Everyday loan

[kay000]

Hi
Please i need any advise from anyone with experience from everyday loan. i took out a loan about three years ago from every day loan for about 3k and after paying monthly repayment of about £250 for more than two years, my balance still is even more than i borrowed. Recently my circumstances changed and my earnings declined due to reduction in working house and lost client in supply business. I got a reduction in monthly repaymrnt from everydayloan but it seems to do less as it only prolongs the duration of the loan but just trapped in debt. Worse of all is now have my account transfered to another branch whose manager is a pain in the neck. Any advise highly needed. Thanks.

[slainte caragh]

Re: Everyday loan

Hi and welcome to The Beagles.

When you say a pain in the neck, what do you mean?

Personally I would say if you are keeping up the payments on the loan, carry on as long as they are affordable and then when your luck turns round (and trust me it will- good things happen to good people!) then look to paying off bigger lumps of the balance.

I know an expert will be here soon, chin up hun! It'll all be fine!

Callie <3

[jaguarsuk]

Re: Everyday loan

The fact that the balance is initially more than you borrowed doesn't surprise me, this is quite normal for a loan. it's not like a credit card where interest is added each month as it's a fixed amount you have borrowed. Basically at the start of the loan they add all the interest for the whole term on and then you start repaying, eventually the loan gets through the interest and you continue to pay off the capital (amount you borrowed) until you're done. After two years you should be into the capital really, so seems something isn't quite right.

In terms of the branch manager as long as you are repaying your debt I don't understand why they would be a pain in the neck? Was the reduced payment agreed for a period of time or until things pick up?

[Amethyst]

Re: Everyday loan

HI Kay xxx

Have you any way of checking exactly what you have paid.

Also do you have a copy of the original loan agreement ? ( to check interest rate and, of course, that it is all legally enforceable )

Just got this off their website ( is this they ?? - https://www.everyday-loans.co.uk/legals/ ) which seems to follow what you say and it should have been settled after the two years, although depends what interest rate you were given. So I'm guessing there were other missed payments before the end of the initial two year period ?

Representative Example: Borrowing £3,000 over 2 years at an interest rate of 67.9% p.a. (fixed), you will repay 24 monthly payments of £231.78 per month. Interest payable £2,562.75. Total amount payable £5,562.75. Representative 93.6% APR. Rates from 24.2% to 299.9% max APR.

Have you actually had a settlement statement from them ? or are you just going off monthly statements ?
When they agreed to the reduced amount did they discuss interest/conequences of reducing the payments or anything ?

[kay000]

Re: Everyday loan

Thanks for responding to my thread and for the encouraging words, much appreciated.Quite unfortunately, I took out the loan from another branch, where the manager seemed quite okay in terms of communication until all of a sudden i get a call from a new guy informing me that my account has been transferred to their branch which was new and local to my address. He keeps calling reminding me of the payment due date which wasn't the case before and continued calling me many times a day and sometimes with no caller id i mean like i was on the run, very unprofessional.

[kay000]

Re: Everyday loan

Thanks Amethyst, for responding to my thread. The fact is i have never been served a statement to know what i have paid. i took out the loan in sept. 2015 when i had a very urgent need for money to sort out some family issues. In my desperation, i took £3100 at a crazy APR of 133%. as they were the only ones willing to offer me the loan at that time. I thought they were really helping me but now i know better as they are expert opportunist who prey on peoples desperation.
I started making monthly payments of £240.02 from November 2015 until Dec 2016 when i sort help from family to help me pay off the balance. When i requested a settlement figure i was shocked at the amount i was given which was £3,449.80 more than the original amount i took out! I was unable to settle the amount as what i had was less than that. As a result, i put the account in dispute and after much wrangling, i told them my current situation was such that i could not carry on paying the monthly payment amount, i was given an income and expenditure assessment and eventually started paying £69.88 from march this year. The reality is i am still trapped in this outrageous debt for a longer period as the total amount payable is still the same. I am now at a point where as a result of a growing family and more responsibility, i can not realistically carry on like this any longer. I seriously need any help/advise i can get here. Thanks.

