drowning please help

[Deleted User]

since your assets are almost negligible and you have a large debt, then bankruptcy might be a serious consideration

DS4215

Deleted User wrote: »

since your assets are almost negligible and you have a large debt, then bankruptcy might be a serious consideration

I was just about to say the same. Pursue the complaint through the FSO as above, then if that doesn't work look at bankruptcy...

sinking234

just wanted to say thanks for all the advice . i have now spoken to stepchange and they are going to help us go through our options also have complained to the FSO and have also sent a complaint to the OFT about Toothfairy/NDR so hopefully will get something sorted thanks again everyone x

tiger_eyes

Deleted User wrote: »

since your assets are almost negligible and you have a large debt, then bankruptcy might be a serious consideration

DS4215 wrote: »

I was just about to say the same. Pursue the complaint through the FSO as above, then if that doesn't work look at bankruptcy...

Bankruptcy could be a good backup plan - it looks like the OP has enough to live on if she didn't have to service these huge debts. But if she could just get rid of this huge payday loan debt, she'd only owe a bit over £2000, which seems more manageable?

I strongly feel that this supposed £22,000 debt is ridiculous. This is predatory lending of the worst kind. The lender piled on 54 times! the original loan in interest and charges while the OP begged them to set up a payment plan. That ticks me off. :mad: The FOS have a strong track record of finding in favour of the customer in payday loans cases, so I'm hoping they can fix this.

tiger_eyes

sinking234 wrote: »

just wanted to say thanks for all the advice . i have now spoken to stepchange and they are going to help us go through our options also have complained to the FSO and have also sent a complaint to the OFT about Toothfairy/NDR so hopefully will get something sorted thanks again everyone x

Good for you. When this is all over, come back and tell us how it went.

Moneymash

Hi Sinking234,

I am glad to see you have taken advice and complained about the charges and interest taking your balance from £400 to £22,000 with Toothfairy that is outrageous considering you have repeatedly contacted them to tell them about your financial hardship and requested a repayment plan. When the appropriate authorities have dealt with them I very much doubt you will be paying back £22,000.

Please keep us updated.

sinking234

hi all just an update i have just received an email from toothfairy finance. its amazing well over a year i have been battling them for a repayment plan and they refused point blank now i have complained to the FSA and OFT they want to offer me a discount and repayment plan to withdraw my complaint.

Dear xxx xxxxx

We are sorry to hear that you have a complaint about the service you have received. The company attempts to treat its customers fairly in all circumstances. We apologise if you believe the service you have received falls short of your expectations in any way.

Please accept this email as acknowledgement of your complaint. We have 8 weeks in which to try to come to an amicable agreement. If we are unable to come to resolve your complaint in that period, you will receive a Final Written Response.
This will set out the company’s final position in respect of your complaint.

If you are unhappy with the Final Written Response and wish to appeal further you have the right to make a formal complaint with the Financial Ombudsman Service. You must make sure you do this within six months of receiving the Final Written Response or you may lose your right to ask the Ombudsman to review your complaint.

The contact details for the Financial Ombudsman Service are as follows:
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR

We do wish to assist you in closing your account however you will need to make repayments to enable us to assist you.

I am willing to reduce your balance upon entry into a long term repayment plan. The total amount to pay would be reduced to £1396.50, made payable in instalments of £100 over a 14 month period, with the final payment to be £96.50.

Alternatively, if you wish to close your account in a one off settlement figure, I will close your account upon payment of £1000. This would need to be repaid in full by 30th June 2013 in order for the discount to apply.

These offers are made in satisfaction of your complaint and contingent upon its withdrawal.

Please let me know if you would like to accept one of these offers to close your file.

Alternatively, if your complaint remains outstanding, please let me know how I can further assist you.

We hope that you find the information contained herein to be helpful and that we are able to resolve your complaint to your satisfaction.

Yours sincerely,
L Grant
Complaints Assistant
ToothFairy Finance Ltd

Mara_uk7

Excellent result, Hope you can find the extra £100 a month to pay them off, since you were already struggling to make your other payments.
You must feel so relieved :j
Good Luck:)

sourcrates

I would still take this to the ombudsman, its free and you have nothing to lose, if you initially borrowed £400, then you should not re-pay more than that in my opinion due to the way the creditor has treated you, the worry you have had, and the effect on your overall health. The most important thing to stress is how UNFAIRLY the creditor has dealt with your case, you could end up owing them nothing if the ombudsman finds in your favour and orders tooth fairy to pay you compensation, which in my opinion is more than appropriate in your case. I have dealt with the financial ombudsman on a number of occasions in the past, they don't always find in the customers favour, but in your case my personal; opinion is they would, good luck with it anyway.

Stewart_78

I would suggest to them that you are on the verge of bankruptcy (they get £0) but could maybe manage to repay the original debt only (£400) over a 12 month period at £33.34 a month.

They have behaved appallingly and they know it. All your lenders have to accept that the alternative to them accepting what you can afford is that they get nothing.