Peachy Pay Day Loan

[Jamie_Boy]

Good Morning all,

 

I am new to this site. I am a recovering gambling addicts and i owe a lot o debt to pay day loans company, the one i want to discuss in particular is Peachy .

 

My loan pay date was on the 31st January, I contacted them them 3 days before the payment was due explaining my position to them, please see below correspondence between me and Peachy, some of the information included in the email was from a template found from this website, so thank you very much for that.

 

Here is the 1st email sent to Peachy explaining my situation.

 

 

Dear Sir / Madam,

 

Please accept my sincere apologies i am unable to make the scheduled payday loan on 31st December 2012.

 

I have a very severe gambling addiction which has put me in huge financial difficulties, I owe money to several payday loan companies which includes your company. My Personal relationship had broken down with my partner and am longer living at my address. please do not contact me on the home phone number.

 

 

I will not have any funds in my bank account for you to collect your payment to cover my loan, or pay any of my household bills as my wages which will be paid in on 31st December 2012 will just cover the bank charges on my account. Please can you therefore with immediate effect, not attempt to take any payment from my bank account, either by direct debit or using my Visa Debit card details supplied as this will mean I will incur further charges from my bank and have even less money to enable repayment of my debts.

 

I would now at this point like to arrange a payment plan with you and freeze any further interest and charges going forward so I am able to pay off my debt with you as quickly as possible, contacting me either by e-mail or on my personal mobile number only. Contacting me at work would cause me further distress and I would also class this as harassment as I do not wish to be contacted at any point regarding this debt whilst at work.

 

It is with great regret that I am having to ask for a repayment plan, but due to these unforeseen circumstances which have now effected my ability to repay the loan to you in one lump sum, I have no other alternatives available. I will have to contact all of the other companies who I pay by Direct Debit to arrange payment options with them also as this has left me totally penniless and I have no idea when I will be able to get back on track.

 

 

I must inform you in the strongest manner that I do not wish to be contacted at my place of work at any point regarding this loan as this could jeopardise my employment and therefore I would not have the monies to repay the loan to you. My work telephone number was only provided for you to confirm that I was employed and that my place of work had a working land line, and this is what you informed me when setting up the loan. My work environment is not a place for me to discuss personal finance matters, or arrange further more convenient times for us to discuss matters further if you cannot do this by letter or e-mail. I can only be contacted by telephone on my personal mobile number between 4pm and 9pm Monday to Friday. Any calls before 4pm will not be taken as I am at work, but voicemail messages can be left for me and I will contact you back at the earliest possible convenience, if this is not convenient for you, then an e-mail communication will have to be used. I expect not be contacted on any other number than my personal mobile number, and should I find this is happening then I will seek immediate legal advice as I have now given you prior notification regarding this.

 

I have no doubt that your company fully understands my situation and will adhere to Section 40 of the Administration of Justice Act 1970, the Protection from Harassment Act 1997 and The Consumer Protection from Unfair Trading Regulations 2008.

 

whilst I am arranging repayment of the loan with yourselves, and throughout the duration of any repayment period. I am fully aware of the OFT debt collection guidance and I will consider making a complaint about a company's behaviour under the guidance if it becomes apparent that you do not follow the legal guidelines and would have no other alternative than to seek legal advice. In particular section (2.2 g) 'Ignoring or disregarding debtors' legitimate wishes in respect of when and where to contact them, for example, shift workers who ask not to be telephoned during certain times of the day'.

 

 

I do hope however, that we can arrange a payment plan to alleviate the stress of my whole situation, and to also enable the repayment of the loan to your company as promptly as my finances will allow. I look forward to hearing from you and will help in any way I can to organise repayments with your company as soon as possible.

 

Regards

 

 

Reply from Peachy - Please note the amount owe is £265, the repayment plan below is now charging me a total of £385.63

 

Thank you for the e-mail.

