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Mr Lender: "whilst you choose to ignore the repayment ...Interest at 25%"

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  • Mr Lender: "whilst you choose to ignore the repayment ...Interest at 25%"

    Two months ago I had an urgency and needed cash to pay it (it was an expensive urgency.) Since I am just getting out of the silly debts I had, I thought I can take out a payday loan and pay back, and I found this Mr Lender. I applied and it was done/dusted in an hr, with them calling me and the dude actually being quite cool and helpful. I applied for 2 months, so it had one "rollover."

    First month was fine.

    This month, I got an email that they will charge the "rollover" fee. I found it disturbing: the loan amount is £500, a rollover fee is £175 and what they do is they effectively charge rollover fee only, every month, they should've charged for the whole amount per my application but there must be a small print I missed allowing them to change the whole thing like this.
    At the same time, since switching jobs, I got much less salary so I thought, OK I just accept it and next month I pay them off ahead of debit and will be done with them.

    However then the Lloyds thing happened. And thus Mr Lender could not debit me on Friday. Note, within 1 day, on Saturday I was already checking on the Llloyds issue, withhout knowing if this debit went through or not so it's not like I was sitting around.


    On Monday (the next working day) they sent me this:

    Dear [my given name],
    > >>>> We tried to contact you yesterday as we could not successfully debit your card ending in ****XXXX for your roll over payment.
    > >>>> Unfortunately, if you do not make a payment today by 6pm, we will have no choice but to mark your public credit file with a negative marker, you will also incur the late fee we advised you about yesterday.
    > >>>> Call 0208-532-5024 and pay securely using a payment card.
    > >>>> Or just click here<http://www.mrlender.com/makepayment/?uid=E47898B1-94EA-4EB6-AFA9-EDD043838961> (or cut and paste the link below);
    > >>>> http://www.mrlender.com/makepayment/...9-EDD043838961
    > >>>> Yours sincerely,
    > >>>> Mr Lender
    I had no messages - they basically disclosed all my data on my old business mobile which is IN USE by someone else, if they left such message that they referred to.

    I replied noting to them that the "public file" has no accounts histories, and "negative marker"? Besides they didn't even report the account end of June, at least. I noted to them what is happening and that it's 1 working day of delay. I asked for their patience. Also asked them to note my phone has changed and that I cannot take their call during working hours but will let them know as son as I have update.

    The next morning, I had no response so I sent a second letter confirming the same (except the stuff about negative markers on public reports.)
    I had no calls.
    But I received THIS, early afternoon:

    > Dear [my given name],
    > We have sent you a couple of emails and text messages which you are not responding to.
    > This email is a final method of communication asking you to contact us so that we can keep your account in order.
    > Please call us urgently on 0208-532-5024 or visit www.mrlender.com and click on the Make Payment tab on the top menu. Then login with the following details to make a secure online payment;
    > Username: ......
    > Passsword: .......
    > Remember, whilst you choose to ignore the repayment of this loan, you will continue to incur various fees and Interest at 25% of your balance!!! We do not want to have to charge you anything additional to what you already owe us so please call us so that we can work with you in processing the roll over that you requested.
    > If we do not hear back from you today via email or telephone, we will have no option but to pass this account accross to our internal collections desk.
    > Yours sincerely,
    > The Collections Department
    During a break I called Lloyds and resolved the matter (see my Lloyds thread) and IMMEDIATELY after I called this lot. The dude was an a--hole, telling me I should pay and he doesn't care anything... I am hard to lose my patience with these people but I ended up wishing him that when he has unathorised payments he will have lenders such as himself to treat him the way he treated me. At the end he hung up on me.
    I immediately sent a complaint about him.
    No response.
    I took the complaints address from their website and sent over the whole lot of emails (theirs and mine which they claim I have not written.) and I included an offer, that they get the amount I originally applied for, e.g. £500 plus £175 on or before 30 July (I hope to be able to pay off earlier, or the latest when I have my salary which is still days before this deadline. I don't pay them off immediately only cos I can't... I have some stuff urgent that of course broke when I have the least amount of money from my wages.) note, the balance according to them now is at £716, the difference is the fees occurred in just 3 days. I wrote these fees are not fair.

    so they wrote me this.

