Speed e loan payday loan

[GEM12]

I took a pyday loan out with speed e loan and for the first few months paid back what i owed, the trouble starte when my partner left me and my two young children. i negoitated with speed e loan to pay back £40 amonth till the loan was paid and they would freeze the interest. i paid £40 for the first two months when i realized i could not afford £40, so i rang them and arranged to pay £20 instead. When i rang them on the 13th October i was told that because i had not paid the £40 on the due date i now owed them £877. i was in tears on the phone didnt know what to do, the lady i spoke to was really kind and said she would freeze the interest to stop any further charges anf accept £20 a month for three months and we would then review it further. i have today had an email off speed e loans saying that as i have not paid the £20 and the arrangement has been broken and i now owe them over £1200, i emailed them straight back and told them them what the lady had said, the person who emailed me back basically wasnt interested in what i had to say and i have received some threatening emails off them. Im upset and dont know what to do, i canot afford to pay all that back, any ideas

thanks

[rebel11]

Hi Gem

 

Welcome to CAG

 

I've moved your thread to the correct forum, the guys will respond soon.

[LeahB]

Hi Gem, I am really surprised you had such a rotten experience with these people. I was in a similar situation as you and couldn't pay what I owed. I spoke to a really nice lady there who said I could pay them back at £55 a month with the interest frozen. When I lost my job a month later and couldn't afford that amount, I emailed then and they said I could repay them at £35 a month. I did this and cleared my debt and they certainly didn't hassle me or threaten me whilst I repaid it. Did you get the lady's name who you spoke to before? maybe she can help? Good luck Hun

[sillygirl1]

Report them to your local Trading Standards as they are nothing more than loan sharks, they can step in and help.

[GEM12]

Had an email conversation with someone at Speed e loans, she satrted of saying they hadnt rec'd payment of £20, i replied it would be paid on the 5th of every month, she then started getting nasty saying that the arrangement had been broken and i was to pay £50 a month for two months and then pay off the balance, this went on for a few emails which i then replied i would pay £20 on the 5th as agreed, and as it wasnt the 5th yet the arrangement hadnt been broken, the last email i got from her was that she would accept £30 for two months and then would review the case.

i have paid the £20 today, so am just waiting to hear from them, eny ideas on what else i can do

[sillygirl1]

Just keep the email trail going, they will eventually try to take you to court for charges, which they cannot do, or bleat about your credit rating being severely damaged by your lack of action on the account, which you can disprove by making the payments as agreed originally.

[GEM12]

Thamks for the advice, im paying back £20 amonth, original loan and interest was just over £400 and interest was frozen when i paid them £40 a month but when i couldnt pay that a month and rang on the 13 oct and offered £20 a month the balance went up to £877 as they said that i hadnt stuck to the aggreement and that the extra interest had been added, when i email them the other day, after i had rec'd the email from them saying they hadnt rec'd the £20 the balance had gone up to over £1200, which figure should i stick to to pay them back, any ideas would be gratefully rec'd

[sillygirl1]

How much was the original loan for?

 

How many times did you roll it over?

[GEM12]

Hi, the original loan was for £225, i rolled the loan over for one month and paid the £62.50 but the my partner left me and i couldnt afford to pay the loan, this is when i rang them, to set up a payment plan which they agreeded to

thanks

[sillygirl1]

Right, then you are liable for £225 plus £62.50 that is IT... you are NOT liable for £1,200 or any other sum over and above the original loan and one months rollover.

 

How much have you paid back already?

[GEM12]

Hi, sorry meant to say original loan was for £250

[GEM12]

I have paid Back £100 of it, two lots of £40 and £20 today

[sillygirl1]

There we are, you have paid back more than 2/3rds of the original sum now and they are going to have a hard time explaining to a judge how £250 can reach £1200 when you have paid back £162.50 (including the original rollover fee)...

[sir_gilmour]

Hi

Welcome to The Consumer Action Group.

 

 

I am just letting you know that as you haven't had any replies to your post yet, it might be better if you post your message again in an appropriate sub-forum. You will get lots of help there.

 

Also take some time to read around the forum and get used to the layout. It is a big forum and takes a lot of getting used to.

 

 

Once you start to find your way, you will soon realise that it is fairly easy to get round and to get the help you need.

 

It can be bit confusing at first.

[rockapesrus]

I've had real problems with these people. I took a loan out with this firm at the beginning of the year for £350 which I paid back no problem. I took another one a little later for the same amount then I was laid off work and couldnt pay it back. I contacted Speed e loans who eventually agreed to let me pay £10 a month until I got another job. 2 months later I checked my bank account online to find that these idiots had taken £415 out of my account putting me £300 overdrawn. I called Speed e loans straight away to find out what they were playing at. I spoke to this guy who was less than helpful!! all he could come up with was "I will send customer services an email and they will contact you" You cant talk to their customer services direct which is very strange! I sent at least 10 emails to them plus called every day for a week trying to find out what had gone wrong but nothing.

Then 2 weeks ago, out of the blue, these idiots call me up telling me I owe them £570!! I told hime that this is the first contact I have had with your company for nearly 5 months and now you want more money. I told him to take me to court and lets see what they say. This guy by the name of Dave! said that he had only just started with speed e loans and that he was employed to clear the old accounts. I told him that I will not pay another penny to these thieves for as long as Im alive. He said that if I pay £50 that will clear my account of all the interest charges etc. I said that I will pay £50 and then I want a letter of confirmation saying this account is now clear. He promised to do that. I paid the £50 on the 15th August over the phone and asked for an email or letter to confirm that this account is now clear and closed. He promised to do it within 24 hours.

The following day I receive a phone call from Speed e loans asking why my account was outstanding!! These people are nothing but robbing idiots. I told him about the previous action that was taken so he said "I will close this account now" I checked the online account and sure enough the account is now closed with no outstanding loans.

I checked my online bank statement this morning and the Robbing B*****s have taken 2 lots of £50 out of my bank account!! I phoned my bank and have opened a despute against Speed e loans and my bank will refund my account and have cancelled my debit card.

 

Please Please take my advice and DONT get invloved with these **** bags!!!

[vwbug]

this company seem to think they can do what they like i have had the same problems. Once they have your account details they think they can take money whenever they feel like it.

Edited August 20, 2012 by MARTIN3030
see below

[MARTIN3030]

vwbug,please read the site rules.

Posting external links is forbidden without approval.

[vwbug]

vwbug,please read the site rules.

Posting external links is forbidden without approval.

 

sorry admin, how do i get permision ? my site is not for profit and i think people that have had problems with speed e loans may find it interesting.

[renegadeimp]

Pm an admin and explain in detail about the site.