 

The best offer we could obtain from the Credit Committee is as follows:

 

1 31/01/2013 £50.26

2 01/03/2013 £47.09

3 03/04/2013 £48.79

4 03/05/2013 £47.68

5 03/06/2013 £47.99

6 03/07/2013 £47.73

7 02/08/2013 £47.73

8 03/09/2013 £47.99

 

In case we should fail to collect the payment, extra charges and

interest will be added and your debt will be handed over to our Debt

Collection Partner.

Until we haven´t arranged a repayment plan our system still tries to

collect the full amount and also additional charges and interest will

be added.

 

Please confirm if this is suitable for you, in order to finalize the

repayment plan.

 

Also, please be so kind and provide us with your correct debit card details.

 

 

here my reply to the above email requesting to only pay the amount i owe initially, i was quite angry

 

Dear Sir /Madam,

 

You are certainly not helping matters, I have explained to you in my previous emails that I have a gambling addiction and I owe quite a lot of debt.

 

I pleaded with you to freeze any interest charges while I agree a repayment plan with you, the total debt I own your company is £265, now looking at the repayment plan offer have now purported to charge me £408 which comes to an additional extra charge of £143.00, how is this helping matters? Quite frankly this is nothing short of extortion and taking advantage of the vulnerable in financial difficulties.

 

What you are doing is now in line with the guidelines set by the BCCA (New Payday and short term lender charter and Addendum) The Office of Fair Trading and Trading standards. I will be formally submitting a complaint to them about the unfair practices of your company, furthermore I spoke to one of your colleagues a few minutes ago from the collections department and he was very rude aggressive towards me which I believe is also not in line with the trading practices.

 

Please accept my repayment plan as shown below in order for this matter to be settled as soon as possible. I

 

I have also copied the financial ombudsman authority to make them aware of the situation.

 

31 January 2012

£34.00

28 February 2012

£33.00

28 March 2012

£32.00

30 April 2012

£32.00

31 May 2012

£32.00

28 June 2012

£32.00

31 July 2012

£32.00

30 August 2012

£38.00

Total Amount Due

£265.00

 

 

 

Kind Regards

 

 

 

this is the reply i received yesterday from them, it was very threatening and i a bit worried, please can you help and advice on what i need to do now, should i just agree with their repayment plan or pursue even further.i don't think they should be charging that much interest over a small loan like this. please can someone help on how i can respond to their threatening emailThank you for the e-mail.

 

 

Thank you for your help.

 

As stated in the previous email, this was our best and final offer.

 

 

In case this is not acceptable for you, please note, we act as follows:

 

We charge you interest at the rate applicable of 1% per day (fixed)

(365% per annum);

 

1 day after the due date we will send you an overdue reminder

resulting in a £25 administrative fee and interest on the principle

sum at the rate applicable of 1% per day to be added to your loan.

 

3 days after the repayment date another overdue reminder including a

£12 administrative fee and interest on the principal sum at the rate

applicable of 1% per day will be sent.

 

7 days after the repayment date an overdue reminder including a £12

administrative fee and interest on the principle sum at the rate

applicable of 1% per day will be sent.

 

14 days after the repayment date an overdue reminder including a £12

administrative fee and interest on the principle sum at the rate

applicable of 1% per day will be sent.

 

21 days after the repayment date an overdue reminder including a £12

administrative fee and interest on the principle sum at the rate

applicable of 1% per day will be sent.

 

28 days after the repayment date an overdue reminder including a £12

administrative fee and interest on the principle sum at the rate

applicable of 1% per day will be sent.

 

35 days after the repayment date an overdue reminder including a £12

administrative fee and interest on the principle sum at the rate

applicable of 1% per day will be sent.

 

42 days after the repayment date an overdue reminder including a £49

administrative fee and interest on the principle sum at the rate

applicable of 1% per day will be sent.

 

If you have not repaid the full amount of loan including

administrative fees and interest by the 45th day of the loan cycle we

will hand your debt over to our Debt Collection Partner.

 

Please note that we might charge you with other reasonable costs that

have incurred as a result of you missing your payments, such as

reasonable legal costs or the additional costs that would involve

instructing a debt collection agency to recover amounts that are due

from you.

 

Late repayments may affect your credit rating and may result in legal action.

