Hi, I've very new to forums so not sure how these work but I'm hoping someone can help me. Ive been using a company called speedcredit for about 6-7 months now. can as much as they have been useful for me at the time, its now become abit frustrating that there website goes down quite often and on occasion I'm being charged an addition £106 ontop of the balance owed. I borrowed £400. To repay £597 on my pay date. Which is always the 25th of every month. To which they ask this of you when you take the loan out. Now with 25th Dec being a none working day, my payday is today. Now speedcredit are now advicing me that the loan was ment to be paid on the 21st??? but they know I dont get paid to the 25th. This has frustrated me abit as I've tried to call them to discuss and they are being very abrupt and not very helpful. They are basically say "sorry its tough you owe us now £703!" which is a joke considering how much I borrowed, this isnt far from double the amount. Which is causing me some stress over xmas. Can someone please advse me what to do as I can afford to pay £703 and I dont know who to speak to for advise??

Hi, Wonder if anyone can help with a bit of advice. I have got myself into a mess through Payday Loans. I cannot pay these back and the interest rates are murdering me and taking the majority of my wages each month. I decided enough was enough and that I had to get rid of these once for all and took steps to try and get repayment plans setup for each of these loans. The problem with Speedcredit is that they are basically ignoring me and taking a £96 extension fee from me every two weeks. The original loan was £400 taken out on the 11th of October. I have paid £96 in extension fees 3 times, 8th November, 22nd November and 6th December. Speedcredit are saying i still owe £597. Even if I was in a position to pay this, which I am not, repaying £885 on an original loan of £400 seems ridiculous I sent Speedcredit the following e-mail on the 2nd of November Hi, I am due to be making a payment on the above loan of £400 next Thursday 8th November. The payment due is £597. Unfortunately I cannot afford to make these payments at their current levels. I currently have 9 payday loans, 1 bank loan, 5 credit cards and 2 bank overdrafts which are currently over their overdraft limit. I am not in a position where I can continue to keep up with the payments due on all this credit I have. I do not want to go down the route of bankruptcy or get into a trust deed I want to pay each of my creditors what I owe and clear my debt of my own accord as quickly as possible. To do this I am going to require assistance from my creditor's in agreeing some sort of repayment plan with a view to clearing this debt. I would ask that you freeze all further interest and charges on this loan as adding to what I already owe is going to make it impossible for me to clear these debts. I propose to pay my SpeedCredit (£597) off as follows as per my payment dates, this is based on what I can afford and this would avoid plunging me into further financial trouble 2nd November £59.70 30th November £59.70 28th December £59.70 25th January £59.70 22nd February £59.70 22nd March £59.70 19th April £59.70 17th May £59.70 14th June £59.70 19th July £59.70 Total £597 Can you please confirm that this repayment plan is satisfactory to SpeedCredit. If so I will pay £59.70 tomorrow by Faster Payment? If I am in a position where I can pay this loan off sooner, or pay more towards this loan I will do so. If you are contacting me regarding this account can I please be contacted on either my mobile phone xxx or by e-mail xxx. Please do not contact me on my home phone or by letter (my dad shares the same name and could potentially get hold of this) as I am on the verge of getting thrown out the house due to tensions over the credit I have. I am currently living with my parents and if I get thrown out it is actually going to be impossible to pay off these debts and SpeedCredit and all my other creditors will receive nothing. I am sure like me you do not want this to happen. Can you please advise on my above proposal as quickly as possible so I can get the 1st payment made Kind Regards xxx Speedcredit replied with basically a standard e-mail as follows Dear xxx, Thank you for your message You have 2 options in regards to the repayment of your loan. You can either pay: By the 8/11/12 , you have 2 options: 1) you can pay £597 to close your file, OR 2) you can pay £96 on the 6/11/12 to extend for an additional 14 days. Please remember that we will not automatically debit payment from your card. You can pay via our website http://www.speedcredit.co.uk or you can transfer the money into our bank account. Please note if you decide to transfer money into our bank account, you need to allow 5 business days for the money to clear and for it to be logged onto your file to extend in time or close your file. If you have any questions please don\'t hesitate to call us on 0843 381 3381. Failure to make either payment to your file will result in your file being passed to a third party debt collection company incurring additional charges and seriously damaging your ability to get any type of credit from anywhere in the future. Kind regards Speed Credit – Loans Team (131) t: 084 3381 3381 ïï€ Please consider the environment before you print this email. I replied to this as follows Hi, Thanks for the response although I have to say it does not help much. I can probably just about afford to pay the £96 extension fee as you suggest but I am only going to be in the same situation again in two weeks time. I cannot afford to keep making payments at this level. I want to come up with a solution that will enable me to