Hello All,

A few years ago (around about 2010) I had some financial problems and had a few debts with some payday lenders that spiralled out of control, naturally, I took control and "lost" my debit card, making any CPA redundant.

Being a law abiding citizen like I am though I have taken responsibility and paid everything back, apart from a debt with the aformentioned Cash Genie/Ariste holdings.

This is a belter of a dispute.

I took out a loan of £110 with an interest fee of £33. I received about £95 I think it was due to being a bit silly and paying £15 for same day payment. Repayable amount of £143.

Can you see where this is going yet?

Naturally with this being the final one to deal with, I approached Cash Genie earlier this year, only to receive an e-mail from MMF with regards to this debt saying that I owe a balance of...... £1604 - with late Direct Debit fee's of £51 (I can actually stomach that fee, it's not unreasonable) and refinance fee's of £1410 (I do not agree with this nor have any intention of paying).

I did receive a further offer to be able to pay £296 to settle the balance, but seeing as this still just over £100 of what I would say is reasonable I'm standing by my principles and not succumbing to it. I merely think that the £1604 figure is to scare me into paying the £296, over the odds as to what the loan should be.

It's worth noting that the default notice was lodged in 2010 for £143.

I've tried contacting the original lender to no avail. I've got a copy of the credit agreement after 4 months of requesting it, and I suppose it's the standard Cash Genie one, the terms on late fee's are incredibly vague.

If anyone can assist me with where to go from here, I'm all ears and would appreciate it.

Ta.

Simple. Tell MMF to prove it. They are known for creating ficiticious info and not checking the facts of a debt. Just read around the MMF forum and youll see some real horror stories.

They've told me that the balance has been set by cash genie and they can't do anything about it! Cheers, will have a look, might pick up some pointers.

Hello All,

 

A few years ago (around about 2010) I had some financial problems and had a few debts with some payday lenders that spiralled out of control, naturally, I took control and "lost" my debit card, making any CPA redundant.

 

Being a law abiding citizen like I am though I have taken responsibility and paid everything back, apart from a debt with the aformentioned Cash Genie/Ariste holdings.

 

This is a belter of a dispute.

 

I took out a loan of £110 with an interest fee of £33. I received about £95 I think it was due to being a bit silly and paying £15 for same day payment. Repayable amount of £143.

 

Can you see where this is going yet?

 

Naturally with this being the final one to deal with, I approached Cash Genie earlier this year, only to receive an e-mail from MMF with regards to this debt saying that I owe a balance of...... £1604 - with late Direct Debit fee's of £51 (I can actually stomach that fee, it's not unreasonable) and refinance fee's of £1410 (I do not agree with this nor have any intention of paying).

 

I did receive a further offer to be able to pay £296 to settle the balance, but seeing as this still just over £100 of what I would say is reasonable I'm standing by my principles and not succumbing to it. I merely think that the £1604 figure is to scare me into paying the £296, over the odds as to what the loan should be.

 

It's worth noting that the default notice was lodged in 2010 for £143.

 

I've tried contacting the original lender to no avail. I've got a copy of the credit agreement after 4 months of requesting it, and I suppose it's the standard Cash Genie one, the terms on late fee's are incredibly vague.

 

If anyone can assist me with where to go from here, I'm all ears and would appreciate it.

 

Ta.

What actually shows on your credit files now? A default notice is not the date the default was placed.

The DN cannot include charges or fees.

It shows an entry from Motormile Finance UK, the entry only appeared when this started in April, the default date shows 28/6/2010 for £143. Balance shows as £1604. Hope this helps!

It shows an entry from Motormile Finance UK, the entry only appeared when this started in April, the default date shows 28/6/2010 for £143. Balance shows as £1604. Hope this helps!

Hi, so £1461 .00 in charges excessive indeed.

I suggest you write to Mr Neil Petty MD of MMF and Demand (don't) ask for a full explanation of the way the balance has been arrived at.

£51 for a failed DD is excessive, what are the levels of other fees/charges?

It's just £51 late DD fee and the rest is one lump sum entitled "Refinance fee". Ta, I'll write to Neil Petty.