Please help (minicredit)

[cj2k7]

I stupidly took out a minicredit loan for £250.00 on 18/10/2011.

The balance now stands at £679.00 due to all thier charges etc as i was unable to pay the loan. I have spoken to them to advise them i cannot pay due to my hours being cut at work and no way of getting that sort of money at the moment.

I have emailed them and offered a settlement payment of £400.00 but i am still awaiting reply.

They have today emailed me advising me they are going to contact my employer (which is never good) and if no payment is made by the 16/12/2011 then the doorstep collections will come to my home and demand payment.

Does anyone have any advise as to what i should do?

thanks x

[asmilecostsnothing]

Hi

 

In a round-about way you must contact Consumer Direct and the OFT

They seem very interested in this company and another one if nothing else!! Don't delay do something about this today.

 

Whilst I imagine their just threats about work contact (their not allowed to speak to anyone but you by the way on an employers number) and door step collectors are the fairly common first used of a payday lender

 

There is unfortunately no law that a company has to accept any full and final settlement and certainly won't work with all lenders, (I've never known it happen) not when there is a profit to be had all the while this drags on and there's no payment being received, I also wouldn't part with card details on those you may think you have agreed a settlement with, unless it's in writing of course

[cj2k7]

thanks very much for the information. I have sent an email to consumer direct in hoping they will help.

Mini credit have advised me no payment plans, no settlement offers, no nothing basically.

So pay the full amount by Friday or doorstep collections will come to my home.

Would you recommend me making any token payments on this account? See if it will keep them at bay for a while whilst i get some more money together to pay them?

thanks again.

[asmilecostsnothing]

Good about going to C.D

 

Definately any money to them will put a fly in their ointiment but only pay if your priority bills are made up to date these must also come first if nothing else

the morg, rent, council tax, TV license, electric/gas

 

I know these are a lot of huff and puff and some of the stuff they say and claim would never stand, I had them myself one time but it was quite a while back now

 

Keep strong and keep communications to a letter sent to them recorded delivery

[johnvernon74]

I've seen other people in same situation as you and I'm sure you will have read them on here. There appears to be a good set way to deal with Payday Loans that you cannot pay for whatever reason.

 

Firstly contcat your bank and advise you have lost your bank card and your account deals were together. Demand a new debit catd with a new number and NEW bank accoount number, as you are concerned about your security and identity, This will ensire minicredit can't get any money in the intrim.

 

Continue emailing them until they agree a repayment plan and when done ask them for details and make payment to there bank account.

 

Hope this helps, but there is a look of people on here with lots of advise on this subject

john

[sillygirl1]

All you LEGALLY owe is the original loan amount and one months interest - don't ask for court info as you don't need it to beat this lot of sharks - court info is irrelevant as their particulars of claim are usually so poorly worded and written that is enough to sink them.

 

There is no 'template' defence for dealing with PDLs as each one is different, some companies don't even have the right to take people to court in the UK so that gets used against them, some companies go to court as soon as you stop a direct debit etc etc etc.

 

A new debit card and a new number from the same bank won't stop them leeching your account, you need a Halifax Easycash account (sign up online) or a Post Office account or a Co-op account.

[sillygirl1]

Making a token payment on this account will leave your bank account wide open to them. Do not pay anything other than a part payment towards the original loan amount and one months interest.

 

Token payments in some circumstances mean you admit the WHOLE amount they are claiming should it come to court....

[jh35]

I have the same issue, i no longer contact these cowboys, they have sold the debt on to freds, which again are useless, i have disputed the debt the original was £100.00, now currently over £800..00. I have emailed MC on numerous occasions telling them i will pay the original loan amount plus £25.00. They a bully boys, and i think the next step will be court, which i want them to do.

[Kev222]

Hi sillygirl

 

I Know you always say that you only owe the original loan amount and one months interest, I am going to send a letter to minicredit if you have anything that can support this

I will be most greatful I have looked everywhere and came up empty Thanks

[sillygirl1]

Just quote Section 87 of the CCA Act, that is all the supporting evidence you need, they KNOW this and choose to ignore it.

 

To be honest the least 'legal' stuff you give them to argue about the least they can muddy the waters - they know they are sailing close to the wind and are relying on your ignorance and fright.

[jh35]

excuse my ignorance, but section 87, what does that mean?

[sillygirl1]

Section 87 is a section of the CCA Act, this is EXACTLY why you MUST NOT go round quoting 'legal' stuff you do not understand, within Section 87 is a raft of legislation dealing with loans, including short term loans where the original loan amount has not been repaid by the end of the loan term.

[Kev222]

Thanks sillygirl

So basically 87 is about default. because a payday loan contract is only a month they can only charge that because after the month the credit agreement ends and they have no more power to charge interest. Am I right with that.

[sillygirl1]

Yes, but you really do need to read the whole of Section 87, it deals with a lot more but that is the gist of one of the bits.

