Pounds to pocket debt

indebt123

Just wondered if anyone is in debt with pounds to pocket?

I took out a loan for £1200 with them and have made 3 payments. When I took the loan out I was working but nearly 3 weeks ago, I was made redundant and can longer afford the huge payments. I have other debts and aswell as job hunting, I am currently spending my time sorting out I&E forms, reduced payments, etc with the help of the CCCS.

For some reason, I am scared of pounds to pocket, I think because of the type of company they are and the fact that they take the payment off my bank card (not a standing order or direct debit) every four weeks.

I wil tomorrow be cancelling the bank card and getting a letter off to them but I just wondered if anyone has had any dealings with these companies and how you are getting on?

Tixy

Hi

Can't specifically say about this provider - but once your income is secure payday loan companies are not usually any worse than mainstream creditors when it comes to accepting DMPS and freezing interest. People always seem to be more worried about these types of debts but they should just be treated like any other.

Presumably CCCS have warned you to open a new bank account as well with a new bank - not just cancel your bank card. Don't send a letter to any payday loan company about a DMP until you know the account they know about is empty and your future income/benefits etc will be paid to a new bank account.

allydowd

I work in banking:

For any continuous payment authority payment you can go direct to your bank/card company and ask them to cancel the payments. The Financial Services Authority recently updated its consumer advice to make this clear.

The bank or card company must cancel regular payments once you have told them you have withdrawn permission. It has no right to insist you agree this first with the company taking the payments or cancel the card.

See the bottom of this webpage:
http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments

Former_MSE_Andrea

Hi

The company's asked to give a response. MSE doesn't endorse anything a company says on the Forum.


Hi, indebt123. I am a representative of Pounds to Pocket. We are sorry to hear about the hardship you have come into recently, and we are totally willing to work with you to arrange a payment plan you can manage. If you'd like, please ring us at 0800 635 0841 or email us at support@poundstopocket.co.uk and mention the details you listed here. Our team is aware of your post and prepared to help. We hope you don't find us so scary any more, and we look forward to hearing from you soon. Cheers!

indebt123

Well, despite theit response on here, PtoP are still ignoring my repayment requests and are doing absolutely nothing to help me get a repayment programme sorted.

Apparently they can only accept payments via a debit card which I cannot do as I only now have a basic bank account.

PtoP are still ignoring my income and expenditure form and requests to to deal with them via email only.

They are currently trying to contact me by telephone up to two times every day.

We really are at stale-mate, I don't know what else to do.

Advice please - anyone?

fermi

Well, you may have seen in the news that a new code of prcatice has come in for payday lenders.

P2P are members of the CFA, so are bound by their code.

See: http://www.cfa-uk.co.uk/documents/PDandSTL_Addendum_Lender.pdf

Section 6.

If they are breaching those, then tell them you will be reporting them to the OFT and raising a complaint via the FOS.

It is also utter nonsense that they can only accept payments via debt card. If they are refusing reasonable payments, then that is another ground for complaint.

MSE_ForumTeam1

Pounds to Pocket have requested we post the follow.

*"Indebt123, I am a representative of Pounds to Pocket and I apologise for
any difficulty you have experienced while trying to work out a payment
programme with us. I have relayed your complaint to our team and notified
them that you would prefer we only communicate with you via email. As for
payment method options, you also have an option to pay via Direct Debit
Authorisation, which our customers without debit cards use. Your regularly
scheduled payments in this case would be automatically withdrawn from your
bank account on your due dates. If you prefer another method, our managers
are prepared to help arrange that for you. If you would like, please
contact us how you prefer. It is important that you mention the MSE forum
and ask for a manager, as our team are watching for that cue. I truly
appreciate your patience throughout this process, and we look forward to
sorting things out. Cheers."*

eyeopener2

Nice to see them running scared nowadays after the hell that payday loan companys have put people through.

RAS

Not screamingly keen on using DDs either. Certainly I have always advised people only to uyse standing orders, so they can control the payments themselves.

We have had too many instances when companies keep taking money by DD when the debtor has asked them not to do so.

No say P2p would do that, but that is the advice we have given here as a result of creditor action.