Everyday Loans - Advice required

[jojo2079]

Hi

 

I have an unsecured loan with Everyday Loans with an extortionate APR rate.

 

I don't have a copy of the signed credit agreement at present but I have requested this in writing together with a statement of transactions, as I have never received this either!

 

At present my monthly repayments are £275 per month on a very small loan (£4k). Although I haven't missed a payment I am struggling to maintain the payments and wondered what my options are and if there's any way I can possibly get this written off?

 

Any advice would be gratefully appreciated!

 

Thanks

[jojo2079]

Hi

 

I have an unsecured loan with Everyday Loans with an extortionate APR rate.

 

I don't have a copy of the signed credit agreement at present but I have requested this in writing together with a statement of transactions, as I have never received this either!

 

At present my monthly repayments are £275 per month on a very small loan (£4k). Although I haven't missed a payment I am struggling to maintain the payments and wondered what my options are and if there's any way I can possibly get this written off?

 

Any advice would be gratefully appreciated!

 

Thanks

[honeybee13]

Hello there.

 

I'll move this to the debt management forum where you should have some replies. And I'll leave a redirect here for a few days so you can find it.

 

My best, HB

[IdaInFife]

I cannot see how you would expect a loan to be 'written off '.

 

You can certainly contact the company and arrange to make reduced payments to the the loan,

[Bandit127]

From what I have read, CAG does not support the non payment of monies that are legally due.

 

I think you should read up on what "legally due" means and ask the experts here for advice if you have questions about that.

 

Simply put, I think you have asked the wrong question.

[firstship]

Hi Getting a Debt written off is very difficult.More information would be useful.Like how long have you been paying back this loan? At £275 a month this equals £3300 per year..and the loan was £4k,.You should have statements from this company,certainly 1 each year as a minimum,as you don't have a copy of the original agreement you have done the correct thing by asking for a copy of the same.We need to be aware of the interest rate charged,how long the loan is spread over.so dependant on your reply we can advise you of the best way forward.

 

Regards FS

 

little current research shows Everyday loans are currently charging 74.8%interest

Edited October 15, 2012 by firstship

[DuffNCustard]

Creditors are required to provide you with a statement every 6 months at least. If they fail to do this they cannot add charges which would include interest too. They cannot retrospectively apply it either, suggesting that you should put the account into dispute and pay a token amount each month. Do not stop payments altogether. I would also send them a SAR request which will cost £10 but requires them to send you every single piece of information they have on you, you would use it to prove they have not sent you any statements.

 

A possible outcome is that they would file a CCJ claim against you. This would require that they prove the debt in court and of course your defence would be to dispute the amount of interest they are claiming. The terms of a CCJ become 'the agreement' and would eradicate that extortionate amount of interest - worst outlook is statutory interest at 8% but the original contract would need to be produced and contain a clause that in the event of a default they would apply for it. Mr Duff has a couple of CCJs, none of which includes/allows interest, his creditors might like to think that they should get some once he has paid off the CCJ but they've got more chance of that than I have of being the Queen of Sheba!

[jojo2079]

I'm sorry, I obviously need to rephrase my question. I'm new to this!

[jojo2079]

Thank you Firstship. I do not expect to have the debt written off and I am more than happy to repay the money I borrowed but I'm extremely concerned about the fact I haven't received statements, which I believe is a legal requirement in compliance with the CCA. Once I have the relevant information to hand, I will be in touch again with more questions!

[42man]

"if there's any way I can possibly get this written off?" - highly unlikely that they will do this, if it was that simple then everybody would do it, I think you need to write and tell them that your circumstances have changed somewhat, tell them that you are sure they understand that people's circumstances do change, and find out if you are able to either repay a lower amount, or (and I say this with some hesitation) take out a new loan over a slightly longer period to reduce the monthly amount you pay....be careful though as if you start making lower payments without any dialogue from them they may default your credit file, and of course there is another issue called 'charges'. Tread cautiously what ever you do.

[jojo2079]

I am still yet to receive a settlement figure, statement of accounts and a copy of the agreement, despite me writing and emailing the Head Office!

I'm really concerned that I have been charged well over the odds for this loan! I do want to settle this account but I need to know how much is due and if this is the correct figure.

