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The Snake 1985

Speedcredit Ignoring Me - Advice Required

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Hi,

 

Wonder if anyone can help with a bit of advice. I have got myself into a mess through Payday Loans. I cannot pay these back and the interest rates are murdering me and taking the majority of my wages each month. I decided enough was enough and that I had to get rid of these once for all and took steps to try and get repayment plans setup for each of these loans. The problem with Speedcredit is that they are basically ignoring me and taking a £96 extension fee from me every two weeks. The original loan was £400 taken out on the 11th of October. I have paid £96 in extension fees 3 times, 8th November, 22nd November and 6th December. Speedcredit are saying i still owe £597. Even if I was in a position to pay this, which I am not, repaying £885 on an original loan of £400 seems ridiculous

 

I sent Speedcredit the following e-mail on the 2nd of November

 

Hi,

 

I am due to be making a payment on the above loan of £400 next Thursday 8th November. The payment due is £597. Unfortunately I cannot afford to make these payments at their current levels. I currently have 9 payday loans, 1 bank loan, 5 credit cards and 2 bank overdrafts which are currently over their overdraft limit. I am not in a position where I can continue to keep up with the payments due on all this credit I have. I do not want to go down the route of bankruptcy or get into a trust deed I want to pay each of my creditors what I owe and clear my debt of my own accord as quickly as possible. To do this I am going to require assistance from my creditor's in agreeing some sort of repayment plan with a view to clearing this debt. I would ask that you freeze all further interest and charges on this loan as adding to what I already owe is going to make it impossible for me to clear these debts. I propose to pay my SpeedCredit (£597) off as follows as per my payment dates, this is based on what I can afford and this would avoid plunging me into further financial trouble

 

2nd November £59.70

30th November £59.70

28th December £59.70

25th January £59.70

22nd February £59.70

22nd March £59.70

19th April £59.70

17th May £59.70

14th June £59.70

19th July £59.70

 

Total £597

 

Can you please confirm that this repayment plan is satisfactory to SpeedCredit. If so I will pay £59.70 tomorrow by Faster Payment? If I am in a position where I can pay this loan off sooner, or pay more towards this loan I will do so.

 

If you are contacting me regarding this account can I please be contacted on either my mobile phone xxx or by e-mail xxx. Please do not contact me on my home phone or by letter (my dad shares the same name and could potentially get hold of this) as I am on the verge of getting thrown out the house due to tensions over the credit I have. I am currently living with my parents and if I get thrown out it is actually going to be impossible to pay off these debts and SpeedCredit and all my other creditors will receive nothing. I am sure like me you do not want this to happen.

 

Can you please advise on my above proposal as quickly as possible so I can get the 1st payment made

 

Kind Regards

xxx

 

Speedcredit replied with basically a standard e-mail as follows

 

Dear xxx,

Thank you for your message

You have 2 options in regards to the repayment of your loan. You can either pay:

By the 8/11/12 , you have 2 options:

1) you can pay £597 to close your file,

OR

2) you can pay £96 on the 6/11/12 to extend for an additional 14 days.

Please remember that we will not automatically debit payment from your card. You can pay via our website http://www.speedcredit.co.uk or you can transfer the money into our bank account. Please note if you decide to transfer money into our bank account, you need to allow 5 business days for the money to clear and for it to be logged onto your file to extend in time or close your file.

If you have any questions please don\'t hesitate to call us on 0843 381 3381.

Failure to make either payment to your file will result in your file being passed to a third party debt collection company incurring additional charges and seriously damaging your ability to get any type of credit from anywhere in the future.

Kind regards

Speed Credit – Loans Team (131)

t: 084 3381 3381

ïï€ Please consider the environment before you print this email.

 

I replied to this as follows

 

Hi,

 

Thanks for the response although I have to say it does not help much. I can probably just about afford to pay the £96 extension fee as you suggest but I am only going to be in the same situation again in two weeks time. I cannot afford to keep making payments at this level. I want to come up with a solution that will enable me to clear this loan balance. I ask that Speedcredit come up for some sort of repayment plan to help me do this. It would appreciated if you could freeze the interest on this loan as it is making it impossible for me to clear this debt. I want to make it clear to you again that I do want to clear the debt that I owe but at the moment I am finding it impossible with the interest rates at the level they are

 

I look forward to your response

 

Kind Regards

xxx

 

Again Speedcredit just sent the standard e-mail as above so i responded again

 

Hi,

 

