coco1277 wrote: »
It is quite clear we will not accept £50 per month on an ONGOING BASIS and offer a settlement figure.
We need settlement as soon as possible and you need to consider your options.
'We are in receipt of your email but we are disappointed in your approach to this problem.
During the telephone conversation that you had, an attempt was made to give you a realistic and economic solution.
The position now is that you received a £100 'SHORT TERM' loan on 13th May 2010 which was repayable within 14-28 days.
For full understanding of your commitment, below are pertinent extracts of the terms and conditions double-digitally signed by you upon applying for the loan.
1.You agree to pay us the Total Amount Payable on the Repayment Date. YOU are responsible for remembering to pay us on time. Although we endeavour to send reminders we are not obliged to do so.
6. All sums owed under this Agreement shall become due and payable immediately upon us giving notice if:
(a) any sum due is overdue by more than 14 days;
(b) you have provided us with any false information when you entered into this Agreement; or
(c) a statutory demand is served on you or any other steps are taken by you or any other person to make you bankrupt. Additional fees may be applied if we need to apply for a County Court Judgement or Warrant of Execution (from GBP45), engage with Solicitors (from GBP150), Debt Recovery Agents (from GBP200) or other agencies (GBP tbc) to recover your debt. 12.
We are registered at Companies House as CIM Technologies Limited trading as Toothfairy Finance. Our company number is 06144500. Our main business is consumer lending. We are regulated and authorised by the Office of Fair Trading (the "OFT") consumer credit license 615666
Pertinent FAQs from the Toothfairy website:-
Q: When should I pay back the money and how much should I pay back?
A: You have the choice of borrowing for either 14 or 28 days. Within that time, you should pay back the loan amount and cost.
Q: What happens if I do not pay after 30 days?
A: Not sure if you can pay back the loan, you should not apply. If you do not pay the loan within a specified time you will be charged for another loan period. If the payment still does not arrive, we will unfortunately have to send the debt to a debt collection agency which will incur additional charges.
We need to stress that Toothfairy Finance’s business is ‘short term’ loans and not ‘long term’. They therefore require re-payment according to their terms. You received your £100 loan on 13th May 2010 and this should have been repaid by 27th May 2010, according to the agreement, in the sum of £118.
As a result of the delay in payment, balance on your account is now £540 taking all charges and interest into account and also that no payment whatsoever has been made. On Thursday 22nd July a further £18 interest is to be added as the rate is £9 per week per £100 borrowed, bringing the total to £558.
This sum will continue to accrue at the rate of £9 per week and therefore, £5 is far too low a figure for us to accept.
We highly recommend that you come to a more substantial agreement with us to avoid these ever increasing charges and the inevitable legal action that we will be forced to take.
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