Urgent Help please - Payday loan

[berniel]

Re: Urgent Help please - Payday loan

Yes LA it would be good to see what they are likely to put into the POC.
However i wouldnt want to railroad the OC into fighting this without knowing the possible outcomes.
Good and bad.

It does worry me a bit that the mediation has already looked at this, i wonder how a court is going to treat someone going against this, and continuing to defend.

Not siomething i know a lot about which is why it makes me nervous.
As i said if it was me i would fight it but it isnt me.

Bernie

[burmacat]

Re: Urgent Help please - Payday loan

Ahhhhh I dont know how to edit it, shall I just delete it now you have read?

This is all they are saying they sent me - default notice wise

I am just going to scan in the claim

[Lord_Alcohol]

Re: Urgent Help please - Payday loan

Burmacat

I'm really confused!

Your letter and notice of default sums all refer to an agreement from December 2010 but the agreement you posted is earlier, dated 31st March 2010.

Were there two agreements? If so, which is the one under the spotlight?

Can you post the claim form from CG?

LA
------------------------------- merged -------------------------------

Ahhhhh I dont know how to edit it, shall I just delete it now you have read?

This is all they are saying they sent me - default notice wise

I am just going to scan in the claim

You'll have to just remove it as both pages contain personal info, unless you can scan, print, margic-marker, rescan and upload...

[burmacat]

Re: Urgent Help please - Payday loan

I only have the part that states to fill out the allocation questionnaire

I did everything online.

I can try and locate emails

Can you advise what I need to post

Thanks again
------------------------------- merged -------------------------------




This is because I rolled the agreement over for 11 months

Hope this makes sense

Thanks

Burmacat

I'm really confused!

Your letter and notice of default sums all refer to an agreement from December 2010 but the agreement you posted is earlier, dated 31st March 2010.

Were there two agreements? If so, which is the one under the spotlight?

Can you post the claim form from CG?

LA
------------------------------- merged -------------------------------


You'll have to just remove it as both pages contain personal info, unless you can scan, print, margic-marker, rescan and upload...

[Lord_Alcohol]

Re: Urgent Help please - Payday loan

I think we just need a breakdown of CG's claim. I thought that would be in paper form. Hopefully that will provide all the detail needed.

I must admit that it is hard for me to understand what is going on - the two agreements are 9 months apart not 11 and it is not clear what 'rollover' means. Did you have two loans from CG? Was the first repaid or partially repaid?

The worry is that the 'rollover' has merely extended the contract period for charging interest, so 'justifying' CG's claim for this huge sum.

If that is the case then perhaps it would be better to reach a compromise and settle.

LA

[burmacat]

Re: Urgent Help please - Payday loan

12/03 was when i originally entered in to the agreement.

It was rolled over until the last payment made on 31/12/10 - when I have rolled my payment over I have paid the interest only on my account, then the total amount is due the following month

Please see attached that was on my online account with cash genie

[Lord_Alcohol]

Re: Urgent Help please - Payday loan

OK, so the agreement started on 12/03/2010 for £150. It was rolled over to 31/12/2010 but that has caused, as far as I can see, interest to be charged at 30% per month between those dates.

That explains the big numbers!

However, from what you say you have only ever borrowed £150 but have already repaid nearly £600, and the OC now wishes a further £300 to settle 'amicably' (out of court), bringing the total paid to almost £900.

If it went to court, I think the only defence would be S140 (unfair relationships) but, as you extended a loan agreement that was based on 30% per month, the counter argument would be that you 'knew what you were getting yourself into'. So it may be hard to use S140 if only for that reason.

The only other thing I can think of is to look at the 'rollover' document, where you extended the loan period by 9 months. Does such a document exist and, if so, can you post it? It may be that to effectively extend a loan requires a new loan document and there may be flaws in it that can be used.

Is there no actual court claim form we can see?

[berniel]

Re: Urgent Help please - Payday loan

HI Burmacat

Thanks for the details

Why did the interst for the final payment period increas to over £300 from £42 ?

Bernie

[burmacat]

Re: Urgent Help please - Payday loan

I unfortunatly do not have the court claim form that was originally sent to hand with me, I am currently at work

I do know that to 'roll' the loan over I had to go online and simply accept that I wanted to pay only the interest charges and re enter my bank details to do this.

I think I may be opening a can of worms with this one arnt I lol?

As it was described to be the £45 I was paying each month was paying off the interest accrued for that month.

