£100 loan

[debtriddenfreak]

100pounds.co.uk

 

I am in trouble with this company as well as I was due to pay the loan back on the 19th. I will be able to pay it on payday at the end of July. They have emailed me to inform me that they have added £50 charge to the loan, which I think is pretty excessive?

 

Original loan was £100 over 10 days, repayment should have been £115 on the 10th day.

 

Email from them:

Your bank has declined our numerous attempts to collect the 100Pounds loan repayment on your 10 day loan today and the payment remains outstanding. We are keen to be a loan provider that you can trust, but this relationship must work on both sides, in order to be successful.

Following our failure to collect your payment, the original repayment sum on your short-term loan of £115 will now have an administration fee applied to it of £50.00, bringing the total outstanding amount to £165, as set out in the credit agreement that you read and agreed to.

We'll try to make another attempt to collect your payment on 21/07/2014, but in the meantime, you can make an immediate payment by logging in to 100pounds.co.uk, calling us on 0203 608 9053 or emailing our team at [email protected]

If you continue to break the terms of our Credit Agreement, there may be significant repercussions:

- We will continue to charge administration fees for each step we need to undertake in our endeavours to collect your repayment on this loan.

[SabreSheep]

HI there

Others will be along to help soon

 

Who is the PD Lender as well?

 

 

few things.

1) That admin charge is unlawful - Advice will be given i imagine on how to challege it.

2) From now on till the end of time, you will communicate via writing to these people and communicate with the words "In writing only" over the phone. No other words.

3) Whatever bank details you gave them needs to be changed. If you gave them a credit or debit card to take payments from you need that card cancelled like yesturday as they can and will take money (And keep trying) with or without your permission.

4) On that grounds cancel any continueous payment authority with your bank and them. all in writing

5) When sending letters send via post office and get proof of postage and staple it to a copy. This is a free service provided by the post office.

 

You may also want to create a thread for other debts you may have so people can help you with those.

[debtriddenfreak]

they are called 100pounds.co.uk

[SabreSheep]

nothing registered with FCA under that name

 

http://www.fsa.gov.uk/register/firmMainSearch.do

[debtriddenfreak]

Just found this at the bottom of the email

Copyright © 2012 100pounds.co.uk. 100pounds.co.uk is a trading name of Sunny Marketing Ltd.

 

 

I dont mind paying them up to £150 on my payday just to get rid of them but it sounds from the email that they are going to charge me £50 every 7 days. I dont want to change banks again as I have only just done that..

I guess I could report my card as stolen and hope they dont get to the money?

Is it worth me emailing them and saying I agree to pay £150?

[renegadeimp]

Do not pay that charge. It is a penalty charge and is very unlikely to be enforceable.

[debtriddenfreak]

Could you give some advice about how I go about not paying the charge? Do I email them and say I agree to pay £120 or £x amount on payday and see if they accept

I guess If I dont cancel my card they are just going to take what they want which will affect my other payments

[renegadeimp]

Simple. Tell them you arent paying it and ask them to justify it. You pay what you lent, plus the interest agreed. Once the term is up, the agreement has ended so if they try and add on more interest, it can be challenged.

[debtriddenfreak]

Well I emailed them but no reply. I cannot cancel my card because I have only just setup new pro-rata repayments to my other pdl's, so I guess they are going to sting me for about £200+

 

How do I report their penalty charges to the FCA?

[biggeorge]

Hi,

 

You don't need to cancel your bank account but you must write to the bank and inform them to cancel the CPA to 100pounds.co.uk/Sunny Marketing Ltd

Look in the library for the CPA letter.

 

Once you have this letter and have informed your bank any payments they are allowed to take by your bank must be paid back.

 

You can then write to 100pounds.co.uk / Sunny Marketing Ltd and offer them re-payment of the loan and the £15 interest only on your terms.

 

Its very important to get the CPA letter into your bank as soon as you possibly can as most payday loan companies just keep trying the card to take

payment of what they think is owing even their administration fee and could leave you with an empty bank account.

 

George

[SabreSheep]

You must cancel your card

 

You can always set up new arrangements. And you should be setting up arrangements via standing orders so that YOU control what gets taken anyway.

 

You cannot report (yet) their charges to the fca.

 

If you have other PDLs I think its time you asked for more general advice to get you away from those loan sharks.

 

Just pay what was originally agreed and wait for the next letter/email from them. NO PHONECALLS

Come back and people can advise you on what to do next.

[debtriddenfreak]

Just received this email!!!!!!

