OFT imposes conditions on TOOTHFAIRY FINANCE payday lender - unfair terms and charges

[Ruby]

Re: OFT imposes conditions on TOOTHFAIRY FINANCE payday lender - unfair terms and cha

Guys, the 'tooth fairy' I told my kids when they were about seven there was not such thing as the tooth fairy!!

For the sake of young/vulnerable folk out there - you should have listened to your parents The name speaks for itself.

[Scott2016]

Re: OFT imposes conditions on TOOTHFAIRY FINANCE payday lender - unfair terms and cha

Hi,

I've posted this to another thread on this site too...

I know this post is a little late but i've just came across this old thread on Google,
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

[Sparkie1723]

Re: OFT imposes conditions on TOOTHFAIRY FINANCE payday lender - unfair terms and cha

Business Name	Company Registration Number
Web Loan Processing Limited	7275227

Toothfairy Finance is a trading name of Web Loan Processing Ltd. and they are on the CCA licence of Web Loans Processing Ltd as a curret trading name……..so at first glance they seem covered by all the required the Liicensing remits………BUT they are not on the OFT anti money Laundering Register held by the OFT.

I would investigate this angle and use it to your advantage.

Sparkie

[welshperson]

Re: OFT imposes conditions on TOOTHFAIRY FINANCE payday lender - unfair terms and cha

Hi sparkie
Can I ask how this will help anyone
“”BUT they are not on the OFT anti money Laundering Register held by the OFT.”
i would investigate this angle and use it to your advantage.


I would like to know how to use information like this to stop them adding charges, or in any other way that this would help an individual struggling with this company.
　
wp

[Sparkie1723]

Re: OFT imposes conditions on TOOTHFAIRY FINANCE payday lender - unfair terms and cha

Hi sparkie
Can I ask how this will help anyone
“”BUT they are not on the OFT anti money Laundering Register held by the OFT.”
i would investigate this angle and use it to your advantage.


I would like to know how to use information like this to stop them adding charges, or in any other way that this would help an individual struggling with this company.
　
wp

Money laundering is a criminal offence....and an offence not to registered ...............the SFO have a special squad to investigate money laundering so does the OFT.......it is a wrongdoing not to comply with these M/L regulations, one could ask are your payments being laundered ...disappearing out of the Country it is of course a regulatory matter but as I said investigate the angle and see if it can be used as an advantage to you.......he OFT can revoke their licence completely on this issue on top of the requirements that have been placed on them.......every aspect is worth investigating.

Sparkie

[Scott2016]

Re: OFT imposes conditions on TOOTHFAIRY FINANCE payday lender - unfair terms and cha

Right basically i called toothfairy today and explained that i couldn't pay off the balance due to the fact that I'm in financial difficulty and have payment plans and other commitments set up which have left me with no funds in my account. Straight away the tone of the woman's voice changed and after i asked if i could place my account in default and set up a payment arrangement she said i couldn't and that a £36 charge would be added and i have 2 weeks to pay it off in full or it will be passed on to their third party collection agency (NDR).
I mentioned that i was recording the call incase I had to put forward a complaint to the OFT to which she replied 'well whatever, thats fine because I am too if this matter has to be settled in court if we have to take action against you'.
I asked that during my 2 week period if i could not be contacted or have any threatening calls or text messages or i will be making a complaint and I was told she was not able to control that because the NDR will contact me throughout the 2nd week when the case is about to be passed over to them.I then argued for a while about penalty charges and inappropriate threats after 2 weeks and mentioned that i thought they should be more understanding and try to help people like me, comparing them to the other companies i have set up plans with. She said all the actions and consequences were clearly stated in the terms and conditions when I got out the loan. I felt like i was getting no where with this woman so i hung up after agreeing my 2 week time limit.
2 hours later at work I received a voicemail from NDR saying to contact them immediately to settle the amount or court action will be taken against me and representatives will visit my property. What the hell happened to 2 weeks?

I called NDR and after listening to a rather frightening automated message that said about court action and the company not negotiating with debt management companies etc... i spoke to a representative that claimed my name wasn't in their system 'yet', and that they'd be back in touch. I explained the situation to her and said one of her colleagues from next door had given me an extra 2 weeks and not to bother me again.

Fingers crossed for now... I honestly don't think i'll have the £308 in 2 weeks time though. Quite worried.