Payday Express letter finally received

[inneedofhelpman]

Hi all

 

Received a letter today from payday express asking for full payment of £740 within 14 days from the date of this letter.

 

Advising me to call there office (of course i wont be doing that)

 

History is the original loan was from way back in Feb this year. and was totaling £500.

 

I emailed them firstly in march when it became apparent i couldnt afford this payment in full. I had numerous emails ignored and then when it was eventually replied to i got this email

 

"Thank you for your recent email

 

Our accepted criteria for a repayment plan are as follows:

 

• Major Loss of income

• Unexpected change in personal circumstances e.g. Major Loss of income

• Severe Disability or illness (not excluding close family members)

• Terminal illness or Mental illness (not excluding close family members)

• Deceased (not excluding close family members)

• Redundancy or Reduced hours (contractual hours reduced by company)

 

We are unable to set a repayment plan unless it is evidence that one of the above has caused yourself financial difficulties. "

 

AT the time i didnt fit that criteria so sent back a few emails (all ignored ) stating that i couldnt afford the payments.

 

Anyway i was then made redundant and at the time (back in june) a family member offered to give me £500 to clear this debt (the original amount borrowed) I emailed this to payday express and received this.

 

"

 

Dear Mr xxxxxx,

 

Client Reference: xxxxxxx

 

Further to your recent communication.

 

We write to inform you that we will accept your settlement offer of £584.00 to extinguish your debt with Express and this payment will need to be made within the time frames already agreed.

 

Please be advised that your credit file will be marked part settled.

 

If you have any further queries please do not hesitate to contact our Collections Support Department on 0115 908 1163, and one of our advisors will be able to assist you. Alternatively you can contact us via email at collections@paydayexpress.co.uk.

 

 

Regards,

 

Payday Express"

 

I never offered £584 I then replied stating my offer of £500 stands otherwise i would have no choice but to pay a £1 per month.

 

They ignored this and sent me two further emails stating they had been trying to contact me (no contact received) and then the letter today.

 

 

Not sure how to respond to this, i am no longer in the position to offer the £500 as a settlement figure as it had to be used to keep me afloat the last few months.

 

thanks for any help as ever

[renegadeimp]

Standard crap they send out to everyone. They think that they can state their own reasons for setting up a repayment plan when the law and indeed their credit licence terms say different.

[inneedofhelpman]

thanks rene

 

im confused as to how the balance can now be so high

 

any ideas of a response? i want to mention they have regularly ignored emails

 

thanks

[renegadeimp]

Nothing to be confused about. Theyre increasing it to give themselves more money. You only owe them the initial loan plus initial interest and first default charge, minus any money that you have paid already. Thats only for PDL loans that were contracted for 30 days though, and thats direct from the FOS.

[inneedofhelpman]

thanks rene

 

what i mean is i will reply stating i am able to make nominal payments per month

 

however if i do this am i acknowledge that the debt is the higher figure?

 

thanks

[renegadeimp]

No. Simply put you are willing to make nominal payments towards the amount you legitimately owe, but you do not acknowledge or accept any liability for the excessive and unfair charges and interest that they have added on. Thats teh standard advice when dealing with any PDL or their DCA's.

[inneedofhelpman]

ok thanks rene

[inneedofhelpman]

Dear Sir/Madam

 

Re Account No/Reference No:− xxxxxxxxxxxxxxxxx Letter dated ......

 

Since making the above agreement with you, my circumstances have changed.

 

I cannot now afford to repay the full balance owed due to unemployment.

 

Please note i am not acknowledging the figure you provided in your recent letter but the figure of my original loan amount, before excessive charges and interest have been added on.

 

In view of my circumstances, please would you agree to accept a reduced offer of £1 per month. If interest or other charges are being added to the account i would be grateful if you would freeze these so that all payments made will reduce what I owe you.

 

Should my circumstances improve i will contact you again.

 

 

 

Yours faithfully

Mr

[inneedofhelpman]

that look ok?

 

cheers

[renegadeimp]

Edit it so you actually state the amount you claim you owe. Just so they dont try and invent more numbers.

 

The rest of the letter looks good for a first notification. Its to the point and most of all polite.

[Bombaymix]

Eurgh, just brought back bad memories of these ignorant shysters.

 

They almost caused me to have a nervous breakdown with their constant harassment.

 

Letter to them looks fine. If only they'd have accepted the ££££s you offered it would all be done and dusted now, instead, they're getting £1 a month! Nice work PDE!!

 

Send all your letters via recorded delivery. And definitely insert the correct figures that you owe (loan + 1 months interest only)

 

Regards

[inneedofhelpman]

sent letter this morning

 

bombaymix i no how u feel