Everyday Loans help

[rosanna]

Hello, hope you can advise me a little. I took a loan for £5000 4 years ago with this company. In February my income was reduced due to child tax credits being stopped and my hours at work reduced.

I informed the company and asked for lower repayments to be considered. Most of my other creditors accepted this. My problem is that I am being charged £25 per month which has increased the total debt as I am making payments of £5 per month.

I have looked around the forum for a letter that applies to my circumstances. The monthly default sums and interest have increased this debt to almost £10,000

Thank you for any help or advice.

[TUTTSI]

Re: Everyday Loans help

Hi Rosanna

Welcome to Legal Beagles.

Here is the link to letters for loans etc. http://www.legalbeagles.info/forums/...ead.php?t=9110
You might find one of those suitable for your needs.

As it appears you may be struggling financially due to your changes to your circumstances, you may also have Bank, Credit Card or Mortgage charges that could be reclaimed or as well PPI that may have been misold.

If you could complete the Income and Expenses sheet - http://www.legalbeagles.info/forums/...ead.php?t=5102
and post it up here when completed, we may be able to help you further to recover any charges taken from you.

Tuttsi

[rosanna]

Re: Everyday Loans help

Thank you tuttsi

I did send Everyday Loans income expend sheet and request for reduced payments as with all the other creditors. they are the only company that never actually responded positively. I resent the information but still nothing.

I have just continued sending the £5.00 and they keep sending these monthly overdue payment notices at a cost of £25 per month which just swallows my £5.00. Is it possible for me to put this account into dispute or is that just for bank charges?

Sorry if I am repeating myself, just getting a bit frustrated with this company. Thank you for your help

[Sapphire]

Re: Everyday Loans help

Try this and add a few lines about your personal circumstances and ask them to stop the £25 charge as its making the debt bigger and not helping at all.

Dear Sir/Mr

Re: Your Account Number: xxxxxxxxxxxx

We wish to inform you of a recent change to our circumstances and as such we are unable to maintain the present level of repayments. [Add an explanation here, keep it brief and in one paragraph if possible].

Please find enclosed an Income and Expenditure sheet (here) which details our current position. As is clearly shown, the total amount available for us to repay our creditors has now become significantly reduced.

In view of our circumstances, we have written to all our creditors to ask that they agree to accept reduced monthly payments and that any interest and charges currently being applied to the account be frozen to enable the debt to be repaid as quickly as possible.

To this end, we request that you agree to installments of of £............ per month.

We would like to assure you that it was never our intention to renege on our financial responsibilities and as such, should our circumstances improve, we will contact you immediately with a revised installment offer.

Thank you for your assistance. We look forward to hearing from you as soon as possible.

Yours faithfully/sincerely

[Amy]

Re: Everyday Loans help

I have just continued sending the £5.00 and they keep sending these monthly overdue payment notices at a cost of £25 per month which just swallows my £5.00. Is it possible for me to put this account into dispute or is that just for bank charges?

Yes it is possible and indeed necessary for you to do this. You should have a read of this thread Legal Beagles this will help you a lot.

There are also different and varied ways of dealing with this. Have a read of the whole thread and see what you think.

If you need any more help, let us know.

[Mochamoo]

Re: Everyday Loans help

Write to them and tell them (again) that you are in financial hardship you can only afford to make payments of £5 per month and that you want the interest and charges frozen.

I believe that they are not obliged to help as technically you have broken your agreed payment plan with them but they should be sympathetic to your situation.

I personally would send them a CCA request, if they can not produce a CCA you are in a very strong position to negotiate a payment plan that suits you.



opps took me so long to reply Sapp and Amy already had lol

[rosanna]

Re: Everyday Loans help

Thank you very much for the advice given. I have sent them the above letter today. Hopefully they will respond. I will let you know. Thank you for your help.