Minicredit -extraordinary behaviour!

[MattK]

applied for a loan with Minicredit last year, and was declined.

 

went to try again today (last resort) and noticed they had out of date bank details (ie an account which I do not use anymore as its in dispute.

Updated my details, and re-applied.

 

Got 2 messages

 

1, that my new account details could not be verified and as such had not been changed.

2, that my loan was accepted and had been paid immeidately!

 

I phoned them straight away and asked them not to pay into that account, but was told it was too late.

Fine, I said, can you recall the funds? No, we can't do that.

Ok, I'll cancel the loan then.

 

They then claimed that the 14 days statutory cancellation period only applied to my original loan agreement last september - despite the fact that they declined the loan at that time!

 

Surely a loan agreement without a loan is not an actual agreement????

 

I don't know why they're being so difficult - I want to take a loan and pay it back.

 

aaaaaaaaaaarrrggh!!!

[MattK]

Please be sure that the details You enter are different from the ones that are already in our system. The system updates only when You enter new information. You do not have to have the Bank details update fee £1 on Your debit card when You only update the Bank account details (Bank name, Sort code and Account number).

[s4ddys]

I take it the account they paid into has been closed? Im thinking, not overdrawn etc???

[MattK]

overdrawn and not in use.

 

regardless - their claim that I am not entitled to cancel immediately is ridiculous.

[siennasmummy]

Hi,

Have you got access to the old account online? I know you say its overdrawn but can you still log on just to see if it has gone into there. They might not have even sent it at all. Did you sign an agreement online today and have you got a copy of it in your email address or on your minicredit account?

If so, read through it and it should have a cancellation period on it somewhere. If it has, then they are talking rubbish saying that is for last year. It is from whatever date is on the agreement (todays) contact them again and put in writing that you wish to cancel the transaction.

[ihateyes]

overdrawn and not in use.

 

regardless - their claim that I am not entitled to cancel immediately is ridiculous.

 

problem is to cancel the loan the gotta pay it back, if the funds have went into an overdrawn how do you plan to pay it back??

[siennasmummy]

If he cancels the transaction and informs the bank that minicredit sent it in error, isn't the bank obliged to let minicredit recall their payment? I'm not sure but would think it's likely.