HI Kay xxx

Have you any way of checking exactly what you have paid.

Also do you have a copy of the original loan agreement ? ( to check interest rate and, of course, that it is all legally enforceable )

Just got this off their website ( is this they ?? - https://www.everyday-loans.co.uk/legals/ ) which seems to follow what you say and it should have been settled after the two years, although depends what interest rate you were given. So I'm guessing there were other missed payments before the end of the initial two year period ?



Have you actually had a settlement statement from them ? or are you just going off monthly statements ?
When they agreed to the reduced amount did they discuss interest/conequences of reducing the payments or anything ?

[kay000]

Re: Everyday loan

Since i refused answering everydayloan numerous calls, I am now being threatened with a home visit by text messages, is this legal? Isn't a court claim supposed to address any disagreement, doesn't this mean harassment. Please any advise appreciated . Thanks.

[jaguarsuk]

Re: Everyday loan

Since i refused answering everydayloan numerous calls, I am now being threatened with a home visit by text messages, is this legal? Isn't a court claim supposed to address any disagreement, doesn't this mean harassment. Please any advise appreciated . Thanks.

Hi, you can stop them calling and texting you, but you have to write to them to inform them that you no longer wish to be contacted. Equally you can withdraw the right of them or any agent of their coming on to your property by notifying them of it in the same letter.

If you disengage with them though this will lead to them defaulting the loan and I would eventually think a court claim. It may be worth you booking an appointment with CAB and them helping you.

[Amethyst]

Re: Everyday loan

You definately need a full breakdown of the amount they are chasing. Send them a Subject Access Request asking for a full list of transactions and any information they hold about you or this account, to include any credit agreement.
http://legalbeagles.info/library/gui...ccess-request/

You need the credit agreement and terms - have you sent a CCA request ? | CCA Request Letter

Was it originally over 3 years ( as the figures don't add up for 2 years - though I can only make the online calculators do 100% APR's at the mo )


MATHS STUFF ( Me so feel free to ignore it's not my strong point)

£240.02 a month was the contractual payment amount? and you made that payment without fail for 13 months ? (Nov 15 to Dec 16 ) = £3120.26

Then their settlement figure of £3,449.80 totals 6570.06


Taking their example from their site

Representative Example: Borrowing £3,000 over 2 years at an interest rate of 67.9% p.a. (fixed), you will repay 24 monthly payments of £231.78 per month. Interest payable £2,562.75.

and just changing the figures
Borrowing £3,100 over 2 years at an interest rate of 133% p.a. (fixed), you will repay 24 monthly payments of £373 per month. Interest payable £5865

Borrowing £3,100 over 3 years at an interest rate of 133% p.a. (fixed), you will repay 36 monthly payments of £351 per month. Interest payable £9556

I can't get it down to £240 a month so somethings not right.

Their website is pants, I don't fancy doing an application just to see their rates and terms though.

[Amethyst]

Re: Everyday loan

Anyway that aside you need to send them a cease and desist letter

Your Name
Address
Address


DATE


Company name
Address
Address





Re: HARASSMENT


ACCOUNT NUMBER: XXXXXXX

Dear Sir/Madam

I am writing to complain about the high number of telephone calls I have received from your company.
Despite a verbal request to stop these calls, I am still being contacted and I deem this to be personal harassment.
I now request that ALL further contact from your company be by letter only.

I believe that your continued harassment of me by telephone places you in breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997.

If you continue to harass me by telephone, you will also be in breach of the Communications Act (2003) s.127 and I will report you to OFCOM, Trading Standards and the Financial Conduct Authority, which could result in a substantial fine against your company.

Furthermore, should it be your intention to arrange a “doorstep visit”, please be advised that under FCA rules, you can only visit me at my home if you make an appointment and I have no wish to make such an appointment with you.

