PayDay Non-Payment Letter - Review ASAP

[JamieS2012]

This is completely true and to the point but I would just like an opinion on how it reads and whether or not its worth adding a few bits and pieces.

 

Dear Sir/Madam,

 

I am writing regarding the outstanding balance on the following account:

 

Customer ID#:

Loan ID#:

Funding Date: 02 October 2012

Loan Amount: £450.00

Due Date: 26 October 2012

Total: £562.50

NSF/Late finance charges: £12.00

 

I would like to make clear why the payment has not been made and the circumstances I am in. On the 17/09/2012 to 19/09/2012 I was hospitalized from work after collapsing, the doctor then stated I would need to take 2 weeks work leave as results had not been found following tests. I was then placed on S.S.P for 2 weeks following my leave for work. During this time my pay was heavily effected as I was only payed £120 for the 2 weeks I had due to illness and could only manage the hours to earn a total of £413.78.

 

I was also made homeless on the 4/10/2012 after having failed to meet the rent required and my health was more stable. This has hindered my availability to the internet or a computer considering I live with the only internet being on friends IPhone. I have tried to get to get in contact at the first chance I have had.

 

Giving the circumstances I was in no position to make a payment or extend the loan as the total amount I had been payed only just bought my travel to work and my living costs. I would also like to make clear my current situation as it stands, my account registered to be used to repay the loan has no funds available and I ask that at no point an attempt is made to debit the account as this will only hinder my repayment further through bank charges. I have cancelled the Direct Debit set up for safety of not being further harmed by these charges.

 

I would like to arrange a payment plan with you and freeze any further interest or charges being added as this will further reduce my chances of paying this debt of as quickly as possible. I am due to be payed around 16/11/2012 in which I am able to pay via a Standing Order direct to the information you supply. As to what my financial circumstances will be then will still be unknown until the day I get payed I know how much I have to work with.

 

If needed please contact only via e-mail, mobile number supplied or letter - I do not wish to be contacted at work and will not accept incoming calls regarding any loans or people who fail to supply the intent of the phone call. My work place is not a place to arrange convenient times to call. I received a warning and disciplinary regarding my resent absence from work and fear that anything further could cause job lose which would harm any amount of debt being recovered. I can only be contacted via mobile phone during the hours of 2pm-5pm Monday - Wednesday and 12-5pm Thursday. My mobile is able to take voice recordings and if unable to answer leave a message with a contact telephone number and I will contact you as soon as possible. If this is not convenient for you I will then attempt to contact via email. Again I must stress it is my wish not to be contacted at work for any purpose.

 

It's with the deepest regret that I am having to ask for a repayment plan but given my current financial circumstances after the events that have unfolded I have no other option as I cannot attempt to pay the debt off in a lump sum. I am currently in the procedure of cancelling my direct debits and reducing the amount of out-going to attempt to get back on track as soon as possible. It's within both of our best interests to come to a speedy conclusion and I hope you can sympathize with my current situation.

 

Regards,

I didn't know whether to back certain pieces up with OFT guidelines as they should know them anyways, such as 3.3 - k. "ignoring or disregarding debtors' reasonable requests in respect of when, where and how to contact them". And perhaps also quoting "In the OFT's view, creditors should consider reducing or stopping interest and charges where a borrower evidences that he is in financial difficulty and is unable to meet repayments as they fall due or when he can only make ‘token’ repayments such that his level of debt would continue to increase if interest and charges continue to be applied"

 

Any help would be greatly appreciated.

[Asbestross]

Morning James,

 

I would change the following:

 

would also like to make clear my current situation as it stands, my account registered to be used to repay the loan has no funds available and I ask that at no point an attempt is made to debit the account as this will only hinder my repayment further through bank charges. I have cancelled the Direct Debit set up for safety of not being further harmed by these charges.

 

to

 

I hereby give notice that the continual payment authority active under this account, in reference to all card payments and bank transactions is withdrawn.

In accordance with Regulation 55 of The Payment Services Regulations 2009, your authority to debit sums from my card and accounts are now revoked.

 

This is in reference to all Debit Cards which you have on file for this account, and bank accounts you have on file. Further payments will be made via Standing Order, and as such I require you to provide me with your relevant account details. Once a change in my financial circumstances occurs, I will of course clear all legitimate amounts outstanding.

 

This should stop them trying for payment on your card, and if they do, then it is a clear cut case of fraud. IMHO they dont need to know the circumstances which resulted in your being unable to repay, but obviously cant hurt your chances.

 

Good luck

[Bombaymix]

Hi Jamie.

 

A very well worded informative letter. Some would say maybe a Little too much information in that letter. Sadly, this type of lender will probably not listen to reason as compassionately as others.

 

Can you name the lender? We can advise how best to proceed once this information is obtained.

 

 

Regards

 

BM

[JamieS2012]

Thank you for taking the time to read and help with the replies and the info you have provided is much appreciated and will be used in structuring my letter.

 

@Asbestross: Thank you very much for the reword, my lack of understanding in how to phrase and quote acts and regulations are weak but I do try to learn along to way

 

@Bombaymix: The lender was QuickQuid. Any more information relevant will be greatly appreciated (Thanks for the comment on the letter)

 

I will try to reply asap but as is said in the letter I am between homes so internet access is limited.

 

Many thanks,

Jamie