Mr Lender Income/Expenditure Request

[martincc]

Hi, this is my first post on the forum although I've been reading through all the posts and info here for some time!

 

I'm finally taking action to resolve my out of control finances as I now have 7 active payday loans and just can't cope with them anymore

 

I was due to make a rollover payment to Mr Lender today but sent an email a few days ago explaining I was experiencing financial difficulties and was writing to all my creditors to come to a arrangement for a repayment plan.

 

I received a reply today requesting that I complete their detailed income/expenditure form.

 

I've seen various views on this throughout other posts here and would like to ask what I should do here?

 

Complete their form or should I simply tell them figures for my total income/outgoing and my offer of repayment?

 

Thanks for all help and replies!

[Bazooka Boo]

Hello Martin and welcome to CAG

 

The vicious cycle of PDL and their dirty money strikes again. They should all be closed down, yesterday! The misery they bring is incredible.

 

Anyhow, I am in two minds about I&E forms, in one breath they can be an aid to

getting your creditors to accept your offer of payment, in another breath, they are often

ridiculed and exploited by creditors who will always want more than you can afford.

 

It is a very personal and private thing to divulge to stranger who only see you as a number

and profit, they don't really care what figures you put on an I&E form, they just want to see where

they can demand more money from you at the expense of further hardship to yourself.

 

If you do decide to send them an I&E form, then don't use theirs, they're a joke! Get a proper one off the CAB or use one off here or National Debtline.

 

Pretty much IMO I would be telling them what figure comes in every month, and what I have left at the end to pay them, after all

what they fail to tell their victims is that this debt is NOT a priority, it comes all the way down the very bottom of the list

even after paying for nights out and your holiday in Barbados!

It's really up to you, I have two debts I am currently paying at £1 a month, they don't like it, but I have simply told them that is all they are getting end of!

[renegadeimp]

Normal behaviour from this PDL. They are NOT obliged at all to see a detailed I&E form. All they are entitled to see is: Total incomings... xxxx Total Outgoings for PRIORITY debts...XXXX Total remaining for non priority debts...xxxxx Mr lenders share... xxxxx

 

 

Seriously. We've had report sof a few PDL's asking for this info, the PDL's then dissect it and even tell the debtor to go without food/cut down ont heir petrol bill, and even not to buy clothes.

 

The easiest way to deal with them is to TELL them what they are getting. They know that if they went anywhere near court, they would normally get much less.

 

However, with this PDL, they just yell a lot, then sell the debt to MMF. MMF are a DCA that have total disregard for the law and are under investigation.

[martincc]

Thanks for the quick replies!

 

I think my biggest concern over providing a detailed I&E form is that I have a few commitments that I feel are more important but would for sure be ignored by other creditors. These are loan repayments to family and also a guarantor loan which I will do everything in my power to avoid passing onto my good friend who took the loan out with me.

 

So I can reply that I'm not required to provide this information but that I am offering a payment of xxx?

 

Thanks again.

[renegadeimp]

Yep. Tell them straight. Mr lender will ignore you, thats just how they operate. You then need to get formal complaints rolling. If they try selling the debt on while you have a complaint going, thats another reason to get the FOS involved once the complaints timer elapses.

[martincc]

Formal complaint? Would that be a complaint that they are refusing to accept a reasonable offer for repayment?

[renegadeimp]

it would be a complaint where you write clearly and concisely the problems you have had with them and what you want them to do to rectify the complaint. keep it short and simple, dont go rambling on into why you had issues, or what you had for breakfast a week ago. They have 8 weeks to resolve your complaint before the FOS get involved. The FOS will charge them around £500 just to tell them theyve open a case against them, so its in their interest to come to an arrangement with you.

[martincc]

Ok

 

Just replied to them with basic I&E info and my repayment offer, wait and see if they respond now.

 

Thanks for the advice. To be honest I'm pretty nervous about all this in standing up to the PDL and other creditors, stressed enough without making things worse! The posts here and help from people like yourself though are hopefully enough to keep me informed and put me back in control

[Bazooka Boo]

you ARE in control.

 

They have absolutely NONE!

There is nothing to be nervous about, I know it's easier said than done, but it does get easier, this isn't the dark old days

where a knuckle dragging thug would kick down your front door and take your TV.

 

PDL companies have a very bad press, no-one in their right mind would ever defend them, less for themselves and the sociopaths in government.

[renegadeimp]

you ARE in control.

 

They have absolutely NONE!

There is nothing to be nervous about, I know it's easier said than done, but it does get easier, this isn't the dark old days

where a knuckle dragging thug would kick down your front door and take your TV.

