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Hi there,


i have a dispute with Minicredit, i took a £100 loan out with Minicredit on the 19th April missed my loan date as i was paid 2 weeks late (contractor and timesheets sent in late) and was unable to pay the loan, i was unable to pay on the website as they removed the option to send in payments and thus i sent emails to them which they claim i never made contact till the 9th may (20 days later) and so i disputed the charges with them that they added on and coming to no arrangement (pay up in full or else!) it was still ongoing, i received a letter today claiming i now owe them £714... that is just absurd and now purely profit making.


the letter i received is as f ollows


The total outstanding balance GBP714.00 from the date of issuing (6th of April 2013) until today the 14th of June 2013 consists of the following:




1. Loan principal GBP100.00


2. Interest in total GBP69.00 (1% of the Principal per day)


3. Overdue charge GBP25 (was added on the 1st day overdue)


4. Overdue charge GBP55 (was added on the 3rd day overdue)


5. Debit Attempt fees in total GBP365.00 (every unsuccessful attempt to receive the repayment costs up to GBP5)


6. Debt Recovery fee GBP100 (was added on the 30th day overdue)




Microcredit Ltd received the loan application for GBP100.00 on the 6th of April 2013 which was approved and the funds were made available on that day. The due date of the loan was chosen to be the 19th of April 2013 in the amount of GBP113.00.


Microcredit Ltd received the first correspondence from You regarding the loan on the 9th of May 2013. (20 days after the due date) when You contacted our Customer support. Although since the due date we have sent out TEXT messages to the registered mobile phone number, e-mail notifications to the registered e-mail address, automated voicemail messages to the registered mobile phone number.




Microcredit Ltd provides short term payday loans. The Customer chooses the due date him/herself and it is also possible to apply for the roll-over latest on the due date and keep the loan for another period of time if the credit check result allows You to. The Loan Agreement was signed by Yourself and sent to the e-mail address You entered on our webpage during the registration. According to the Loan Agreement You have to make all payments with a debit card and the only possibility to make payments is available on Your MiniCredit.co.uk online account.




We accept all payments You make and may provide You up to 60 days from the due date to clear the balance before Legal action is started. All the overdue charges and interest have been added to the balance according to the Loan Agreement and will be added until full repayment.




The following information has been taken from the Loan Agreement:




Default Charges


Interest on any sums in arrears will be charged at the contractual rate set out above, both before and after judgment, until payment. Interest will not be charged on any interest or Default Charges applied to your account.


The following charges will be added to your account if you do not repay or if we are unable to take payment from your debit card on the Payment Due Date:




If you do not pay or we are unable to collect full payment from GBP25


your debit card on the Payment Due Date.




If you do not pay or we are unable to collect full payment from GBP55


your debit card on a second attempt two days after the Payment


Due Date.




Charge for each subsequent attempt to collect payment from GBP5


your debit card after the first attempt.




You will also be liable to pay us any reasonable expenses and costs that we may incur in tracing you, or enforcing, or attempting to enforce, our rights under this Agreement.




Allocation of Payments


We will apply any amounts you pay us towards interest and charges before we pay off any amount you have drawn down.




Missing Payments


Missing payments could have severe consequences, including legal proceedings being taken against you. We may provide details of any missed payments.




Microcredit Ltd considers that all the overdue charges and interest have been rightfully added to the outstanding balance according to the Loan Agreement You accepted.



We are willing to consider the possibility of a settlement figure if it is reasonable and paid in full. Please contact our Customer Support on the number 08718903015 when You have funds available to offer as full and final settlement. If the settlement is agreed, the payment has to be made with a debit card immediately.




We hope this response has sufficiently answered your questions. If not, please do not send another email. Instead, reply to this email.


Kind regards,

Minicredit Claims Department


surely this is not legal? how can they justify such high fees? what can i do about this? any help would be appreciated.

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Thats a standard letter and is unlawful and puts them in breach of oft guidance.

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


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Totally agree about their insane charges. I lost my job on 20th May, with a Minicredit loan due on the 27th. The loan was for £100 + £10 interest. Within two weeks they were demanding over £300. lol.

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  • 4 weeks later...

Same here I had £100.00 loan with £21.00 interest due to late payment of salary missed payment. Now debt stands at 587.00 well I have written to say I am pre[ared to pay £121.00 which is the loan principal plus 1 months interest.


I am not going to pay these muppets £587.00

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well i complained to the Financial Ombudsmen and told Minicredit of their behavior, said i wasnt happy to pay £700 from a £100 loan, they took off the charges down to £200 including one months late fee and interest, said i would pay £20 a month till it's finished (they can wait it out) and they agreed.


They were pretty much very scared at the thought of me complaining that i kept asking if i would drop it.

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