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Account with ARC


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So I had a payday loan with Quickquid and extended it, meaning 2 loans (original + extension). Couldn't pay back etc and they were both defaulted, paid the extension of at £10 a month (£160) and currently paying the original loan off at £10 a month (balance £619). Credit files says default balance £660 & regular payments £647.

 

Had issues back and forth with quickquid & ARC (sure they are the same company). I am tempted to stop paying and wait for a settlement offer from ARC but I really don't want it passed on to another DCA who will place another default on my file.

 

Also should I have had 2 loans in the first place?

 

Do qq only report to callcredit?

 

 

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Only 1 default per debt. So you have nothing to worry about.

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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Can you post up a suitably redacted copy of the CRA entry please?

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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Can you post up a suitably redacted copy of the CRA entry please?

So looking back through my emails. The original loan was for £500 they then added £147.50 as a finance charge and £12 for late fees. I also extended the loan and without knowing that meant I now had a new loan for £160, , I can't find anything on this.

 

I have since paid £160 + £40.

 

Current (original loan)

Account number ***3231 0

Account start date 15/03/2012

Opening balance £ 648

Regular payment £ 647

Repayment frequency Monthly

Date of default 16/07/2012

Default balance £ 660

Settled (extension)

Account number***1271 0

 

Account start date 09/02/2012

Account end date 25/06/2012

Opening balance £ 648

Regular payment £ 647

Repayment frequency Monthly

Date of default 28/05/2012

Default balance £ 160

 

 

 

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Finance charge is a rollover fee. They just name it differently. If they charged you that just for taking the loan out then it can be challenged.

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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So my original loan included a rollover fee so I shouldn't have had the second 'loan' then!

 

I shall go back to them and tell them I am only paying £500 + £12 - £40 already paid (rollover fee already paid via 2nd loan)?

 

As I'm only paying £10 a month I am tempted to stop paying and wait for a settlement figure.

 

Do I dispute with ARC or QQ?

 

 

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So I found the following on an old thread

 

Credit: £500

Repayments: £110.62 on 25/1/12 | £610.62 on 29/2/12

Total: £721.24 including £222.24 interestlink3.gif

 

Breakdown:

 

Loan issued 03/01/12; £110.62 due 25/1/12 and £610.62 due 29/2/12

Extension: 29/2/12; £647.50 due 28/3/12

Extension: 28/3/12; £647.50 due 25/4/12

 

25/1/12 - £110.62 financial fee loan

29/2/12 - £110.62 financial fee loan

28/3/12 - £142.50 financial fee ext loan

29/3/12 - £12 late fee

25/4/12 - £147.50 financial fee ext loan

25/4/12 - £500 principal

18/5/12 - £12 late fee

Total due - £1040.24

 

25/1/12 - £110.62 direct debitlink3.gif

29/2/12 - £110.62 direct debit

Total paid - £221.24

 

Initial loan was over 2 months - 1st month pay the interest, 2nd month pay the loan + interest. I then rolled it over for 2 more months. So I've currently paid £221.34 as above via DD and the £200 via SO with ARC. Should I just be paying £721.24 in total?

 

 

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