When can I stop paying reliable collections?!

[lid]

I have 3 accounts with different catalogues that were passed to Reliable Collections some years ago (about 3)

 

I have recently applied for a complete statement on one of them (now applied for same for the other two)

and after looking at the statement I find that on an original £124.82 debt I have paid £242.03

 

The interest over this time has added up to £163.01 their administration charges amount to £288.00

therefore the orignal debt plus the interest and administration charges add up to £575.83

 

I have paid £242.03 which means that at the moment my balance despite my paying them religiously for the last year amounts to £333.80 still to pay.

 

The interest charges are going up continually and are now more per month than I pay them so I will never pay off this debt no matter how long I pay it for.

 

I believe that the other two accounts are the same story

 

Please can anyone help and please can you put it in easy financial language as I do not understand a lot of what I have read

 

PLEASE HELP ME!

Edited December 3, 2011 by lid
put in wrong amount of payment

[questioner]

Maybe a plan to see if the agreements are enforceable hey? I was pestered by RC for months yet the agreement was unsigned and basically crap. Therefore I welcomed legal action and gave them nothing. They set their solicitor on me and after more sabre-rattling and me asking for unfair charges plus interest refund they closed the account. RC like to shout at folks but try shouting back and they get edgy. I reported them to all to OFT and other regulators too. Good luck.

[firstship]

Sending for a copy of the agreement is fine however you have been paying the company and therefore acknowledge the debt.

 

Lid Welcome..Write to Reliable Collections and simply tell them that you have paid double the amount of the original debt and at the current rate of interest it will never be paid and under these circumstances I intend to stop payments as of (next payment date).Should you find this unacceptable I require a copy of the agreement along with a refund of all of the charges made amounting to£............the matter will also be the subject of a complaint to the FOS Financial Ombudsmen Service.

 

Do all this in writing DO NOT PHONE

 

Regards FS

[t_k]

I would stop all payments immediately (or just pay a token amount of what you can afford) - then demand a full refund of all interest and charges - if this is not forthcoming then report them to all the authorities.

Sounds to me like they see you as a cashcow and you have simply been taken for a mug by them i'm sorry to say.

At the end of the day they have no legal powers to any money off you - only a court does and after a proper legal process has been gone through(i & e etc..)

[t_k]

Also never ring them and refuse to answer security questions if they ring you.

[dx100uk]

you should NEVER EVER pay a DCA - FULLSTOP

 

they've had you as a cash cow - mugged you blind

 

99% od cat debts are trumped up UNLAWFUL charges

 

because they are taken out by housewives that know no better

than to think it lawful to do this

 

and swallow the threats from the DCA's too

 

THEY HAVE NO LEGAL POWERS

 

stop ALL payment

 

do not speak on the phone about your debts EVER to anyone.

 

there is no law that obliges you to do so

 

fire an SAR off to EACH comany [OC] that hold these accounts

ie

littlewoods

JD williams

shop direct

 

 

then we will get reclaiming.

 

nice windfall coming!

 

dx

[lid]

Thanks to all I had more or less decided to stop paying and will now do so.

 

This company is one of the worst

 

they have in the past phoned me 10 times in two hours and generally made my life hell and it is only to stop their constant phonecalls and letters,

which they charge £12 each for ,

 

yesterday I had three so thats another £36.00 over the three accounts,

that I continued to pay and have been doing so through the CCCS but have now realised just how much I have overpaid and how long , for ever, I would continue to pay.

 

I am awaiting the full statments on the other two accounts from them,

they seem to be dragging their feet, and then I will take it from there.

 

Many thanks for all advice

[lid]

Thanks very helpful will stop paying immediatly I have been a mug really! I am waiting for the statments for the other two accounts which I have requested from them and will then take your advice will come back then if I need help on how to progress Many thanks lid

[firstship]

Make sure you add up all the £12 charges and claim them back,once you have the statements.In passing they are supposed to send you a statement at least once a year.

 

FS

[rebel11]

Hi lid

 

Were you mis-sold PPI on any of these accounts?

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

[lid]

I dont remember my health has got rather bad over the past few years and as a result I have not been onto of these debts but let the DCA rule me rather than the other way around

Edited December 5, 2011 by lid
mispelled in original