Cecilia PDL diary

[cecilia]

Re: Cecilia PDL diary

Salt and Vinegar I have updated my threads as you requested with amounts of interest I have paid over the years to all these PDL's, and think I should go to bed now. I feel ill.

I am seriously thinking about going to see Stella Creasy, she can use me as one of her case studies.

[cecilia]

Re: Cecilia PDL diary

Just had a message to call someone at P2P, very urgent, American accent. Guess it is Pounds to Pocket.

[SaltnVinegar]

Re: Cecilia PDL diary

It is strange because I have had several loans with Pounds to Pocket over the years, and you could not take a loan out with Quick Quid if you were with Pounds to Pocket. That is how I knew they were linked.

Yes so what changed to lift that restriction? Simple - they got greedy and allowed you to take out a loan with one when you had a loan with 'the other'. Regardless it shows that they relaxed their lending criteria and also did not carry out any due diligence in offering you a loan. This will come back to bite them.

Could you please share/expand on what Mr Lender has done when it gets nasty, what have they done to flout OFT guidelines?

Where would you like to start?! Don't worry about this as you're not going to speak to them on the phone anyway - this is when they make the most breaches as unless you are recording their calls its your word against theirs. But if you refuse to speak to them then they can't make any threats, or spout unlawful garbage.

So after looking at the amounts you have paid, I suggest the following (to be vetted by other AAD members:

You write one final letter telling them the following:

1) Your circumstances have changed and you can no longer afford to repay the loan and will be in no position to do so in the foreseeable future but have offered a repayment figure which the creditor has unreasonably rejected.

2) That the creditor instead has embarked on a course of action that any reasonable person would consider harassment with xxx phone calls in xxx timeframe

3) That all further correspondence should be placed in writing and you will not answer any phone calls, and any further calls will be considered harassment.

4) That you have already repaid £££££'s in interest payments due to significant number of times you have rolled over the accounts

5) That after taking financial advice you consider the way in which you have been offered the loans and the number of times you have been allowed to 'roll over' the loans are in breach of OFT guidelines on responsible lending - TBC - Did you get any pre-credit agreement information from any of the lenders explaining the products you were purchasing so you could make an assessment of their suitability etc??

6) That in consideration of the sums already paid in relation to the original capital sum and the interest rates and charges now being charged, that the creditor is now in potential breach of section 140 of the Consumer Credit Act and that an unfair relationship has developed. (TBC)

7) That in consideration of all of the above, and in consideration of sums already paid, that the creditor writes off any further outstanding balance.


So taking this approach you are forcing things a little, but you are also showing you are not a pushover. There is a small risk of a creditor applying to the courts, but there always is, and if you don't own your own home then the one leverage they have over you doesn't really exist anyway.

If things get too heavy for you then you can just re-iterate your payment proposal - and you would do that if things got to court anyway (and challenging any interest charges applied in the meantime).

Questions?

[cecilia]

Re: Cecilia PDL diary

Yes so what changed to lift that restriction? Simple - they got greedy and allowed you to take out a loan with one when you had a loan with 'the other'. Regardless it shows that they relaxed their lending criteria and also did not carry out any due diligence in offering you a loan. This will come back to bite them.



Where would you like to start?! Don't worry about this as you're not going to speak to them on the phone anyway - this is when they make the most breaches as unless you are recording their calls its your word against theirs. But if you refuse to speak to them then they can't make any threats, or spout unlawful garbage.

So after looking at the amounts you have paid, I suggest the following (to be vetted by other AAD members:

You write one final letter telling them the following:

1) Your circumstances have changed and you can no longer afford to repay the loan and will be in no position to do so in the foreseeable future but have offered a repayment figure which the creditor has unreasonably rejected.

2) That the creditor instead has embarked on a course of action that any reasonable person would consider harassment with xxx phone calls in xxx timeframe

3) That all further correspondence should be placed in writing and you will not answer any phone calls, and any further calls will be considered harassment.

4) That you have already repaid £££££'s in interest payments due to significant number of times you have rolled over the accounts

5) That after taking financial advice you consider the way in which you have been offered the loans and the number of times you have been allowed to 'roll over' the loans are in breach of OFT guidelines on responsible lending - TBC - Did you get any pre-credit agreement information from any of the lenders explaining the products you were purchasing so you could make an assessment of their suitability etc??

6) That in consideration of the sums already paid in relation to the original capital sum and the interest rates and charges now being charged, that the creditor is now in potential breach of section 140 of the Consumer Credit Act and that an unfair relationship has developed. (TBC)

7) That in consideration of all of the above, and in consideration of sums already paid, that the creditor writes off any further outstanding balance.


So taking this approach you are forcing things a little, but you are also showing you are not a pushover. There is a small risk of a creditor applying to the courts, but there always is, and if you don't own your own home then the one leverage they have over you doesn't really exist anyway.

If things get too heavy for you then you can just re-iterate your payment proposal - and you would do that if things got to court anyway (and challenging any interest charges applied in the meantime).

Questions?

Does this new letter only apply to the PDL's I have rolled over with?

So far the only PDL's that have responded to my original letter are PaydayUK and Pounds to Pocket.Swift Sterling acknowledged they received the letter, but were not willing to discuss it in writing as you know.