 

PDL companies have a very bad press, no-one in their right mind would ever defend them, less for themselves and the sociopaths in government.

 

Or certain people that donate to various government parties.... no names mentioned.

[Bazooka Boo]

[martincc]

UPDATE: Sometimes it's strange how things work out! Been asked to start work on Monday doing my same job but with another company and almost double my current wage!

 

Obviously I am going to be in a good position to clear my PDL's much faster and without so much hassle. Unsure how to approach this now as I've already contacted all of the lenders to inform of financial difficulties and enquire about repayment plans.

 

Should I let them know about change of job and that balance will be settled in coming weeks.

 

or

 

Continue arranging payment plans and after month or two try and offer a reduced final settlement?

 

I'll add some notes here for reference on how the companies are responding. All sent around 28/01

 

Mr Lender - Requested detailed I&E form. I replied with basic I&E figures and my monthly offer. They resent copy of previous email asking for detailed I&E form.

 

Cheque Centre / Loan Store - Due 31/01 Quick reply with offer of £75pm for 6 months on balance of £450

 

Zebit - Due 31/01 They appear to be offering a reduced payment for this month but the remainder of this months will be payable on Feb 28th as well as the full Feb payment??!

 

Lending Stream - Due 31/01 Same company as Zebit and same offer as them above.

 

Wonga - Due 2/02 No reply.

[renegadeimp]

Stick with the proposed for now, then after the first payment, increase it. If you increase it now, theyll push their luck and start demanding more.

[martincc]

I now have repayment plans in place with 4 lenders. Paying more than I would have agreed to previously but with the new job I am keen to pay the extra to clear quicker.

 

Mr Lender however is still causing problems. Predictable going by the other posts I've read here about them.

 

Since resending my basic I&E figures and my repayment offer, yesterday I received a Notice Of Default Sums. I replied to this informing them I have been trying to contact someone but with no reply.

 

Following this I received an email from Mitchell who had been in contact with the I&E form. He wrote:

 

Thank you for your email.

Without an income expenditure form we are unable to review your account.

However, we can offer you a 6 month plan, but first of all we would require a token payment of £135.00.

Once this has been received we can then split the remaining balance over the 6 months allowing you to close the account interest free.

Please be advised that your account will remain in collections incurring calls and charges.

 

I have replied that paying £135 before they will setup a repayment plan is not acceptable and I will be submitting a complaint to FOS. I also added that if my very fair offer was not agreed and in place within next 3 days I would be forced to reassess my position and other financial commitments and offer only a token payment of £1 per month.

 

So that's how things stand right now, no reply since yesterday......

[Bazooka Boo]

Yep, YOU are in control NOT them.

 

To openly attempt to bribe you by saying pay this amount and we will set up a repayment plan, is indicative of these clowns ethics.

They really don't get it do they?

 

I would just put them on £1 a month anyway for their sheer rudeness, and as for them threatening to continue to call and add charges/interest, that in itself would warrant a serious complaint to the OFT&TS.

[martincc]

Ok, so I haven't heard anything since my last email to Mr Lender on 03/02/14.

 

I sent a complaint to FOS yesterday and emailed Mr Lender's Complaints Dept a copy also.

 

Received this reply today:

 

We have noted on the account to only contact you in writing and my colleague Mitchell sent you an Income and expenditure for him to assess your situation and look into a more affordable repayment plan. As this has still not been received your account is still open and in collections. Whilst we appreciate the figures quoted in your previous email and that you have paid back previous loans we do have strict procedures in place and therefore require the form and supporting documentation.

 

Please find attached an income and expenditure form, once this has been completed please return including any supportive documentation confirming your outgoings, for example a bank statement or something showing your other outstanding creditors.

 

We would advise sending in supportive documentation as this may be requested from you at a later date and will help speed up the process.

 

Once we have received your information we will be able to assess your position further and offer you a suitable repayment plan.

 

It is our procedure to request this documentation from you to look into a more affordable repayment plan, we can offer the following without supporting documentation.

 

Should you make a token payment of £60.00 by the 14/02/14 we can offer the following repayment plan.

 

27/02/2014 £97.50 Payment 1 of 6 27/03/2014 £97.50 Payment 2 of 6 25/04/2014 £97.50 Payment 3 of 6 27/05/2014 £97.50 Payment 4 of 6 27/06/2014 £97.50 Payment 5 of 6 25/07/2014 £97.50 Payment 6 of 6

Otherwise we will require the form to be sent back to us.

 

Note they are now requesting a token payment of £60 to setup the repayment plan in a change to their previous request for £135.