 

We try to collect your outstanding debt on a regular basis.

[Jamie_Boy]

Any help or advice will be appreciated. Thanks

[thorntondog]

I think you should report your debit card lost, cancel all direct debits on your account. Try and open a new bank account so that your wages are safe.

 

Do not give your account details to anyone. Then I think you should pay little and often by standing order only. You can find many payday loan bank details on this forum.

 

I think your monthly offer is very generous and if you can't afford this, reduce it to an amount you can afford.

 

They will probably keep sending you bullying emails and adding interest but keep calm- Just keep a note of your balance now and don't pay a penny more. I am paying about 8 payday loans a fiver a month and I ignore all their correspondence and just keep paying -it works for me and they all left me alone after about 4 months.

 

They cannot claim for loads of unfair charges in a county court so just ride along until you have paid what you owe which I assume includes one months interest. I believe that you have defaulted on the loan after one month therefore no more interest can be added. it was a one month loan- think Im right here- not sure -someone correct me if Im wrong.

 

Dont waste your time disputing the interest- I always calculate my balance by the original loan and one months interest that's it. -stick to your plan -dont budge it will be fine

 

Good luck

[thorntondog]

One more thing if they refer it on to a debt collection agency just ignore and continue to pay the original lender direct.

[Jamie_Boy]

One more thing if they refer it on to a debt collection agency just ignore and continue to pay the original lender direct.

 

I feel relieved reading your reply, I will follow up on your advice. Thanks very much

[Jamie_Boy]

Hello All,

 

I have had the following response from the payday loan company (Peachy)

 

Thank you for the e-mail.

 

Please note that we are willing to arrange a repayment plan for a

lower amount to be repaid per month but the total amount of the

repayment plan will be higher then your current balance. Please note

that we do not offer 0% loans and are not able to accept the same

amount to be repaid in two years.

 

Taking your situation into consideration, we have discussed your

matter with our Credit Committee and we are willing to make and

exception this time and reduce the interests and arrange a longer

repayment plan. We are willing to offer you the following repayment

plan:

 

1 31/01/2013 £12.43

2 01/03/2013 £15.96

3 03/04/2013 £16.24

4 03/05/2013 £16.04

5 03/06/2013 £16.10

6 03/07/2013 £16.04

7 02/08/2013 £16.04

8 03/09/2013 £16.15

9 03/10/2013 £16.05

10 01/11/2013 £16.00

11 03/12/2013 £16.14

12 03/01/2014 £16.10

13 03/02/2014 £16.10

14 03/03/2014 £15.98

15 03/04/2014 £16.09

16 02/05/2014 £16.02

17 03/06/2014 £16.11

18 03/07/2014 £16.06

19 01/08/2014 £16.04

20 03/09/2014 £16.11

21 03/10/2014 £16.06

22 03/11/2014 £16.08

23 03/12/2014 £16.06

24 02/01/2015 £16.07

 

This is our best and final offer.

The problem with this repayment plan yet again is that the original loan amonut was £265 including the one month interest charge, however the total repayment plan now is £382.07.

Please can anyone advice me if i should continue protesting against the interest charge or agree to this repayment plan, ideally i don't want to pay more than what i owe because i have lots of debts as it is, however i am getting a bit worried that this might escalate to the court and worrried that i might not have a leg to stand on.

your advice is very much appreciated.

Thanks

 

 

Please confirm if this is suitable for you, in order to finalize the

arrangement. Until that, our system is automatic and still tries to

collect the full amount and also additional charges and interest will

be added.

 

Also, please confirm if your debit card details remain the same.

 

 

[Welshy27]

Considering they are offering you a two year repayment plan is very generous and I don't think it's unreasonable for them to increase the amount if they're willing to offer this long term plan. They are fundamentally a business and there are admin costs for maintaining a client's payment plan which is sometimes reflected in a settlement offer. Having to pay an extra £100 over two years is nothing if it means it will make things easier/more convenient for you.

[manontheweb]

I agree with Welshy in that the PDL company have basically halved the repayments which should make it easier for you to afford, I would just bite the bullet and accept their offer