Hi, thanks for that. The bank seem to think they have done nothing wrong as far as their concerned it was a viable transaciton. But as I keep stating to them I have written confirmation stating that only £25 would be taken. But they keep banging on about the T&Cs of Speed E Loans and that there would be a clause in there stating they could take the money. Will be off to the Police after work.

Thanks for the replies. Have an update. Spoken again to the bank this morning who put me through to Visa Debit Disputes. Have got to put the claim in writing and send evidence of the email stating that only £25 would be debited. The bank (RBS) seem to think that the clause in Speed E Loans T&Cs will make my claim invalid and no refund will be made. Surely this isn’t right is it? Will going to the Police make any difference?

Hi, thanks already have.

Hi, I feel your pain and sympathise with you. I have had exactly the same thing happen to me yesterday with Speed E-Loans. Please see below: I have had the unfortunate pleasure of dealing with Speed E-Loans.com with an outstanding loan. Had some financial difficulties and a couple of weeks ago they phoned and we agreed a repayment plan of £25 per month, which would be debited from my credit card. To ensure my security I asked them to put this in writing, stating that they were only authorised to debit £25, to which they agreed and sent me an email detailing the new agreement. However, yesterday, they debited my card for £25 in the morning. Then at 2.50pm yesterday they debited the rest of the outstanding balance of £563.20. Phoned them straight away but no answer. Phoned my bank (RBS) who put me through to the Visa Debit Card claim back department. They said they can only start the claim back once the money has been received by Speed E-Loans, at present it is in a PENDING stage at their bank. However, they did say due to the fact that I have written confirmation that they should only debit £25, there wouldn’t be any issue getting the money back. Spoke to Speed E-Loans this morning, they took my details and said someone would call back. They didn’t call back, just received an email saying the following: Dear Mr Cooper I understand that you have contacted the office today with regards to payment received on your account. On review of your account we can see that the account has been overdue from August 2010 Payment has been collected in line with our terms and conditions and your account is now settled in full. Speedeloans.com considers this complaint now closed. Thank you for using Speedeloans.com I phoned them back but they refuse to admit liability for debiting my account for the unauthorised amount. Phoned RBS again and they said to phone tomorrow as the funds will have been funded to Speed E loans account by then and they can start the claim process. Has anybody else had this sort of problem and am I within my rights to get the money back as I have written confirmation that they could only debit £25? Any advice will be greatly appreciated. If you have any advice to help it would be great. Don’t let them get to you, we haven’t done anything wrong, apart from going to them in the first place. Good luck.

Hi, have had the unfortunate pleasure of dealing with Speed E-Loans.com with an outstanding loan. Had some financial difficulties and a couple of weeks ago they phoned and we agreed a repayment plan of £25 per month, which would be debited from my credit card. To ensure my security I asked them to put this in writing, stating that they were only authorised to debit £25, to which they agreed and sent me an email detailing the new agreement. However, yesterday, they debited my card for £25 in the morning. Then at 2.50pm yesterday they debited the rest of the outstanding balance of £563.20. Phoned them straight away but no answer. Phoned my bank (RBS) who put me through to the Visa Debit Card claim back department. They said they can only start the claim back once the money has been received by Speed E-Loans, at present it is in a PENDING stage at their bank. However, they did say due to the fact that I have written confirmation that they should only debit £25, there wouldn’t be any issue getting the money back. Spoke to Speed E-Loans this morning, they took my details and said someone would call back. They didn’t call back, just received an email saying the following: Dear Mr Cooper I understand that you have contacted the office today with regards to payment received on your account. On review of your account we can see that the account has been overdue from August 2010 Payment has been collected in line with our terms and conditions and your account is now settled in full. Speedeloans.com considers this complaint now closed. Thank you for using Speedeloans.com I phoned them back but they refuse to admit liability for debiting my account for the unauthorised amount. Phoned RBS again and they said to phone tomorrow as the funds will have been funded to Speed E loans account by then and they can start the claim process. Has anybody else had this sort of problem and am I within my rights to get the money back as I have written confirmation that they could only debit £25? Any advice will be greatly appreciated.

Hi James, thanks for the update. So get things straight in my head, if I Voluntary Surrender the vehicle they will take me to court for any outstanding balance? What if I were to offer them a suitable repayment plan that I can afford, which is only what I would do if it went to CCJ. I have a budget sheet set-up with all outgoings, which I could send to them if I VS. Does this sound feasible?

