Tooth Fairy loan! please help advice needed

sczoo19 · 05-06-2011, 16:12

I have very stupidly took out a payday loan as was need of some cash for my car and didn't have the time for the money to clear (from loaning from my bank)
I used a Company called Tooth Fairy loans and now I really don't know where I stand, ill explain;

The loan agreement was for 14 days (it did state 1 month), so they sent me an email (2 weeks after I received the funds) stating that I have not paid them in full as agreed. The money is in my bank and they decided to take half of the payment, so after paying £200 to them and I have a 'thank you we have received your payment email to extend the loan (I never asked for this in the beginning, I wanted to pay the full amount upfront which was waiting in my bank account for them to take. I then had another email just a moment ago saying that I need to pay £544 by 6 days or legal action will be taken, I really don't know what to do as far as I can see they have taken just under half of the funds (the bank has confirmed this) and so I was thinking I would have to pay the other half when the extension date is up, but there asking for all of the funds again! what about my £200 they have taken?

Help would be much appreciated, thanks

gazzae · 05-06-2011, 16:41

Have you tried asking them?

Mr Angry · 05-06-2011, 17:02

If you didn't ask for an extension then no extension applies.

This sounds like a system error / glitch.

As Gazzae says, email them and ask them how this has come about.

If needs be come back when they've given you an explanation.

SnoopZ · 05-06-2011, 17:05

I'm sorry i can't offer any meaningful advice but after Googling them it seems there're alot of horror stories, so try and get it sorted asap.

http://www.consumeractiongroup.co.uk...ce-I-Need-Help

devilincarnate · 05-06-2011, 17:07

You could have read the small print?

Quote:

You will be charged £9 per week per £100 borrowed. You can only borrow in minimum periods of 2 weeks after which the entire sum including borrowing charges becomes due. If you fail to pay after 2 weeks a new loan may be re-issued for a further 2 weeks at the same cost, £9 per £100 per week. So have you got how much it costs ;-) £9 per £100 per week.

Example:

So, if you borrow £100 you should pay £118 in 2 weeks time. If this is not paid after 2 weeks your loan will be re-issued at a slightly cheaper rate and £136 will be due in 4 weeks.

The costs of a micro loan from Toothfairy are as follows:

Loan value
14 Day Fee

Total payable
£100 £18 £118
£200 £36 £236
£300 £54 £354

As it does not give a indication for 28 days?

http://www.toothfairyfinance.com/APR.php

sczoo19 · 06-06-2011, 16:04

Quote:

Originally Posted by devilincarnate

You could have read the small print?

As it does not give a indication for 28 days?

http://www.toothfairyfinance.com/APR.php

I thought that too! But with the email I was sent it clearly stated that I have 28 days to pay the full amount back. I would rather 2 weeks anyway but it really does seem that they are making everything up.

I have emailed them, once yesterday and twice today and they just send me a generic email saying how much i supposidely owe, and if I dont pay back the funds (which are paid) then they will seek legal action.

Mr Angry · 06-06-2011, 20:01

Quote:

Originally Posted by sczoo19

I thought that too! But with the email I was sent it clearly stated that I have 28 days to pay the full amount back. I would rather 2 weeks anyway but it really does seem that they are making everything up.

I have emailed them, once yesterday and twice today and they just send me a generic email saying how much i supposidely owe, and if I dont pay back the funds (which are paid) then they will seek legal action.

Do you still have the email you were sent stating 28 days?