247 money box / Active securities

[jojo88]

Hi all,

 

I know this was stupid but 3months ago I took out a payday loan with 247 moneybox / Active Securities.

 

I wasnt able to pay this back due to being ill and not being able to work for 2 weeks.

 

I took out a loan amount of 100.00 plus interest.

 

I have managed to make 2 payments totaling 73-08

 

They have recently sent me a letter asking me to pay the remaining balance in full of 141.62!!!!

 

I have twice asked them for a breakdown of charges and they have completely ignored me!

 

Surely this cant be right? a loan amount of 100.00 and total debt of 214.70??

Thats double what i took out?

 

Can anyone help please?

[jojo88]

Anyone?

 

does this sound right for the amount of interest or too much. The 2 payments I made were on the day the debt was due. so realistically I should have only owed around 50.00???

[renegadeimp]

Theyve prob tried the old trick of adding on interest. Pay what you legitimately owe, and demand they explain the additional amount that has accrued.

 

If they ignore you one more time, then we'll help you file formal complaints against them.

[jojo88]

Ok so If I took out a loan of 100.00 which included a 20.00 fast process fee over 20 days. They say they interest rate is one of the following:-

 

1.2% a day

438% per annum fixed

representative APR 17203.7%

 

How the heck do I work out what I owe??

 

Thanks in advance

[renegadeimp]

The £20 fee is a penalty charge. We have a poster on these forums that is in the beginning stages of starting a 'test case' to see if they are reclaimable.

 

To work out how you owe, look at your original agreement.

 

You owe the following: Original loan plus Original contracted interest over the loan period. And possible a small, fair default charge.

 

As i said, get a request for the breakdown in to them. If they ignore you, then you only pay what i have advised, and will not pay a penny more until they respond and justify the charges. The fact that you have tried to contact them multiple times and they have ignored your request is very suspicious.

[jojo88]

Thanks very much.

 

I think I will send a cheque payable for 76-92 as this would equal me paying back 150.00 in total on the loan of 100.00

 

I will once again send a signed for letter along with the cheque stating the above ie. breakdown of charges.

 

Many Thanks for your help

[renegadeimp]

DO NOT send a cheque. Get their bank details and set up a standing order and dont make a payment until they have explained in writing.

[jojo88]

They are ignoring all letters I send however writing to me telling me to pay 141?

Do i just send the letter again then

[renegadeimp]

If they ignore your communications, then ignore them. We can help you file complaints. Check their website for their bank details. if they dont list them, ask them for it. If they wont provide them, then refuse to pay. If they try any collection activities, you have grounds for further complaint as they are making it impossible for you to pay.

[jojo88]

ok

 

Thanks very much for your help