MMF Uncle Buck - Advice needed!

[ConfusedCharlie]

Hi all,

 

This is my first time posting a specific personal issue, but having used the advice on similar issues here in the past, I've had good results, so hoped someone may be able to help me today!

 

I foolishly used Uncle Buck last year for a payday loan,

but as with many of the people on here,

soon found myself unable to keep on top of payments and interest charges,

and defaulted on the account.

 

Even more foolishly, I buried my head in the sand, and am now having to deal with MMF.

 

This isn't my first time dealing with a DCA, but I'm on a mission to clear all my I'll advised debts before I turn 30, and this is my latest project.

 

However, I'm at a loss as to how to proceed with them, as they are not the friendliest bunch!

 

I've done the usual, requested a copy of my credit agreement, the notice of assignment, etc. However, I have a few concerns about where to go from here:

 

1. The original loan amount was £300, but MMF are asking for £670.08.

I assume this is from interest and charges added after I defaulted,

but should I be looking to pay this full amount, or can I offer to pay less?

I'm happy to pay the £300 I owe, but I feel double that is a somewhat excessive request, and won't help my financial situation!

 

2. If I do offer to pay less, can I still request to pay in installments?

I've made the error of paying more than I can afford in one lump sum before,

and then ended up in the vicious cycle of borrowing back to meet daily expenses,

so would much prefer to pay back a reasonable amount each month.

 

3. MMF have been calling, emailing, and texting incessantly,

threatening to send round an agent to visit my property.

 

I don't actually live at my parents' address anymore,

which is where the debt was originally opened,

but obviously I don't want these people turning up at my mum and dad's!

 

I used the usual template in my letter to them,

explaining that I would not accept telephone calls or home visits,

 

however MMF are claiming that they do have legal rights to attend my property.

 

I think this is probably untrue, but it has made me nervous nevertheless.

 

They claim that OFT rules allow them to send an agent to my home,

 

regardless of whether they have my permission,

 

as long as they give me notice.

 

Hope someone is able to give me some advice as to where to go next with this, it will be gratefully received if so!

[lelu19uk]

I had that reply from mmf however theh have never actually sent anyone round. Anuva empty threat by these bullies.

Edited June 30, 2013 by citizenB

[dx100uk]

moved to the mmf forum

 

have a read.

 

dx

[ConfusedCharlie]

Can I/should I request a statement of the account in order to see where the extra £370.08 has come from? If so, is there a legal right to my receiving this information? The calls and messages have stopped, but I'm still getting letters to my parents' demanding payment or an agent will attend the premises.

[dx100uk]

send them a cca request

 

 

The Loan Company

 

Company House,

 

Church Street,

 

Newtown,

 

Kent,

 

R1 7HG

 

 

 

Dear Sir/Madam

 

 

 

Re:- Account/Reference Number 4563210025897412

 

I do not acknowledge any debt with your Company or Associates

 

This letter is a formal request pursuant to s.77/78 of the Consumer Credit Act 1974. I require you to provide me with a true copy of the credit agreement relating to the above account, together with any other documentation the Act requires you to provide, including a detailed statement of the account.

 

 

 

I expect you to comply fully and properly with this request, within the statutory time limit. You are reminded that should you fail to comply with my request, the provisions of s.77 will apply.

 

 

 

If it is your view that you are not the creditor, s.175 of the CCA 1974 applies in the case of a simple assignment, and places a duty upon you to pass this request to the creditor. In the case of an absolute assignment, you are a creditor as defined by s.189. If you contend that you purchased the rights but not the duties of any agreement, you are reminded that s.189 of the Act is clear that an assignment is of both rights and duties.

 

 

 

Your attention is drawn to ss.5(2), 3(b),6 and 7 of the Consumer Protection From Unfair Trading Regulations 2008 (CPUTR).

 

 

 

I enclose a postal order in the sum of £1.00, which is the statutory fee. Note that these funds are not to be used for any other purpose.

 

 

 

If you are unable to comply fully and properly with this request, you should confirm this in writing at the earliest opportunity, and certainly within the statutory time limit for compliance, and return the fee.

 

 

 

We look forward to hearing from you.

 

 

 

Yours faithfully

 

Mr A N Other

 

dx

[ConfusedCharlie]

Thank you for that. They have already sent me a copy of the credit agreement, which shows the original loan sum of £300, but didnt't send a statement of account, which is why I'm none the wiser as to where the account has doubled in size. Will send them this letter and see what the statement looks like.

 

Thanks again!

[dx100uk]

was what you sent a cca request before

 

as it should include a statement of account too

 

dx

[Bombaymix]

£400 would be a realistic amount.

 

I don't know what they charge per £100 but usually around £25 with most payday loan companies.

 

I'd be looking at settling at around £400 (original loan, plus 1 months interest + 1 default charge.

 

Have motormouth purchased this debt? Or are they just collecting on behalf of UB?

[ConfusedCharlie]

They sent a copy of the credit agreement, but no statement of account, so no idea where the majority of charges have come from. The credit agreement states the charge for credit is £90, so £30 per hundred borrowed. So the other £380 has obviously come from charges. MMF state in their letter that they purchased the debt in February, and sent me a letter to say so at the time, though I don't believe this to be true. The first I knew of their involvement was the incessant calls and texts. The default charge according to the credit agreement is £25, and they do state that I'm entitled to a statement of account on there at any time, free of charge. Should I pursue this, or simply offer to settle at £415? (loan sum + one months interest + default charge). Do they have to accept a reasonable offer, or can they continue to ask for the £670? Thanks for everyone's help so far!

[steve15640]

Id wait for them to offer you a 50% reduction !!

[renegadeimp]

I'd just tell them that the debt is fulfilled and they can go whistle for any money. All further communication by any means will be reported to the relevant authorities as harassment, demanding money with menaces/