£100 MiniCredit Loan Now £1052!! HELP

[stanshope86]

I stupidly took out a £100 mini credit loan and was not able to pay this back. I received a letter & email from OPOS Ltd asking for £1052 to pay all the interest and charges ASAP. I can not pay this back and asked if i could set up a payment plan this is the response.

 

There are 3 payment options that are available depending on what you can afford, the first is 6 months interest free to clear the balance at £175.33 a month or 12 months interest free at £87.67 a month or if you are able to raise the funds I could accept a settlement of £789 as full and final this would ideally be paid in one go, I would need you to update us with your income and expenditure and details of payments depending on what option you take, any issue reply to this e-mail or call me on number below.

 

HELP HELP HELP

[stitchly]

You need to firstly write or email them and ask for a full breakdown of your account.

[stanshope86]

I have done this today and this is the reply:

 

The breakdown is £80.50 from the loan you took £971.50 in charges for credit total amount is £1052.00 this is in line with the credit agreement you made with the company for further information on this check the T&C of the agreement you have entered.

[Nao]

You only owe original loan amount plus 1 month interest minus any payment already made.

 

They are not allowed to charge the interest rate of 4000% or whatever as the credit agreement was for a fixed time.

They are also not allowed to add charges that are unfair or disproportionate to the main debt.

 

First thing to do is go to a Bank that has nothing to do with your current bank and open a new account and move your salary / benefits to it, or Minicredit will wipe your account clean and leave you starving.

 

Then just keep sending Minicredt offers to repay what you actually owe at whatever rate you can afford, don't worry about their stupid charges, eventually they will give in and wipe them off.

[renegadeimp]

Ok. As per FOS rules. You only owe the original loan plus original interest and initial default charge, minus anything you have already paid. It is a 30 day contracted loan, therefore they cannot charge extra interest on top. All the charges are unfair and unlawful.

[stanshope86]

Thanks i have sent a response to this, this morning

[stanshope86]

They have replyed back and offered me a full and final payment of £150.00 to close the account!

[renegadeimp]

See. They ALWAYS back down when they know you wont be taken for a fool.