally ignore it or bin it.

[superbluesant]

Thanks for the reply great info for me.

 

So today I received a reply from MMF for the details of my peachy payday loan. The first thing to note is that despite me clearly stating it in my letter the postal order was used against my balance. Also the reply doesn't include a full statement of the account. All it has is the original payment plan ( i had a 2 month loan ) and the amount I now owe. So I cant tell what they have already taken and added on in interest and fees.

I should of repaid £301.53 and my balance is currently £531.53.

[renegadeimp]

Ignore MMF. They have no regard for the law and even do borderline criminal practices. If they fail in their duties once, get a full complaint to rob sands - compliance director for MMF. They have also breached OFt guidance and regulation by using the CCA money as payment to the debt.

[superbluesant]

A quick update on where I am currently with this.

 

Pounds to payday: Added no charges or interest and accepted my payment plan straight away

 

MMF/Peachy: Replied to my request without a detailed statement and used my £1 postal against the balance. Have sent a complaint letter regarding this.

 

Opus/Minicredit: No reply received.

 

PAR/Wonga: Had reply saying my request has been sent to wonga and I will get a reply from them. As of yet ive had nothing. They also returned the postal order.

 

Payday Express: Replied in time with all info. Have written to them with regards to paying back over with a repayment plan.

Edited February 9, 2014 by superbluesant