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minicredit - original loan £400, now at £1104 and counting!!


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So many places to post this thread, so starting my own one:


The total outstanding balance £1169 from the date of issuing (14th of September 2011) until today the 24th of November 2011 consists of the following:

Loan principal £400

Interest in total £284 (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 £305 (every unsuccessful attempt to receive the repayment costs up to £5)

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


Microcredit Ltd used the contractual right to debit payments from Your debit card towards the outstanding balance and received in total of £65 on the 21st of October 2011. The mentioned partly payments decreased the total outstanding balance and the current balance is £1104 today on the 24th of November 2011.


I have rung them, emailed then about repayment plans, my financial difficulty etc and also explicitly told them to stop trying to debit my account because that card has been cancelled for over a month, and it just keeps adding £5 a day to my already ridiculous balance.


I'm going to propose original plus 1 month interest, and then see what happens, probably nothing!


I have a few other payday loans, and all have accommodated me with generous repayment plans, and some of those were much bigger than the £400 I originally borrowed from these "%*""&*


Loan principal £400, Debit Attempt fees in total £305 - what a joke! Sometimes they allege that they have tried to debit my account up to 3 times per day, at £5 a pop!


Will keep you guys informed. Going to involve OFT and fair trading as well.

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Latest Correspondence


The Following Final Response is being sent to You according to the Formal Complaints Procedure described in the pre-Contract.


The following information has been taken from the Loan Agreement:


Repayment, Default and Recovery

8. You agree to make all payments to us under this Agreement at the proper time. We will collect payments by debiting your bank account using the debit card details you have registered with us up to three times per day. You authorise us to debit your bank account to collect payments due under this Agreement. If we are unsuccessful in collecting payment, we may try to debit your bank account again at a later stage until we have successfully collected payment. If you have provided us with details of a second debit card and we are unsuccessful in collecting payment from the first debit card, you authorise us to seek payment via the second debit card in the same way as you authorise us to seek payment via the first debit card. You must give us new valid debit card details when you cancel, lose or your debit card(s) registered with us become(s) invalid when you have unpaid loan with us.


We are unable to stop the debit attempts You have authorized by signing the Loan Agreement.



Kind regards

Minicredit Claims Department


No response to my settlement figure yet ...


I particularly like this part "We are unable to stop the debit attempts You have authorized by signing the Loan Agreement"

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  • 1 month later...

Ok, so "loan Amount" got up to £1480 from the original £400, that was the 1% interest per day plus the fee for attempted payment at $5 per day.


Proposed an arrangement, original plus interest, but no fees for doorstep collection, which as you know never happens, late fees and no way I was paying for the attempted debit card fees, because I already advised I had a new card so stop trying!


Happy to say they accepted the offer and I am now done, done done with these guys.


Have loans with many other companies for my sins, and all have been VERY helpful with repayments plans, some over 6 months.


My advice, stick to your guns, ignore "threats" etc, do everything in writing, not over the phone, and in most cases (i have loans with 12 payday companies) they are reasonable, even if you pay a small token amount it helps.

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