Author Topic: Can a company force me to pay full balance in 1 month?  (Read 693 times)

M.O.B

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Can a company force me to pay full balance in 1 month?
« on: Aug 15, 2011, 04:14:23 PM »
Hi.
I'm new to this forum adio I would like to say hello, and also to thank you for providing a place for people to get help and advice.

I had a payday loan which I had paid off and borrowed again a couple of times from the company without any problems. I was then unfortunately laid off along with a lot of workers from my job in the NHS
I phoned the loan company straight away to try and set up a regular repayment plan. The loan company said they dont do arrangement and that I can pay in 3  months or itd gets passed to debt collectors. I said I wouldn't be able to pay in full so I made 3 payments of £ 50 each month snag then sure enough a debt collection company contacted me. I tried to set up an agreement with them only to be told that I have ONE MONTH to pay IN FULL or go to court!
Surely this is nonsense and just bullying tactics fron them?
However I would like to know for sure that this is not right, and   if anyone has any advice as to what I should so I would greatly appreciate any help.
Many thanks

M.O.B

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Re: Can a company force me to pay full balance in 1 month?
« Reply #1 on: Aug 15, 2011, 04:17:00 PM »
Apologies for the typos on my post. I'm using an annoying touchscreen phone. !!

James Falla

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Re: Can a company force me to pay full balance in 1 month?
« Reply #2 on: Aug 16, 2011, 12:01:37 PM »
Hi there MOB
 
You are absolutely right, the collecting company is simply using scare tactics. There is no reason at all why you should not agree a monthly repayment plan and the collecting company is able to agree this with you if they want to. My advice would be to stick to your guns and simply ask them how payment can be made. Then continue making the monthly payment that you feel you can afford.
 
In terms of the threat of court action, the collecting company are simply talking about applying for a county court judgement against you. If they do this you then have the opportunity to formally propose a payment plan which will normally be agreed by the court if it is reasonable. As such it could actually work in your favour.
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