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Hi,

 

Looking for a bit of advice, over the last year I got myself into many problems by taking out payday loans. Got to the stage where paying off the interest from all of them was taking all my wages each month.

i decided to get some control back and changed bank accounts as i found that even cancelling my debit cards wasn't enough to stop them taking my money.

Since then i've paid off about 10 of these companies most settling for pretty much what i owed them and some a bit less although it pains me to think what i paid in rollover charges over the months.

I now find myself left with one which is worrying me more than the rest. This is with a company called Speed-e-loans and they seem to be much more unreasonable than the other companies i've dealt with.

I took out a loan of £300 with them on 23/4/10. They then took around £100 pounds in seperate £1 transactions on 3/6/10. However they now claim that i owe them £1270.

 

Has anybody had any experience with this company that could give me some advice on how to deal with them. Also as there is no way i am going to pay them that sort of money, could anybody tell me, if it ends up going to court would i be ordered to pay the full amount or would they view it as unreasonable charges.

 

Thanks

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Have you opened another bank account and had your income paid into that, that is the first step.

 

The second step is to formally default yourself with Speed-e-Loans, they will not like it but you need to keep everything in writing.

 

Write the following letter

 

Dear Speed-e-Loans

 

I wish to repay the original loan sum of XXX plus one months rollover fee by the following method

 

XXX on xxx date

XXX on xxx date

 

Break the original amount into three if possible)

 

I am in financial difficulties and do not wish to continue paying additional interest, charges and iincrease my liability.

 

Keep it short and don't mess around with them, if they get stroppy say "seeing as I now owe you over £750 go and make me bankrupt...."

 

They will huff and puff but they can't do very much other than take you to court where the proof of them taking lots of small amounts out of your bank account will be evidence of their untrustworthiness to hold any kind of credit related licence.

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Thanks for the quick reply,

 

Have already changed bank accounts and have been dealing with them via email so have a record of this contact as well.

They repeatedly make threats to call me at work in their emails despite having been told by myself that i am unable to be contacted at work. Also they have said in their email that if they issue a default against me my bank will close my account as i am no longer bank worthy.

I told them this was utter rubbish and was surprised that they would put such things in writing.

Will try sending them the letter and see what comes back.

Just worried that if it goes to court there may be a possibilty of being ordered to pay the full £1270 they are claiming.

 

Thanks

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If they issue a default the bank should not close your bank account, especially if you only have a basic bank account, what twaddle they talk.

 

You should send the email that states that to Trading Standards, making threats they cannot substantiate is against the OFT Guidelines on debt collecting, they may be quite surprised at the tone of the email.

 

You can PARTIALLY defend the amount, ie admit that you borrowed £300, then list what repayments and amounts have been taken against the original sum as part of your defence.

 

No court would make you pay that amount on top of the original loan unless it went undefended and judgement was passed by default.

 

Let us know if any court papers arrive as you only have a certain amount of time to reply. Keep the defence in simple straightforward English is the key here.

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Sounds like good advice. Will wait and see what their response is to my letter. Can imagine they won't be too happy but these people are no better than loan sharks.

Think it might be a while before any court action is taken but will keep you informed.

 

On another note one of the companys i paid off, EPDL ( early payday loans ) sent a letter to my address to " the occupier".

In this letter was " STATUTORY NOTICE " in bold at the top then went on to say-

 

" Dear occupier,

We are writing this letter as we are obliged by law to give 14 days notice of impending legal action against a registered occupant at this address.

This may affect credit applications against this address. "

 

Is this correct or legal and if not should i send this letter to someone to complain. Although i've settled my debt with them i now feel that if there's anything i can do to stop these people making money off people who can't afford it i should.

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Send the letter to Trading Standards, EPL will probably claim it is an 'admin error'. Credit is given against a person, not an address - they really ought to know better by now.

 

I think you also need to send the letter to the OFT and the Ministry of Justice, breaches all sorts of guidelines on debt collecting, let alone being factually inaccurate.

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  • 2 weeks later...

Just had a phone message from a Mr Peter Atkins at Spee-e-loans. He claims to be a legal officer.

In his message he says that i must call him other wise they are going to contact my HR department at work to apply for a legal attachment to get the money i owe them.