I still have not heard from the other 4 yet, although they all must have got it. Letters to the Moneyshop and Speedloan were sent by recorded delivery.

Yes, I got Pre credit agreements when I took out the loans.

What happens in the court scenario?

How many of these cases get to court?

[cymruambyth]

Re: Cecilia PDL diary

I think it sounds like an excellent idea. You will have support and guidance when you start to get threatening letters that will put things into perspective, plus PDLs are in the spotlight at present and their checks seem to have been lax!

[SaltnVinegar]

Re: Cecilia PDL diary

Does this new letter only apply to the PDL's I have rolled over with?

No we'll adapt the above for each company - what I'm looking for right now is whether you'd be comfortable taking this approach?

Swift Sterling acknowledged they received the letter, but were not willing to discuss it in writing as you know

And they're stupid for stating so - what if you were hard of hearing or didn't have a phone? All guidelines state that creditors should respect a debtors wishes on how/when they should be contacted. How stupid do you think they are going to look in front of a judge when you state you tried to resolve things but they refused to place correspondence in writing...........

I still have not heard from the other 4 yet, although they all must have got it. Letters to the Moneyshop and Speedloan were sent by recorded delivery.

Cool - then chillax! I know its easier said than done but balls in their court - let them make the next move. You don't need to push things here - remember time is YOUR friend.

What happens in the court scenario?

So the chances of a PDL company taking you to court are very slim - I'm not saying it doesn't happen, there is a member on here who has been threatened with court, however on filling out their response agreed to a mediation discussion - the PDL company have suddenly gone very quiet. Why do you think that is?

To put it in perspective - I've helped (literally) thousands of people with payday loan debt and I have seen less than 10 people get court papers - usually because they didn't put up a fight and the creditor went for a judgement by default.

Worst case scenario - you get a CCJ and you fill out the acknowledgement of service a monthly payment you can afford.

But seriously - you are at step 2 of a process that may have hundreds of steps. If you deal with this correctly it shouldn't get that far. Theres no guarantees but you just need to step back a little and everyone here will do their best to look after you.

Best
SnV

How many of these cases get to court?[/QUOTE]

[cecilia]

Re: Cecilia PDL diary

I am fine with this approach SnV.
I will post as soon as I hear from any of the others, and we will adapt for each company. Mr Lender issued the default notice yesterday, and I just bounce back the orginal email I sent them, whenever they send me an email.As mentioned earlier I think the call on my voicemail today was from Pounds to Pocket, clearly because I won't give them debit card details to take their payment.

I am going to chillax now, until the next PDL makes a move.

Thank you ,and everyone else who has posted on this thread for your support.

[PriorityOne]

Re: Cecilia PDL diary

Sounds good to me..... they've had enough out of you Cecilia. Time to take your life back and start living :-)

[cecilia]

Re: Cecilia PDL diary

Sounds good to me..... they've had enough out of you Cecilia. Time to take your life back and start living :-)

Damn right, working out how much they have had out of me in interest ,yesterday, was not a good experience.

[SaltnVinegar]

Re: Cecilia PDL diary

If its a lot then the Roberts case may kick in

--> http://forums.all-about-debt.co.uk/s...l=1#post330732

Exactly matey - the Roberts case is really useful to tag onto the standard Telephone Harassment template

[SaltnVinegar]

Re: Cecilia PDL diary

I think it sounds like an excellent idea. You will have support and guidance when you start to get threatening letters that will put things into perspective, plus PDLs are in the spotlight at present and their checks seem to have been lax!

For many the checks have been non-existent - thats the problem and why so many have shut up shop after the OFT have arrived on their doorsteps as they realized they would fall foul of 'acting in a responsible manner'!

[SaltnVinegar]

Re: Cecilia PDL diary

Damn right, working out how much they have had out of me in interest ,yesterday, was not a good experience.

Totally understand - though after some time I'd like to think you'll look back and see it is as a necessary (and hence good) experience as you can see what getting sucked into the PDL trap has done for your finances and the money that should have been going in your pocket.

[cecilia]

Re: Cecilia PDL diary

Received this from Swift Sterling today, charges have been added.


Ref: £1,095.64
£ 226.94

I have been in receipt of your email, I do need to speak directly to you in
regards to your debts.

I understand that you are experiencing some difficulties at the moment and want
to help you, however I will need to speak with you.

If you could please contact me today before 5pm otherwise I will be in the
office next week from 10am - 7pm.

I look forward to your reply.


Account Manager
084 5318 0006



Independent Advice Organisations

Free independent money and debt advice can be obtained from the following
organizations:

National Debtline – www.nationaldebtline.co.uk
Freephone 0808 808 4000
Tricorn House, 51-53 Hagley Road, Edgbaston, Birmingham B16 8TP

Consumer Credit Counseling Service (CCCS) – www.cccs.co.uk
Freephone 0800 138 1111

Citizens Advice – www.citizensadvice.org.uk
Check your local Yellow Pages or Thompson local directory for address and
telephone numbers

Community Legal Advice – www.clsdirect.org.uk
0845 345 4345

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[cecilia]

Re: Cecilia PDL diary

I also got a text from Quick Quid asking me to contact them. They got the original explanation letter I sent them on the 30/8, as I got an automatic response the day I sent it, saying it had been received.

[Enforcer]

Re: Cecilia PDL diary

Don't speak to them. Only in writing please.