Toothfairy Finance - Please help!

[miliitant]

Re: Toothfairy Finance - Please help!

Please post the letter onto your thread

googl photo bucket

its important as they are talking pure crap again

[pepsi82]

Re: Toothfairy Finance - Please help!

Choward123 - They cannot and will not send bailiffs, contact your place of employment or try and get a CCJ out against you. They have been threatening to do the same to me for over a year now and nothing has come of it. Baliffs can only come once the case has been heard by a court and a CCJ issued. The same with enforcement orders and garnishment of wages etc - those things HAVE to be ordered by a judge, and believe me, I WISH toothfairy would take me to court. I've been praying for it! A judge would be fair and impartial and would be the only way out of this mess. ALL Toothfairy can do is call and harrass you, threaten you with these scary things, and send billions of letters - which you have to give them credit for - they're good at doing! Legally they're meant to call and write a reasonable amount until they can reach you, at which point they're supposed to listen to your circumstances and work with you - but as we know, these cowboys don't like to follow anyone elses rules but their own!

PLEASE do NOT worry about them turning up at your door. If they did send out doorstep collection agents (which they haven't so far and I'm sure they'd do it to me first, considering my supposed debt is now nearly £4k!) they'd have NO rights to enter your premises or take away your belongings, and if you asked them to leave, they have to. If they refused to leave when asked, you'd have every right to call the police.

If you're worrying about debt, call the CCCS. It's a free charity who works with you to decide what you can afford to repay to all your creditors each month and then speak to the creditors for you. They take ONE direct debit for the agreed amount and pay everyone their share. It's all totally free and amazing! My calls and letters reduced 90% after I did this, and the majority of debts dropped my interest down to 0%. The only creditor refusing to work with them at all is toothfairy and unfortunately even the CCCS seem stumped on how to handle them.

If you need to upload anything to show people on this forum, www.postimage.org is good. You don't need to create an account or anything, so it's totally anonymous. x

[pepsi82]

Re: Toothfairy Finance - Please help!

PS NDR, MHB and toothfairy are the same company - so the £350 fee they like to charge to pass your file from one desk to another is a joke and a judge would have a field day with it if this ever made it to court - which is why it will never get that far! All admin charges to do with defaulted debts are supposed to be reasonable and in proportion to the costs incurred, so that the debt never becomes impossible for the debtor to repay. £350 is not reasonable, and I'm pretty sure the £10 / day interest isn't either. I'd LOVE a job that paid me £350 to walk from one desk to another in the same building a few times a week! :P

[Scott2016]

Re: Toothfairy Finance - Please help!

Hi,

I know this post is a little late but i've just came across this old thread on Google, i was disgusted to read about your situation pepsi and i hope its all sorted by now :-)
Being a young man at 24 i've been abit silly with money the past couple of years and i ended up getting into the vicious and endless cycle where im paying off payday loans with other payday loans etc.
After the arrival of my son last december i vowed that my new years resolution would be to work on breaking this endless cycle and get on top of my finances. I've decided that rather than declare myself bankrupt and speak to any companies for help and ruin my chances of borrowing for life i bit the bullet in january and contacted all the companies i owe money (Wonga and Quickquid being the biggest) and set up payment plans and wrecked my credit score for the time being. If i'm honest they were quite understanding and helpful and froze the interest and the balances will be settled in 2 or 3 months.

I've almost broken free from these sharks and i'm able to buy my weekly shop without worrying about what's leaving my bank, but I currently have an outstanding loan with ToothFairy from a month ago, i agreed for an extension 2 weeks ago and the payment deadline is tomorrow. I know how harsh they can be as i was slightly late with a payment last year and it resulted in nasty texts and threatening phonecalls until i payed up, luckily it didn't get as far as the balance being tripled like they were threatening.

I have an outstanding balance of £272 which they've already reminded me by text and email today "NEEDS to be paid TOMORROW to avoid penalty charges" (24/3/13). Due to the other debts and payment plans set up i'm not going to be able to afford this and i definitely don't want to look for another loan to pay it off.
I've read a few threads now that basically say beat them to the punch and call them and firstly mention that i'm recording the call in case the matter needs to be escalated to the OFT so that they'll cut out the bad attitude and then i explain i'm in financial difficulty and wish to set up a payment plan, and if there is any further interest added, threatening calls, texts, or letters they'll be reported.
I'm not looking to pay them the smallest amount possible, i'll be quite happy to settle the balance if it's spread out over a month or two.

Is there any advice anyone can give and any information on what to expect and what actions to take if they do certain things?, and how will i know if they're breaking the law?

Thanks :-)

Scott

[pepsi82]

Re: Toothfairy Finance - Please help!

Hi Scott, I'm making massive headway in reducing my overall debt if you exclude Toothfairy - If you include them, every penny I pay off to someone else gets tacked on to their insane sum. I have however had emails from Wonga and PayDay UK telling me my debt to them is now clear and I'm welcome to apply to them again - as you can imagine, I haven't taken them up on that offer!!

Weirdly, toothfairy have gone strangely silent over the last few months. I went from multiple emails, texts and calls a day to not really remembering when the last one was. Perhaps a text last week? Can't remember the last time they called. Nothing in my situation has changed and they're still getting the £5.73 or whatever it is StepChange decided I could pay them each month, which goes no way towards touching the debt when you consider they're adding £11 a day and a few £150 charges a month!

