5 payday loans, and im now out of work on benefits. -

[marts_uk]

I think that was from my complaint i made about minicredit, this is another response ive just had from them (this is most likely the CFO cpmplaint)

 

Dear Mr Daniels

 

Thank you for your enquiry to Consumer Direct dated 03/11/2011. Your reference number for this case is NW 4462437 and should be quoted in all further correspondence regarding this case.

 

From your email it appears that a loan you took out is increasing and you would like to establish your rights.

 

The key legal points in response to your enquiry are as follows:

 

Generally, when a consumer has signed a contract or agreement it is deemed that they have read, understood and agreed to the terms and conditions of that contract, even if they haven't. However, a consumer can look to make a claim under the Unfair Terms in Consumer Contracts Regulations 1999 if they feel any term and condition is unreasonable or unclear.

 

The Consumer Protection Regulations 2008 makes it an offence for a trader to harass the other with demands for payment which by their frequency, or the manner or occasion of their making, or any accompanying threat or publicity are calculated to subject him or his family or household to alarm, distress or humiliation.

 

For debt advice, you should contact National Debtline on 0808 808 4000. This is a national telephone helpline for people with debt problems in England, Wales and Scotland. The specialist advice given over the telephone is backed up with written self-help materials and they can assist in setting up Debt Management Plans. The service is free, confidential and independent.

 

Alternatively, you may want to contact the Consumer Credit Counselling Service as they also offer independent advice on debt. You can contact them on 0800 138 1111.

 

As the trader may have breached consumer protection legislation, the information you have provided will be passed to Trading Standards for their consideration. While individual complaints do not necessarily lead to immediate enforcement action, the information is valuable intelligence allowing Trading Standards to properly prioritize their activities. Trading Standards will only contact you if they require further information.

 

Please note: We here at Consumer Direct will always endeavour to give our best legal and practical advice, but in the end it is only the courts that can decide what your rights are and if the company/trader won’t give you what you feel you are entitled to, the only way to enforce your rights would be through the courts (although this is rarely necessary).

 

If you do not receive a satisfactory response or you require any further advice or information about this case, please do not hesitate to contact Consumer Direct on 08454 04 05 06 quoting the case reference number.

 

Thank you for your enquiry

 

Yours Sincerely

[asmilecostsnothing]

Yep pretty much same response either way - you have the option to persue them in a court to but remember you'd have to fund the claim first Good luck with Trading StandardsSorry don't know much about Mini Credit apart from I'd class them both in the same boat as to their level of handling debtors.

[marts_uk]

with minicredit and capital finance one im just going to make small part payments each month and try to forget about the excessive charges they add on.

[asmilecostsnothing]

Thats good stick to your guns and stay strongAs your out of work they are only entitled to £1 too - I had seen that whilst I've been reading up x

[marts_uk]

My girlfriend also took a loan out with minicredit for £150 which was due to be paid on 28/09/2011. She also was not able to pay the full balance, and went through the stages of asking to set up repayment plan etc. The balance is now £724. She has had a letter from them about the doorstep collector also.

 

I think at the end of this week she is able to offer a settlement figure. How much should she offer?

 

The loan plus 1 months interest would equal £187.50 but i just can't see them accepting this offer. The new balance is disgusting. I mean its only 5 weeks or so past its original due date! This company needs to be shut down rapid!

[marts_uk]

any advice on the above debt? its still rising each day, and for a 150 loan now to be well over 700 pounds is frightening, what should she offer to settle?

[noomill060]

marts- have you now got another bank account for your benefits?

 

If not, they will grab your next payment as well.

 

best start another thread for your gfs problem, saves this one getting confusing.

[marts_uk]

yes i have opened a new bank account

[noomill060]

Good, have you told the jobcentre to pay your money into it?

[marts_uk]

Heres a breakdown of teh charges on my minicredit loan. End of the month im going to pay them 350 and say take it or leave it as its more than the loan plus 1 months interest. If i then start receiving letters from their solicitor then i would appreciate help from experienced members on here.

 

Loan principal £250

Interest in total £190 (1% of the Principal per day)

Overdue penalty £25 (was added on the 1st day overdue)

Overdue penalty £55 (was added on the 3rd day overdue)

Debit Attempt fees in total £320 (every unsuccessful attempt to receive the repayment costs up to £5)

Debt Recovery fee £100 (was added on the 30th day overdue)

[quackquack]

send payment by bank transfer:-xoops wrong thread

[quackquack]

can you not pay by other methods like faster payment by your bank:-x

[noomill060]

Penalty charges are unenforceable.

 

Debit attempt fee? Debt recovery fee?

 

Whats this? Sounds like more unlawful penalty charges.

[noomill060]

Could you stretch to £390?

 

Principle + interest.

 

Then tell them to go forth and multiply.

 

Their other "fees" and penalties are unlawful and unenforceable.

[iaintw]

here some advice on this matter

1. go to the police and report the matter to them stealing money is against the law.

2. get a crime reference from your local police

3. report them fraud action group

4. report them to loan sharks call 0300 555 2222

text LOAN SHARK and the details you want to pass on to 60003

send an email to reportaloanshark@stoploan sharks.gov.uk

[marts_uk]

UPDATE

 

Cash Genie, Txtloan, and PaydayUk have all agreed my payments offers of £15 per month until my circumstances change. Txtloan also took off £50 of charges so the balance now stands at £336.

 

So its clear that the 2 remaining payday companies i have loans with, minicredit and capital finance one are the 2 hardest to deal with. They both won't accept repayment plans, they both add huge amounts of interest and charges to loans. I believe capital finance one have broken OFT guidelines by taking money out of my bank on a none agreed date and for a sum of their choice. So i now owe them nothing right?

 

Also have minicredit breached OFT guidelines in anyway? If so how? excessive charges can this be classed is breaking the guidelines?

 

 

Im happy (as i can be) with the results so far, just need to deal with these 2 loansharks.

 

ps. Just rang minicredit to see what they would settle my loan at, the loan is now on £955 (original loan £250) and the least they will accept is £800!!

Edited November 16, 2011 by marts_uk

[nish40]

Maybe your best bet is to ignore them and wait for a DCA to contact you.

Do not get me wrong I hate DCAs too, but maybe they will be more willing to make a payment plan with you, and ignoring them at first usually gets them to halve the debt as an offer of settlement.

If you are someone who can put money aside easily ( im not) do so, and if the DCAs offer you this option, you have the money to pay it in one go to accept the deal.

 

On the other hand, I had a payday loan a couple of years ago, and the company tried to take the money earlier than they agreed, and I got a £35 charge off the bank, I cancelled my card, and without knowledge they set a DD up and tried again. I too changed bank, and told them I was taking legal action against them. Never heard from them since, and I never paid. Only Crudit Solutions tried to get anything, and I told them to prove it was me who ticked the electronic box on the app forms online.

[iaintw]

well done nish for what u are doing to them. If they take your money you have the right to contact the police and your bank . Some payloans companies are breaching the otf

stealing peoples money.

[superhooper]

I have only whizzed through your post but just wanted to tell you a little about my situation!

I have about 6 payday loans adding up to about £2000 & was really struggling to pay them all, so i cancelled my card & stopped all payments ( mainly cos they wanted me to make card payments which would mean that they have my details & can dip into my account). I contacted CCCS & am now on a DMP & the payday loans are getting about £5-£10 a month. I have been on the DMP for 4 months & the companies haven't contacted me at all.

 

This way worked for me & I hope you manage to sort yourself out!