Hi, thanks for the that. To answer your questions I had a default notice sometime ago but have had no termination letter. Back in March they said I could pay back £300 per month for the next two years to pay off the arrears and the remaining balance, total of nearly £7000. After taking financial advice it was decided that £300 per month was not financially viable. I have other debts of a higher priority. Along with running costs and insurance I can no longer retain the vehicle. So to cut a long story short, my only solution to getting rid of the car now will be Voluntary Surrender as I cannot afford to pay off the £2739 of arrears. But, by doing this am I right in thinking that the loan would then become a non-priority debt and I could offer a repayment that is suitable to my current circumstances? Thanks, Andy.

Hi, thanks for the reply. I realise that I cannot do a VT and owe nothing. But what I need to know is can I terminate the agreement, let BCT sell the car at auction, deduct the sale amount from the arrears owed and then just pay back any amount left on the arrears. At present, they are telling me that I would have to pay back the WHOLE outstanding balance of nearly £7000. Look forward to your reply.

Hi, lots of views on this thread, but no solid answers yet. Anybody able to help or guide me in the right direction please?

Having read through other threads in this section, I think I may be confusing some people. I sent British Credit Trust a voluntary termination notice, which they have refused due to the arrears. But, I have paid off over 50% of the original amount borrowed. They are saying I have to send them a letter stating that I want to voluntarily hand-back the vehicle instead. Which will still leave the whole balance payable, excluding whatever the car gets at auction. Is this correct?

Thanks.

Hi, back again. Have lots of people view this thread, but desperately need a reply for someone if they can help. Thanks.

I have a HP agreement with British Credit Trust and due to my current financial situation wish to hand the car back to BCT. I have paid over 50% of the balance but in arrears by 11 months. They are telling me that I cannot terminate the agreement due to the arrears, I will have to voluntary hand back the vehicle. To which they will sell via auction, deduct from the total outstanding balance which is now about £7000 due to further interest and ridiculous fees and I will then have to pay back whatever the balance is after the sale of the vehicle. Is this correct? Or can I voluntary terminate the agreement, hand back the vehicle and just pay back any arrears outstanding once the sale of the vehicle has been deducted?

I have a HP agreement with British Credit Trust and due to my current financial situation wish to hand the car back to BCT. I have paid over 50% of the balance but in arrears by 11 months. They are telling me that I cannot terminate the agreement due to the arrears, I will have to voluntary hand back the vehicle. To which they will sell via Auction, deduct from the total outstanding balance which is now about £7000 due to further interest and ridiculous fees and I will then have to pay back whatever the balance is after the sale of the vehicle. Is this correct? Or can I voluntary terminate the agreement, hand back the vehicle and just pay back any arrears outstanding once the sale of the vehicle has been deducted?

I have stated in my post that I have now sent everything to them via fax, to which they have received. I appreciate your concern about the phone calls, but every call made I backed up by sending them an email. I have a copy of all communication so far. Do you have any contact details for the OFT? By making a formal complaint to the OFT what will this achieve, as they seem to ignore everything I send at present.

Hi, Just read all the problems everybody is having with Speed E-Loans. I am myself another one of their victims. Took out a £100 loan last August, got into some financial difficulty to which I notified them of and agreed to pay back the £100 plus a couple fo months interest at £15 per month. I was told by an Isobel Wiggins that I had to pay an initial £15 upfront to set the payment plan in motion and stop interest charges. Four months later I was contact by a Gareth Power demanding £50 per month and the balance had gone up to £386! I told them this was not possible and asked why interest had been added when it was meant to be frozen. Got no answer to that. I then took some financial advice and was advised to send them a monthly budget sheet with a pro rate monthly payment on. Still no reply until I got a call from a Peter Atkins demanding £52 per month. I told him that I had sent numerous emails, to which he claimed they hadn’t received. I sent a further email when I received an email from Gareth Power saying there was a balance of £588 and they were going to commence legal proceedings as I had chosen to ignore them. Far from the case! I sent back another email, containing all back dated correspondence and letters, plus the budget sheet. Still nor response. Finally I faxed everything yesterday to them. Peter Atkins phoned this afternoon and said they couldn’t except my offer and would commence legal proceedings. To be honest, I am glad they have done this as I can show the court how unhelpful they have been and that they have gone against most OFT guidelines. Can anyone add any further helpful information to my plight?

