Hi I took out a loan of £250 and like most on here was unable to pay back on the due date, then tried to arrange payment plans which they obviously rejected. The debt risen to approx £1,500 within a 3 or 4 month period. The way to deal with them is to make your offer of payments, they will reject, but just makesure you email or write letter with offer of payment, do this 3 or 4 times atleast so you have proof. You may also make a complaint to the fos, but personally i dont think this makes a difference. Don't pay them a penny until the debt has been passed to their debt recovery company, which in my case is mackenzie hall. Mackenzie hall will then send you an offer of settlement, simply refuse this offer and you offer them the loan plus one months interest. We have come to an agreed offer of £300 to clear this debt. They accepted straight away. They obviously know that minicredit will no go to court over it as they have no chance of getting all the money from you that they charged. I was stressed for weeks over this debt, you just have to pretend the charges are not there and know that you only have to pay the loan plus 1 month interest.

From the experiencing im having they wont do anything, let them pass the debt to somebody else and then deal with them, it is likely they will accept the loan plus 1 months interest which is all you have to pay. Dont be fooled by their emails, they are full of it.

This is good news for me yes? hopefully i can sort these funds out by the end of the month.

We just received the following email, it all sounds a little desperate to me, what do you think? However they are willing to accept the offers. Below is the email they sent to me regarding by £250 loan Thanks for your response Mr Daniels, I have updated your notes to confirm the response to our settlement offer. The reason the account received charges was due to non compliance with the agreement. I will accept a payment for £300.00 and close the account. This is a one off repayment and would need to be repaid before the 29/02/12. Please can you confirm. Kind Regards Michael Pratt Account Manager Below is my girlfriends email she just received Good Afternoon, We can close the account for £200.00, this is a time barred offer and needs to be paid before the 29.2.12 Please let me know asap if you wish to accept this offer. Rachel Rachel Gibson

I already have done a couple month ago or so. This was their reply. Thank you for your email received on 02 January 2012. I am very sorry to hear about the difficulties you have been experiencing however, the OFT has no authority to become involved in individual disputes between consumers and traders so we cannot advise you directly in this matter. The Financial Ombudsman Service (FOS) can help with most complaints about consumer credit products and services if the consumer has failed to satisfactorily resolve the matter directly with the consumer credit licensee itself. FOS can be contacted at: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR; 0845 080 1800; or http://www.financial-ombudsman.org.uk. I can confirm that the business you mention holds a consumer credit licence. Under the Consumer Credit Act, holders of consumer credit licences must be fit and competent to do so and the OFT has a duty to monitor the fitness and conduct of all traders who hold such a licence. We have therefore noted the details of your complaint, and we will consider this alongside any other complaints we have received with a view to any consumer credit licensing or other action we may decide to take. If we do take any action against this trader we may need to contact you again in the future. Unfortunately, we cannot disclose any details about any action we may take, due to legal restrictions on the OFT relating to disclosure of information. Thank you again for writing to us and bringing this matter to our attention. Yours sincerely

What should my next step be? should i continue to offer them my payment of the loan plus 1 months interest? Thanks

Ok so my account with minicredit has now been blocked, and so has my girlfriends. My balance stands at £1,447.50 for a £250 loan My girlfriends stands at over £1,000 for a £150 loan I have just received an email from Mackenziehall which i have copy and pasted below. February Sale! Current balance: £1447.5 Good Afternoon Mr Daniels, Your account with Minicredit Ltd remains in default. Our client has agreed to accept settlement for £506.63 this payment will close the full account if paid no later than the 29/02/12. If this is not possible we can also accept a settlement for £723.75 over 2 payments of £361.88 to be paid no later than the 29/02/12 and the 31/03/12 Failure to make an agreement on your account may lead to further action being raised against you. Please contact us today to take advantage of this offer. Call us on 01563 556521 or Email: [email protected] Our trained advisors will be happy to assist you. Kind Regards

Ive complained to the financial ombudsman

Girlfriends loan now stands at £1,042.50 Im just in middle of writing a letter and sending to them with postal order of v10 for a token payment. Im offering them full and final settlement of £190 They honestly think they will get in excess of v800 profit from a £150 loan? This is legal theft. This country stinks how it can legally allow a company to charge so much. I may have to move to australia!

