Creditors & Their Responsibilities - HELP!!

KingElvis

stateofmind wrote: »

I am just unsure how to respond to their email of 'we don't accept payment plans'

That's crud, they can't have what you don't have and it's just a scare tactic.

You now have the knowledge thanks to Tixy and othesr to play above their game and you're now in the driving seat.

If they can't take from your bank account (and you really need to get that sorted asap with another, unconnected bank) then they have to dance to your tune :rotfl:

spikescot2005

You will have to default first as they won't do anything while you keep paying the roll over fee. Which company is it?

stateofmind

The company is Capital Finance One.

I've had a chat with them on the phone, as nice as the guy was to me, they are refusing to setup a payment plan as it's not something they do for anybody.

I have told them I can't make the payment this month and they know this, they said after 33 days the debt is passed to a company called Daniel Silvermans to deal with, and they may consider a payment plan ( I can bet you they wont) - but by this point over £400 worth of charges would have gone on.

I explained I was willing to make regular substantial payments per month to clear it, and that if they put these charges on I would gladly go to court over non-payment and then have them explain their charges to a judge and all I would end up paying them is the principal plus one months interest anyway - I don't think any court in the world would agree £900 worth of charges in 33 days is acceptable on a £500 loan

It appears they are happy to drag it out as long as possible so they can keep stinging me with charges

Anyone got any experience with this Daniel Silvermans??

skintandscared_2

stateofmind wrote: »

Yes I do have other creditors which is why I am in this mess, but that's not the issue I am asking about, I am after some advice as to whether they have any obligations to accept reasonable payment offers

The concern is I won't pay them, they'll keep adding charges and then it will escalate way out of control - I am trying to face up to this problem otherwise it will never go away

skint - there is no money going into that account so they won't be able to take anything. I'd rather not go down the CCCS route but will have to if these don't play ball, it's the last one I need to sort out then I would have no need to use the CCCS

The reason I suggested CCCS is that loan companies tend to take them more seriously and have more respect for them as they are approved debt counselling services. They will have put together a breakdown of your income and outgoings and will have solid proof that you cannot afford any more than you say you can. At the moment, for all the loan company know, you could be boozing it up every weekend and spending your disposable income on a top Sky TV package, huge iPhone contract, etc, etc. They will not take you seriously unless you prove to them you are not frittering money away elsewhere. This is where CCCS (or PayPlan) are very helpful.

Letfromspain

This is no help to the OP but I've just looked at the Capital Finance One website and they charge £39 per month per £100 borrowed!! Most of the other payday loan companies seem to charge £25 which is bad enough. I know it doesn't take a genius to work it out but they give an example of £750 borrowed for a month and the charge is £292.50 - how the hell do they get away with it?

stateofmind

Because mugs like me pay it!!

skintandscared_2

stateofmind wrote: »

Because mugs like me pay it!!

To be fair, they are set up to offer money to vulnerable people who often can't get loans elsewhere. Their rates should be illegal. But unfortunately if their T&Cs set out their charges before you agree to take their money, you'll have a hard job disputing them after the event. Have you sent them a budget sheet actually SHOWING what you can afford to pay, so they can see you're not living it up and just choosing not to pay them back?? That might help....

fozmcfc

stateofmind wrote: »

Because mugs like me pay it!!

Well stop taking them out then.

Why take out loans you clearly couldn't afford to pay back in the first place.

As for payday loans in general, I don't see why they should be outlawed and spoil it for those who do use them responsibly.

They should however all be linked together and those who don't pay back what they owe on the agreed date, should have it recorded and not be allowed to take any further ones out.

paddyrg

We feel that our charges are amongst the most competitive in the market place.

Blimey! 5102% is pretty hefty even for PDL companies!

poppasmurf_bewdley

paddyrg wrote: »

Blimey! 5102% is pretty hefty even for PDL companies!

There has been so much written on this Forum about Pay Day Loan companies and their exhorbitant interest rates and charges.

Has anyone on this Forum actually called their bluff and gone to County Court and used the unfair terms legislation to see if they are allowed to get away with the types of interest and fees we are hearing about in this particular thread and others?

It would be interesting to find out.