pounds till payday

petal9

Hi ive had recurring loans with the above company for months,original loan was £300 and interest £89 a month whic i pay then take out again,my problem is that last month had a problem with direct debit and couldnt pay,somebody rang and made me arrange to pay this month on my payday,amount now is £458,i cannot pay it as been off sick and if i pay that amount,will have no money left,i emailed the person dealing wit it to see if i can come to an arrangement,she replied saying it was leant in full and must be paid back in full and if not willbe sent to debt agency clarity to recover the debt,has anyone heard of them? i dont want them phoning at work etc but feel this is te best way to go to get out of the cycle.
Has anyone any experience of dealing with them?
thanks in advance xx

hypno06

just bumping this up in the hope someone can help

bargainbetty

I'm not sure, but if they send it to debt collection, you would be able to offer a repayment plan anyway. Make the offer in writing, and ask that all correspondence from them, or the collection agency be in writing too (should stop phonecalls).

I'd seek more advice from the CAB or CCCS.... or National Debt helpline. Legalese might work better on this lot.

Good luck x

petal9

will this company ring my employer?,i couldnt stand it if they did,i just feel it going to debt collection will get me out of this cycle so i can arrange payments with them,im i right or just deluded? anybody any ideas on what will happen next?

bargainbetty

Have you given them a work number? I would write to them just in case telling them that all further correspondence has to be in writing (there is a template letter on her somewhere, but my links don't seem to work).

It warns them off attempting to contact you by phone as it would constitute harassment, and calling you at work would be included.

If any agency gives out details of your financial arrangements to a third party without consent, they are breaking the Data Protection Act and should be gently roasted by the Trading Standards, all regulatory bodies and the police if you can prove the harassment aspect.

Write firmly telling them that you are offering all you can afford, and that if they continue to refuse payment by installments then they are the ones delaying the debt, and that you will demand all interest be frozen from that date due to their refusal to accept legally recognised payments. It might galvanise them into accepting the offer made.

Don't sign any letters - just print your name. There have been reports of companies scanning in signatures and applying them to agreements..... not that I've heard it about this firm, but prevention is better than cure, y'know?

Good luck sweetheart.

petal9

Not sure if i ever gave them work number,they definately have my mobile as are constantly ringing!! thankyou bargain betty for the advice,do you mean that if it went to collections,pounds till payday are unable to disclose work number etc? i want to pay this off but if i pay the £458 on monday,im skint for te rest of the month,they keep telling me i can reapply after ive paid it but it means being in the same cycle and ive just had enough xx

hypno06

There is a really good challenge that runs every month on these boards "Make £10 a day".

http://forums.moneysavingexpert.com/showthread.html?t=1245171

Why not head over to that challenge and have a read through - there are loads of ideas of how to raise a bit of extra cash. Some do £10 a day, some aim for £5 a day because they feel that is more realistic.

Even £5 a day over the course of a month would give you £150 extra - a couple of months like that and you would be clear!