Is this CCA Enforcable please? PayDayUK / MEM Consumer Finance Ltd

[nuclearshark]

Hi,

 

As you'll have seen from my SpeedCredit posts. I have sent out CCA Requests to all the PDL Companies.

 

I received a reply from MEM Consumer Finance Ltd aka PayDayUK.

 

I have attached the letter and agreement they have sent me (omitting my personal details) It is reassuring they haven't tried to "lift" my signature from the letter. I've heard of some PDL and DCA organisations being dishonest about signatures... So the siggy on the letter wasn't mine!

 

Anyway. Could some of you excellent and knowledgeable people please give me some advice on this attached CCA.

 

Regards,

 

NukeShark

[PDLVictim]

Hi,

 

I agree with MEM that this debt is enforceable. The electronic signature you gave is valid. They "only" want original loan amount plus one month interest.

 

FYI, they do repayment plans up to 12-18 months, so if you cannot afford the 6-month plan they have offered, try to contact them asking for a 12-month plan or even a 18-month plan (if you can afford this).

 

Personally I think MEM is one of the better PDL companies and I would rather pay MEM than e.g. Speedcredit

[nuclearshark]

Thanks PDLVictim,

 

I did think actually the agreement was perfectly valid. I have to say they seem a darn sight more organised than Speedcredit and QQ have been

 

I have also noticed the balance hasn't changed since I defaulted so I'm on the: "They're playing by the rules" side of the fence.

 

I can see they are "only" asking for 1 months interest which I accept. However I am willing to challenge that against the agreement being only 22 days. There is also a clause in the CCA about their being interest at £0.66 per day. 0.66 x 22 isn't exactly £112.50!

 

Anyway. As they seem willing to communicate with me, I am reasonably comfortable with repaying the loan. But I don't quite get the interest of 66p bit

[renegadeimp]

You can certainly enquire how that amount was calculated. Remember, its still your money. Dont pay anything until you are 100% sure what you are paying.

[nuclearshark]

Thanks renegadeimp... That was exactly what just occurred to me.

 

It doesn't quite settle with me with the agreement saying 66p per day in interest and for 22 days them coming up with over £100

 

I'm not at all trying to "wriggle" out of it. As you say, I want to know exactly what I am paying and how that amount was calculated. Asking for 1 months interest is fair enough but as the agreement was only 22 days, I make that 3 weeks and 1 day. Perhaps not so fair.

 

The whole reason I have the done the CCA requests is to make sure that I paying what I actually owe and not a speculative amount.

 

That being said I am late paying back the loan and they have not added ridiculous charges. So I may be willing to settle as things are on the proviso that they do not take any further action against me during a repayment plan. Unless they of course can provide a reasonable explanation for the charges, in which case I would be no worse off that I am now.

 

They did refer my loan to Equidebt during the token repayment plans I was making however made Equidebt disappear with an "Account in Dispute" notice and they don't have my cell number thankfully. Not even my correct address lol!

 

However it has occurred to me that maybe the agreement "meant" to say £0.66 Interest per xx£ per day. In which case making such interest amounts and possibly the whole agreement unenforceable?

 

That is nothing more than speculation on a high level though. I'll send them an e-mail now.

[renegadeimp]

As far as i am aware, they can only charge you the interest that is included within their Terms and conditions. They cant go changing it later and not tell you about it. But im not 100% sure about that, but hopefully someone with more knowledge of interest can advise more.

[nuclearshark]

I think I've worked it out...

 

£112.50 Interest would be for as near as dammit 31 Days on a Loan Principle of £450.00 (Which mine was)

 

The credit agreement I have does clearly state 22 days. So that in theory only makes £81 Interest due? (Approximately)

 

Surely you cannot enforce Interest on a Loan Principle Amount which in theory you could not use without defaulting? Thus meaning technically, never use?

 

I believe the 66p thing I found was under the "Right to Withdraw" so probably not relevant here.

 

Thanks,

 

Nuke