They took over £150 out my bank without my authority. This was in November. I contacted them stating that i was no longer in employment and needed to set repayment plan up, they refused to help, but as said above they helped themselves to my jobseekers allowance. I did ring them straight away, i told them im prepared to fight this all the way to court, they said i wouldn't have a leg to stand on in court. I did reapply for a loan with them as i tried to roll it over so i could get my funds back which they took off me. The application was rejected. A week or so later i received email stating i need to pay them, i sent one back saying i refuse to pay anything else now. The conversation went on and they said that i have broken the contract by reapplying for a loan. I said well if the contract is broken then why are you still adding on interest and charges. Its been over a month now and ive not heard anything from them since i said that. Is this a good or bad sign?

loan is now 920 (which is my girlfriends original loan of 150) and just received letter of threat for court action if i dont pay by next week. HELP! What should i do? i can pay 200 at the end of the week but i refuse to pay anymore. Should i send a letter first? if so what do i say on the letter? Thanks

Hi Sillygirl I have just had the ccj letter of threat now. What should i do? The 150 loan is now on 920! Do i just pay them off with 200 then send a letter in reply to the threat quoting section 87? Please help, thanks.

any updates?

Please make your own thread, thanks! UPDATE Outstanding balance is now 831!!! This company is disgusting, im that wound up im thinking of going down to their office and beating the cr@p out of the boss!! Also my original loan of 250 now stands at £1025!!!!!!!!!!!!!!

loan is now on 798 Paying them 250 max at end of the month, then telling them to f'off, if they want the rest they can take it to court. Anybody here willing to help me if it gets to that stage?

loan is now on 798 Paying them 250 max at end of the month, then telling them to f'off, if they want the rest they can take it to court. Anybody here willing to help me if it gets to that stage?

ive just signed that petition kev. You should put it on other forums such as moneysavingexpert. Also you should create a twitter and facebook account for it. Get as many people as you can to sign.

Its takes a few days (up to 5 i think) for it to clear with these. You should never have took one out with this shower, plenty more offering lower interest rates. Also they are the hardest to deal with if you miss your due date. The are the next worse payday company behind minicredit.

UPDATE Cash Genie, Txtloan, and PaydayUk have all agreed my payments offers of £15 per month until my circumstances change. Txtloan also took off £50 of charges so the balance now stands at £336. So its clear that the 2 remaining payday companies i have loans with, minicredit and capital finance one are the 2 hardest to deal with. They both won't accept repayment plans, they both add huge amounts of interest and charges to loans. I believe capital finance one have broken OFT guidelines by taking money out of my bank on a none agreed date and for a sum of their choice. So i now owe them nothing right? Also have minicredit breached OFT guidelines in anyway? If so how? excessive charges can this be classed is breaking the guidelines? Im happy (as i can be) with the results so far, just need to deal with these 2 loansharks. ps. Just rang minicredit to see what they would settle my loan at, the loan is now on £955 (original loan £250) and the least they will accept is £800!!

Are they in breach of OFT guidelines? If so can you explain to me how they have breached? Just for my own understanding and so i can quote a few references when im communicating with them. Also, is the breach of OFT guidelines the reason why we only have to pay the loan plus 1 months interest?

Heres a breakdown of teh charges on my minicredit loan. End of the month im going to pay them 350 and say take it or leave it as its more than the loan plus 1 months interest. If i then start receiving letters from their solicitor then i would appreciate help from experienced members on here. Loan principal £250 Interest in total £190 (1% of the Principal per day) Overdue penalty £25 (was added on the 1st day overdue) Overdue penalty £55 (was added on the 3rd day overdue) Debit Attempt fees in total £320 (every unsuccessful attempt to receive the repayment costs up to £5) Debt Recovery fee £100 (was added on the 30th day overdue)

My girlfriend got a break down of the charges, pretty disgusting to say the least. Breakdown of charges: > Original Loan Amount - £150.00 > Penalties (added on the 1st day overdue £25.00 + 3rd day overdue £55.00) - £80.00 > Attempt fees (to receive the funds back max 3 times per day) - £315.00 > Debt Recovery Fee (added om the 30th overdue day) - £100.00 > Daily Interest - £106.50 > TOTAL BALANCE ON 13/11/11 £751.50

So should she just offer the loan plus 1 months interest and refuse to pay anything else? The loan is on 750 now!

So should she just offer the loan plus 1 months interest and refuse to pay anything else? The loan is on 750 now!

yes i have opened a new bank account