 

I am not getting into what will be the 8th discussion on this this year as it is going to be superceeded.

 

You also need to contact MP Stella Creasy as she is very active in the PDL area. If you do a search on her on this forum you will find her contact details.

[marts_uk]

Hi Sillygirl

 

I have just had the ccj letter of threat now.

 

What should i do?

 

The 150 loan is now on 920! Do i just pay them off with 200 then send a letter in reply to the threat quoting section 87?

 

Please help, thanks.

[sillygirl1]

Just keep any letter simple and leave any 'legal' speak out of it, they may use it to attack you with at a later date.

 

When offering payment plans make sure you can pay what you can when you say you can.

[sillygirl1]

Look at some basic logistics here with this company, supposing an investor has £3000 a month to give out as £100 loans

 

£3000 outlay to 250 people at £100 each (knocking off the bank transfer fee)

 

200 people repay £150 back = £3000

50 people can't pay back £150 and get conned into repaying £300 each (minimum) = £1500

 

Therefore after two months they get the capital back and 50% interest..... nice little earner (they call it 'wealth management')

[lanway]

can someone help me with mini credit please? i got a loan of them for £400 and wasnt able to repay them. they have taken nearly £400 out of my bank account up to now to repay it. i then received a letter today about a door step collection notice. does anyone actually come out? they said on the letter my over due amount was £989 although when i called, they said it was £700 and i am getting charged £4 a day. what i would really like to no is does anyone actually come out? i am worried sick with this.

thank you

[sillygirl1]

Report Minicredit to the OFT and Trading Standards

 

http://www.consumerdirect.gov.uk

http://www.tradingstandards.gov.uk

 

Get a new bank account with Halifax Easycash, Co-op or Post Office.

 

It is unusual for somebody to turn up - if they do THEY HAVE NO POWERS and can be told to get lost. Do not sign anything on the doorstep to say you have seen them either, that is a common ruse to get your signature.

 

If they have taken money out of the bank account in amounts and days they were not supposed to REPORT THEM to the OFT and Trading Standards, Payday loan companies are high profile at the moment.

 

If you do not complain to the two authorities mentioned you are wasting your time posting on this site.

[lanway]

thank you sillygirl1

[cj2k7]

Good about going to C.D

 

Definately any money to them will put a fly in their ointiment but only pay if your priority bills are made up to date these must also come first if nothing else

the morg, rent, council tax, TV license, electric/gas

 

I know these are a lot of huff and puff and some of the stuff they say and claim would never stand, I had them myself one time but it was quite a while back now

 

Keep strong and keep communications to a letter sent to them recorded delivery

 

Hi all,

Just a quick update on my problem with minicredit.

I have made a token payment of £40.00 for now.

I got a response from C.D, they agree with all of my points on this company, and have passed the details on to trading standards to choose if they wish to take the matter any further.

I have emailed them today as i received an email stating if full payment was received by today 16/12/11 then they would contact my employer and send doorstep collectors to my home. All i ever seem to get is a automated response stating that all amounts must be made witin 90 days of the loan issue date to stop legal action (bring it on). I am most worried about these doorstep collectors. I shall just have to wait and see. I also advised them in my email that consumer direct said they must not contact my employer or visit my home as they are harrasing me!

Thanks all for your help!!

[cj2k7]

can someone help me with mini credit please? i got a loan of them for £400 and wasnt able to repay them. they have taken nearly £400 out of my bank account up to now to repay it. i then received a letter today about a door step collection notice. does anyone actually come out? they said on the letter my over due amount was £989 although when i called, they said it was £700 and i am getting charged £4 a day. what i would really like to no is does anyone actually come out? i am worried sick with this.

thank you

 

Just some helpful information for you with regards to the doorstep collectors, i have emailed mini credit about 50 times tonight by email with regards to the doorstep collectors and they will automatically turn up after 30 days past your due date (you have 90days from the due date to clear the balance, but they won't stop interest) they also confirmed in writing that they will postpone the doorstep collectors for 30 days after each partial payment made to them, so make a small payment of £10.00 ( i used ukash ) and that should keep them at bay from your home, it was a big worry for me also, so just keep making a pest of yourself by emailing them as much as you can and they should get the picture.

[sillygirl1]

You must now send every email you get to CD and quote the reference no they gave you.

 

They CANNNOT ask your employer to take the money from your wages, nor can they even SPEAK to your employer, big NO NO and MASSIVE breach of the OFT Guidelines - not to mention Data Protection.

 

Good luck with them, don't forget, every email goes to CD and quote your reference,

[sillygirl1]

NEVER EVER use UKash to pay these muppets, it is only money going offshore into their own pocket. You must go to Consumer Direct http://www.consumerdirect.gov.uk and complain complain complain. If they have not got a 'tracebable' method of payment they get nowt.

[ianphillips2347]

I can only speak from my personal experience with these vultures but, despite the threat of door step calls and contacting my employer, neither of these happened.