Be advised that any further telephone calls from your company will be recorded.


Yours faithfully,



(NAME)

[warwick65]

Re: Everyday loan

After two years you should be into the capital really, so seems something isn't quite right.

That's a bit of a generalisation as it will all depend on the initial term and the Apr.

Kay remember as well, The outstanding balance may be more than if you asked for a settlement figure.

[Amethyst]

Re: Everyday loan

Their SAR address

You have a right to request access to your personal records held by Credit Reference and Fraud Prevention agencies, please contact us at the address below for a full list of agencies where we will record your details with.

You also have a right, upon payment of the appropriate fee (which is currently £10) to obtain a copy of the information that we hold about you. If you wish to request a copy of the information that we hold about you please write to:

The Data Protection Officer
Everyday Lending Limited
Secure Trust House
Boston Drive
Bourne End
Bucks SL8 5YS.

[Amethyst]

Re: Everyday loan

example of a CCA from Everyday http://i780.photobucket.com/albums/y...u/scan0008.jpg ( from 2007 ) but they do have a section to say about settling early - so if you can find your agreement or get a copy of it you should see an approximate settlement figure for half the loan period (if payments were all kept up )

[warwick65]

Re: Everyday loan

The problem seems to be a lack of coherent info and I appreciate it is not always easy.

We know the amount of the loan but nothing about any arrangement fees.
We have no idea of the original term but I am thinking maybe 5 years
We do not know the exact interest rate

Kay said in post 1 repayments were made for two years but later it seems it was 13 months. There was then a stopping of payments for about 15 months. I would think this will have triggered a default, at least it should have.

It is important to get the cca request off and a SAR off to include all communications.

Of course if there have been no statements are they entitled to interest during the period of on compliance.

Kay, if you have access to those funds ds to make a settlement offer it may be worth another go but at less than they are asking for.

As a starting point maybe £500 but you need to know what the figures are first.,

[kay000]

Re: Everyday loan

Hi, Warwick65, hi all.

Warwick65 is right about my incoherent information in my first post, i actually only just realised after i saw the responses. I do apologise. i have now dug out my original agreement and thus:
Amount of credit = £3100
Number of monthly Payments = 48
Amount of Monthly repayment = £240.02
APR Variables = 133.6%
interest = £8,420.96
Total charge for credit = £8.420.96

Monthly payment of £240.02 from 02/11/2015 till march 2017
Requested settlement amount in December 2016, given a figure of £3,449.80 settlement date of Jan 2017.
Disputed account in feb 2017.
Given another settlement figure of £3,390.72 in Feb. 2017. Settlement date of March 2017.
income expenditure assessment in march 2017 as a result of declaration of change in circumstances.
monthly repayment amount set at £69.88 from April 2017
payment of £69.88 made till Aug 2017.
Sept due for £69.88 Not paid yet.
Now received an annual statement after delay in payment,
In statement received noticed interest rate was quoted as 87.9%, could this be as a result of change in monthly repayment amount?
Total interest now £2,302,96
Closing Balance now £3.541.58
Total future payments including future interest under the current repayment schedule and term, now £7,057.88.

Hoping this gives a clearer view. Really will appreciate any advise on what my options could be ,. Thanks

The problem seems to be a lack of coherent info and I appreciate it is not always easy.

We know the amount of the loan but nothing about any arrangement fees.
We have no idea of the original term but I am thinking maybe 5 years
We do not know the exact interest rate

Kay said in post 1 repayments were made for two years but later it seems it was 13 months. There was then a stopping of payments for about 15 months. I would think this will have triggered a default, at least it should have.

It is important to get the cca request off and a SAR off to include all communications.

Of course if there have been no statements are they entitled to interest during the period of on compliance.

Kay, if you have access to those funds ds to make a settlement offer it may be worth another go but at less than they are asking for.

As a starting point maybe £500 but you need to know what the figures are first.,