Toothfairy (Payday Loan) Assistance

SavvyMail

Hello

I took out a payday loan with Toothfairy Finance in 2011. The loan was for £400 and was 'rolled over' a couple of times. Then they requested I pay back at least interest payment to continue to roll over loan.

• 5th July 2011 - Pay back interest amount. Email received confirming
• 6th July 2011 - Email from NDR (Their inhouse debt recovery) stating I have had £350 of charges added to my account.
• 6th July 2011 - Email to dispute these charges.
• 21st July 2011 - Ring them (I know now not good!) and they agree to freeze interest and I pay £75 a month. They state £950 is amount oweing, I dispute this saying it is near £600. Man on phone states if this is correct to raise dispute on their website and it will be altered.
• 22nd July 2011 - 22nd December 2011 - Continually pay £75/month
• 23rd December 2011 - Escalate case as now I feel all payments outstanding are charges I dispute. State I will not continue to pay until dispute resolved.
• 23rd December 2011 - 12th January 2012 - Emails back and forth me stating I dispute and them coming back with continuous threatening emails and "standard responses"
• 13th January 2011 - Email from Marshall Hoare - Anti Fraud, stating debt has been passed to them and unless payment received by 5pm of full amount (approx £350) they will visit my house to claim money and additional fees added.

Can anyone advise on my next steps? I am fully willing to pay what I owed and feel I now have (bar approx £30). They will not listen to my case they just keep fobbing me off with automated responses (although I have not given them much proof yet as I can not send them emails/attachments)

Fully understand if anyone comes on here stating I should pay my dues and I should never have taken out a loan - I know this now and I am completely happy to pay any justifiable charge but adding £350 a day after paying them my roll over fee is just unfair in my eyes.

Thanks for your time reading this.

Apologies for making yet another Payday loan thread.

Fully undersand they agreed to freeze my interest.

Will fully accept any vitrol sent my way by anyone.

DCFC79

Open up another account with another bank and have your wages paid into it, maybe try cab for assistance.

SavvyMail

Thanks for your reply DCFC79

DCFC79 wrote: »

Open up another account with another bank and have your wages paid into it

Wages are now paid into another bank.

DCFC79 wrote: »

maybe try cab for assistance.

Will contact CAB shortly.

Just like to point out I have the money available to pay the remainding I feel I owe (~£30).

DCFC79

SavvyMail wrote: »

Thanks for your reply DCFC79



Wages are now paid into another bank.



Will contact CAB shortly.

Just like to point out I have the money available to pay the remainding I feel I owe (~£30).

so its the charges your disputing, are the charges listed in the T&C's anywhere, you did agree to them when you took the loan.

So how much is it you owe then ?

Mara69

SavvyMail wrote: »

Hello

I took out a payday loan with Toothfairy Finance in 2011. The loan was for £400 and was 'rolled over' a couple of times. Then they requested I pay back at least interest payment to continue to roll over loan.

• 5th July 2011 - Pay back interest amount. Email received confirming
• 6th July 2011 - Email from NDR (Their inhouse debt recovery) stating I have had £350 of charges added to my account.
• 6th July 2011 - Email to dispute these charges.
• 21st July 2011 - Ring them (I know now not good!) and they agree to freeze interest and I pay £75 a month. They state £950 is amount oweing, I dispute this saying it is near £600. Man on phone states if this is correct to raise dispute on their website and it will be altered.
• 22nd July 2011 - 22nd December 2011 - Continually pay £75/month
• 23rd December 2011 - Escalate case as now I feel all payments outstanding are charges I dispute. State I will not continue to pay until dispute resolved.
• 23rd December 2011 - 12th January 2012 - Emails back and forth me stating I dispute and them coming back with continuous threatening emails and "standard responses"
• 13th January 2011 - Email from Marshall Hoare - Anti Fraud, stating debt has been passed to them and unless payment received by 5pm of full amount (approx £350) they will visit my house to claim money and additional fees added.

