1 Month Loan - Unscrupulous bottom-feeders

[theSORROW]

In the hope of being able to secure the dream holiday a member of my family has been craving for 20 years, I took out a £150 loan with 1 Month Loan in October 2008. The funds were deposited into my account in around 4-5 days, rather than the advertised 'up to 48 hours', but aside from that everything looked to have gone smoothly.

 

I was due to make a repayment of £195 one month after having taken out the loan and, whilst a charge of £45 appeared steep, I was happy to oblige given the joy the holiday would subsequently bring. However, due to another member of my family falling ill and medical bills becoming my primary concern, I contacted 1 Month Loan to ask that they extend my repayment period. They were happy to do so if I paid an additional £45 immediately, with the original £195 still outstanding.

 

After around ten days, they took the £45 from my bank account without informing me exactly when it was going. But, as it was paid, I was content.

 

I then started receiving letter after letter stating that my account was overdue, each individual piece of correspondence adding £15 to my account balance. Interest was then thrown on top of that without prior warning, and just before christmas I apparently still owed £292.50. I contacted 1 Month Loan just before the new year to say I wanted to sort things out and would be happy to pay £50 per month for six months, if they could freeze the balance as it stood. They agreed, and were seemingly co-operative in adopting my suggestion of making each repayment on the 17th of every month.

 

On January 9th I had a call from my bank saying that a number of debit card transactions had been declined, processed by 1 Month Loan. I contacted them again and found out that they'd set the agreement to take each payment on the 7th of every month. I asked to speak to someone in the appropriate department, was told that they were unavailable but that they'd call me back. No such call was forthcoming.

 

This morning, £45 again disappeared from my bank account without my knowledge. However, given my previous telephone call, and the proximity to the proposed pay date of the 17th, I was happy enough. But, within the next 90 minutes, four more payments were taken from my account totalling £275 - £100, £100, £50 and £25, all without my permission.

 

Calling them for the tenth time, I was assured that the problem would be sorted out and that their automated system (which apparently tries set amounts, in £25 increments, until a transaction is successful) was responsible. After half-a-dozen promises of callbacks within 20 minutes, I had myself put through to one of the directors; Pete. I explained the situation and he appeared willing to refund the additional payments in line with the agreement I still thought stood true. He asked to call me back in five minutes to give him chance to look over the account. Fair enough. Or perhaps not.

 

He did indeed return the call, but decided in the interim that he 'saw no reason why he should refund any of the payments' and proceeded to direct me to one of their conditions which basically says 'we can dip into your account for as much as we want, when we want, and we don't have to tell you'. In an attempt to diffuse my mood he said that he would write off the remaining balance. Remaining balance? I had paid a total of £365 for a £150 loan in around three months, and there was apparently something still to pay.

 

Indeed there was - a little over £75, apparently. So, in 12 short weeks a loan of £150 had grown to in excess of £440, and money which had been set aside for other matters was taken without consent by an automated system designed to re-issue requests until they're approved.

 

To say I have been sickened by my dealings with 1 Month Loan doesn't even come close to how I'm feeling at the moment, with a vital £275 having disappeared as soon as it had arrived (the funds were only credited to my account a few hours beforehand).

 

Avoid like the plague - don't let their unusually (for the market) pleasant website fool you into thinking they're worth dealing with.

[Chris1933]

What a joke this company is - I've just been on their website:mad::mad:

 

One of their links state "if you have over 2k in outstanding loans with no CCA we may be able to have it declaired uniforcable":shock: Like we need them to do this.

 

There debt managment part makes me laugh as well, they basically say that you've got to forward all corrispondance from your creditors on to them (for a fee) and also they might not be able to retrieve records from your creditors so in that case you have to do it yourself.......

 

. . . . and youre paying them for......

 

 

What a joke:mad::mad:

 

I may well just take a loan out with them and pass it to their debt managment company. . . let them negotiate with themselfs

[sillygirl1]

Tell your bank that the debit card needs to be replaced as unauthorised transactions have been made. Explain the problem to somebody there and tell them if the card is not changed pronto you want a new bank account where your money can be paid into.

 

Just because 'they' put in a clause they can 'dip into your account and remove all your money' doesn't mean to say it is enforcable by anything other than a court order.

[Guest Alison82]

Oh no!!!!!

[Jamesx81x]

CCA them see if they can send you an agreement!

[Grizza]

Yes, i too have found them to be terrible! They too have taken money out of my account without permission. They also phoned me up at work and told me that if I didn't reach a payment plan, they would contact my HR department and take the money directly out of my pay (Its in their agreement)!

I agreed a payment of £10.00 a month, but they have still taken £45.00 out afterwards. Where do you stand legally?

Edited February 15, 2009 by Grizza

[Grizza]

Edit

[cadencealex]

Who are these companies regulated by? (stupid question probably?)

 

 

I think everyone who lends money should be regulated (not that it makes a blind bit of difference to their unscrupulous collection methods)

 

 

Lesson learnt there ... sorry it cost you so much

[Grizza]

However, can they contact your HR Department and legally take the money from your pay? They have told me they can, as its stated in their terms and conditions, and if you don't agree to this, they won't lend you the money.

