Hi all. I originally took out approx £450 loan and like a lot of you on here, I got myself into financial difficulty and could not pay back the loan on time. I phoned Mini-credit up and explained my situation and asked for a payment plan to be set up but they rudely explained they did not accept payment plans and told me to fax over a hardship from the nearest libary, they were very rude on the phone To cut a long story short ( I could go on and on) they want £1130 of me from a £450 loan so I made a complaint to the FOS. They have come back to me in E-mail which I made them do and basically i have had few e-mails from them and I will post the latest one they have just sent. Dear Mr ______, Thank You for the reply! We understand that You are going through financial difficulties at the moment and providing You with the possibility to apply for a payment plan was the solutions we were able to give You. Considering that You contacted us before the loan was due to be repaid we are willing to reduce the interest but not more than one month totalling a decrease of £135 from the offer I made to You. The reason why we are unable to provide You no lower figure is the Loan Agreement under which You have agreed to pay interest 1% of the loan amount per day until full repayment or default date. The default date is the 120th overdue day. The Loan Agreement is a legally binding document and although You are unable to pay the loan back in full immediately we are still entitled to receive the agreed interest. When the Customer sets up a payment arrangement over a longer period of time than originally agreed then the Creditor has to wait the funds back also longer than agreed. The positive side with the payment plan is that the Customer is able to make payments in affordable instalments but the negative side is that the total repayable amount is bigger by interest and penalty charges and the credit reference information will show the default. The default has to be marked for other creditors to see that at the moment You are unable to meet any financial obligations in full and to prevent over-commitment. Microcredit Ltd agrees to decrease the offered payment plan balance £1130 by further £135 as described above. We will notify Opos Limited of our offer immediately and ask them to contact You for further arrangements. Please let me know whether You are willing to agree with this? WHAT do I do now? Surely this is well too much still? I just want to pay back the original loan I got from them in a realistic payment plan what do I do next? Can someone help please? I have just typed this up very fast as I am very busy sorry, if anyone needs anymore info, I can tell them more later.. Cheers