toothfairy finance... advice please

abbie1988

got myself into a bit of a pickle and took out lots of payday loans. obv couldnt afford to pay them back all of the companys have accepted a payment plan over 3months to pay them all back but toothfairy wont budge, they dont do payment plans and wont the money in full tomorrow which will not happen.


whats my best poa shall i just let it go to dca??

thanks

fermi

They can "want" what they like, but it doesn't mean they can get it.

All you can do is stick to your guns and pay what you can afford when you can do it.

You may be interested to know that Tooth Fairly (their parent company exactly) were/are in trouble with the OFT.

http://www.oft.gov.uk/news-and-updates/press/2010/116-10

And in particular have had requirements put on them which include.

requirements imposed on Tooth Fairy Finance

2. CIM Technologies Limited shall only use a form of communication where it can be reasonably certain that it is contacting the correct individual and shall not:

- disclose the details or existence of a debt to any third party unless legally entitled to do so;

- levy charges that are disproportionate to the main debt and which do not reflect the actual and necessary cost of recovering a debt owed to it;

- pressure debtors who have defaulted on an agreement to pay unreasonably large instalments when they are unable to do so;

or

- make any misleading representations as to the action it might take or might be taking to recover a debt.

Might be worth quoting that to them if they cause hassle,

abbie1988

fermi wrote: »

They can "want" what they like, but it doesn't mean they can get it.

All you can do is stick to your guns and pay what you can afford when you can do it.

You may be interested to know that Tooth Fairly (their parent company exactly) were/are in trouble with the OFT.

http://www.oft.gov.uk/news-and-updates/press/2010/116-10

And in particular have had requirements put on them which include.

requirements imposed on Tooth Fairy Finance



Might be worth quoting that to them if they cause hassle,

thank you so much.... im gonna write reviews on all of the payday loan companys i have dealt with like 7 of them. they have all been really good apart from toothfariy. i was abit gutted when i took out the loan i saw the reviews on here and realised big mistake they are awful.

so should i just keep sayin to them the payment plan ??

thanks for your help

fermi

You can't make them accept a payment plan if they don't want to.

They can pass the debt to a debt collector is they wish.

But you in turn can keep offering and making what payments you can. That shows, if push comes to shove, that you have acted reasonably and made every effort.

Just don't let them bully you.

If they get nasty and unreasonable, then report them to the OFT, trading standards etc.

fermi

Oh, if you should get a letter/email like the one below, then PLEASE report it to the authorities.

I think they have stopped them now, but if you get one then don't believe a word of it and report it right away.

Culex

fermi wrote: »

You may be interested to know that Tooth Fairy (their parent company exactly) were/are in trouble with the OFT.

http://www.oft.gov.uk/news-and-updates/press/2010/116-10

Yes, that is interesting.

Failure to comply with these requirements could lead to a fine of up to £50,000 per breach or to action by the OFT to revoke the company's credit licence.

Or not.

Is it merely my innate cynicism that makes me wonder how that differs from the empty threats of ligation from debt collectors?

SpeedyGonzalis

Tooth fairy finance? I had to google them before I believed it was a real company. What a name!

rogersonjeff

sorry to jump on this thread but am struggling to pay a new one
big problem WONGA.COM want a payment of £1066 tomorrow im £200 short after my wages go in which means i wont be able to apply again, so that means no wages for the month
question 1. will i cancel my card now to stop the payment
question 2. what will happen will they bombard me
question 3.how could i restrutcher to pay them in an amimicable way
question 4. will it affect my credit rating
thanks for any quick comments and help

abbie1988

ok toothfairy have started harrasing me with emails saying that monies are overdue and that my details will be passed onto dca.

have replied to each one sayin i can make 50pound a month how to i make this payment and they keep ignoring this!!!!

what will the dca do?? will they accpet my payment plan??

thanks

fermi

A debt collector can't do anything that TF can't.

Debt collector may lie and bully regarding what they can do, so avoid speaking to them on the phone if possible.

A debt collector may be more inclined to accept instalments, so it could actually be better for you. Downside is that you are likely to have a default on your credit reports, but that may have been the case regardless.