In this post I explain what happened when I didn’t pay my TXTLoan Account.
I originally took out a £100 loan with TXTLoan and failed to make my repayment on the due date.
What happened when I didn’t pay my TXTLoan?
I received a number of e-mails advising me that my account was overdue and that I would have charges added on to the account.
This continued for about two months. I don’t recall receiving any phone calls chasing me for the balance.
However it could be that TXTLoan phoned my home phone number which I had disconnected due to debt collectors calling me all the time.
I felt like I was running a call centre at one point owing to the number of creditors I owe money to.
Once the TXTLoan account had reached 90 days overdue, it was referred to a debt collection agency. In my case the agency chosen was Fredrickson International. I have dealt with them previously so knew what to expect.
The true cost of borrowing £100
My £100 debt had become a £249 debt, pretty expensive considering the original loan was £100. Needless to say I entered into an arrangement to pay with Fredrickson International and have been repaying the account ever since. In fact I have £25.25 left to pay.
The above is what happened to me and your experience may be different to mine. I have read that people have managed to get a large part of the fees waived by offering to settle the original amount with TXTLoan.
At the time I should have paid the account in full but didn’t so now I will be paying more. You may be able to avoid this if you can find the balance owed and pay it back.
Share your experiences of TXT Loan
If you have fallen into Debt with TXT Loan please share your experiences in the comments box below.
If you are struggling with Payday Loan Debt please visit the Debt Help section of this blog.