indebt00 - help with minicredit please

[sillygirl1]

Have you made any attempt to come to an arrangement to repay the original loan? If not then you need to do this before you can start complaining.

[heathersperry2]

Countless times but unfortunately I just get we dont accept payment plans etc and all the terms and conditions spiel.I offered the loan amount (£100.00) even though I got 80.00 and also one months interest.

[BRIGADIER2JCS]

Ignore it. Theyre the same company.. They will NEVER be able to justify an £80 loan escalating to almost £1000 in just 6 months.

 

Can you post 1 or 2 of their letters in a separate thread, minus any personal info? We can then advise you on what to do next, although your first step is to sent them a notice of dispute and get a complaint with the OFT. The dispute, basically holds the account in limbo, and they cant proceed with any collection attempts, adding on charges and interest etc. Coupled with the OFT complaint, the only people that can resolve the dispute is either the OFT, a judge, or them backing down and agreeing that you only pay the REAL amount you owe.

 

The placing of an account in dispute in relation to a credit agreement is

when a request for a copy of a regulated agreement has been made and

not complied with, and then the only restriction placed on the creditor is

that a judgement cannot be enforced in court, (a claim could be started)

all other collection activity can continue.

[renegadeimp]

Ahh gotcha. i get a little confused on that. However, cant the amount be contested or such in a similar fashion?

[BRIGADIER2JCS]

A formal complaint regarding unreasonable charges

is one way to go, but again they will go back to you

agreed to the terms and conditions and took the money.

This sort of thing really needs to be testes in court

and until this happens or the government legislates

on this nothing will change.

[renegadeimp]

I think we need to see these terms and conditions because something seems a little fishy. Some PDL's say that the borrower agreed to the interest charges etc, but OFT guidance states that anything above the clearing banks base rate is considered unfair.

I dont see banks having a 40% rate or whatever the interest is on diff PDL loans. They could of course be working through a loophole in the law, but lately, when challenged, some PDL's have actually backed down and got rid of those charges etc.

[BRIGADIER2JCS]

Even prime market cards, loans and overdrafts etc.,

have rates well above base 16% for a prime card

34% for subprime.

Have you got a link to that guidance please??

[renegadeimp]

http://www.oft.gov.uk/shared_oft/reports/unfair_contract_terms/oft311.pdf Page 40 has some info on it.

[BRIGADIER2JCS]

http://www.oft.gov.uk/shared_oft/reports/unfair_contract_terms/oft311.pdf Page 40 has some info on it.

 

Ok I see what you are referring to, that particular section is regarding

penalty rates, what we are dealing with here are contractual rates of

interest being added in accordance with the agreement.

[jjandbump]

Everyone here contact the FOS, i am getting them investigated by ;

Financial Ombudsman Service

Phone: 020 3222 9488

Fax: 020 3222 9489

they need stopping, the more that complain the more they will be looked in to they should not be able to trade.

[Anya83]

Hiya all, i had a loan with minicredit for £100 (at the begining of may) and now its nearly £500. im asking for a repayment plan but there refusing an sending threatning emails/letters, anyone have any ideas?????.....also does anyone no about capitalfinance as there unwilling to help too!!!!!!! thanks xxx

I had a £100 loan from them which went 8 days overs. I paid them £200 as I knew there were default fees added. I've now got a letter 2 months later saying I owe them a further £268 I've tried contacting them by post, email, telephone it's all automated and I'm severly annoyed now. The response I received stated the £200 I paid covered fees and left £98 outstanding which has accrued further fees. I don't see how this can be but they are saying they are sending a door step collector to my house unless I pay this amount. How can. Owe hat when the original loan was only £100 that was repaid 8 days late! Help! I need to write to them but can't think how to put it without getting mad.

[Skelly1983]

I had a £100 loan from them which went 8 days overs. I paid them £200 as I knew there were default fees added. I've now got a letter 2 months later saying I owe them a further £268 I've tried contacting them by post, email, telephone it's all automated and I'm severly annoyed now. The response I received stated the £200 I paid covered fees and left £98 outstanding which has accrued further fees. I don't see how this can be but they are saying they are sending a door step collector to my house unless I pay this amount. How can. Owe hat when the original loan was only £100 that was repaid 8 days late! Help! I need to write to them but can't think how to put it without getting mad.

 

Hi Anya,

 

They told me that they make 3 attempts per day to debit account, each time this fails they charge £5, they also charge £4 per day for interest.

 

Both charges are illegal, report them to the FOS who will fill a complaint.

 

Dont worry about the door step collection agent, as they dont actually send anyone, if they did they would be in breach of there law as they do not have right to canvass of premises.

 

Don't pay anything else to them.

 

Andy

[dx100uk]

unlawful

 

its not a criminal matter

 

dx