 

 

Please be aware that you have signed a Loan Agreement with us which clearly states that: "In the event that you do not pay the payment sum on the due date, you will be in default on your Loan, and

you will be charged a missed payment fee of £50.00 (which will be added once the loan has become 2 days overdue); and a missed payment fee of £50.00 (which will be added once the loan has become 17 days overdue)."

 

The due date of your loan was 19th July. You were able to extend your loan until 20th July for a £20 fee. As you were unable to repay or extend your loan, on 21st July a £50 charge was be added to your outstanding amount with us. This means that total amount is currently £165. No further charges will be added until 5th August.

 

The option to set up a repayment plan is available from day 12 of your loan cycle, which is 21st July.

 

You are able to set up a repayment plan by logging in to your account on our webpage. To set up the repayment plan you have to pay £50 straight away; the £25 fee for the repayment plan is included. When creating the repayment plan, please choose the same date for each of your future partial payments. Also, please note if you fail to make one of your repayments, your debt will be transferred to the Debt Collection immediately.

 

 

Best regards,

 

Stephen Fry

Customer Service

[SabreSheep]

Does not matter what it says in the loan agreement.

UNLAWFUL terms in an agreement are unemforceable and therefore they can add whatever they like to the balnce. If you pay off what was orignally agreed (Original amount + Interest agreed) then they would (With a proper defence) struggle to get a ccj

You could also in theory start a small claims action against them for the money they are adding (Plus damages in restitution) and have that wiped off the balance.

 

Someone needs to draft a email for you I think.

 

Pointing out that their terms for penalty charges are unlawful and unenforceable and that if they do not remove them form the balance that you will consider court action to reclaim them. I would also try saying that as they have acted unlawfully that the account is now in dispute and should be frozen pending the outcome.

 

I would send such drafted letter to their ceos office postal signed for delivery

back it up 14 days later with a letter before action.

then begin the small claims process.

 

Others will be able to advise in more detail before you do any of this

[SabreSheep]

Stephen Fry

Customer Service

 

 

Wow Stephen Fry seems to have downgraded himself XD

[debtriddenfreak]

They are refusing to remove the charge and say I must stick to the original agreement which means I will have to repay £165 on payday which I plan to do

 

Is it worth me reporting them to the FCA and how would I do that?

[renegadeimp]

Ignore their stupid demands

[ashmk]

Pay what you owe + the £15 interest and no more. They will kick up a stink but it will lead nowhere. Keep your £50 for yourself. Your done. Next case.

[debtriddenfreak]

It's not as easy as that. They have my card details and I don't want to cancel the card again. OK I could cancel the CPA and if that even works then I am still going to have to contact 100pounds and try to get them to accept £115, which they wont, then it will go into default and get passed to a debt collector etc etc. It's not as easy as you lot make out

 

I would rather just pay it and then report them if possible

[renegadeimp]

You dont have to cancel the card. Tell your bank to cancel any and all transactions to the company and any CPA's that are on the account. Your bank, by law, cannot say no. But they will try.

 

It isn't easy... kinda. But it is straight forward. We've all been there and done that. You are starting to believe the crap that the PDL and DCA's say. Crap that is designed purely to scare and intimidate you into paying something which you do not owe.

 

If you decide to pay it, then a question comes to mind.. Why even bother coming here for advice? I'm sorry if its harsh, but thats how it looks. You do NOT have to pay them it. It is an unenforceable penalty charge.

[SabreSheep]

Send a written letter to your bank, get free proof of postage from the post office and staple it to a copy of the letter you posted. Keep it safe.

 

As per post 19 above.

 

As for paying the original creditor

 

you could send them a cheque with a letter saying that their penalty charges are unlawful and that if they want to push it they should take you to court and this cheque is full and final settlement of the account If any DCAs contact you afterwards you just send a letter back saying "Account in dispute" Come back here at that point and we can advise you.

[merlin100]

debtriddenfreak,

I am currently dealing with four PDLs on behalf of a friend.

The very first thing I did was to go to her bank ( with her) with four separate letters ( one for each CPA), signed by her, instructing the bank to cancel all CPAs forthwith. In each letter it stated that the bank would be held responsible for any monies taken by the PDLs after the date of each letter.

This is what you need to do forthwith, the banks will then act once they realise that you know what you are doing.

This protects your account as the banks will NOT want to reimburse you so they will not allow any demands from the PDLs to be successful.

 

As an aside, one PDL has already rolled over and agreed to a repayment plan. The other three havent responded to letters sent to them 3 weeks ago, but it doesnt matter, as the letters they received were sent by recorded delivery, we have proof they signed for them, so now its up to them to make the next move.

Hope this helps.