    >> Dear [my given name],
    >> Thank you for your email.
    >> After reviewing your account we can see that you successfully applied for a loan with us on the 8th May for the amount of £500.00, £175.00 interest applicable.
    >> Your loan was set to rollover on the 28th May and the interest amount of £175.00 was debited in order to defer the balance to the following month.
    >> You were due to make a payment towards your account on the 28th June, no payment was received therefore the account entered arrears and has incurred late fees in accordance with your consumer credit agreement, please find attached.
    >> Once an account has entered arrears our advisors will attempt to contact the customer in order to assist, we will also sent automated emails and SMS messages to inform the customer on the status of their account.
    >> The outstanding balance currently stands at £716.00. Please contact us as soon as possible to arrange repayment of your loan.
    >> Please also find attached our complaints procedure.
    >> Kind regards,
    >> Jessica
    >> Complaints Manager
    10 mins after the email, someone from them called me - despite my request not to call me during working hours and was pushy to the end to talk, if we cannot talk my account will not be resolved blabla while I kept repeating I cannot talk. It made me literally shaking with anxiety, sitting at my desk and people hearing it. She introduced herself as "xy from LM" and I had to drag it out of her who she is plus she was rude.

    I responded to the letter that my offer stands and will not be changed, and they should stop with their absolutely ridiculous fees, plus as part of the offer I made leave me alone until the 30 July and leave my credit file alone as well. I also sent an email that they called despite my repeated requests not to have calls, and it caused great distress and any further of these will be considered harassment. I kept telling them I am unable to take their calls so now I told them the distress and disturbance and emotional state they leave me in makes me unable to take their calls. This was the second time I told them, the OFT and the FSA would be interested in their consumer services and their fees, or if not a civil courts judge surely will be.

    This is what I got from them now.

    Dear Miss [my surname since I told them to stop using my given name, it's not appropriate],
    Thank you for your response, we will address you by your surname as per your request however, any automated emails sent via our system will address you by your first name.
    We would like to apologise that you feel our automated emails in response to non payment are discourteous. We would also like to thank you for your comments regarding our automated emails, any feedback is greatly appreciated as we strive to improve our services.
    Late fees have been applied to your balance as you have not adhered to your agreement and repaid your outstanding loan on the agreed due date. Upon application our customers are provided with important information regarding our charges and fees in order to make and informed decision whether to proceed with the application for the funds. Should you have had any queries to regarding your application or features of the agreement that were unclear, you would have had ample opportunity to do so.
    We would like to apologise if you feel we have been attempting to contact you excessively, we do have strict procedures in place when contacting our customers and can assure you that by no means could this be construed as harassment. We will now make a note on your account that you do not wish to be contacted at your place of work however, we do need to maintain communication with you regarding your account, either via telephone or email.
    You have stated that you are willing to repay the amount of £675.00 on the 31st of July, unfortunately by this date further late fees and missed interest will be owed on the account.
    Please contact our Default Department as soon as possible in order to arrange repayment of your loan, they can either be contacted on 0208 532 5024 alternatively, you can email our Default Department on ashley@mrlender.co.uk.
    Kind regards,
    Jessica
    I will pay them their due, which was my offer, and I will do it according to my offer. I refuse to pay lateness fees of that degree and I find it unjust since;
    1. I kept updating them about status
    2. but they didn't even give a day to actually resolve what issue I had
    3. even though it was with my current account provider
    4. they were incredibly rude IMO, crossing the lines they should not have crossed.


    Sorry for the long story. Any comments? Do I have to pay the horrible lateness fees?