[burmacat]

Re: Urgent Help please - Payday loan

Bernie - the interest was added on at a later date (not actually on the date stated on my online account) after 'chasing' for payment

They did offer me to pay £41.98 to close the account on 26/04/2011 but I did not have the funds available to pay, I contacted CG and spoke with an advisor and informed them that I would contact when I could pay, then on 30/06/11 when I had the funds available to pay, I emailed the same guy who offered me this and he told me that my account had been forwarded over to Carter Forbes and that the offer no longer stood. I then had further correspondance with a Ricky Singh from Carter Forbes asking me for £428.98 and that they would not accept £40 to close my account, I declined this and said I would only pay the amount that was originally owed. Ricky advised that it was now 3 months after me contacting Lee, so any offers now did not stand.

Below is a little bit from what he put

The email you have forwarded me confirmed that lee agreed to close your account for that payment but did you get back to him? This was sent almost 3 months ago.

I have also received the complaint you have sent to our support team. I cannot make myself anymore clearer Rachel, the agreement you had with lee is now voided as you did not contact him confirming the amount, the payment date or supply any debit card details. As a result all the due interest and charges have been backdated onto your account and your balance still stands at £428.98

[Lord_Alcohol]

Re: Urgent Help please - Payday loan

Burmacat

If you are paying the interest of £45 per month, to 31/12/10, then it looks as though CG have then reapplied the interest in December 2010 to arrive at £336.

All that should have been payable in December is another £45 plus the principle of £150, but they have demanded £795.35.

I guess the £142.02 is all they could grab from your account?

So the total you have paid is in fact £429 in interest plus £142.02 = £571.02 (ie, almost 4 times the principle).

I'm not sure what to say. It may be that the concept of 'rollover' is not enforceable as there is no agreement or there may be another technical flaw that might help.

A defence might be that you did not agree to this level of interest - perhaps you thought that interest was less over a longer period? It may be difficult for CG to show that an APR of 25,403% APR is fair, being over 50,000 times greater than the current bank base rate....

A look at the claim form would really help but might mean that you forego your final chance for settlement.

LA

[burmacat]

Re: Urgent Help please - Payday loan

I have a sneaky feeling that I wont be able to find the original claim form tbh.

Sounds very un prepared of myself I no, but it has been a hectic few months.

Do you think I may be setting myself up for a bit of a disaster and with my cirumstances this would come at a very bad time

[Lord_Alcohol]

Re: Urgent Help please - Payday loan

I have a sneaky feeling that I wont be able to find the original claim form tbh.

Sounds very un prepared of myself I no, but it has been a hectic few months.

Do you think I may be setting myself up for a bit of a disaster and with my cirumstances this would come at a very bad time

This is not so good Burmacat, and I'm really sorry you're in this position.

It may be that the best solution for you is to end it and pay the £50 a month for 6 months.

My own view is that you have been stung by a bunch of lowlife chancers ('Ricky' and 'Lee', doesn't instill confidence does it?) and can either pay another £300 and have them out of your life in 6 months, focusing on more important (and messy!) things, or you can make a stand and fight.

I would do the latter, but then I'm a cranky old git with grown up children and quite enjoy a courtroom scuffle. You mght be better advised to do the former.

One idea - how about a short email to Watsons;

http://www.watsonssolicitors.co.uk

who may be able to give their view about this?

There again, I can see a nicely-worded defence, focusing on the shify verbal information from Ricky and Lee and the complete absence of any 'rollover' document (it may be that the rollover amount/period is not part of your original credit agreement and might be ruled as unenforceable) making an impact on a sympathetic judge who may have just read any one of the hundreds of newspaper articles denouncing these appalling rogues and be ready to fully agree with you.

So I don't know Burmacat - it would be helpful if some of the forum experts could make some comments. They seem to be thin on the ground these days.

But a view of the claim would be essential to be able to really help - I'm sure your court would provide a copy if you asked them.

[burmacat]

Re: Urgent Help please - Payday loan

further to this, I thought that they could only 'legally' enforce the original loan amount plus one months interest, I guess this is incorrect?

I would like to thank you all for your help!

LA you have been absolutly brilliant. If there were more people in this world as helpful and kind as you, this world would be a much better place.

Still taking it to the papers though. I want everyone to know NEVER EVER to touch these people or any of their kind. They prey on people as desperate as I was, sick people they are!

[burmacat]

Re: Urgent Help please - Payday loan

I dont want it to sound lazy LA, I just really dont have the patience for this at the moment.

I have so much going on at the min, if it had of been a bit simpler I would of gone to court. It makes me so angry that they can get away with it. But I am petrified I end up with a CCJ and a big hefty bill at the end of it.

I truly mean my last comment, you have been amazing.