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Additional payments - Payday Loans


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Hi all

I'm after some information please in regards to making additional payments towards a pay day loan.

 

The company is called Fund Ourselves.

 

Trying to assist someone with making an additional payment, however their only options online to pay are Next payment amount (£250 due 26/11) or the full amount remaining (£520 which will clear balance of £750).

 

They've rang the company to try and make an additional payment, however she's been told that they can not do so.

 

Despite the account holder ringing the company and asking them that they would like me to speak on their behalf they are refusing to do this, as they will not provide a reason why they can not take an additional payment.

 

Should lenders offer the ability to make additional payments, as it seems to me refusing to do so helps them fill their pockets with the daily interest.

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do you not know their sort and account number?

 

if you did all you would then need is your mates PDL loan number

and that can be used as the payment ref number if he does a bacs transfer which they cant refuse.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Nope nothing.

She's going to the bank tomorrow and see if she can get the account info from what was paid in.

Collection is via registered card only.

 

You don't even get the opportunity to amend your card details.

Looking through their T&Cs and it does state you can make payments at any time in part or full online or by calling.

 

Both options not available.

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So continuous payment authority via a debit card.

 

is there not an online payment portal at their website after registering

 

Dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Yep CPA only & there isn't a payment portal.

 

Under the menu there is an about us, blog, faq, press, careers and the loan history and My Profile.

 

Going into loan history just shows previous and current loans (broken down by month with required payment and the date)

My profile has 3 options:

Postpone next payment (max of 3days)

Loan details (redirects to Loan History)

Make Payment.

 

Under Make payment with two options:

Next payment (£250)

Total Sum (£520 will cover your total of £750)

 

Then it has a note that says "Repayments will be collected automatically from your registered card. Loan repayments are non-refundable."

 

There is also a Account Details section which shows Name Address, Income &  expenditure, Income details, Bank account, registered card and then it shows a section add new card - which you can not select or complete (regardless of what browser or device) has two notes "contact customer services to amend card details" and also "Currently we only accept UK Debit Cards.
We also need the details of the bank account associated to the card, registered to the same person and address as detailed above."

 

Shes shown me the emails she gets from them (every couple of days) either saying how they can help with a loan blah blah and other ones promoting Payday loans.

 

The way the emails and the whole lack of control over your payments honestly reminds me of that crook Mr Hart's PDL setup.

 

 

 

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the company responded to an email I've sent them asking how can Miss x make partial payments.

 

As it's stated in the Agreement T&Cs 

"14.2 To repay early, in full or in part, the Borrower can make a repayment online through their account or by contacting the Creditor"

 

They've responded with:

"Good afternoon,

Thanks for your email!

Please note that we can’t accept partial payments, Miss X can make a payment of the instalment or settle the whole loan."

 

A lovely company that doesn't abide by their own T& C's

 

What would you say should be next action? FCA or FOS?

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are they getting confused because you are using the word 'partial', that implies she cannot make the next full monthly instalment when due?

22 minutes ago, ads_uk said:

 

As it's stated in the Agreement T&Cs 

"14.2 To repay early, in full or in part, the Borrower can make a repayment online through their account or by contacting the Creditor"

 

 

 

their T&C say-  repay early 'in part' - so should you Q not have been - how does miss x make these additional  'in part' payments, extra to her monthly instalments, that your T&C's state she can, to bring the reduce the balance quicker please?

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Well their response to Additional with the normal monthly payment is:

"Please be advised that the only way you can make a partial or additional payment is to create a repayment plan and make your monthly repayment less.

 

We can create a repayment plan for you over a longer period and a lower monthly repayment.

 

Please note that as we are regulated by the Financial Conduct Authority (FCA), we are only able to update your repayment plan twice."

    

I have finally been allowed to speak with them as well, and they've confirmed the above.

When I told them that any repayment plan will be recorded as a negative on a credit report they said that's correct as it's a refinancing.

They didn't understand how any additional payment would reduce interest to be paid.

(Not the brightest bunch)

No facility will be provided other than CPA and there is no way to make any payments other than the monthly amount or in full.

 

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what a bunch of idiots...:crazy:

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

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