Speed Credit

[xiireeceiix]

Hi, i took out a loan a few months ago with speedcredit and now they have incurred fees and the bill went to around £600 then on the 30th they said they had set up a plan for me and i paid of £96 and today i had baliffs at my house, help me what do i do?

[renegadeimp]

You havent had any bailiffs at your house. They were doorstep collectors who have no rights but like to pretend they are bailiffs.

 

Can you give us more info on what happened, and what they said. WHen you calm down of course

[xiireeceiix]

ok well i am at university so i am not at home urmmm what would u like to know, im just shaken up right now

[renegadeimp]

Ok. Concentrate on uni for now. The people you dealt with have NO rights. If they come again, simply tell them to sod off or you will call the police and have them removed.

 

These outfit loves to threate, bully and harass you into meeting their unlawful demands.

 

 

Focus on uni, then when you get home, post up as much info as you can, and we can help you form official complaints.

[xiireeceiix]

urmm well i took a loan out then about a week ago they put lots of legal fees on top then said they were guna said baliffs tomorrow but sent these collectors today but like 10 mins after the email that they said they were guna sent baliffs they said they were guna set me up a payment plan which i didnt even apply for and they keep sending me emails about paying back and stuff

[renegadeimp]

They are lying to you. Plain and simple. Have a read of the speedcredit forum, youll see just how illegally/unlawfully they operate.

[xiireeceiix]

well how can i get them off my back from coming to my house and stuff?

[renegadeimp]

http://www.consumeractiongroup.co.uk/forum/content.php?441-If-you-do-receive-a-doorstep-visit-we-give-these-suggestions-to-Members

 

Have a read. Dealing with this company will be frustrating and you need to be prepared to make formal complaints to the industry regulators if needs be.

[xiireeceiix]

i just read that they need to book an appointment for a doorstep visit, therefore they broke the rules by just turning up?

[renegadeimp]

Pretty much yes. See. You're getting the hang of things

 

Just understand that SPeedcredit recentley lost their licence to operate. However, because they appealed, by law they were allowed to keep it until the appeal hearing. There are a few other companies ran by the same owner as speedcredit, so youll prob hear off them soon as well. These companies will tell you every lie under the sun, so be prepared to deal with it.

 

 

Going back to your original post, can you post more info on the loan? Dates take, amounts loaned, contracted dates/interest amounts, reason you havent repaid yet, have you contacted them to advise you cant pay? ALso, never, ever under any circumstances talk to them on the phone. Only deal with them in writing.

[xiireeceiix]

how do i complain to the oft then?

[renegadeimp]

Youd have to write an email detailing your complaint and what you have tried to achieve to rectify it.

 

Its also a good idea to go through Speed credits complaints procedure and go from there. This allows you to take it to the FOS.

 

 

Can i ask if these doorstep collectors who lied about being bailiffs, were from a company called "Mackenzie Hall"? If so, then theres a procedure to follow where you can complain to trading standards as well.

[xiireeceiix]

this was the latest email that i recieved a few days ago

 

From: NDR - NDR - Greg Campbell

To:*********8

Sent: Tuesday, 2 October 2012, 11:03

Subject: WARNING - failure to respond

 

 

Dear Mr ***

 

Re loan ref: *******81

 

You have not responded to our request to come to a pragmatic arrangement with you to pay of your outstanding debt with our client Speed Credit in respect of your Speed Credit Pay Day Loan*. By ignoring our attempts to contact you and not coming to a reasonable arrangement to settle this debt YOU WILL:

 

1. Incur further charges

2. Suffer further adverse Credit

3. Hinder your defence should this escalate to County Court.

4. Leave us no option but to send out Recovery Agents to all addresses we have on file.

 

Once agents visit it will be very difficult to discount the amount you owe. It is better to make contact with us and set up a reasonable arrangement rather than allow this to escalate.

