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Hi everyone,

 

I am aware there is another older thread in regards to minicredit and that there is a wealth of information contained in it, having just read through, but I am after a bit more help if possible and what steps to take next.

 

I too have made the mistake of using mincredit and defaulting - here is a summery of my original loan, date applied and when it was owed and how much I currently owe today (less than 2 months after defaulting)

 

 

Order date Amount applied Current balance Due date balance Due date Status

2012-10-24 £100.00 £714.00 2012-11-19 debt collection

 

I have emailed them 3 times using the automated email link on their site and received no response, they have called several times and left voicemails.

 

How do I proceed from here? What would you suggest should I do first and then from then on?

 

This is causing me many a sleepless night, I am astounded that 100 (of which I only got 80!) has turned into 714 in 6/7 weeks!

 

Please help!

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Hi strutter1,

 

First do not panic and ignore their threatening phone calls and automated emails. Block their numbers/email addresses if necessary and send them the "do not harrass me"-letters.

 

The next steps depend very much on how much you can realistically afford to repay and in what time.

 

My advise would be:

1) If you can afford e.g. 150 GBP in one go right now, make them a full and final settlement offer to this amount. This would be basically the loan amount of 100 GBP, the interest of roughly 25 GBP and their first default fee of 25 GBP (which is known from other cases I have seen to be enforceable).

2) If you cannot afford this much, but can afford e.g. 15 GBP per month, make them an offer to repay 15 GBP over 12 months, which totals 180 GBP. This is a reasonable offer.

3) If you cannot afford 15 GBP per month, sit back and relax and wait for any court letter (which will take up to 2-3 years anyway), then send the court a defense (keeping your 3 emails you sent in the beginning) stating that you tried to contact them for a repayment plan but had no response, and send the court your income/outgoings. The court will probably order you to repay in the region of 180 GBP and in monthly instalments suiting your income/outgoings


24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

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Alternatively, (and i hate to say this), you could demand that they pass the account over to OPOS who is their inhouse DCA. Don't let them try and add on extra interest and fee's which they will try,

 

They only reason i mention OPOS is that many people on here have had a much easier time dealing with them than with minicredit. With Minicredit, all communication just seems to fall on deaf ears, where with Opos, at least they attempt to listen and also seem to be easier to negotiate repayments with.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Alternatively, (and i hate to say this), you could demand that they pass the account over to OPOS who is their inhouse DCA. Don't let them try and add on extra interest and fee's which they will try,

 

They only reason i mention OPOS is that many people on here have had a much easier time dealing with them than with minicredit. With Minicredit, all communication just seems to fall on deaf ears, where with Opos, at least they attempt to listen and also seem to be easier to negotiate repayments with.

 

Sorry but I disagree. I have had no help from opos whatsoever and the person who I have been dealing with is very rude, intimidating and agressive.

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Theyve changed then. Weve had a lot of reports of the dca being very helpful when you dont give them room to move out of your line of fire.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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