Hi, Just read all the problems everybody is having with Speed E-Loans. I am myself another one of their victims. Took out a £100 loan last August, got into some financial difficulty to which I notified them of and agreed to pay back the £100 plus a couple fo months interest at £15 per month. I was told by an Isobel Wiggins that I had to pay an initial £15 upfront to set the payment plan in motion and stop interest charges. Four months later I was contact by a Gareth Power demanding £50 per month and the balance had gone up to £386! I told them this was not possible and asked why interest had been added when it was meant to be frozen. Got no answer to that. I then took some financial advice and was advised to send them a monthly budget sheet with a pro rate monthly payment on. Still no reply until I got a call from a Peter Atkins demanding £52 per month. I told him that I had sent numerous emails, to which he claimed they hadn’t received. I sent a further email when I received an email from Gareth Power saying there was a balance of £588 and they were going to commence legal proceedings as I had chosen to ignore them. Far from the case! I sent back another email, containing all back dated correspondence and letters, plus the budget sheet. Still nor response. Finally I faxed everything yesterday to them. Peter Atkins phoned this afternoon and said they couldn’t except my offer and would commence legal proceedings. To be honest, I am glad they have done this as I can show the court how unhelpful they have been and that they have gone against most OFT guidelines. Can anyone add any further helpful information to my plight?

Hi, Just read all the problems everybody is having with Speed E-Loans. I am myself another one of their victims. Took out a £100 loan last August, got into some financial difficulty to which I notified them of and agreed to pay back the £100 plus a couple fo months interest at £15 per month. I was told by an Isobel Wiggins that I had to pay an initial £15 upfront to set the payment plan in motion and stop interest charges. Four months later I was contact by a Gareth Power demanding £50 per month and the balance had gone up to £386! I told them this was not possible and asked why interest had been added when it was meant to be frozen. Got no answer to that. I then took some financial advice and was advised to send them a monthly budget sheet with a pro rate monthly payment on. Still no reply until I got a call from a Peter Atkins demanding £52 per month. I told him that I had sent numerous emails, to which he claimed they hadn’t received. I sent a further email when I received an email from Gareth Power saying there was a balance of £588 and they were going to commence legal proceedings as I had chosen to ignore them. Far from the case! I sent back another email, containing all back dated correspondence and letters, plus the budget sheet. Still nor response. Finally I faxed everything yesterday to them. Peter Atkins phoned this afternoon and said they couldn’t except my offer and would commence legal proceedings. To be honest, I am glad they have done this as I can show the court how unhelpful they have been and that they have gone against most OFT guidelines. Can anyone add any further helpful information to my plight?

Hi, thanks for your advice. He has been quite abusive and threatening in his texts to me. Does anybody know what relevant authorities I can contact regards this?

Hi, good to see people standing up to these horrible people. I am in the same predicament myself. I have a car on finance with British Credit Trust, they passed the account to Ram Recovery to either pay off the arrears (£1500) or 50% of the arreras, neither of these were possible for me to do due to financial difficulties. I had been in touch with BCT on several occassions via email and phone stating my financial situation and the difficulties I was having. But all they could do was offer me a repayment plan which was far too much for me to keep to. Hence why it has now been passed to Ram. I told Ram I needed time to see if I could get the money together, but there is no way I can get over £800 together. I have received several pushy and somewhat nasty text messages from the manager/owner of Ram during this period. I did state, rather stupidly in hindsight, that I was going to transfer the funds to try and buy some more time, but he just sent an even nastier text when I didn’t. He has now told me that he has applied for a court order and will personally be round to collect the car and that he didn’t like people like myself. I see this as a rather abusive and threatening manner. With regards to the court order, will he just get an order and come to collect car or will I be able to make a claim against this at a hearing? I have spoken to BCT since they passed the account to Ram but they don’t want nothing to do with it and just tell me to talk to Ram. Also I am know in the position to make monthly payments and chip away at the arrears, there is only 17 months left on the loan out of a 48 month loan contract and have paid over 50% of the loan so far. Any helpful advice would be appreciated.

Hi, good to see people standing up to these horrible people. I am in the same predicament myself. I have a car on finance with British Credit Trust, they passed the account to Ram Recovery to either pay off the arrears (£1500) or 50%, neither of these were possible for me to do. I had been in touch with BCT on several occassions via email and phone stating my financial situation and the difficulties I was having. But all they could do was offer me a repayment plan which was far too much for me to keep to. Hence why it has now been passed to Ram. I told Ram I needed time to see if I could get the money together, but there is now way I can get over £800 together. I have received several pushy and somewhat nasty text messages from the manager/owner of Ram during this period. I did state that I was going to transfer the funds to try and buy some more time, but he just sent an even nastier text when I didn’t. He has now told me that he has applied for a court order and will personally be round to collect the car. I see this as a rather abusive and threatening manner. With regards to the court order, will he just get an order and come to collect car or will I be able to make a claim against this at a hearing? I have spoken to BCT since they passed the account to Ram but they don’t want nothing to do with it and just tell me to talk to Ram. Also I am know in the position to make monthly payments and chip away at the arrears, there is only 17 months left on the loan out of a 48 month loan contract and have paid over 50% of the loan so far. Any helpful advice would be appreciated.

