Toothfairy Finance advice

mattmarchant

Hi
I currently owe three payday loan companies (Wonga, Payday Express and Toothfairy Finance) money. My initial repayments are overdue for all three of them. However, I have set up a monthly repayment plan with both Wonga and Payday Express. I have attempted to contact Toothfairy Finance on many occasions, both by email and by phone. Unfortunately, when I try to phone their collections team, I always, without fail, get put on hold for about 2 seconds before some stern-sounding recorded voice says that they are experiencing a high volume of calls, all of their operators are busy and if I leave a message they will contact me within 12 hours. I left a message, but not surprisingly, no one contacted me. When I email them, they just totally ignore me. I have sent them three emails explaining my situation now, but I suspect that they are all going to be ignored again.
Does anyone have ideas of what I can actually do? They're threatening me with court if I don't repay them. I'm only 19 and I do not particularly want this obliterating my credit rating and possibly ruining my life.

zppp

mattmarchant wrote: »

Hi
I currently owe three payday loan companies (Wonga, Payday Express and Toothfairy Finance) money. My initial repayments are overdue for all three of them. However, I have set up a monthly repayment plan with both Wonga and Payday Express. I have attempted to contact Toothfairy Finance on many occasions, both by email and by phone. Unfortunately, when I try to phone their collections team, I always, without fail, get put on hold for about 2 seconds before some stern-sounding recorded voice says that they are experiencing a high volume of calls, all of their operators are busy and if I leave a message they will contact me within 12 hours. I left a message, but not surprisingly, no one contacted me. When I email them, they just totally ignore me. I have sent them three emails explaining my situation now, but I suspect that they are all going to be ignored again.
Does anyone have ideas of what I can actually do? They're threatening me with court if I don't repay them. I'm only 19 and I do not particularly want this obliterating my credit rating and possibly ruining my life.

Write to them, stating how much you can afford to pay monthly. If it is lower than your contractual repayment, you may also find it helps to include a statement of affairs. (I am assuming they have written to you, so you have a correspondence address - if not here is the address Tooth Fairy Finance | Moonpod | 15 Lyndhurst Terrace | Hampstead | London NW3 5QA) Send it recorded delivery.

fozmcfc

You have overdue payments on 3 payday loans and don't want it to obliterate your credit rating, I feel you might be too late. If you can't repay ontime to lenders for those with bad credit, who is really going to lend to you.

You yourself are well on your way to ruining your credit rating and possibly your life, if you want to get mortages etc. Harsh words maybe, but it saddens me to see yet another person in their teens starting off on the completely wrong foot financial wise.

Apples2

mattmarchant wrote: »

. I'm only 19 and I do not particularly want this obliterating my credit rating and possibly ruining my life.

It's a bit late to be thinking about your credit rating. You should have been thinking about it when considering taking these daft loans out.
You absolutely must have suspected you weren't going to repay them on time.

Borrow form family, sell the PS3, XBOX, Phone4 and all the other junk you have and clear the loans off completely right now or you will be in this downward spiral for many many years to come

Philn77

Hi Everyone,

FYI. Avoid Toothfairy Finance like the plague. I can't work out how to start a new thread so I will just have to reply to an existing one.

I applied for a short term (Payday) £200 loan with Toothfairy Finance 5 days before I got paid. Everything on their website (including the T's & C's) was saying that the money would be transferred the same day so when it didn't arrive I rang them. It was an automated system with no 'real' people which had an option for 'why has my money not arrived yet?' so I'm already thinking if they have this on their phone system then obviously a lot of people have the same problem. I was then informed that as my bank acct was with Nationwide Building Society it 'could' take 'upto' 3 working days for the money to arrive. This would have been no use to me as 3 working days would have meant the loan would arrive on my payday making the whole thing totally pointless, so as it is impossible to talk to an actual human being on their phone system I e-mailed them saying that I wanted to cancel my loan as it was no use to me. I heard nothing back, so I e-mailed them again asking for confirmation that my loan had been cancelled. Still no reply. When my payday arrived they still didn't put any money into my account, and another 2 days later (a whole week after I had applied and been accepted) still no money, which I was pleased about as I thought the loan had been cancelled. Then today I get a text and an e-mail saying that "As I have not paid off my loan in time I now owe them £318 which needs to be paid by 02/03/11.