[Ell-enn]

The only way they can take money out of your pay is if they take you to court, obtain a CCJ then if you don't pay it they can apply for an Attachment of Earnings. You can defend the AOE by submitting an application to court asking to pay in monthly installments - if you don't adhere to that then the AOE would be reinstated. So they're some way away from taking money from your pay.

 

No payroll department would deduct money without a court order.

[Grizza]

This is what I told them, but they said its in their Terms & Conditions, and that I 'signed' it, so they can do it! I agree with you that I think they would find it hard to action this, as what company would accept it without a Court Order? However I do not want my company knowing my personal business, which they would if they phoned and tried get the money this way. Would they be in breach of the Data Protection Act?

 

I have written to them on a few occasions, but never sem to get a reply. Even though I can access my account, and the Credit Agreement online, if I write to them requesting a printed version, and they do not reply within the 14 days, will that void the agreement as it does a normal loan?

 

I have also cancelled my Debit Card and asked for a new one, how would I stand getting my money back from the bank?

[nonymouse]

I have an agreement (my standing order, that I set up directly with my bank) to pay 1ML £20 a month. They did take some money from my account AFTER the arrangement was set up, and I made changes accordingly to the standing order and wrote to 1ML to tell them I would consider any further attempts to remove money from my account by means other than by the standing order that I control as theft and would contact the police.

 

Although NatWest were unfailingly helpful in cancelling my debit card and sending a replacement by courier in just 48 hours (well done NatWest!), they were unable to charge back funds that had been taken as it was a debit (Solo), not a credit card. Other banks and other debit cards (VisaDebit, Switch) may be different though, so it's worth an ask...

[Grizza]

Hi, I have sent them a letter, by registered post asking for a written copy of our Credit Agreement, and giving them 14 days from the date of the letter to reply. They have not done this, is the debt now void, and uncollectable by law?

[honey08]

hi does anybody have the bank details for 1monthloan?I haven't heard from them for a month now but i'm still paying my payment offer though.I would appreciate it if anybody can PM me with their bank details.

[robjam1969]

Honey - PM'd you.

[lozzzy]

I've been dealing with an account manager called jamie there who to be fair has been fair with me. He set up the repayment plan but on the first repayment they took £25 twice! I emailed him and he's sorted it out. Althought they do seem really dodgy i really hope they keep to there word and dont take double amounts again!

[robjam1969]

Lozzy

 

Pay by standing order. There can be no mistakes then. Agree with you that Jamie is normally quite reasonable.

[Corby4Arsenal0]

They are better now, almost human, lol as if. If you are want a payment plan they are ok about it, but want 3 months interest. They used to have a bloke called Peter Turvey who was really bad, threatening, bad news. I heard he was sacked and started cashgenieloans.

[sexybluebell]

1ML will let you consolidate other payday debts into 1 loan. less interest (still a rip off) but better than the others. I had £250 with Payday Uk, £125 with wonga, £175 with genie and a bit with Ungle buck and pd express and they gave me 1 loan at less interest.

[robjam1969]

Very generous of them- they know there is little they can do if you don't pay. I would fight them individually and have all interest frozen. Many on these forums have got this agreed. A new loan is rarely a good idea!

[sexybluebell]

Fighting them mean you get morons like that bloke from Genie ringing your employers and home at all hours of the day. Maybe you have never had that experience.

[sillygirl1]

It may be in ther terms and conditions but they cannot carry this out without breaking lots of laws.

 

In the UK you need to have an attachment of earnings before they can take out money from your wages, and that has to go through court. If they say otherwise you need to report them to the Office of Fair Trading who I understand are investigating this type of company.

 

Believe me payroll departments are well primed in the law and won't allow any information to be given out to people who ring up demanding that XYZ should have all their wages sent to them. I had a call like that a while ago at work, got all the other sides details in writing and work have passed it onto the Police and they have gone to the Fraud squad.

 

However, can they contact your HR Department and legally take the money from your pay? They have told me they can, as its stated in their terms and conditions, and if you don't agree to this, they won't lend you the money.

[sexybluebell]

I have looked at their terms and conditions and it says: I confirm that I provide 1 Month Loan with consent to contact my existing employer as is required in order to arrange for the repayment of the Loan at a rate of no more than 10% (ten percent) of my monthly or weekly wage and I hereby consent to 1 Month Loan making disclosure of the Loan to my Employer on my behalf.

You can hardly say that is taking money illegally. I think it is a threat and I think it is unfair, but I also think think that any HR department will tell them to f**k off anyway.

Well in my opinion the consolidation loan they gave me is better as I pay less interest and no one is chasing me.

[Yoshiro]

Also, if the card you used to pay back the loan (or they took from your account) is a visa debit then you can do a charge back. It is not just confined to visa credit cards, any card displaying the visa logo is covered by the same protections as the credit card.

 

I.e. chargebacks up to 90 days after the transaction.

[sexybluebell]

But Yoshiro, that would be wrong as I borrowed the money, knowing full well the interest rate. It is me that is wrong as I was stupid to keep borrowing. To charge back would surely be theft! I am not pretending or lying - that is just wrong. Might as well go and steal from Tesco's or mug an old lady.