Peachy Loan Repayment Madness

[swanleyboy]

Hi,

 

 

Dont go there but took a peachy loan. Need to repay £117. Emailed before payment date -5th June - knowing that I can't repay and asking for repayment plan and this was response. Said £20 per month was comfortable and attached an I & E form.

 

Thank you for the email.

 

 

Please note that if you are not able to make the payment on your repayment date, extra charges and interest will be added.

 

As we value you as a customer and want to help you to avoid overdue charges we would like to offer you the opportunity to EXTEND your loan.

 

You may extend your loan up to 5 times successively. To extend the outstanding balance, you need to pay the daily interest and fees at the moment of request. The extension option is only available within the period between the 3rd day before the agreed due date and the 5th day overdue.

 

The extension will work as a re-financed loan. It will be for the same period of time as your initial loan period.

 

To extend you loan, please log in to your peachy.co.uk account or send a text message 'EXTEND' to 68899.

 

The extension fee will be collected from your debit card immediately after you request the extension and if it goes through successfully, you will receive a confirmation e-mail.

 

 

 

This seems mad. So I can rollover!! How is that helping. I am happy to pay backj but in £20 incrememnts but they are asking me to pay more by rolling over.

 

 

Any advice would be gratefully received.

 

 

Swanleyboy

[swanleyboy]

Little update. Just this email.

 

 

Thank you for the e-mail.

 

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

 

1 05/06/2013 £15.48

2 05/07/2013 £34.32

3 05/08/2013 £34.67

4 05/09/2013 £34.68

5 04/10/2013 £34.23

6 05/11/2013 £34.68

 

 

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 confirm if your debit card details remain the same.

 

--

Kind regards,

Karen Randoja

Peachy Collections Department

http://www.peachy.co.uk

collections@peachy.co.uk

 

This then will mean £52.06 more than the loan. What do you all think?

 

Plus NO my card is not the same as I have stopped it!

[renegadeimp]

Report it to the OFT. They are threatening adding on unlawful and unenforceable charges and interest unless you pay them even more money to keep them off your back for another month.

 

Also, repayments are to be done according to YOUR financial circumstances. Not some random amount decided by their "credit committee".

 

Please also make sure you have told your bank to cancel the CPA relating to peachy, and make sure they confirm it in writing.

[swanleyboy]

Another email from them.

 

Thank you for the e-mail.

 

Please note that we have no obligation to arrange a 0% repayment plan.

No matter what you pay for, the longer it takes for you to repay it, the higher the total amount will be.

 

We have made our best and final offer, in case it is not suitable for you, the repayment plan will not be finalized.

 

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.

 

--

Kind regards,

Karen Randoja

Peachy Collections Department

http://www.peachy.co.uk

collections@peachy.co.uk

 

Any suggestions as how to progress. I really am up poo creak at the minute generally!

[renegadeimp]

So they are openly admitting to ignoring OFT guidance. Guidance which states that if a debtor cannot meet the repayments due to their financial circumstances, then the creditor must excerise forbearance and stop charges and interest from accruing on the account. If they dont, it is considered an unfair business practice and shows that the creditor has complete disregard for regulation and guidance AND for the welfare of the debtor.

 

What these muppets dont realise is that repayment plans are done according to the DEBTORS circumstances and have a clause that states that the account will be reviewed periodically.

 

Theres nothing to be worried about as ( and here we go again with OFT guidance), they are lying and attempting to mislead you as to the current status of the debt.

[swanleyboy]

What's the best way forward then? I have offered £20 per month till paid off (£117).

 

I have cancelled the card and emailed bank regarding CPA.

 

Thanks

[swanleyboy]

Saw somewhere on here that Peachy never give out their bank details.

 

Well here there are as of a week ago:

 

Account name: Cash On Go Ltd;

Account number: 43882942

Sort code: 200353

 

They are correct as got confirmation of loan being paid off.