Speed Credit (Toothfairy)

Christofflow

Hi Everyone,

REALLY LOOKING FOR HELP!!!!!!

I took out a payday loan for £200.

When the date came I did not have the funds, so I did the worst thing possible and ignored calls, texts & emails. A month and a half on I have decided to get in contact and set up repayment for it. To my shock they have added interest and charges amounting to £741. A total of £941!!!!

I understand I should never have ignored the problem or even gone there initially, however I find these charges and the interest ridiculous!!! Is there anything I can do? Is this legal?

I am willing to pay charges I have made a wrong but definetely not to this extent!!! :-(

DevCoder

It is legal as you agreed to it when you took out the loan. You were aware of the interest and penalty charges when you signed up.

In your favour you admit that it was your fault and you are willing to repay, contact them asap and explain your situation and ask for a freeze of interest and a repayment plan.

I wish you all the best, you seem genuinely wanting to repay but you need to either seek help with a debt charity such as CCCS or go it yourself and beg and plead to your creditor.

You might want to check the latest MSE articles in the past week or so on continuous payment authorities (http://www.moneysavingexpert.com/news/banking/2012/05/consumers-wrongly-advised-about-regular-payments?utm_source=forum&utm_medium=sidebar&utm_campaign=box)

Im sure that the MSE stalwarts such as Tixy and DCFC79 to mention but a few will be along with better advice

DCFC79

Did you not read the T&C's before you signed a sthe charges would be in there if im correct ?

You wont lose anything if as kris suggested you talk to SC and see if they can help.

Christofflow

No i didn't! :-(

DevCoder

Its a lesson learnt , always always read the T&C's.

I admit its easy to say in hindsight as Ive signed up to a few things skipping a few pages of T&C's (iTunes Appstore anyone? And Im an Apple Developer!)

Contact them (TF) asap, and explain, hopefully they'll be understanding and at least freeze interest.

Contact the CAB and also CCCS , their advice is free

DCFC79

krisdorey wrote: »

Im sure that the MSE stalwarts such as Tixy and DCFC79 to mention but a few will be along with better advice

Thanks but im more of an apprentice so to speak, tixy is more knowledgeable though and apples2 is too, there are others but cant think at minute.

DCFC79

Before i forget OP move any money(but do not tell SC of the new account) to a new bank account not linked to your current bank, een if its a basic account a slong as you can have DD's coming out.

Reason for this is so they dont raid your account, surprised they haven't already done it.

Christofflow

OP? SC? Im guessing DD's mean direct debit? LOL soz

DCFC79

Christofflow wrote: »

OP? SC? Im guessing DD's mean direct debit? LOL soz

OP is you/ Official poster

SC is speed credit

DD's are direct debits

jp83_2

Did you not read the terms and conditions when you signed?
If you are now in the unfortuate position to default on payments then you really need to do one or both of these:
1. open a new bank account not assoicated with your current account and pay wages in there to aviod the PDL taking money out of your account
2. Either arrange a payment plan through the PDL after defaulting or, if debts are more substantial, arrange a debt management plan through one of the debt charities (don't pay).

If you care about keeping your credit rating (for future mortgages etc) then you will have to come to some arrangement to pay the loans off asap.

The options I gave you above will involve your credit rating being destroyed, affecting your ability to get credit for up to 6 years.

Advice... beg steal or borrow to pay these off!

J

Christofflow

thanks everyone