Advice please

[mostlygrumpy]

I took out £400 with minicredit. I rolled it over once. Then I lost my job. I found a new job get paid next week. The loan is 20 days overdue but the £400 is now £825 and appears to be increasing £25 per day.

 

I spoke to them and the refused a repayment plan. The lady I spoke to mentioned I could make a settlement offer.

 

What is the minimum they will accept as full and final. I can make a one off payment but can't afford the £800+

 

Just want rid of them.

 

Thanks

[renegadeimp]

Just pay what you originally owed. If they ever take it to court, they would have a hard time explaining to a judge how it doubled in 20 days.

 

Remember, you're dealing with a pdl that will do anything to extort money out of you. There's a reason pdl's are called legal loan sharks.

[mostlygrumpy]

Reading threads I see people have made full and final offers. Is the amount owed I.e. £400 usually enough to make them go away? So the are saying £850 and I offer £400.

[renegadeimp]

Theres no telling what they will or wont accept. They operate right on the line of being a legit business and being a l**n s***k. Best thing you can do is try an offer multiple times ( they never accept the first one) and see what happens.

[mostlygrumpy]

I have offered £450 today in full and final settlement and they have refused this and said they want £750. I don't have this and think £450 is reasonable. What do I do next?

[renegadeimp]

If they want 750 ask them for a full breakdown and post it here. Chances are they've loaded it with charges, especially since its doubled in just 20 days.

[emma1989]

the majority of the extra money will be from debit attempt fees. they tried 20 times in one day for me!! and they charge £5 each time they "attempt"

[Daddy2Alex]

They will tell you that you can make a Full and Final Settlement, but the chances are that unless it matches penny for penny the so called outstanding amount, it will get refused.

 

I've offered in the region of 5 different full and final settlements but so far, had no luck. Their most recent attempt they said that they would be "willing to waive most of their debit fees". However, they refused to waive the £100 collection fee and some of their ridiculously high interest.

 

The saga continues!

[renegadeimp]

They will wipe that 100 fee as its illegal and unfair.