Hi , I am after any advice which could be given regarding my husbands situation with these sharks .
He took out a payday loan at end of April needed to find a loan fast as our dog needed an emergency operation .
He borrowed £300 which was to be repaid in 4 weeks time but unfortunatley he couldnt pay it as got laid off from work .
Now within these few weeks the debt has been passed to Northern Debt Recovery who have been nasty , threatening and not willing to help . I offered to pay £50 per month and this is the email they have sent below please bear in mind this was a loan of £300.
In response to your email, we will accept £50 per month. Can we assume that you will make the first payment tomorrow, Monday 12th July 2010?
P.S Also when looking for information on Northern debt recovery its not bringing anything up at all apart from collections for Orange . The letter I received from Northern Debt Recovery is showing the same address as the company the loan was took out with Toothfairy Finance ? with company no 6956396 but cant find anything on this
The present outstanding balance is £974 with a further £54 due to be added on 22nd July.
You must appreciate that interest is charged at £9 per week per £100 borrowed, which with a loan of £300 means interest of £108 per month. This is quite clearly set out in the terms and conditions that you double-digitally signed when making your application. This means that you will be paying £50 per month for a loan that increases by £108 per month.
At this stage we are not in a position to offer any settlement figure because we have not yet seen any proof of willingness to pay on your behalf. Once you start making regular payments and hopefully increases your monthly amounts, we may well be in a position to offer a final figure of payment
Is there anything I can do about this surely these charges are not legal on a £300 loan . I am at my wits end about this and dont know what steps to take next. As they say if he doesnt pay they will send baliffs to all addresses held on file .
Any advice at all welcome , sorry for the long post .
P.S Also on the letter I received from Northern Debt Recovery it has the same address as the loan comapny the loan was took out with Toothfairy Finance and a company no : 6956396 but when searching on Google cant finad anything at all on Northern debt recovery apart from they are collections for orange ?????
I am a little confused and dont think this letter is actually from a debt collection agency