I really don't understand why Wonga and Payday UK get such a bad rep while these scum slip through the net unnoticed by all the newspapers. Wonga and Payday UK froze my interest and let me pay off my loans entirely with what StepChange decided I could afford. They never once contacted me when the DMP went through, they never caused me any stress at all. Toothfairy on the other hand now seem to think I owe them in excess of £6K!

I did get a weird letter a few months back from ANOTHER debt company in relation to the toothfairy loan, where they decided I owed far less than what toothfairy were claiming (My debt shrunk overnight from £5K to £1.5K with them) but that's still massively excessive when you think they've had probably £100 odd already out of what was originally only a £400 loan. I'm just sitting back and waiting to see what the OFT does, and I'd advise anyone else to do the same. If they do lose their licences they will no doubt sell existing debts to another company who will HOPEFULLY be open to negotiation and settlement or repayment of the balance of the original loan.

If I had the energy I'd call StepChange and get them to stop paying them entirely just to see if I could force court action to happen.. but as its such a small sum I can't really face explaining why I want to stop paying a creditor to a charity thats helped me so much. What I do want to say is don't let them upset you. Open another bank account, close down your existing one (or incorporate it into a DMP if it has an overdraft) and ignore them. They are issuing empty threats and have no right morally or legally to be acting the way they are. x

[FlamingParrot]

Re: Toothfairy Finance - Please help!

Weirdly, toothfairy have gone strangely silent over the last few months. I went from multiple emails, texts and calls a day to not really remembering when the last one was. Perhaps a text last week? Can't remember the last time they called. Nothing in my situation has changed and they're still getting the £5.73 or whatever it is StepChange decided I could pay them each month, which goes no way towards touching the debt when you consider they're adding £11 a day and a few £150 charges a month!

I really don't understand why Wonga and Payday UK get such a bad rep while these scum slip through the net unnoticed by all the newspapers. Wonga and Payday UK froze my interest and let me pay off my loans entirely with what StepChange decided I could afford. They never once contacted me when the DMP went through, they never caused me any stress at all. Toothfairy on the other hand now seem to think I owe them in excess of £6K!

I did get a weird letter a few months back from ANOTHER debt company in relation to the toothfairy loan, where they decided I owed far less than what toothfairy were claiming (My debt shrunk overnight from £5K to £1.5K with them) but that's still massively excessive when you think they've had probably £100 odd already out of what was originally only a £400 loan. I'm just sitting back and waiting to see what the OFT does, and I'd advise anyone else to do the same. If they do lose their licences they will no doubt sell existing debts to another company who will HOPEFULLY be open to negotiation and settlement or repayment of the balance of the original loan.

If I had the energy I'd call StepChange and get them to stop paying them entirely just to see if I could force court action to happen.. but as its such a small sum I can't really face explaining why I want to stop paying a creditor to a charity thats helped me so much. What I do want to say is don't let them upset you. Open another bank account, close down your existing one (or incorporate it into a DMP if it has an overdraft) and ignore them. They are issuing empty threats and have no right morally or legally to be acting the way they are. x

I'm sorry to say this, but if Toothfairy are adding £11 A DAY :scared: :scared: :scared: and £150 a month :scared: for what was initially a £400 debt, Stepchange are NOT really helping you much with this one. :nono: I don't know about your situation and any other debts you may have included on your DMP, but the first thing a DMP provider should do, is ensure interest and charges are frozen, so that whatever you are paying, goes towards reducing the debt, otherwise it's rather pointless to pay anything. :sad:

I know quite a few cases where CCCS (now Stepchange) have been managing DMPs where the debtor was happily paying regularly, only for most of those payments to disappear down an interest and charges black hole! :rant: :rant: :rant: One example that comes to mind was someone who'd paid £5000 to creditors via CCCS in a year, but only £490 out of the £5000 went towards reducing the debt! :scared: This is because they were all adding interest and charges.

DMP providers may well take the stress out of dealing with creditors but if you take your eye off the ball, the stress could be much greater when you find that the balances have not reduced as you'd expected and, in some cases, have even increased! :mad2: It's also worth remembering that, although they are a charity, Stepchange are funded by the credit industry, and their recent rebranding exercise is likely to have cost them tens of thousands! :wof:

If it was me, I'd stop paying Toothfairy, even if it's just £5/month, that's not the point. The debt will never go SBd as long as payments are made, but neither will you clear it in your lifetime the way it's being handled at the moment! Very few payday lenders take legal action simply because their obscene charges wouldn't look good in front of a judge and they'd have a hard time explaining them in court.

[pepsi82]

Re: Toothfairy Finance - Please help!

Flaming Parrot - I appreciate your comments. Will look into it this year.

Just to add for anyone else in this predicament, I've had a letter from StepChange saying my payment to Toothfairy was returned as they have no record of the debt. A quick google search shows they went into administration on the 13th Dec 2013. What does this mean for my insanely inflated supposed 'debt'?!?!

Would be the best Xmas ever if they disappeared off the face of the earth, or failing that, another more reasonable DCA bought their books! :P