I want to ideally look at what the APR is and work out how much I have repaid so far, which I'm sure is far more than the original loan amount, and then work out what I think would be a fair settlement figure.

My next payment is due on 1st November which I don't really want to pay given the fact I want to settle the loan. Do you think I should write to them again saying that further to my previous correspondence, due to the fact I have not received the information requested, I will have to cancel my payment until I hear from them further?

Any advice would be appreciated!

[Bandit127]

The lack of a CCA. statement of account and periodic statements mean they are in default of their requirements under the Consumer Credit Act 1974.

 

All this really means is that they cannot enforce the debt in a court - if a claim is defended.

 

Non compliance can be a transient thing - provision of the required documentation at any time will make them compliant again.

 

Some people would stop paying at this point. However this is a serious step with consequences if they come up with the documentation.

 

You seem to be questioning if they are applying the right amount of interest - their reluctance to provide the details for you work this out for yourself is suspicious. As such, personally I would place the account in dispute. This may sting them in to action.

 

Have a look at OFT guidance on disputed accounts. S 3.9(k).

 

When was this loan taken out and was it done by phone/internet or at a branch?

 

Edit - see DuffNCustard's advice in post 6.

Edited October 23, 2012 by Bandit127

[jojo2079]

Hi Bandit

Thanks for your post. You really do seem to undersand my concerns!

I really am worried about the fact I've never received any kind of statement or anything from this company.

How do I actually go about putting this account into dispute and do you think I should stop the direct debit?

Thanks

[jojo2079]

Hi Bandit

Thanks for your post. You really do seem to undersand my concerns!

I really am worried about the fact I've never received any kind of statement or anything from this company.

How do I actually go about putting this account into dispute and do you think I should stop the direct debit?

Thanks

 

PS I'm actually trying to rebuild my credit history and don't want to get another CCJ or anything. My husband is able to lend me money to settle the debt but I want to make sure everything they have done is legal and above board etc and ideally agree to pay a reduced amount to settle the loan, as I'm sure I have already repaid the loan amount with my direct debts of £235 per month!

[jojo2079]

Hi

 

Further to my previous thread regarding my loan with Everyday Loans, despite my request to them in writing to provide me with full statements of the account, copy of the signed agreement and a settlement figure, they have failed to provide me with all of the information!

 

I even had a call from the branch on Thursday last week to carry out a "review of my account" whereby they wanted me to borrow more money from them! I explained the situation to them and they quickly posted me a statement from 29th July 2011 to 29th July 2012 (which isn't even up to date) and a settlement figure of £5,125. Apparently the total amount I have borrowed is £5,000 and I have been paying £239 every month since October 2011(after a £300 admin fee). It was also interesting to see that on the statement, I have been paying for PPI as part of the total amount payable, which I never even agreed to!

 

Surely this settlement figure can't be correct? I can't believe that after making monthly repayments for 12 months, the amount owing is still higher than what I originally borrowed.

 

I have now put this account into dispute with them and cancelled my direct debit. I have written to them again today to advise them of this and the fact I am keen to get this sorted, but I refuse to make any further payments which I can't afford, when I'm concerned that this whole account isn't even legal.

 

I'm very fortunate that my husband is in a position to help me pay the debt off early, but we want to make sure we have all the information to hand and settle what is a fair and honest amount.

 

Can anyone please advise me further?

 

Thanks

[i hate bailiffs]

To get statements of accounts you will need to send a subject access request along with the £10 fee

[MARTIN3030]

3 threads merged.

[jojo2079]

Thank you

Edited October 29, 2012 by jojo2079

[jojo2079]

I have now cancelled my direct debit with Everyday after advising them that I was placing the account into dispute, due to the fact they haven't provided all the information I requested regarding my account.

 

I have now received a rather nasty telephone call from the branch as they are chasing the payment. I explained the problem and she told me that legally, prior to 2011, they were not required to provide statements of account.

 

The Advisor has agreed to send me a copy of the last credit agreement but said that I need to speak to the Complaints Department if I need any additional information.

 

Does anyone know if this is correct regarding the statements and any advice what my next step should be?

 

Thanks