 

You currently owe:

Loan and Interest GBP 196

Solicitors - Case Preparation GBP 150

Missed Payment Fee 2 (day 43) GBP 10

NDR Accept Case File GBP 200

Missed Payment Fee 1 (day 29) GBP 10

Cash Transmission Fee GBP 5

 

Repayments todate GBP 96

Total GBP 475

 

This can be reduced but you MUST contact us within 3 days on 0843 381 0843. Your file has been sent for review to our Bailiffs and our ground agents to prepare for Court action and door visits. We look forward to hearing from you.

 

Yours sincerely,

 

 

DEBT MANAGER - Greg Campbell

NORTHERN DEBT RECOVERY

0843 381 0843

 

NOTICE: The contents of this e-mail are intended for the named addressee only.

 

It contains information which may be confidential and which may also be privileged. Unless you are the named addressee (or authorised to receive for the addressee) you may not copy or use it, or disclose it to anyone else. If you received i t in error please notify sender immediately and then destroy it.

[xiireeceiix]

im not sure i just got told that im in the crap by my mum

[renegadeimp]

Tell your mum to read this forum. She'll soon calm down. The letter they sent you is full of lies, and threats. They cant add on those fee's or charges. They are there solely to inflate the debt for their own gain, and to scare you into paying. Your mum already seems to be falling for their lies.

 

Notice how they still talk about bailiffs. Bailiffs cannot come until you have been to court, the creditor has won the case, you have defaulted on a court ordered repayment plan, you go back to court to explain yourself. Only after all that ( which can take months), would bailiffs be an enforcement OPTION. very very rarely are bailiffs used for debts like these.

 

They also state fee's for solicitors and their silly sub company NDR. Both of these are unenforceable by law and are there purely to increase the debt so they can have more cash.

 

As a note, Speedcredit, Toothfairy, NDR, Mackenzie Hall, Marshall Hoares are all the same company. They just operate right on the border of being separate legal entities.

[xiireeceiix]

ok thank you, you know these fees that they whack on like "NDR accept case file" do i have to pay these or aree they illegally added on? what would happen to my loan if speedcredit cannot trade anymore?

[renegadeimp]

They are not illegal but they are unenforceable. As stated, this outfit adds them on purely to inflate the debt higher.

 

As for your last question, we don't know yet. That is up to the OFT to decide when the appeal is heard. This could be weeks, months, or even longer.

 

However, you need to play by the rules, if you want to resolve your problem. That way, whenever speedcredit breaks regulation, you can show that you acted correctly and accurately, but they decided to ignore everything and continue regardless.

[xiireeceiix]

ok which parts of the loan do i have 2 pay, just the intrest and the orginal loan amount?

[renegadeimp]

You pay the original loan amount plus original stated interest, plus a default fee, minus anything you have paid so far.

 

Read some of the horror stories in this thread. They will harass you to breaking point, but for some reason they very very very very rarely ever take anyone to court over the debt. Mainly because the charges are unenforceable, and they dont want a judge to see all the evidence that the debtor would have received from them.

[xiireeceiix]

so if u look back up the page on how they have cut down my debt, how much would recommend i pay them?

[renegadeimp]

so if u look back up the page on how they have cut down my debt, how much would recommend i pay them?

 

You pay the original loan amount plus original stated interest, plus a default fee, minus anything you have paid so far.

 

Already answered it

 

I'd love to hear how they would justify taking you to court or pursuing you for a debt entirely made up of unfair charges after you paid the debt.

[xiireeceiix]

ok but what about all these "missed payments" fees that they add on should i pay them? also i dont know how much the default fee was? do u think they would ever take me to court or would they clear the debt after i paid off the orginal loan, intrest and default?

[renegadeimp]

They are penalty fees and again, theyre unenforceable.

 

They could certainly try to take you to court, but its pretty certain that they wont. As i said before, they wont want a judge to see exactly what they have been up to.

[xiireeceiix]

ok, how are they aloud to keep putting on these fees, also they are threatening to put more fees on which they know i cant oay back have u had expieriences with them?

[renegadeimp]

Read my previous responses. I already explained why they do it.