I have now sent Speedcredit two e-mails informing you I am struggling to repay this loan. Speedcredit have made no attempt to offer any assistance to me in attempting to get some sort of repayment plan setup. Instead i have just been sent a standard e-mail response on both occasions saying I can either extend for another two weeks or repay the loan in full. I have managed to extend the loan this time however in two weeks time I am going to be in this position again where I am going to find it impossible to pay this loan in full or even make an extension payment. Can Speedcredit please help me arrange something so I can get this debt paid in full. Could you please look at freezing any charges and interest so I can have a chance of at least getting this debt paid off. It would also be appreciated if a repayment plan could be agreed. As stated before I have I currently have 9 payday loans, 1 bank loan, 5 credit cards and 2 bank overdrafts which are currently over their overdraft limit. It is impossible to keep up with the repayments at the moment. i do endeavour to pay off all my debt and don't wish to go down the road of a voluntary creditors agreement or bankruptcy but I need assistance to enable to clear my debt with an affordable repayment plan with each of the companies I owe money to

 

I look forward to Speedcredit's response

 

Kind Regards

 

xxx

 

Speedcredit then asked me to telephone them

 

Dear xxx

Thank you for your message.

Please call one of our operators on 0843 381 3381 who will be happy to discuss the circumstances around this with you.

Kind regards

Pay Check Credit Support Team (224)

 

Now i don't particularly want to talk to them on the phone as I have felt intimidated and under pressure when dealing with this company in the past. Also I would rather deal with them via e-mail as I want a paper trail of what was agreed as I do not trust Speedcredit to do and act upon anything agreed on the phone so i went back again

 

Hi,

 

I sent you an e-mail on the 9th of November regarding me struggling to pay off my Speedcredit loan, I have copied the e-mail below in case Speedcredit have disposed of this e-mail, to which I have received a reply from Speedcredit asking me to contact you by phone. I do not wish to communicate on this issue by phone, I would rather do this via e-mail then I have something in writing from Speedcredit. My loan in due tomorrow, i cannot pay this loan but have been able to borrow from a friend to enable me to pay the extension fee again to extend the loan by two weeks. I cannot continue to do this. I need to get a repayment plan set up and get all interest stopped. This is the only possibility I have of getting this loan paid off which I will state again I would like to do. I cannot extend again. Within this two weeks I want something setup with Speedcredit suitable to both parties. I suggested a repayment plan on my previous e-mail. Can something, with agreed dates obviously, be setup by Speedcredit and agreed to ASAP to try and get this issue sorted

 

I look forward to your response and appreciate your assistance on this matter

 

Kind Regards

 

The above e-mail has simply being ignored. Should i phone them, i don't really want to as stated above, or should i persevere via e-mail? I feel stressed with this. In 10 days they are going to be wanting another £96. i cannot keep finding the money to pay them. i am borrowing from friends to pay them as it is. Can anyone who has dealt with them in the past advise if they are likely to ever play ball in terms of a repayment plan. What should I do. I have sent another e-mail tonight. I'll report back if they respond.

 

 

 

Hi,

 

I sent the e-mail below to you on the 21st of November. I have received no response from Speedcredit. I first informed you of my financial difficulties on the 2nd of November. Speedcredit have done nothing to help me with this issue in terms of helping me to agree to a repayment plan or freeze interest as I suggested. Since my original correspondence I have made 3 extension payments totalling £288, I have had to borrow from friends to make these payments. I cannot keep doing this. I will be making no further payments to Speedcredit until a repayment arrangement is in place. I have been extremely amicable and want to work with Speedcredit to get this debt paid off and cleared as quickly as possible. i do not dispute that I owe Speedcredit this money but I cannot keep up with the repayments due to my current circumstances. Speedcredit are making no attempt to help. I have been asked to leave my parents house partly due to the stress being caused with these payday loans and constant phone calls from payday loan companies to their house. Can I ask that my parents home telephone number xxx is removed from the system immediately and that no further calls are made to this number. Can i also ask that my new address is updated on to your system. xxx. Please respond with a repayment plan as quickly as possible. As stated no more money will be paid to Speedcredit until something is agreed

 

Kind Regards

 

Apologies for the length of post but wanted to put as much information as possible in the hope getting advice from people on here who know what they are doing

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You must cancel your debt card and make sure the cpa at the bank is also cancelled. Only repay by bank transfer. Also pay back the loan plus month interest. Report to the oft now, and fos. They will make threats demanding more just pay loan etc no more

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Send another email stating...(and copy in the Office Of Fair Trading into the email too)

 

Dear Sirs

 

You have recently responded to my emails with standard generic replies requesting me to give you a call, I do not wish to make telephone contact and it is quite reasonable of me to request all responses in writing. Your behaviour is obviously geared towards increasing the amount of the debt without addressing the situation of the debtor. This is unacceptable and your behaviour is in clear breach of not only the Office Of Fair Trading's guidelines but a serious breach of CPUTR2008.

 

I am now opening a case with the Financial Ombudsman Service who will charge you £450 just to investigate my case.

 

I have attempted to contact you and you have simply ignored the content of my emails

 

Yours faithfully.


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