Peachy Help Please

[struggletobedebtfree]

I have sent an email to Peachy proposing a repayment plan of my £500 loan with monthly repayments of £75. They have responded with

"Please be advised that by law, we are not obligated to consider

arranging a repayment plan without any evidence of inability to pay in

full. As responsible lenders, we do not approve avoiding

repayment for any other reason and this is why we require proof of the

situation before we revise the existing Credit Agreement.

 

Therefore, please be so kind to provide us with the exact reason of your

inability to cover the loan in full.

 

If you are now unemployed or in receipt of financial support, please

provide proof

of unemployment or redundancy. If your contractual hours have been reduced by

your employer, please provide a letter from your employer on company headed

paper to confirm this."

 

I am employed and receive no benefits. I have several payday loans I have sent similar emails to.

 

Could you please help me with what I need to say in my reply please. You r help is much appreciated.

[renegadeimp]

Surely they mean by Oft guidance. Not statute law. They also fail to mention that not taking a debtors financial circumstances into account, and adding on charges and interest instead, is also a violation of their credit licence, the charges and interest will be considered unfair.

 

You also do not have to supply any of the info they ask. The ONLY info you can supply is a simple I&E which shows YOUR financial incomings and outgoings.

 

I had to laugh at them demanding a letter from your employer though.

[struggletobedebtfree]

Thank you for your reply. Could you clarify what you mean by Simple I&E please? How detailed does it have to be?

[renegadeimp]

Total incoming: xxxx

Total Outgoings: xxxx

Excess left for creditors.

 

Breakdown:

 

Mortgage/rent xxxx

electricity xxxx

car insurance xxxx

food xxxx

 

 

Credit card 1 xxxx

Credit card 2 xxxx

 

 

Pretty much like that.

[struggletobedebtfree]

Total incoming: xxxx

Total Outgoings: xxxx

Excess left for creditors.

 

Breakdown:

 

Mortgage/rent xxxx

electricity xxxx

car insurance xxxx

food xxxx

 

 

Credit card 1 xxxx

Credit card 2 xxxx

 

 

Pretty much like that.

 

I have provided an I&E. They say they will not agree to a repayment plan until I pay them £50 and that int and fees will continue. Thoughts?

[renegadeimp]

Report them to the OFT and get a full complaint going with the PDL. That way, you can get the ombudsman to intervene.

[struggletobedebtfree]

Asked for final response so I could take them to FOS. The have made an 'exception' and agreed my repayment proposal. Just shows you need to just stick to your guns. I didn't have any choice because I offered them what I can afford. Many thanks to renegadeimp for his help.

[renegadeimp]

Good job on calling them out. Just shows you need to be firm with them