Can anyone advise on Muck Hall response please? Thanks!

[Blossom99]

Is this correct? I just want rid of them so bad, they have been a huge pain in the ass during my repayment plan

Dear Blossom

Unfortunately Mackenzie Hall will not offer any settlement on your account

 

The interest and the value repayable that Quick Quid charges is clearly stated before the loan is agreed.

We are more than happy to keep you on your current arrangement of £61.33 per month until the balance is paid in full

Your next installment is due by 01/06/2012

Once the account is fully paid your credit file will be updated as Paid in Full

Kind Regards

To whom it may concern,

 

I am writing with regards to a Final Settlement Offer.

 

After making my agreed instalment payment of £62 in June, My offer is that I make no more payments until 31st July 2012. I would then make a final payment on that date of £139 and then ask that my account is closed and the debt is marked as settled in full on my credit file.

 

My calculations are as follows -

 

The original loan was for £400 plus £50 in interest. By July I will have paid £311 from this debt with £139 remaining. The rest (£425) outstanding is purely unlawful interest charges which I have been advised by the Citizens Advice Bureau are unenforceable in any Court Of Law.

 

To clarify, I would ask that you accept my final settlement offer of £139 on or before 31st July 2012, and ensure that it is marked on my credit file as settled in full.

 

Please confirm by return email.

 

Thank you.

 

Blossom

[renegadeimp]

Ask them why they are going against OFT guidance which states that they have to take your financial situation into account. Ask them why they are intent on putting you into further hardship when if the case ever went before a court, a judge would more than likely lessen the amount you are paying.

 

Also ask why they arent providing you a breakdown of charges on the account.

[Blossom99]

Thanks, I CANNOT believe in this economic climate that they think people have £425 to spare on interest charges. £425!!!!! I think I'm flogging a dead horse with this and they are going to stick to their guns, and my blood is boiling. I only had the confidence to email them and challenge the charges thanks to the people on this site.

[renegadeimp]

Well, look at it this way. If i loaned you £100 then a few weeks later i said you now owe me £500 because you werent able to pay it on time and needed an extension of 4 weeks. What would you say to me? It's no different to how the PDL's work. They just try to exploit various loopholes in law to try and justify charging a massive amount for a very tiny amount of credit.

 

It's just sad that the proposed amendmant to change the law so the FSA can clamp down hard on PDL's, is looking like it wont be passed next week in parliament. For some reason, a LOT of MP's are refusing to vote for it, and indeed, the Conservative led goverment was paid/donated a LOT of money by the owner of a group of PDL's last election.

 

If MP's had a grip on reality, you would never see these extortionate charges/interest amounts being added to a short term loan, and people like yourself that took out the loan because you needed to make ends meet would easily be able to repay the loan and get on with your life.

[Blossom99]

Really? Thats very disappointing to hear. With that in mind, do you honestly think I am fighting a losing battle here.

[renegadeimp]

Even if all hope looks lost, its best to keep a dialogue open. You never know what may happen, plus if it ever dos get to court, you can still contest it in front of a judge. If you lose the case for whatever reason, you'll be in no different of a position than you are now, as the judge will still take into account how much you can afford and when, and the PDL/DCA cannot change the amount of frequency as it has been court ordered.

 

Remember, courts etc are neutral and investigate both sides before making a judgement on the issue.

 

Now im not saying it will get to court, as the PDL might buckle and give you what you want, but its better to give you the full details, to alleviate any stress you may have,.

[Blossom99]

To be honest I am fighting the urge to reply and just tell them what a bunch of knuckle dragging chimps I think they are

[Blossom99]

... My reply ... Have I shot myself in the foot???? Thanks

 

 

Thanks for your reply,

 

I understand that I defaulted on the loan, and I take full responsiblity for paying back what I borrowed plus the interest. £425 in interest charges is extortionate and, as stated before, unenforceable in a court of law. I have been advised by Citizens Advice Bereau that I am within my rights to challenge these charges, and also as I have never received a breakdown of all the charges I may immediately make a complaint to the Office Of Fair Trading and to Alan Stewart or Sam Gardiner of East Ayrshire Trading Standards. I shall also be sending them copies of my bank statements showing the high amount of bank charges accrued from Quick Quid trying to debit my account after having been informed that there was no money in the account for them to take, and asked not to do so. So on top of the high bank charges I was charged for them trying to raid my account (illegally) £425 in interest on the loan is extremely unfair.

 

I would like to re emphasise that I take responsibilty for paying back the amount borrowed, plus interest. And I have kept to the repayment agreement so far on time.

 

I ask again that you accept my previous offer and put an end to the matter.

 

Please respond by return email.

[Blossom99]

Should I just accept defeat on this ...? Advice gratefully received ...

Dear Blossom

This is the breakdown of your balance as supplied by Quick Quid:

Original Principle Balance: £400.00

Check Amount: £300.00

Late Fees: £36.00

Total: £736.00

You have paid to us: £249.00

Outstanding Balance: £487.00

I have consulted my management in regards to settlements your account.

It seems you may have been misinformed regarding legal proceedings. We use a companies called Colemans Solicitors and Stirling Park when considering any legal action.

In regards to Settlements:

They will only consider settlement offers of 80% and above

This would mean a minimum payment at this point to close the account would be £389.60

Kind regards

Mackenzie Hall

[suzyem]

Hi Blossom

 

I am about to undertake the same route as you are going down. I am going to propose exactly the same (the original loan plus the original 1 month interest) and will let you know how I get on. I have asked for a breakdown and will be emailing them with my offer next week. Don't give up. I note they said to you an i quote;

 

The interest and the value repayable that Quick Quid charges is clearly stated before the loan is agreed.

 

and that is what you are proposing to pay them am i right? The interest and value repayable at the time you accepted the loan, you are disputing the disgusting rollover charges etc etc. I have paid wonga £826 on a £926 loan - they say i still owe them over £1200! Payday UK i borrowed £410, have paid them back £580 and they still want £400 from me

 

Suzyem