Toothfair finance

skonz

Hi, I took out a £300 loan with these people. I had trouble repaying due to loosing my job and a few weeks back the debt was at £457 and of today its now £600 they have been sending me texts for the past 2 weeks saying if I dont pay by today that they would add £350 worth of fees, the texts themselves were quite threatining.

My question is can they add all these charges? I do have the money to pay the £457 now luckily but how will they see it?

Any help would be appreciated.

skonz

I called them to say I'd pay it by next week but they didn't tell me how much it is and just received this email saying I agreed to pay £600 when I didnt and only received a texts afterwards saying It was £600

Dear xxxxx

This is an AUTOMATED EMAIL.

I am writing to confirm your conversation with one of our agents OR debt collection agencies regarding your ToothFairy Pay Day Loan* and your agreement to pay:

29.02.12 - £600
Total payment of £600 to be paid by 29.02.12 to close this loan


This agreement has been noted on your permanent file.

PLEASE NOTE:

If YOU fail to HONOUR this agreement, and pay as agreed, our systems will AUTOMATICALLY take the following actions:

1. FULL fees and charges will be added to your account.

2. Full interest will be added retrospectively.

3. An application will be made to the courts for a County Court Judgement to be registered against your name, an application will then be made for a Warrant of Execution to either seize goods and/or obtain an attachment of earnings / benefits. Bailiffs may be instructed.

This should be taken seriously. It is ESSENTIAL you honour the agreement you made

Yours sincerely,


DEBT MANAGER - Greg Campbell (118)
NORTHERN DEBT RECOVERY
0843 381 0843

[Deleted User]

Hey dude

See if they will accept whatever you can throw at them in full and final settlement ?
Perhaps an immediate payment might just swing this for you - don't ask don't get! money can sometimes talk better them to receive something then nothing... though this is one of the more notorious not so easy lenders...

I'm having a brave day I think ! :cool:

gizmo111

When did you take the loan out - they charge £54 per week to borrow £300.

skonz

Around a month ago now, but they whacked £350 for legal costs???

gizmo111

So when you pay back it will be around 6 weeks @£54 = £324 so they are just charging interest?

skonz

I originally owed 354 it shotup to 457 after I failed to pay on the agreed date. All my texts from them saying pay now to avoid legal costs of £350 and as of today it's now £600 I don't understand how it's gone up so much, can they do that?

gizmo111

skonz wrote: »

I originally owed 354 it shotup to 457 after I failed to pay on the agreed date. All my texts from them saying pay now to avoid legal costs of £350 and as of today it's now £600 I don't understand how it's gone up so much, can they do that?

ask them for a breakdown of what you owe - but interest at £54 a week it probably it is about what you agreed to pay back.

Tixy

It shot up so much due to the high interest.

The interest is 9% per week, or £54 to borrow £300 for 2 weeks.
If you've borrowed for 6weeks then the interest would be £192, plus the original £300, giving a balance of £492. Looks like they've added on charges of £100 or so. You'd need to check the loan agreement you have with them but its likely it tells you what the fees will be for missing payments, and likely that these tie in to the balance they are now saying is due.

You could ask them to provide a breakdown of the balance if you want to verify it agrees to the terms of the loan agreement.

[Deleted User]

There should be more control against it, but I'd stopped holding out much hope
Telephone calls difficult to prove if you've not recorded it and if there is an agreement with these terms of charges in...

Seriously could try reporting the text messages to Office of fair trading/CAB/local MP but I'm afraid it may not clear all or any of the charges ?

Their bank details used to be on there website to make payment of however much you can afford (I'd always recommend this)
or see if it winds up in court - challenge em whether thats right or wrong - only a judge can decide

blogs

ee if they will accept whatever you can throw at them in full and final settlement ?