mobile quid

[ihateyes]

I didn’t go mainstream payday companies as it’s a set price but 7days was a reasonable cost for me to pay back….

 

Ok I needed money fast and borrowed 2 lots of £100… one from textloan, and one from mobile quid – with every intention and the funds available to pay them….. however circumstances changed and with family issues back home, ive been able to meet either. I contacted txt loan who advised come payday wich is 10 days away they wanted a lot, I explained and adv they needed to be reasonable, and I was happy to pay a reasonable late fee, and a charge - £156.

Mobile quid due tomorrow, and I contacted them today….. they have advised me they will charge £62.50 admin fee, tomorrow, and an additional fee on the 9th and 10th days, amount ing to me owing £300 come pay, and after 32days they will want send to DCA and charge an extra £100.

 

I have reminded them their t&c’s have to be fair and reasonable, and any charges must be to cover costs, and in a court, they would need to explain how a loan being overdue for 9 days could inherit charges amounting to £192.50. however they are not budging. I have offered £160 full and final come payday. Which they have refused, as apparently they cant stop…… they have supplied their bank details should I want to pay by bank transfer tomorrow.

 

Any thoughts people????

I think sillygirl and Postgg might need to help me prepare a defence.

[Pink_Panther]

£62.50 admin fee on a £100 loan??? Christ that must be a record for a payday loan company!!

 

Txtloan I have defaulted with before, after the initial £25 fee you get about another 15 days before the next £25 charge goes on, but they charge you daily interest of 1% I think. After a certain period they pass the debt onto Fredrickson International. They will badger you forever, but you'll be able to setup a payment plan with them, although unsure if they'll drop all the charges - typically a £100 loan is about £260 by the time it gets to them!

[ihateyes]

Eighth Day - £107.50 is collected from your account via your debit card.

In the event that funds are not available on the repayment day:

Ninth Day – A notification of your overdue repayment will be sent, complete with a £62.50 additional fee for administration, bringing the total owed by you to £170.

Tenth Day – If the total outstanding amount remains unpaid another £50 will be added and further notifications will be sent to let you know and urge you to complete the repayment of the £220 total.

Twelfth Day - Further failure to repay will result in a third notification and £30 charge bringing the total owed to £250.

Fifteenth Day – Continued non-payment to this point will see the total owed rise to £300 in conjunction with another notification and the £50 admin and transaction fee.

Thirty second Day – We will refer you to an appropriate debt collection firm that will result in another £100 in costs being placed on top of the current debt, bringing the total to £400 and continued attempts by our partners to recoup what is owed.

 

 

with in 4 days of being late they add £142.50 and 7days after being late anothr £50 is added, now making it £300.

I have offered a fair and reasonable settlement..... i would love to see how they can even justify £62.50 as an admin fee, and 100 to pass to a DCA.

[Pink_Panther]

It's disgusting - but what's more concerning is that these people are being given Consumer Credit Licenses

 

This is why I think a lot of complaints made against these companies fall on deaf ears, the government bodies are giving them licenses to trade like this - it's a joke

 

So whats the deal with these 7 day loans, a normal PDL company is only legally entitled to the capital plus one months interest, so would these only be entitled to the capital plus 7 days interest as it's a 7 day contract??

[ihateyes]

well we see so many companies thwing the court papers out, and discontinuing when the defendant defends...or when the questions are asked to the solicitor they sedn they dont know, or they dont have the correct papers....

 

Im just hoping thy will see sense and knnw they will never be able to agrue these are fair and reasonable charges, and how being late 3days can incur £142.50 in charges....

 

and surely if they lost they would need to change their t&c's....

[ihateyes]

after a bit of back and forth in the emails and a day and a half on ignore, eventually they have settled with me on a reasonable amount, after i reminded them if they lost a court case on their charges they would have to reduce their charges.......

 

Thank god!