 

Can they do this? Any advice please really don't want them harassing my employers.

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He is talking out the hole he sits upon. In the UK it is IMPOSSIBLE for him to call up the HR department and get them to send your wages across 'just like that'. They need to have a court order in place.

 

Next time he calls just keep repeating, "this call is being recorded" and don't answer his questions.

 

Have you set up an alternative bank account yet?

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To get a legal attachment of earnings they need to go to court via the CCJ route and have you default on the CCJ FIRST, they will not get anywhere because you can prove they took £100 in small amounts to the judge and that their charges are outrageous.

 

There are plenty of defences around for this, and if you keep them simple and keep the legal stuff out they do not have any counter arguments to confuse you.

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I have the same issues with this company, I am refusing to pay a penny until they calculate a reasonable amout of what I owe them, not £1000 for a £250 loan 3 months ago its dam ridiculous! I have had all the same threats, they were rude and abnoxious to people in my office so I told them i would report them for threatening behaviour. They can contact my HR if they like seeing thats me I doubt they are going to get V far!

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I agree they are by far the worst one that I've dealt with and believe me over the last year I've dealt with nearly every payday loan company out there.

I have offered to pay them back the original loan amount and one months interest and will not give them a penny more unless they take me to court.

If they'd been asking for a reasonable amonut from the start then they probably would have got paid months a go.

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  • 3 months later...

Been a while but just to update my situation

I offered to pay back 375 in 3 monthly installments to close my account. This was not accepted but they wanted me to pay the 375 and then discuss what the balance left was.

After this exchange i did not hear from them until the last week or so when someone claiming to be their legal officer has called my work and my mobile. My boss said the guy was quite aggresive when told i was unavailable.

I yesterday received a letter from them stating " Following your failure to comply with the terms of your loan aggreement, we are now commencing legal action to recover the out standing loan."

They have sent with this letter, what they say is a "defendant copy of a county court summons which is currently being processed and due to be sent to the county court for a judgement of 1894.82."

They then go on to say that to avoid proceedings call now for payment.

Would be really interested to hear if anyone has had success in dealing with this company or any advice on what my next move should be.

Thanks

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Probably just a threat. I think I would rather have my day in court than pay them the figure they want. I would be tempted to send then a 'harrassment' letter re the calls at work. Keep a copy of all your correspondence, I think Glo is right, doubt the DJ will be impressed by their tactics.

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  • 1 month later...

Hi Everyone

Just wanted to say that i am having problem with speed e loans - the phone calls to my work,, and the rude and unprofessional staff.

 

They sent me an email a few days ago and i am finding money being taken from my account. should l change my bank account?

 

take a look at the email:

 

Thank you for your email and I would like to apologise if you feel that a representative of speed-e-loans was rude to you, as we will be looking into this.

We do not like calling our customers at work and do avoid it where possible however, we have not heard back from you as you have not returned our calls and it therefore leaves the collections team no choice but to contact you at work as this is money that was loaned to you and does need to be paid back.

The interest is calculated daily on payday loans depending on how long you choose to keep the balance for and therefore you accepted the agreement of paying back £154.64 if it was paid on 22/12/11.

If you selected a different date the quote would have been different and therefore your balance is now £335.41 as you have borrowed the balance for the additional days.

I do want to help you and can freeze the interest so please advise when you can clear the balance?

I look forward to hearing from you.

Thank you for choosing speed-e-loans.

Miss Milap Patel

Team Leader

Speed-e-loans.com Ltd

PO Box 728

Borehamwood

Herts WD6 9GU

T: 0844 879 3199

F: 020 8905 2379

This email is from Speed-e-loans.com Ltd. The contents of this email and any attachments are confidential to the intended recipient. They may not be disclosed to or used by or copied in any way by anyone other than the intended recipient. If this email is received in error, please contact Speed-e-loans.com Ltd on 0844 879 3199 quoting the name of the sender and the email address to which it has been sent and then delete it. Please note that neither Speed-e-loans.com Ltd nor the sender accepts any responsibility for viruses and it is your responsibility to scan or otherwise check this email and any attachments. Speed-e-loans.com Ltd is a private limited company registered in England and Wales (registered number 6781893).

