ToothFairy Finance, £400 loan, repaid £600 already, they want £1350

ssswww

A good few months ago, I was in trouble with a few payday loans. All sorted now, and I was due to make the final £50 payment to Toothfairy as part of a monthly payment plan earlier this month.

The loan was taken out for £400, and up to this month I had repaid them £600. The final £50 payment failed because of my error, having had a new card and forgetting to tell them about it. I realised this had happened today when I received a text from them (well, MH Bailiffs, essentially toothfairy) telling me they wanted £1350 off me or I was getting a home visit in 7 days.

I phoned them up, explained what had happened, and they told me I could either pay them £200 by the end of the month, or set up a new payment plan at £100 a month for six more months.
I repeatedly offered to pay them the £50 remaining there and then but they wouldn't have it, and of course had I given them any debit card details without them accepting £50 to close the account they'd start draining my bank account.

I was so close to being rid of these companies for good, but I can't and won't pay them an extra £150 because I forgot to tell them I changed my card details.
And there's no way I'm starting another payment plan for £600 in total when I have already repaid £600

What can or should I do?

ampafc

Please explain how they are now asking for £750 instead of the final £50?

After you missed the £50 payment, did you attempt to deal with this straight away by contacting them?

Apples2

I don't get the numbers:

You had one payment of £50 left, which you missed.

They now tell you they want £1,350 (is this cumulative?)
They will accept £200 by the end of the Month (in F&F settlement??)
They want a payment plan of £100 for 6 Months (=£600) which is £550 more than you were going to repay had you not missed the £50 payment

KingElvis

Oh dear, what a pickle.

Suprising on here how many people forget to tell payday loan companies about their changed cards and accounts...maybe I could invent a systems to remind people?

Lots of people lose cards too.....

chalkie99

ssswww wrote: »

A good few months ago, I was in trouble with a few payday loans. All sorted now, and I was due to make the final £50 payment to Toothfairy as part of a monthly payment plan earlier this month.

The loan was taken out for £400, and up to this month I had repaid them £600. The final £50 payment failed because of my error, having had a new card and forgetting to tell them about it. I realised this had happened today when I received a text from them (well, MH Bailiffs, essentially toothfairy) telling me they wanted £1350 off me or I was getting a home visit in 7 days.

I phoned them up, explained what had happened, and they told me I could either pay them £200 by the end of the month, or set up a new payment plan at £100 a month for six more months.
I repeatedly offered to pay them the £50 remaining there and then but they wouldn't have it, and of course had I given them any debit card details without them accepting £50 to close the account they'd start draining my bank account.

I was so close to being rid of these companies for good, but I can't and won't pay them an extra £150 because I forgot to tell them I changed my card details.
And there's no way I'm starting another payment plan for £600 in total when I have already repaid £600

What can or should I do?

Is this the same £400 loan you said you had finished paying last October? :huh:

Looks like you have signed up for a high interest loan and broken the contract by not paying it as agreed.

Then you seem to have had a lucky break by getting them to freeze the interest with the total due at £600.

You then broke that payment agreement and it seems they have had to make the first move to contact you so, naturally enough, their agreement to freeze the interest is cancelled and your balance starts racking up again.

You have already said it's your mistake and, frankly, it's a bad one to make in your position. you have to realise these people are sat on the 'phone all day listening to every excuse under the sun so even a genuine mistake isn't going to earn much sympathy.

I don't think you are in a position to take them on in this case. £200 is probably the cheapest way to get out of this.

ssswww

Apples2 wrote: »

I don't get the numbers:

You had one payment of £50 left, which you missed.

They now tell you they want £1,350 (is this cumulative?)
They will accept £200 by the end of the Month (in F&F settlement??)
They want a payment plan of £100 for 6 Months (=£600) which is £550 more than you were going to repay had you not missed the £50 payment

Whilst I was on the payment plan, charges were frozen. By missing the payment, lots of charges have been added to the file again.

The £1350 is the figure their website and automated texts are asking me for. Probably not even worth writing about to be honest.

They will accept £200 by the end of the month in full and final settlement.
Or they want £100 a month for sixth months, which is £550 more than the £50 missed payment, yes.

ssswww

KingElvis wrote: »

Oh dear, what a pickle.

Suprising on here how many people forget to tell payday loan companies about their changed cards and accounts...maybe I could invent a systems to remind people?

Lots of people lose cards too.....

I know, something I've been guilty of in the past I'm sure, as it stands though, I've paid these guys £150 a month on time for the last few months, bringing my total repaid to £600. I had one final £50 payment to make and I'd have been rid of them for good, I'm not trying to delay paying them. I did offer to pay them the £50 several times whilst on the phone to them but they wouldnt have it.

Apples2

Seems a no brainer, albeit an annoying one.

If the £200 is in writing it is F&F, it seems the cheapeast way out.

I'm sure many on here will tell you to fight them on the beaches, complain to high heaven and get them shut down in one sweep of a FOS finger, you already know exactly what they are like to deal with.

You could carry on fighting, but it is worth the personal stress you have put up with?

ssswww

Apples2 wrote: »

Seems a no brainer, albeit an annoying one.

If the £200 is in writing it is F&F, it seems the cheapeast way out.

I'm sure many on here will tell you to fight them on the beaches, complain to high heaven and get them shut down in one sweep of a FOS finger, you already know exactly what they are like to deal with.

You could carry on fighting, but it is worth the personal stress you have put up with?

I can't afford to pay them £200 by the end of the month anyway so it's not an option.

chris-j

In that case you are going to have to accept a £600 bill, which is still better than £1350.
If nothing else you will have learned lesson (hopefully) that if you get an offer of frozen interest and a way out, make damn sure that you have everything in place to ensure you reach the light at end of tunnel.