clear this loan balance. I ask that Speedcredit come up for some sort of repayment plan to help me do this. It would appreciated if you could freeze the interest on this loan as it is making it impossible for me to clear this debt. I want to make it clear to you again that I do want to clear the debt that I owe but at the moment I am finding it impossible with the interest rates at the level they are I look forward to your response Kind Regards xxx Again Speedcredit just sent the standard e-mail as above so i responded again Hi, I have now sent Speedcredit two e-mails informing you I am struggling to repay this loan. Speedcredit have made no attempt to offer any assistance to me in attempting to get some sort of repayment plan setup. Instead i have just been sent a standard e-mail response on both occasions saying I can either extend for another two weeks or repay the loan in full. I have managed to extend the loan this time however in two weeks time I am going to be in this position again where I am going to find it impossible to pay this loan in full or even make an extension payment. Can Speedcredit please help me arrange something so I can get this debt paid in full. Could you please look at freezing any charges and interest so I can have a chance of at least getting this debt paid off. It would also be appreciated if a repayment plan could be agreed. As stated before I have I currently have 9 payday loans, 1 bank loan, 5 credit cards and 2 bank overdrafts which are currently over their overdraft limit. It is impossible to keep up with the repayments at the moment. i do endeavour to pay off all my debt and don't wish to go down the road of a voluntary creditors agreement or bankruptcy but I need assistance to enable to clear my debt with an affordable repayment plan with each of the companies I owe money to I look forward to Speedcredit's response Kind Regards xxx Speedcredit then asked me to telephone them Dear xxx Thank you for your message. Please call one of our operators on 0843 381 3381 who will be happy to discuss the circumstances around this with you. Kind regards Pay Check Credit Support Team (224) Now i don't particularly want to talk to them on the phone as I have felt intimidated and under pressure when dealing with this company in the past. Also I would rather deal with them via e-mail as I want a paper trail of what was agreed as I do not trust Speedcredit to do and act upon anything agreed on the phone so i went back again Hi, I sent you an e-mail on the 9th of November regarding me struggling to pay off my Speedcredit loan, I have copied the e-mail below in case Speedcredit have disposed of this e-mail, to which I have received a reply from Speedcredit asking me to contact you by phone. I do not wish to communicate on this issue by phone, I would rather do this via e-mail then I have something in writing from Speedcredit. My loan in due tomorrow, i cannot pay this loan but have been able to borrow from a friend to enable me to pay the extension fee again to extend the loan by two weeks. I cannot continue to do this. I need to get a repayment plan set up and get all interest stopped. This is the only possibility I have of getting this loan paid off which I will state again I would like to do. I cannot extend again. Within this two weeks I want something setup with Speedcredit suitable to both parties. I suggested a repayment plan on my previous e-mail. Can something, with agreed dates obviously, be setup by Speedcredit and agreed to ASAP to try and get this issue sorted I look forward to your response and appreciate your assistance on this matter Kind Regards The above e-mail has simply being ignored. Should i phone them, i don't really want to as stated above, or should i persevere via e-mail? I feel stressed with this. In 10 days they are going to be wanting another £96. i cannot keep finding the money to pay them. i am borrowing from friends to pay them as it is. Can anyone who has dealt with them in the past advise if they are likely to ever play ball in terms of a repayment plan. What should I do. I have sent another e-mail tonight. I'll report back if they respond. Hi, I sent the e-mail below to you on the 21st of November. I have received no response from Speedcredit. I first informed you of my financial difficulties on the 2nd of November. Speedcredit have done nothing to help me with this issue in terms of helping me to agree to a repayment plan or freeze interest as I suggested. Since my original correspondence I have made 3 extension payments totalling £288, I have had to borrow from friends to make these payments. I cannot keep doing this. I will be making no further payments to Speedcredit until a repayment arrangement is in place. I have been extremely amicable and want to work with Speedcredit to get this debt paid off and cleared as quickly as possible. i do not dispute that I owe Speedcredit this money but I cannot keep up with the repayments due to my current circumstances. Speedcredit are making no attempt to help. I have been asked to leave my parents house partly due to the stress being caused with these payday loans and constant phone calls from payday loan companies to their house. Can I ask that my parents home telephone number xxx is removed from the system immediately and that no further calls are made to this number. Can i also ask that my new address is updated on to your system. xxx. Please respond with a repayment plan as quickly as possible. As stated no more money will be paid to Speedcredit until something is agreed Kind Regards Apologies for the length of post but wanted to put as much information as possible in the hope getting advice from people on here who know what they are doing

