What do I do? Mini-credit help needed please?

[Help_needed1]

Hi all.

 

I originally took out approx £450 loan and like a lot of you on here, I got myself into financial difficulty and could not pay back the loan on time.

 

I phoned Mini-credit up and explained my situation and asked for a payment plan to be set up but they rudely explained they did not accept payment plans and told me to fax over a hardship from the nearest libary, they were very rude on the phone

 

To cut a long story short ( I could go on and on) they want £1130 of me from a £450 loan so I made a complaint to the FOS.

 

They have come back to me in E-mail which I made them do and basically i have had few e-mails from them and I will post the latest one they have just sent.

 

Dear Mr ______,

 

Thank You for the reply!

 

We understand that You are going through financial difficulties at the moment and providing You with the possibility to apply for a payment plan was the solutions we were able to give You. Considering that You contacted us before the loan was due to be repaid we are willing to reduce the interest but not more than one month totalling a decrease of £135 from the offer I made to You.

 

The reason why we are unable to provide You no lower figure is the Loan Agreement under which You have agreed to pay interest 1% of the loan amount per day until full repayment or default date. The default date is the 120th overdue day.

 

The Loan Agreement is a legally binding document and although You are unable to pay the loan back in full immediately we are still entitled to receive the agreed interest.

 

When the Customer sets up a payment arrangement over a longer period of time than originally agreed then the Creditor has to wait the funds back also longer than agreed. The positive side with the payment plan is that the Customer is able to make payments in affordable instalments but the negative side is that the total repayable amount is bigger by interest and penalty charges and the credit reference information will show the default. The default has to be marked for other creditors to see that at the moment You are unable to meet any financial obligations in full and to prevent over-commitment.

 

Microcredit Ltd agrees to decrease the offered payment plan balance £1130 by further £135 as described above. We will notify Opos Limited of our offer immediately and ask them to contact You for further arrangements.

 

Please let me know whether You are willing to agree with this?

 

 

WHAT do I do now? Surely this is well too much still? I just want to pay back the original loan I got from them in a realistic payment plan

 

what do I do next?

 

Can someone help please?

 

I have just typed this up very fast as I am very busy sorry, if anyone needs anymore info, I can tell them more later..

 

 

Cheers

[Welshy27]

Let it pass over to OPOS and they will accept a repayment plan to pay back your original loan and the one months interest - they will likely agree to drop the extra charges which has subsequently doubled your amount. My loan amount was the same when it got passed over and I'm now on a £20 per month plan with OPOS until I am able to commit to a higher regular monthly payment. Once I've repaid what is due then my account will be seen as closed and the default removed from my credit file.

[Help_needed1]

Thanks Welshy for coming back to me.

 

I know OPOS will have to accept a repayment plan, I was just carrying it on to see if I could get anything dropped at all.

 

At the moment I have got no INCOME as I lost my job so I could only pay back a £1 a month. I pay back mkenzie hall a £1 a month so surely they have to accept this.

 

I just want to pay back around £450/500 back not the £1330 they are asking for.

[Welshy27]

No problems at all - OPOS are so much more easier to deal with so I'd urge you to give Minicredit your permission for them to pass it on so that at least you are no longer having to deal with them (by continuing to receive contact from them). I'm on long term sick benefits and they accepted my first offer of £20 per month without any problems. If you explain your circumstances and perhaps provide some proof as to your unemployment then they would have to accept your initial £1 offer which can then be reviewed at a later date (i.e. in three months.) Make it clear that you are working on the principle of paying back the original loan amount etc and no more and that you are disputing the extra charges added.

[Help_needed1]

I read on here before, on a old post that OPOS are something to do with Mini Credit like under a different name or somthing? Is this not true at all then?

[Welshy27]

I read on here before, on a old post that OPOS are something to do with Mini Credit like under a different name or somthing? Is this not true at all then?

 

I've seen that too but not sure because Mini Credit are based in London and OPOS are in Glasgow. I certainly found the latter to be more understanding and easier to deal with.

[renegadeimp]

They are the same company. Their stated addresses are just mail redirection centres to give the impression of 2 separate companies.

[Help_needed1]

My friend has owed them over £1000's for ages now probably nearly a year and they have not done anything same with most of the payday loans he owes.

 

I kind of just not want to pay them back either because how rude and horrible they are, what can they actually do? But I am not like him I just want to pay back a bit a month just to get it out of the way with.

 

grrrr it annoys me!

[Help_needed1]

thats what I thought. so how come they are more understanding Renegadeimp?

[renegadeimp]

They seem understanding to give the impression they are trying to help and to make you believe they are different. have a read of the minicredit forums on here. Youll soon see their true colours.

[Help_needed1]

Could I say this in my response back in e-maiil? Mention they are the same company and see what they say?

 

I understand I got a loan and I have always being willing to repay it back I just got myself in financial difficulties and I just want to pay back a realistic pay plan without the hundreds they have added on

[renegadeimp]

They know they are the same company. They even refer to Opos as their inhouse DCA.