Tooth Fairy Finance - They Wont Just Take Your Teeth, The'll Have Your Wallet Too!

Small_Loan_Turns_Big_Debt

Hello,

I just thought I would start a thread about the dealing with this company under different names; I only know of three but I would imagine there are other names they are registered under.

If you ever think of taking out a payday loan with this company, I strongly advise that you don't! I know people will say all payday loans are bad and yes this true! But some people find a quick fix for a small amount easier, rather then taking a minimum loan of £1,000 from a bank.

However after first handedly seeing the abuse, miss-communication, lack of respect or understanding for the customer I would never deal with them again!

After I contacted them and said that I would not be able to pay them back, I heard no reply from them until after the required repayment date. Even though I contacted them and asked if I can be put on a Payment Plan before the loan was due to be paid, they added a nice £450 fee, £5 fee and some other charges that would greatly increase the amount from which I borrowed.

All in all within a matter of a day my amount went from £500 to £1059; I had no idea of this until they contacted me via email that debt had gone from Speed Credit to their debt collecting agnecy (in-house of course) Northern Debt recovery.

The people at NDR were neither helpful or sympathetic of my situation and didn't help me in the slightest. I contacted them straight away about the charges and asked them to freeze all interest and put me a payment plan that I requested from the beginning for £80 per month. They kept getting back to saying that they cannot put me on a payment plan because they are not obliged to; after asking them over 10 times to put me on a payment plan they still said no.

They then sent me a letter (the only one I received) and said that I haven't been in contact with them and that also I have not made any arrangements to pay the money back; well as you can imagine my head hit the roof and I sent them an email stating everything I had done right and everything they had done wrong and still got an automated response message that didn't help the situation. So after much thinking it didn't occur to me to contact speed credit themselves, it sounds silly as its the same company but after sending a cleverly worded email to them stating all the things I had done right and they had done wrong (and a threat to the OFT & Ombudsmon) they quickly informed me that they would except my payment plan and would agree to freeze all interest.

This company seems to work in a !!!!!! Dastardly kind of style, they will try any means to make you crumble and pay more then you can actually afford.

If you need any help or advise with dealing with this company just ask!

antonic

I appreciate your not happy, but you forget that YOU took a loan out from them which you now cant repay.

Perhaps their methods ARE extreme, but they are a business who need to make a profit to survive, and YOU agreed to their terms & conditions when you took out the loan !.

FireWyrm

I'm afraid that I have to agree with Antonic to some extend. Although most 'reputable' lending institutions will put people in financial distress on a 'payment plan' they are no obliged to do so. Think of it this way, what if everyone borrowed money and then claimed they could not pay and could all the interest be stopped....? In short, they wouldnt ever make any money.

Now, we all know that PDL loans are a very bad idea and to be honest, no-one should be using them. Very few people are in any real financial hardship, it's more a case of want than need. My advice would be to approach your reputable creditors before it even gets to the PDL stage and ask THEM for help. Never borrow to 'tide you over' as even my 7 year old spotted the flaw in that...if you didnt have the money this month, what makes you think you'll have double the original amount next?

I'm no fan of PDLs but they do, without a doubt fill a hole in the lending market. Its kind of like abortion. I dont like that either, but I would rather see an imperfect system then backstreet jobs which only lead to worse consequences.

Contrary to sensationalism lately in the likes of the DailyMail, no-one is 'forced' to take out one of these loans. No-one does so without first having read the terms and conditions. Also, the headline rates of APR are for a YEAR, not a month. Their actual interest is more around the 20% mark. Steep but nothing like some of the worst credit cards at 29% and 32%. The idea is that the loan is for a number of days, not a month even. Taken as that, their rates are actually fairly reasonable.

Your experience was unfortunate, but then, they are a business, not a charity.

Small_Loan_Turns_Big_Debt

I dealt with it, I understand it was my problem.

But the main reason I put this up was to ward off anyone thinking of going with them at all. I wouldn't ever go with a payday company again, so really I am just glad that I have done it now while I'm younger, so I don't make the mistake in the future.

FireWyrm

Small_Loan_Turns_Big_Debt wrote: »

I dealt with it, I understand it was my problem.

But the main reason I put this up was to ward off anyone thinking of going with them at all. I wouldn't ever go with a payday company again, so really I am just glad that I have done it now while I'm younger, so I don't make the mistake in the future.

I think its pretty certain that there is no adult in the country of sound mind and body who IS NOT aware that PDLs are bad. Like every adult knows that the potential consequence of unprotected sex is random reproduction, the consequence of PDLs is a trashed credit file and a serious case of financial clap if you're not very careful.

However, just like we are all advised against unprotected sex with any floozy in a pub, your warning will go equally unheeded.

ellyrie

My situation:

- I owed £544 originally
- I then joined this plan for £1040 because I was scared of them.
- I paid £240 to them to date
- I cant afford it anymore so they told me I now owe £1000 in total despite my previous payments
- I offered them £76 for 4 months so that I would have paid off the total £544 but they declined.

What should I do kind regards

ellyrie

---

Heffi1

Hi ellyrie,

I am sorry you are struggling with this, but can I advise you to go and edit your post and take out the reference number and your address, this is an open forum and as such anybody could read it and get your personal details.

[Deleted User]

And the address still shows .... eeeekkk

ellyrie

any advice

Janie4Now

Hi, Ellyrie - there are some responses to this on your other thread in the Loans section