    Ps - I adore that poor Ashley girl is a whole department.
    Last edited by QueenAnne; 4th July 2013, 22:22:PM. Reason: forgot the data disclosure on mobile VM bit
    Tags: None

  • #2
    Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

    Got this just now. They don't even give time to react (guess they think they would ignore the response anyway?!)
    m
    . PDL Finance Limited trading as Mr Lender

    Address: Suite 105W, Sterling House, Loughton, Essex, IG10 3TS
    Telephone: 0208-532-5024

    Date of notice: As per this email.
    Credit Agreement reference number: MLxxxxxxx....

    This notice is being given to you as required by the Consumer Credit Act 1974 because we have charged you the following default sums under your agreement with us.
    Description of charge, Amount
    Late Fee, £20
    Letter Fee, £20
    Collection Fee, £20

    Total: £60

    Please contact us on 0208-532-5024 in order to discuss the state of your agreement.
    This Notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid.

    Interest

    We are not entitled to charge you interest on the default sums for the first 28 days after we have given you this notice. However if the sum is not paid in full by that date interest will be charged at the rate of 30% per month.
    Becky
    Head of Collections
    PDL Finance Limited trading as Mr Lender


    Can they do this if I already made offer?
    Any comment? Please

    Comment


    • #3
      Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

      Hi

      I would just send them an email saying that you will pay the initial agreed sum. £675

      Why was the initial interest 175 ? 30% of 500 = 150

      The charges are probably unenforceable in law, as they would be deemed unfair.

      Can you afford to pay in one lump sum ?

      Andi

      Comment


      • #4
        Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

        I will afford on 25 June (next salary) will be tight but I intend to do it. Thus I wrote to them, "on or before 30 June"
        i sent that to them 3 times, they keep ignoring it.

        Comment


        • #5
          Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

          HI QueenAnne

          I would make sure that they know this is going to be a full and final settlement before handing over all that money.

          Perhaps a formal letter outlining the offer and asking for confirmation that this payment would close the account.

          Andy

          Comment


          • #6
            Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

            Example of a F&F

            Mr A Debtor
            123 Debt Avenue
            Debtville
            D38 1BT

            [DATE HERE}
            Debt Collector
            123 Debt Collector Road
            Defaultville
            D3 1FL

            Without Prejudice
            Reference: 1BIGDEBT
            Dear Sir or Madam,
            I write with regards to the above account and the balance currently outstanding.
            I am unable to pay off the debt in full. However I am in a position to make an ex-gratia payment in full and final settlement of the above account. I can offer YOUR AMOUNT HERE as a full and final settlement of this debt.
            This offer is being made on the basis that, if accepted, neither you or any associate company will take any further action or enforce to pursue this debt in any way whatsoever and that I will be released from any liability.
            I also request that you make an entry on my credit file to mark the debt as satisfied in full.
            I can make payment within YOUR TIMEFRAME HERE of receiving your written acceptance and agreement of this offer.
            I look forward to hearing from you soon.
            Yours Faithfully
            CAVEAT LECTOR

            This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

            You and I do not see things as they are. We see things as we are.
            Cohen, Herb


            There is danger when a man throws his tongue into high gear before he
            gets his brain a-going.
            Phelps, C. C.


            "They couldn't hit an elephant at this distance!"
            The last words of John Sedgwick

            Comment


            • #7
              Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

              It is a good letter, although if it were me i would leave out the unable to pay the "debt in full" bit, although it is without prejudice.

              I would say the "sum claimed".

