Credco... anyone having problems?

[rob_ncl]

Hi and just a quick hello to everyone, first time here!!

 

Ok Briefly I took advantage of a small loan payable on my next payday from a company called Credco. They took my bank details etc and the re-payment was to be by direct debit at the beginning of this month.

No payment was collected from my account at the beginning of the month or has been since.

 

Toda I get a letter from S. R. J . Debt Recoveries saying "due to a system error Credco will be unable to collect payment before Christmas and they (SRJ) are allowing me an extra 5 days to make payment to them or additional costs will be applied to my account.

 

I have never heard of SRJ Debt Recoveries as far as I was concerned my debt was to Credco (aka Sante Credit Ltd)

 

What should I do? Pay SRJ?

 

Any advice would be welcome

 

Thanks

Rob

[Boro]

Pay credco the original amount owed, its not your problem/fault that they have a system error and passing it onto a recoveries agent is laughable

[Newborn]

Hi rob ncl,

 

From their website:

 

We are very pleased to see that you wish to borrow money from us, but since the demand has been so great we need to close our service temporarily to rebuild and look over our technical platform and our software.

 

I would call credco on their contact number 0845 402 3062 to clarify this. If you go over the time limit, even though wrong, they may start adding charges and interest. This will cause you major problems with the APR they are charging. Especially as they have a DD mandate from you!

 

It seems that Credco, in anticipation of non-payers, set up an account with SRJ. They are now using SRJ as a quick fix to their technical problems.

 

Newborn

[Newborn]

As an aside for future reference regarding this company. Am I right in thinking that you take out the loan over a mobile phone and the Internet without signing an actual form?

I think that Credco are committing the first sin of a lender. Not having a properly executed CCA.

Their site is also very bare on details but they do state that APR is a whopping 1159%!!

Some of the DCA busters might have furtherv comment with regard to this one.

 

Newborn

[sillygirl1]

The high interest is quoted annually as they 'have to do this', it is acutally something like 45% per month, ie you borrow £300, pay back £390, or borrow £200, pay back £250.

 

If it stops stupid overdraft fees and is a one off then it may work but there are better ways of managing your money. Try not to use these people unless there is absolutely no other alternative.

[rob_ncl]

Hi Newborn

 

Thanks for the reply.

 

You are correct in assuming I signed no forms the loan was arranged via my mobile phone.

 

Does that make any difference?

 

Thanks

 

Rob

[Newborn]

In my very inexperienced view, you should pay the money back as you intended to (as quickly as possible) and never use this company again. The fact that you signed nothing is well above my 'pay-grade'.

 

Newborn