Payday repayment arrangement error.

[Getting there]

Hello all.

Been lurking for a while now, very very useful site which has helped enormously with trying to sort out my very large debts.

Hoping someone can help with this one...

I am currently trying to sort out repayment plans with a number of payday loan companies.
( Stupid i know, and I've given myself 'what for' already !)

One of them has emailed me back offering a repayment plan over three months, the same as I had
offered, except for they have misplaced the decimal point for month three.

I will give example below. ( not actual figures )

I offered;
month 1. 20.00
month 2. 20.00
Month 3. 380.00

They offered;
month 1. 20.00
month 2. 20.00
month 3. 38.00

I have replied accepting this agreement.
I am fully expecting to pay the full amount of £420.00, however just being a bit cheeky as to whether I could just pay the £78.00...... Would be able to pay off some of the others a lot quicker then...

cheers,
Getting there.....

[CleverClogs]

Re: Payday repayment arrangement error.

They offered;
month 1. 20.00
month 2. 20.00
month 3. 38.00

I have replied accepting this agreement.

Good.

I expect they may subsequently demand more from you, as those usurers normally require one to pay nasally. msl:

[gravytrain]

Re: Payday repayment arrangement error.

Hello all.

Been lurking for a while now, very very useful site which has helped enormously with trying to sort out my very large debts.

Hoping someone can help with this one...

I am currently trying to sort out repayment plans with a number of payday loan companies.
( Stupid i know, and I've given myself 'what for' already !)

One of them has emailed me back offering a repayment plan over three months, the same as I had
offered, except for they have misplaced the decimal point for month three.

I will give example below. ( not actual figures )

I offered;
month 1. 20.00
month 2. 20.00
Month 3. 380.00

They offered;
month 1. 20.00
month 2. 20.00
month 3. 38.00

I have replied accepting this agreement.
I am fully expecting to pay the full amount of £420.00, however just being a bit cheeky as to whether I could just pay the £78.00...... Would be able to pay off some of the others a lot quicker then...

cheers,
Getting there.....

Ha Ha Did they say that they would except this in full and final settlement of the debt ?

May be worth trying to hold them to it. Promissory Estoppel perrhaps ?

[labman]

Re: Payday repayment arrangement error.

Doesn't look too hopeful to me:

With thanks to thefreedictionary.com

In the law of contracts, the doctrine that provides that if a party changes his or her position substantially either by acting or forbearing from acting in reliance upon a gratuitous promise, then that party can enforce the promise although the essential elements of a contract are not present.
Certain elements must be established to invoke promissory estoppel. A promisor—one who makes a promise—makes a gratuitous promise that he should reasonably have expected to induce action or forbearance of a definite and substantial character on the part of the promisee—one to whom a promise has been made. The promisee justifiably relies on the promise. A substantial detriment—that is, an economic loss—ensues to the promisee from action or forbearance. Injustice can be avoided only by enforcing the promise.
A majority of courts apply the doctrine to any situation in which all of these elements are present. A minority, however, still restrict its applicability to one or more specific situations from which the doctrine emanated, such as
when a donor promises to transfer real property as a gift and the donee spends money on the property in reliance on the promise.
With respect to the measure of recovery, it would be unfair to award the plaintiff the benefit of the bargain, as in the case of an express contract, since there is no bargain. In a majority of cases, however, injustice is avoided by awarding the plaintiff an amount consistent with the value of the promise. Other cases avoid injustice by awarding the plaintiff only an amount necessary to compensate her for the economic detriment actually suffered.

[gravytrain]

Re: Payday repayment arrangement error.

No it was tongue in cheek chaps that's why the Ha Ha

The OP would have to show detriment.

[gravytrain]

Re: Payday repayment arrangement error.

Sorry just rethought about this and realized the OP may have wanted a serious answer.
The only way you could hold them to their "offer" should be to say it formed a new contract.
To form a contract there has to be a, "meeting of minds",(amongst other things) this means that both parties must be aware of what the are contracting to, this would not be the case here, unfortunately.
You could hope that the error goes deeper than just a typo and is reflected in their accounting system and play dumb, you never know.

[labman]

Re: Payday repayment arrangement error.

Just make sure the last payment is stapled to a letter which states clearly it is in full and final settlement against A/c Number XXXXXXXXXX

You might get lucky, you might not!