The Cash Store.... help

[pigsmightfly80]

Hi i need some help... first il outline this company, how they work, and what the present situation is.

 

i had some PDL's and fter christmas i was walking along the high street and i saw this new shop. i called in and asked how it worked. the stated they needed bank statement, prof of address, payslip, 5 references.

 

i explained i didnt have payslip as i was on day off, and would call back, they said its okay lets see your bank statement, and we will go from there. in filling the forms out they asked for 5 references, though they wanted to ring all 5.i explained i was happy for 2 calls but thats it. they then backed down and said ok, we will just ring the other 3 numbers to make sure the line rings.

 

i thought there is no way they will give loan as i had other pdl's on my statement. they came back to the desk an said they can give 50% of my wage. i took £500. i was working lots of ot , so could afford it.

 

Now with this shop their APR is around 59%, however they charge a brokerage fee, which brings the fee's in line with onlne PDL's.

 

i called in on Feb to pay the loan, but needed to reloan. they looked t my bank statement and i had earned more in feb they increased my limit, again without askign for a payslip. gullible me, i took more, now it was around £700. i paid that back, and paid 1 or 2 of th epter pdls, but reloaned a higher amount in march. around £800. i get paid in the middle of the month an towards the end, work had scrapped the ot, and i was somewhat uo creek street, so i called in 2 weeks, and avised them i couldnt repay in full in march. the woman seemed nice enough saying i should pay as much as i can. i said maybe £50, she said that will cover interest.

 

comes april i call in, pay £50. another member of staff came up, and bullied me into giving a figure to pay in may which was unrealistic, but i said aye so i could leave the shop. after this i decided i needed help and called PayPlan who have set up a DMP and have been paying them.

 

In April i got a letter saying i owed £1020.

 

ONce i defaulted in april i was harrassed for 3months by text messages, very few calls, but up to 5 textes a day. i tarted keeping some of them..

 

one of the messages was this:

 

No Payment has been recieved towards your balance, we will now be looking to contact your employers or references if you dont contact us today

 

another was:

 

a telephone message was left saying collection officers would call at my door if not paid.

 

anyway after a lot of arguinf the texts stopped. and they recently rejected the offer from payplan, though e continue to pay.

 

now i have recived letter stating i can have a fantastic 75% discount off, so i should pay £890 before end of august!!

 

now if that is 75% off, they have my balance on a loan of £800 at near £3600. consider the apr is 59%. the interest accrued from april on the £1020 is maybe £200-£250 so they have wacked on near £2000 of charges..........

 

the letter they sent also stated this:

 

this is a 'clear the slate offer', the added benfits of paying are:

 

no more late charges/accrued interest

no home visit debt recovery company cost to you

no baliff costs to you

no adverse effect on credit rating

no legal fees

no more worry.

 

help!!!

should i go into the shop and ask for all information they have on me? you know my customer file????

 

thanks

an sorry for the long post.

[honeybee13]

Hello and welcome to CAG.

 

I'm sorry you haven't had any replies yet, it's probably because the site is quiet at weekends and of course there's a lot of sport on TV today.

 

I hope the guys will be along later with advice for you.

 

My best, HB

[renegadeimp]

Sounds like you've run into a sc@m outfit. They know that they could never claim that amount in court and the charges are ficticious and there purely to give them more money. Thats why they gave you 75% off.

[ihateyes]

thought no one could be worse than Mini Credit

[renegadeimp]

Toothfairy/Speedcredit are MUCH worse.

[azzadle]

Speedcredit is MC rene, both trade under Microcredit and from reading other people's posts on them they slap on the same charges etc as MC do.

[renegadeimp]

Speedcredit are a diff company. If they are the same as minicredit, then you need to get in touch with the OFT.

 

Currently they are investigating Speedcredit, toothfairy, NDR, Marshall Hoares Bailiffs and one or two other companies, as they are the same company, the same people run them, but they all have separate licenses.

 

 

As for the name microcredit, i dont think its an actual name. More of a trading name they are using. Speedcredit is owned by MEM finance.

[PDLVictim]

Hi pigsmightfly80,

 

I would not go into the shop as they might talk you into things. I would instead write them a letter or email asking for a complete and full breakdown of your current debt with them. Once you have this post it here and we might then be able to advise on the next best steps...

 

@renegadeimp: Not MEM, but MCO

[ihateyes]

MEM arent speedcredit! speedcredit is Toothfairy, just like nextcreditandwhoever MCO is they have had their license revoked and fined over 500k