 

Sent: 13 March 2011 02:24

To: Milap Patel

Subject: Re: speed-e-loans.com

 

 

 

Miss Patel.

 

Some one from your company called me at my work and I must say that they were extremely rude to me. I don't appreiate being spoken to in a rude way and if it happens again, I will file a complaint against you to the Office Of Fair Trading.

 

I have no desire to call you becuase of how rude and unprofessional your company is and if you continue to harrass me , I will file complaint against you. I understand that you are doing your job but since neither of us know each other , simple telephone manners and courtesy wouldn't go a miss. I am sure as A team leader you should uunderstand that?

 

Any comunications you have, you can do it though email,. I don't want to call stupid call centre to speak to some Piers Morgan who is no better than me and talks to people like trash, and me kept on hold, don't really have the time. Sorry.

 

So you say an affordable settlment plan? What are you proposing? I am concidering going through a debt management company

 

I have read about your heavy handed tactics and the internet and from the woman at the citizens advice . Even calling my work and pretending to be from my bank. If those sorts of calls to my work keep happening , i will file a report for harrasment to the office of fair trading and watchdog.

 

As I said I do not want to speak to anyone from your time wasting call centre so a response to my email is fine.

 

Regards

 

 

 

From: Milap Patel

 

Sent: Wed, 9 March, 2011 10:28:24

Subject: speed-e-loans.com

Dear Dean,

 

Your failure to honour your loan agreement and unwillingness to provide satisfactory contact details, leaves us no alternative but to contact you at your place of work.

 

Your account is in serious arrears with an outstanding balance of £313.47.

 

It is in your interest to contact me as I may be able to come to an affordable arrangement to assist you.

 

Please call me free on 0800 028 3168.

 

I look forward to hearing from you.

 

Thank you for choosing speed-e-loans.

 

 

 

Miss Milap Patel

Team Leader

Speed-e-loans.com Ltd

PO Box 728

Borehamwood

Herts WD6 9GU

T: 0844 879 3199

F: 020 8905 2379

This email is from Speed-e-loans.com Ltd. The contents of this email and any attachments are confidential to the intended recipient. They may not be disclosed to or used by or copied in any way by anyone other than the intended recipient. If this email is received in error, please contact Speed-e-loans.com Ltd on 0844 879 3199 quoting the name of the sender and the email address to which it has been sent and then delete it. Please note that neither Speed-e-loans.com Ltd nor the sender accepts any responsibility for viruses and it is your responsibility to scan or otherwise check this email and any attachments. Speed-e-loans.com Ltd is a private limited company registered in England and Wales (registered number 6781893).

 

 

 

 

 

 

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Don't give them your card or bank details.

I had an agreement for £60/month (£533 balance). First month went ok, second month they took £583 in total.

No explanation was given and then plain rude and arrogant attitude when I asked why. The best part is that I had an agreement in writing from the account manager (see below)

 

Dear xxxxx

 

I confirm that we have agreed to accept the sum of £60 every month on the last Friday until further notice.

 

Once this agreement has come to an end, this will be considered full and final settlement of all indebtedness to Speed-e-loans.com Ltd.

 

If your payments fails on the agreed dates, the agreement as above will be cancelled and the company reserves the right to continue with recovery action for the full amount .

 

Please email me by return your valid debit card details ie 16 digit number the start /end dates and 3 digit security number so the plan can be set up accordingly.

 

Gareth Power

Team Leader

Speed-e-loans.com Ltd

PO Box 728

Borehamwood

Herts WD6 9GU

 

I tried to contact this person by email and phone, but no luck. I can't stress this enough, don't trust them and don't give them your details. Btw, I have dealt with a Miss Patel, Mason and Gareth

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Hi,

Just read all the problems everybody is having with Speed E-Loans. I am myself another one of their victims. Took out a £100 loan last August, got into some financial difficulty to which I notified them of and agreed to pay back the £100 plus a couple fo months interest at £15 per month. I was told by an Isobel Wiggins that I had to pay an initial £15 upfront to set the payment plan in motion and stop interest charges. Four months later I was contact by a Gareth Power demanding £50 per month and the balance had gone up to £386! I told them this was not possible and asked why interest had been added when it was meant to be frozen. Got no answer to that. I then took some financial advice and was advised to send them a monthly budget sheet with a pro rate monthly payment on. Still no reply until I got a call from a Peter Atkins demanding £52 per month. I told him that I had sent numerous emails, to which he claimed they hadn’t received. I sent a further email when I received an email from Gareth Power saying there was a balance of £588 and they were going to commence legal proceedings as I had chosen to ignore them. Far from the case!