              Andy

              Comment


              • #8
                Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

                It is worth reading the following link - 'full & final's', are not always as final as you think, apparently!

                http://www.ashurst.com/publication-i...d_Content=8260

                (The case can be accessed via a link at the end of the article)

                The following key points can be distilled from the Court of Appeal decision:
                • settlement agreements are to be construed in the same manner as other contracts, by interpreting the words used in the way in which they would be understood by a reasonable person aware of the factual background known to both parties;
                • the rights of third parties cannot be compromised under a settlement agreement to which they are not a party;
                • the phrase "by any person whosoever" will not necessarily be sufficient to cover claims arising in favour of, or as a result of assignment by, third parties; and
                • the wording "in any way connected with" falls to be determined in the context in which it is used. Just because the parties "wanted to spread the net wide, it does not follow they intended to spread it so wide as to compromise claims which a [claimant] would be in a position to make only if he acquired rights from [a third party]".
                CAVEAT LECTOR

                This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

                You and I do not see things as they are. We see things as we are.
                Cohen, Herb


                There is danger when a man throws his tongue into high gear before he
                gets his brain a-going.
                Phelps, C. C.


                "They couldn't hit an elephant at this distance!"
                The last words of John Sedgwick

                Comment


                • #9
                  Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

                  Hi Charitynjw

                  It is indeed a minefield for the unwary, however in a consumer credit agreement, I think that a simple letter like the one prescribed here would surface.

                  The contract at issue would have already terminated so there should be no argument re. conflict, this is a new agreement. Sometimes I have seen people advised to have a third party settle the debt in order to put any claim of re-writing an ongoing agreement beyond reach, but I do not think that this is necessary in this case. IMO

                  Andy

                  Comment


                  • #10
                    Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

                    I don't get these companies.
                    I have a Quickquid Liam which I am paying and they previously have settlement in instalments till September - I offered them I pay the same moneys earlier and they wrote back they can't change the future dates! For months earlier without losing a pence...
                    as for ML, now it's "******" sending the latest email again sounding as if I haven't given an offer. Ashley, Becky, ****** and Jessica... They must do this on purpose, I consider it bullying really. It's always a new name with yet another charge and threats, I swear it must be the same person. Anyways I responded to her the exact same as the others. Plus that they either agree or sue me but this idiotic game in emails must end.

                    Comment


                    • #11
                      Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

                      Ps I will post the above letter on Monday.
                      I'll be explicit about the credit reporting and the collections to cease immediately.


                      thank you ever so much, to all of you!

                      Comment


                      • #12
                        Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

                        Originally posted by charitynjw View Post
                        It is worth reading the following link - 'full & final's', are not always as final as you think, apparently!

                        http://www.ashurst.com/publication-i...d_Content=8260

                        (
                        Indeed they are not, see this, I'm still receiving letters from them after 5 or so years, and for such a small amount! http://www.legalbeagles.info/forums/...703#post348703

                        Comment


                        • #13
                          Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

                          If they have taken that long to chase the 'outstanding balance', as long as you clearly stated that the payment was in full & final settlement, they would probably have difficulty in a court of law.
                          It may well be taken that there was 'accord & satisfaction'; the longer they leave between the payment & any follow-up action (ie rejection of the offer), the more likely the f & f will be final.
                          Cashing of the payment is also a strong indication of acceptance.

                          http://www.independent.co.uk/news/uk...2-1471946.html
                          CAVEAT LECTOR

                          This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

                          You and I do not see things as they are. We see things as we are.
                          Cohen, Herb


                          There is danger when a man throws his tongue into high gear before he
                          gets his brain a-going.
                          Phelps, C. C.


                          "They couldn't hit an elephant at this distance!"
                          The last words of John Sedgwick

                          Comment


                          • #14
                            Re: Mr Lender: &quot;whilst you choose to ignore the repayment ...Interest at 25%&quot;

                            Just out of curiosity, what is it that makes an installment payment preferable for a lender instead of a lump sum?

                            Dear Miss,

                            Thank you for your email.

                            Your account need to be put onto a interest free repayment plan.

                            We would like to put your account onto a repayment plan for ten percent of your balance which is £73.50.

                            Once payment is received this amount will then be deducted off your overall balance and all further interest will be frozen.

                            Kind regards,

                            Danielle.

                            Mr Lender.
                            (I already noted I need no instalments, and will pay no fees or "token payment" before agreement, before this email was sent to me.)

                            Comment

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