Help pay loan company rip off

[Vodkat]

Hi All

 

I was googling payday loan companies and i came across these people .. removed.. i completed there application without properly understanding and aggreeing to their terms, i recieved a txt saying to proceed txt yes to blah blah number, so i did i got a txt back saying my money will be put in account in 1-2 days. I didnt even realise what i was doing. Now i have untill 13-08-10 to pay back £513 for a loan of £300. They have my work email,mobile phone number, address & bank details. I can not pay this back and ia m worried what is going to happen to me. I have emailed them and they have not responded. Can they send in balifis ? make me bankrupt i really dont know and i dont want to get in trouble with my bank.

[Jamie Kingston]

well for one, why did you take out the loan? if you took out the loan knowing you couldnt pay back then you have probably breached their terms and conditions... i'm sorry, but this situation seems a little strange - you applied for a loan, took the money and now dont want to pay back because you didnt understand the terms and conditions...? mmm...

[Vodkat]

Hi Jamie

 

Thats just it i do want to pay it back but i just can not afford to pay £513 on the 13th of august. I did not realise my application was sucsefull until got a txt saying it will be in my account. I have tried to get them to reply to my mails with a way to suit us both

[dx100uk]

7 days cooling off?

 

give them the money back and say no thank you/

 

dx

[EBOY]

Agreed. There will be a cooling of period probably 7-14 days. Tell your bank to return the money. If the email you stated that you want to cancel the loan keep a copy of it. Would also do no harm in sending another email stating your bank is returning the money and that you are cancelling the agreement

[Jamie Kingston]

yeh, but vodkat's already spent it! - please correct me if i'm wrong.

[Vodkat]

I said to them I did not want the money and I recieved nothing back, i have not spent the money, but i have not details of who put the money in their only another company saying they will collect a direct debit on the 13/08/10.

[26072004]

if this transaction was all doen by txt and email then you legally have 14 days to cancel under the distance martket regulations.

 

send them an email stating you wish to cancel NOW.

 

you will probably have to pay interest at a daily rate for the time you have had the money but it will be a lot cheaper than missing the required payment and defaulting with them.

[Vodkat]

Thats brilliant i will do that now, how long should i give them to respond as they have not replied to my previous mails.

[Vodkat]

also they claim to be 24 hours and they are either ignoring me or they aint 24 hours, they are a finish company and not registred with fsa.

[26072004]

Have you spoken to or had any emails replied too by this company yet.

 

I hope you have already sent them an email asking to cancel dont wait as every day will cost you more interest and if it goes over the 14 days you lose your right to cancel (the 14 days starts from the day you get the agreement not sign it)

 

I take it you do have a copy of the credit agreement from what you have said so far I can believe anything of this company.

[Vodkat]

Hi,

 

Yes i emailed them staright away, i did not sign anything or recieved anything in the post i just txt them saying yes n i got txt saying the money will go in my account within 1-2 days and it was there in like 10 mins.

[26072004]

Had a quick look at their website, they are registered in the UK but dont give their consumer credit licence number which all other lenders seem too.

 

I assume you had all the terms and conditions of the loan on your computer screen when you applied for the loan (hope you saved a copy) if not they would have broken just about every rule possible under the CCA (but if not registered what do they care).

 

Good luck with cancelling the loan, if no reply contact the fos asap.

[Vodkat]

no i never got any terms or conditions of my loan. They still have not replied to my mail about cancelling it. Should i cancelling my bank account and wait for them to write to me ?

[toofiegap]

what company was it

[Vodkat]

helploan.co.uk

[EBOY]

Interesting vultures. They send a text you reply at a cost of £3. Then their late payment fee is 100%.

 

Is it legal to charge for the text message?

I think it is worth checking if MCO Capital Ltd has a consumer credit license?

[toofiegap]

I would double check everything 3.00 for them to text you doen't sit right, Wonga trying to charge 80.00 for me to complain

[EBOY]

Public Register

 

they are on the oft register. So they know of them.

[Nao]

Well, looking at the cca I've spotted this:

 

Right To Canvass Off Trade Premises:

No

 

You might be able to get them based on that, but having more experience than I'd like to with that kind of companies they would not care about such details.

 

You could also try to get them to cancel the agreement and let you give the money back based on their APR calculation, they claim a APR of 922% - 1877% in their table titled costs & fees, however they are more expensive than other paydayloan companies that advertise a apr of more than 2000%, so you could try telling them to accept their money back with no charges and if not threaten them with taking action against them for misleading advertising.

Edited July 20, 2010 by Nao

[Jamie Kingston]

cancel any direct debits set-up if they dont call you. If you have given them your bank card details, change it. Once they are unable to collect payment wait for them to call you - tell them you sent an email both to them and a contact at the OFT to ensure you both recieved them and wished for the loan to be cancelled - then ask for their bank details in order to send back the money - do NOT give them your new card details because they'll try and take everything from you - pay them directly snf waive goodbye!

[toofiegap]

right to canvass we looked at that yesterday due to Our problems with wonga and unfortunatly think it relates to cold calling (which we swore at several times, anything to get these b*****ds by the nuts) looks as these companys work just within the law and use legal loophole to thier advantage. Tomorrow I have piles of stuff im taking to my legal rep as I offered 1.00 per month for mine and until I tell them everything (including size of boobs and inside leg theyve refused.

[Vodkat]

Hi All

 

Thank you for looking at their website and checking them out, i have recieved no reply to my mail saying i want to cancel and give them the £300 back. I recieved a read reciept from them but no response back. I am going to cancell the direct debit they set up and imform my bank not to let them take any money or set a direct debit. I will fight this all the way and wait for a letter from them. They only have my account number sort code phone number and address. Can they send bailfis round ?

[toofiegap]

no they cant send bailiffs round only a court could authorise this but they do spin off bluster saying that they can send a rep over to "pre assess your assets prior they have no rights at all to enter your home and if they call tell them to go away they have no more rights than a postman or dustman

[Vodkat]

Thank you, i can sleep abit better at night for that. I dont have any assets any way as my house is private and furnished by my landlord. I only have a second hand telly and my clothes n thats it n i dont have a car. So they wont get alot from me. If they do that i wont let them in no way. If i cancell the direct debit today will they be imformed and try to set it up again ?