Hi all, got £200 from them, but because was in cycle to take one loan and pay back other, was unable to pay this back in time, they passed my account to NDR and now NDR passed this to Marshall Hoares Bailiffs, not sure if they will pass further, but for me it seem stupid that debt recovery passes to next debt recovery and amount from £200 got to £883, is it legal to do that? And is there any way to reduce that cosmic late fee charges? Also got this today: BY LETTER AND EMAIL Online payment ID: ########## Outstanding amount: 883 PRE-VISIT Notice Client: Speed Credit - Speed Credit Loan**-***TB Client Ref: ######## Date: 25/11/2012 You have failed to make suitable repayment arrangements concerning the above arrears which remain outstanding. Our recovery Agents will now visit your premises to arrange payment . This will involve a person visiting you to demand payment. Should the payment not be forthcoming, further visits will take place until we have payment in full. All visits may be chargeable. You must make the IMMEDIATE FULL PAYMENT of all outstanding amounts (as shown above) to prevent this action from commencing or contact us to arrange a suitable repayment plan. YOU HAVE 3 days FROM THE DATE STATED IN THIS NOTICE TO MAKE PAYMENT NOTE: THIS IS YOUR FINAL CHANCE TO AVOID COURT ACTION. NO FURTHER WARNING WILL BE GIVEN A fully prepared case will be sent to your local County Court for Judgment against you as well as agents instructed to your door. After a successful judgement we would seek a Warrant of Execution to seize goods and / or obtain an attachment of your earnings to have this debt deducted directly from your salary, this would require us to liase with your employer. WE ADVISE YOU TO CONTACT US IMMEDIATELY on 08433811111 Yours faithfully Door Collections Marshall Hoares Bailiffs Telephone: 0843 381 1111 The content of this email should not be considered as an acceptance of any offer unless we previously review and expressly approve in writing your terms and conditions relating to the subject matt er of this email. The information in this email is private and confidential. If you are not the intended recipient(s) or have otherwise received this email in error, please delete the email and inform the sender as soon as possible. This email may not be disclosed, used or copied by anyone other than the intended recipient(s). Any opinions, statements or comments contained in this email are not necessarily those of Marshall Hoares Bailiffs Limited. If you wish clarification of any matter, please request confirmation in writing. Marshall Hoares Bailiffs Limited is a company registered in England and Wales whose registered address is Marshall Hoares Bailiffs Limited, 15 Lyndhurst Terrace, London, NW3 5QA, United Kingdom. Company registration number 06871092. Marshall Hoares Bailiffs Limited is licensed by the Office of Fair Trading under Consumer Credit Licence number 631168. We take precautions to minimise the risk of this email containing a softw are virus but you should use virus checking software. Thank you.

Hi I took a loan out from SpeedCredit. I thought I would get the option for 28 days but it seems I have only got the loan for 14 days. Today I received a letter stating Please note: IF you need to EXTEND this loan to 4 weeks you do not need to contact us I don't understand. Do I have to pay the interest after the 14 days period and the original amount plus interest in 28 days ? Confused! Thanks Matt

I have only just joined this so forgive me if I'm posting in the wrong place or anything. I took out 200 with speedcredit in May, lost my job, rolled the loan over for another month and when it was due, and then i couldn't pay so called up for a repayment plan. They agreed but somehow tricked me into a agreeing to a repayment plan of £50 a month, adding up to 500 all together when i should have only owed 200 + 2 months interest. When it came to paying back the first £50 i was unable to, so they let me start paying the repayment plan a month later- the catch being that i pay a total of 550 all together. I don't understand how the charges are so high, are they allowed to add so much onto the amount owed?? Anyway, today I am supposed to pay the first 50 pounds, yes TODAY but they have already emailed me saying it is late, when i just haven't put it in yet and should have until the end of the day to do so. Speedcredit sent me this email: "You have failed to honour the payments you agreed to so this file has been fast-tracked for recovery through the courts and by recovery agents. You should contact Northern Debt Recovery within 24 hours days on 0843 381 0843 or we will be left no option but to send our Recovery Agents to all addresses we have on file for you in order to obtain payment. This will incur additional fees. We will shortly be liaising with solicitors to obtain a County Court Judgement against you. Once this is secured we will return with a Warrant of Execution from the County Court and certified Court Bailiffs to seize g oods up to 9 times the value of what you owe. Legal and Recovery fees have been added to your file. Below is a breakdown of what you owe Loan and Interest £344 Cash Transmission Fee 23.05.12 5 Missed Payment Fee 1 (day 29) 20.06.12 10 Closing Amount Discount 30.06.12 191 Repayments todate £0 Total £550" I am not sure what to do because I could call them up and give them their first £50 which i can hardly afford on job seekers allowance, but i feel it isnt fair how much they are expecting me to pay back and is there anyway i can make them lessen the extortionate amount i 'owe'??? Help would be greatly appreciated.