Hi, need some advice regards a possible car repossession. I have a car through BCT and have missed several payments due to unemployment and personal issues. I have constantly been in touch with BCT explaining the situation and they have been understanding regards my situation. Until three weeks ago, when out of the blue a guy from Ram Recovery knocks my doors chasing the arrears on the car. The car cannot be repo’d without a court order as I have paid over 50% of the loan. Arrears are £1500 at present. I told them I was not in a position to pay at present and needed time to sort things out. They are now chasing me for 50% of the arrears and if not paid within next few days will get a court order to take the car. I have had nothing supplied to me in writing from Ram or BCT regards this situation and wonder where I stand with this. Contact with Ram is via a mobile number and I have been given bank details to transfer the money. Not sure if this is wise as I have no idea who these people are as I have nothing in writing. BCT has now been moved to an office in Wales (Target Loans) who are dealing with all accounts as BCT are not lending no more. Can anybody advise me as what to do regards this issue please. Also, if they go for a court order, how long does this take to go through and could I make my case to the judge? Any help would be greatly appreciated. Many thanks.

What does that mean for those of us that have Welcome accounts and still owe them money.

I was made redundant in November 2008 and unfortunately still seeking employment. I only receive JSA (£60.50), housing benefit and council tax relief. The housing benefit is paying most of the rent, less £80 per month until 15th February and the Council tax relief is only £12 per week. At present I am in deficit of £60 per week. I have two loans with Welcome Finance, one is a personal loan (£3689) and the other was for hire purchase on a car. I have succeeded in a Voluntary Termination on the car account, so it has now reverted to a none priority debt (£6002.26). Since being made redundant I wrote to my local Branch and notified them of my financial situation and that I would not be able to make payments on the accounts for the time being. All started well with this, but they soon started phoning me constantly asking for payment, even asking me to BORROW money so that I could make a payment to them. With all this happening I sought advice from the National Debtline, who advised me on what to do. First thing was to ask Welcome to hold any action for 28 days and freeze interest and charges. This they refused to do. In one week the car account balance increased by nearly £100!!! Still the calls persisted. I spoke to their Call Centre and they said I should speak to the Manager of the branch. This I did, and she agreed to not contact me until my circumstances change. Which is what I asked for in the first place. Still no mention of interest freezing though. I then sent a letter asking again for charges and interest to be frozen for at least 28 days, offered a token payment of £1.00 per month and that all future correspondence be in writing. Today, I received a phone call from the local branch, again asking me if my circumstances had change, even though it had only been three days since I had spoken to the manager. Again, he asked if I could BORROW money, to which I said he was out of order and acting illegally. Should I know push forward with a complaint to OFT and the Financial Ombudsman? Or make a complaint to their complaints department first? Any advice would be greatly received. These people are killing me.

I was made redundant in November 2008 and unfortunately still seeking employment. I only receive JSA (£60.50), housing benefit and council tax relief. The housing benefit is paying most of the rent, less £80 per month until 15th February and the Council tax relief is only £12 per week. At present I am in deficit of £60 per week. I have two loans with Welcome Finance, one is a personal loan (£3689) and the other was for hire purchase on a car. I have succeeded in a Voluntary Termination on the car account, so it has now reverted to a none priority debt (£6002.26). Since being made redundant I wrote to my local Branch and notified them of my financial situation and that I would not be able to make payments on the accounts for the time being. All started well with this, but they soon started phoning me constantly asking for payment, even asking me to BORROW money so that I could make a payment to them. With all this happening I sought advice from the National Debtline, who advised me on what to do. First thing was to ask Welcome to hold any action for 28 days and freeze interest and charges. This they refused to do. In one week the car account balance increased by nearly £100!!! Still the calls persisted. I spoke to their Call Centre and they said I should speak to the Manager of the branch. This I did, and she agreed to not contact me until my circumstances change. Which is what I asked for in the first place. Still no mention of interest freezing though. I then sent a letter asking again for charges and interest to be frozen for at least 28 days, offered a token payment of £1.00 per month and that all future correspondence be in writing. Today, I received a phone call from the local branch, again asking me if my circumstances had change, even though it had only been three days since I had spoken to the manager. Again, he asked if I could BORROW money, to which I said he was out of order and acting illegally. Should I know push forward with a complaint to OFT and the Financial Ombudsman? Or make a complaint to their complaints department first? Any advice would be greatly received. These people are killing me.