Pay Day loan...negotiation....

josie31

Apologies if you read this post twice..as posted in the wrong bit so reposted!!

Hi,

well am now in negotiating terms with the Pay Day loan companies. I have sent in my income and expenditure and after them querying everything including school and childcare costs of £200 a month which they said were "ridiculously high" I then had to explain that £9 a week for my daughters school dinner and then £160 a month for before school and after school care four days a week and that this was in fact low and by no means high and was shocked they deemed it was.

Anyway they then sent an email saying they would accept my offer for a 3 month period then review it - they have since sent me an email saying until they agree this they ened to see a copy of my car loan...I have replied saying that firstly they have already agreed in an email a few days ago and secondly I was not prepared to send through personal documents such as a car loan which have my guarantor details etc on there - car reg etc... etc... can they demand this?

Tixy

No you don't need to provide this and I wouldn't.

josie31

I haven't - its not that i have lied about the amounts I haven't - its just i feel quite uneasy with some of the levels of information in there. I have replied saying i am on the understanding I do not need to supply this and if they continue to insist on seeing this will seek official advice from CAB and CCCS before supplying it.

Tixy

That sounds like a good answer. Legally you don't have to supply anything at all. But it usually in your interest to supply and income & expenditure as you have done. But its very annoying when they then start questioning everything that is on it.

I wouldn't give them any more info than you have already or justify anything else - just keep making the payments you have offered.
If they still persist then maybe getting third party advice and possibly an I&E drawn up by one of the charities will be a good idea.

saltnvinegar

Hi Josie

Just out of curiosity which payday loan company are you dealing with?

In short, they have no right to see any information at all, however as Tixy has mentioned, to appear reasonable an I/E sheet is good.

It sounds like you are keeping everything in email which is good, but I would also recommend confirming everything in writing at a sensible point too. Make sure you send letters by recorded delivery, and digitally sign your communication.

If you want to use a good I/E sheet, have a look at the Debt Remedy solution on the CCCS website. You don't have to commit to anything but the advantage of using this is that the levels of expenditure set for things like childcare are set to 'industry standards' which if creditors sign up to the lending code tend to use.

I appreciate the PDL company won't have signed up to this (!) but does give you more leverage.

However it sounds like you're handling the situation admirably so keep plugging away.

Best

SnV