 

I sent back another email, containing all back dated correspondence and letters, plus the budget sheet. Still nor response. Finally I faxed everything yesterday to them. Peter Atkins phoned this afternoon and said they couldn’t except my offer and would commence legal proceedings. To be honest, I am glad they have done this as I can show the court how unhelpful they have been and that they have gone against most OFT guidelines.

 

Can anyone add any further helpful information to my plight?

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these r an absolute nightmare to deal with, i get harrassed with phone calls saying they ring work because I wont contact them, i have emailed on numerous occasions saying I am willing to work out a repayment play once they quote a reasonable amount but I will not come to any agreement by phone and will only communicate by email so I have an audit trail, they do not seem to like this as they tail off for a while then it starts again, ie emails saying im in default and havent contacted them.

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Well, Good for You Bigman and if they DO take you to court would you let us all know where and when so we can go along and have a laugh when the judge slaps their wrists and chucks them out for wasting time? Unfortunately I cannot offer you any legal advice but a few of the guys who can will more than likely post here pretty soon. You have done everything in your power to pay off your debt and they aren't having any of it - Typical! Bully boys - report them to trading standards. x

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  • 1 month later...

Has anyone actually got anywhere with this company yet? My boyfriend also took out a £250 loan last May 2010, and he thought he had paid them off in full and after receiving 2 court action letters they took £1121.40 out of his bank account on the day he was paid on Friday, i don't know much about how this all works but what i do know is the letters they send are not empty threats! I have also looked at the citizens advice bureau and it actually says on there that they can contact your bank and place of work if they have permission from court. Does anyone know how we can get this money back? We are allready struggling quite a bit and this has left us in a terrible place! Any help would be greatly appreciated!

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Barstewards!! First, get your boyfriend to check his bank statements for proof of payment. Once you have proof of payment then call these people and tell them that he wants his money back pronto plus interest!, otherwise he will report them to trading standards and OFT.

 

Second, definitely defintely - report these people to Trading Standards.

 

And btw if he has been charged for any direct debits or any other transactions that have been unpaid because of this then tell them you want to claim this back as well!

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Hi there

 

I had a spate of needing pay day loans last year. I am now down to speed e loans.

 

I have agreed a payment plan of £100 per month to be paid in increments of £25 per week, agreed in writing by email from Milap Patel, who after consulting with her managers agreed I could pay by standing order as i refused to hand over my bank details to my new account.

 

First payment due next week so we shall see how they respond. Milap Patel, on the face of it seemed quite helpful, however I have never spoken to her, following advice from this site I have done everything in writing from the start. So have not given them the opportunity to get rude with me.

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  • 1 month later...
  • 2 weeks later...

Hi there, I am new to this site but just google Speed-e-Loans as I have had a nightmare with them myself today. Like lots of other people I have a few loans here and there and have been struggling. Now started a DMP to get everything sorted. Got a call from Gareth on Tuesday last week who told me that the £798 I owed them (even though originally I only borrowed £200) could be reduced to £198 if I pay them direct in one lump sum rather than through the third party. I contacted my account manager for my DMP who advised me I was ok to do this and make a reduced payment to them this month. When I checked my bank however they had taken my entire wages today. I have £9 left to pay my mortgage. When I called them Gareth and his boss were unavailable and the guy I spoke to said there was no record of this arrangement and they don't record their calls. I even spoke to my bank to see if I could dispute it but they said they wouldn't be able to as I have no written proof. I even changed bank accounts so they wouldn't have my details - can't believe I was stupid enough to give them over like that. Only reason I did it was that they kept phoning me at work. Now I have to ring them Monday to see if I can get this Gareth ******** to admit what he has done, highly unlikely. I have never felt so depressed and let down by anything. I now can't afford my mortgage or anything.

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