Hi unfortunately i am having issues with the above lender and inhouse DCA. Back in May i took out a loan for £100 which at the end of the month stood at £148 which i then went ahead and paid £48 to roll over for another 2 weeks. Unfortunatelyt then me and my partner went seperate ways reducing me to a single income for all bills and rent and financially i was unable to pay this back. After multiple attempts at contact it was then forwarded to NDR at the beginning of July who demanded repayment of £200 double the original amount after applying interest charges by the 24th July. I advised them i could not afford this amount and they advised that the outstanding balance would be increase to just under £600 pounds. A £350 NDR charge and so on though they an inhouse DCA and multiple other charges. Believing a housemate would be moving in i agreed to repay them £40 at the end of june and £200 at the end of july to cover the charges (they stated that the £40 would cover the extension for another month to the 26th June). Unfortunately i am now the beginning of August and i was unable to pay the £200 money back my new tenant was delayed by a month meaning i dont have the physical funds to make the payment. For this reason i have now sent a standing order payment of £10 as a goodwill gesture 5 days ago. Today i received an email stating the £200 must be paid back tomorrow or all extra charges will be applied to the account making the amount just under £600. I cant afford to pay back the 200 till the end of august. Does anyone have any suggestions and also is the amount of £200 too much?? i have so far paid back £98 pounds of the following: original loan taken for: £100 (£48 on top for the loan period of one month) PAID BACK £48 Extension payment £40 payment to hold off extra charges £10 token payment total: £98 (£50 lower than the original loan amount) NDR states still outstanding is the amount of £200 Any suggestions on what i should do next i have never dealt with a dca or pdl company less responsive than these. All others froze interest and in this case i would have nearly clear the full balance. If i needed to i could scrape together the £50 but nowhere near the £200 and i know they will if they even responded apply a further £40 extension charge. thanks timeforachange

Been posting on here for quite a while now and the majority of my payday loans have gone bu speed credit what a night mare today received the following correspondance Dear , Thank you for your message passed to us from Speed Credit. Your current outstanding debt is £187 Please remember that your original loan was for 14- 28 days ONLY. Your offer to pay £62 per month has been rejected. However any payments made will be added to your file but WILL NOT be known as a payment plan nor will we freeze any interest. On 18.06.12 you will incur the following charges: £350 recovery fee 1 interest charge of £24 which will make your outstanding balance £561. You must pay either 1) £187 by 18.06.12, OR 2) £561 by 02.07.12. Failure to make either payment will result in your file being passed to a third party bailiff company who will commence proceedings against you in your local county court. If you have any questions please don\'t hesitate to call us on 0843 381 0843. Yours sincerely, COLLECTIONS (152) NORTHERN DEBT RECOVERY Wha can i do i cant afford the full balance and specially not these charges.

Basically, took out an original loan of £100 *SpeedCredit*, with interest it got to £196, then it got passed to NDR and the total skyrocketed to £561 [which also doesnt add up with the figures they've put in the letter] We rung them [but I didn't record the call] and agreed that the debt would be cleared if we paid £200 by 26-06-2012, but a week later we got a letter from AMS saying that we've made no effort to make payments, or an 'acceptable arrangement for repayment'. AMS have also said that unless the amount is paid in FULL by the 26th they will issue County Court Proceedings against us. I've noted some advice about only paying the loan amount plus one month interest, which seems fair, but as I havent seen anything on court proceedings it's starting to worry me. Should I take it more seriously because it's from a solicitor, or should I treat it the same as any other DCA's? Any help or advice you could give me would be hugely appreciated. Letter7