Can anyone advise on my next steps? I am fully willing to pay what I owed and feel I now have (bar approx £30). They will not listen to my case they just keep fobbing me off with automated responses (although I have not given them much proof yet as I can not send them emails/attachments).

I'm confused. You state that you consider you owe them £600. You make payments of £75 per month between July and December. Assuming one payment per month that is 6 months (inclusive). Therefore, you've only paid £450. Then you stop paying and state that you consider you've paid everything you owe and the outstanding balance is disputed.

Now, they reckon you owed £950. You are disputing the £350 charges. So, you need to pay £600 not £450.

If I were in your shoes, I would write a clear letter to them explaining why you are disputng the charges. Include all relevant information, timelines of when the loan was taken out and all correspondence. Include copies of e-mailed correspondence, dates and times of phone calls and names of people you have spoken to. Request a response within 14 days. Send it recorded delivery.

You are on a very sticky wicket by refusing to pay and if you are determined that this will be your stance you need as much evidence that you are trying to resolve the problem as you can muster.

Final point - you state that this debt has been passed to Marshall Hoare on 13th January 2011 - I assume you mean 2012?

bored_at_home

am i right in thinking the 350 pounds charges are for late payments or missing payments?
on the one occasion i used a high interest loan company (logbook loans) they added a pile of late fees to the account at the end of the loan term, 12 quid for each late payment , and to be fair i did owe it as i had paid late each time id been charged when i got a breakdown from them.
you only have to midd paying one week and you get charges an extra 12 pounds for each week til you make a double payment to catch up.

SavvyMail

Mara69 wrote: »

I'm confused. You state that you consider you owe them £600. You make payments of £75 per month between July and December. Assuming one payment per month that is 6 months (inclusive). Therefore, you've only paid £450. Then you stop paying and state that you consider you've paid everything you owe and the outstanding balance is disputed.

Now, they reckon you owed £950. You are disputing the £350 charges. So, you need to pay £600 not £450.


Final point - you state that this debt has been passed to Marshall Hoare on 13th January 2011 - I assume you mean 2012?

I believe I owed ~£600.

Payments made:
Jul 5 £72
Jul 21 £75
Aug 1 £75
Aug 8 £75
Sep 1 £75
Oct 1 £75
Nov 1 £75
Dec 1 £75

Paid: £597
Owed ~ £600 (It's just over but wanted to make the figures simple/easy to understand)

Mara69 wrote: »

Final point - you state that this debt has been passed to Marshall Hoare on 13th January 2011 - I assume you mean 2012?

Correct I meant 2012

bored_at_home wrote: »

am i right in thinking the 350 pounds charges are for late payments or missing payments?

DCFC79 wrote: »

so its the charges your disputing, are the charges listed in the T&C's anywhere, you did agree to them when you took the loan.

To respond to each of these questions (as I feel they are quite similar) I am disputing the £350 charges they have added on top. An email I received stated I would receive them if I did not pay a "roll-over" on my loan, which I did on 5th July, then received an email on 6th July adding the charges.

DCFC79

Yes i think i understand now, write a letter as suggested earlier,

SavvyMail

DCFC79 wrote: »

Yes i think i understand now, write a letter as suggested earlier,

Thank you for your quick replies DCFC79.

Is there a letter format I can be pointed in the right direction with?

In no way would I normally ask for help on how to write a letter, but a) I already have sent them a few emails explaining it and b) maybe there is something I need to mention which is not obvious for me (their threatening tactics etc.) - it's just I feel I'm hitting my head against a brick wall.

DCFC79

SavvyMail wrote: »

Thank you for your quick replies DCFC79.

Is there a letter format I can be pointed in the right direction with?

In no way would I normally ask for help on how to write a letter, but a) I already have sent them a few emails explaining it and b) maybe there is something I need to mention which is not obvious for me (their threatening tactics etc.) - it's just I feel I'm hitting my head against a brick wall.

I dont know about a template but mara (post 5) has suggested what to include, some of what to include is what you included in your OP

Mara69

Giving the correct information in the first instance gives you a better than average chance of getting correct advice