Tooth Fairy Finance Advice

Jen30

Hello Advice Wanted,

I rather foolishly took out a short term loan with Tooth Fairy Finance at the weekend. The loan was supposed to be in my account in an hour, it wasnt.

It is now Thursday 5 days after I took the loan out and still no funds have been deposited. On Monday after realising that A) the funds had not been deposited and reading some shocking reviews about Tooth Fairy online I informed them by I wish to withdraw from the agreement.

I have emailed and called each day of this week - Mon-Thurs and they have pretty much ignored me. They keep on contradicting themselves given different excuses as to what is going on. And today they emailed me stating that I owe them £472, even though they have not paid me a single penny.

I have notified the OFT who have passed the case over to Trading Standards, I have also notified the Financial Services Ombudsman and even the Police. I am also about to instruct a solicitor to represent me.

I would like to hear from anybody who has had any past dealings with Tooth Fairy and what there experiences have been with them.

What I think it going to happen here is that they are not going to accept my request to withdraw from the agreement, they also wont pay anything into my account. I am guessing when the date arrives that the £472 is supposedly due they are going to instruct this Northern Debt Recovery Firm who are effectively the same company and say I am liable to loads of other charges.

I am shocked that they havent been closed down actually.

I dont need the money from them anymore and dont want a penny from them. This is the first time i have taken out a pay day loan and it will be the last time as well.

Apples2

If you continue trying to do business with poor websites with no Terms and conditions displayed or without even attempting to find out if they are a trustworthy business, you are going to spend the remainder of your life fighting to get your money back.

http://www.beatmydebt.com/news-articles/oft-cautions-tooth-fairy-finance.htm

Spend a few moments researching a company before giving all your details out. It will save you a fortune

cassidy0111

Might it be worth setting up a new bank account? I have heard of pay-day loan companies helping themselves to people's money before???

Some of the more experienced MSE'rs might be able to advise on this.

Hax

My question is this: IS the OP 100% sure that they entered the correct details for the account the money should be paid into. Maybe someone else has found a little windfall in their account that Jen is looking for...

anasmith52

I do agree with Apples2. we must be very careful when doing transaction online.

fozmcfc

Hax wrote: »

My question is this: IS the OP 100% sure that they entered the correct details for the account the money should be paid into. Maybe someone else has found a little windfall in their account that Jen is looking for...

If that's the case then Jen might not have anything to worry about, because someone else is about to have a shock when the money leaves their account also.

Hax

fozmcfc wrote: »

If that's the case then Jen might not have anything to worry about, because someone else is about to have a shock when the money leaves their account also.

Deposits are normally done direct to bank accounts. Repayments though, are normally collected via debit card with a continuous authority. So, worst case is the money has gone somewhere else, but they'll keep hammering the OPs card to reclaim payment.

Jen30

Thank you for your replies.

Firstly they definately have my correct bank details and I have checked with them. I have emailed them a print out of my last weeks banking transaction and it proves that nothing has gone in from them. I am going to speak to them again about this.

With regards to them taking money from my card, i unfortunately "lost" my card today so had to cancel it. Can they still taken money from a cancelled card???

Apples2

Jen30 wrote: »

With regards to them taking money from my card, i unfortunately "lost" my card today so had to cancel it. Can they still taken money from a cancelled card???

Oh yes!
About 98% of payday loan customers lose their cards just before payment day. They are well geared up for it.

Jen30

Just to clarify, they havent even paid any money into my account yet.

If you lose and put a stop on the card surely they cant still charge it or can they?

Apples2

Yest they can. because you already authorised this transfer before it was lost.

Seriously, hundreds of people do this everyday to avoid repaying their loans. If it were that simple, these companies would go to the wall in a few days.

The only way to avoid it is to open a new bank account somewhere else and have your salary paid into the new account.

I don't know what the answer is to your problem of not receiving the money, but I would be surprised if they don't try to take the payment when it is due.

You need to keep trying to get in contact with them, post a first class letter recorded delivery too, it will get there in 24hrs and keep trying them via phone and email too.