What a joke!! They obviously knew that the money would take 3 days to transfer as it was on their automated phone system, but they kept that very quiet when you actually apply. Then it is impossible to actually speak to anyone, or even get a reply from them. Then after never giving me the money they have the cheek to try and take money from my account and tell me that my payment is late and they are adding extra charges!!

Has anybody else had similar experiences with this company? I would welcome any advice, or information about other peoples dealings with this obviously very dodgy company.

pink_princess

Make a complaint ,they are already being investagated.There currently looking at fines of 50k per infringement.http://www.beatmydebt.com/news-articles/oft-cautions-tooth-fairy-finance.htm

Philn77

They have now taken £125 from my bank account without my authorisation and currently say I owe them £660!! I have asked my bank to reverse the payments and to pass it onto their fraud department. Recently I have been getting hassled by 'Northern Debt Recovery' who claim to be independant from toothfairy even though they both have the same registered address.

I have provided them with a copy of my bank statement, as they requested, to prove that I never received the money but suprise suprise they now claim that I have edited the statement to remove the payment from them so they are still persuing me for it. I have now decided to let them run up as much of a bill as possible in trying to recover the alleged debt so that they will have wasted loads of time and money chasing a debt that doesn't exist. When it does end up in court I will also be putting in a counter-claim against them for the stress of being persued by them for a debt that has never existed.

serverking

Hi I took out 17 payday loans to buy a car and I wonder if my credit score will be affected if I can't make repayments... Thinking of a loan (Ralph Marlon) to take out to clear my debts.... Blah blah...

I love threads like this - not too sure it it's :spam: or if there are really dozy people out there... If the high street banks won't lend to you, payday loan providers will tear you to pieces with their excessive interest rates...

As suggested, sell the Swarovski special-edition iPhone 4, the xbox Kinect, the Gilera scooter that seemed such a good idea at the time, on eBay and at least pay off one of your creditors. As other members have suggested, write to Tooth Fairy Loans (can't believe some of these names) and request a payment plan. That way if. Or should I say when it reaches the County Court, the judge will ask if they offered you the plaintiff a payment plan or if they chose to ignore it... They will be in a lot of hot water if they deliberately ignored your request... and please do send any correspondence Recorded Delivery, and keep the receipt. That way if you do get thru to a human at the other end of the phone, you can tell them the number and that it's definately sent. You can even check with their local post office (main sorting office is Mount Pleasant, Rosebery Avenue, Clerkenwell EC1) and they will definitely tell you your letter reached it's destination...

Hope this helps

PeteJones

Toothfairy loans? No wonder you were ripped off you eejit.... Did you try Easter Bunny Loans or Santa Mortgages?

People need to take responsibility for their own actions, borrow from payday loan companies and you deserve what you get. They are open about the rates they charge (borrow £100 pay back £125 doesn't sound so bad but when they show you that the APR is 1780% that means that you are paying back the equivalent of 178 times the amount you borrowed over the period of a year.............);):o:o:(:rotfl:

serverking

(sobbing) It's not my fault Pete - I've got all these kids to feed... I tried Easter Bunny Loans and couldn't get thru - and Santa Mortgages have closed down.... I just wanted a little something for the weekly shop at Iceland... I sent them my passport as verification along with my bank card as they requested....

I do love these threads the naivety of some people is staggering

WellKnownSid

I haven't tried Easter Bunny Loans, but I did try to call their sister company once - Pigs Might Fly Loans. The trouble was, when I rang their 0906 premium rate number, all I got was this terrible crackling...

Seriously... sell whatever you can and STOP SPENDING!