Another Minicredit thread (sorry)

[Oh ffs]

I still haven't paid anything further, they gave me a breakdown of costs last month which was laughable on a £250 loan.

 

They've issued me with a final notice before legal action and apparently I need to pay £918 by 19th October 2011 or it's referred to legal and by the 29th October 2011 or they'll mark a default status on my credit file and CCJ me.

 

What shall I do? Wait for the CCJ? Or tell them I am going to fight it and I've reported them to OFT etc? I'm a bit scared to be honest but I am not going to pay them a single penny until they agree a reasonable settlement in writing or the court tells me to. I really don't want a CCJ on my file, it's going to affect my job majorly!

[Oh ffs]

This is the breakdown of charges they sent me:

 

The total outstanding balance £826 from the date of the last roll-over (20th of June 2011) until today the 12th of September 2011 consist of the following:

1. Loan principal £250

 

2. Interest in total £210 (1% of the Principal per day)

 

3. Overdue penalty £25 (was added on the 1st day overdue)

 

4. Overdue penalty £55 (was added on the 3rd day overdue)

 

5. Debit Attempt fees in total £186 (every unsuccessful attempt to receive the repayment costs £3)

 

6. Debt Recovery fee £100 (was added on the 30th day overdue)

Edited October 13, 2011 by Oh ffs

[sillygirl1]

They can't legally justify any of those 'attempted debit' fees, it would be a bit like me charging them £350 each time I answered a question on CAG about them.... all of this can be used against them in a defence, the defence is usually in simple form, pointing out the outrageous claims and asking for mediation.

 

Remember they don't want you to defend, they will have to pay another fee once your defence is filed, called an Allocation Questionnaire fee, you don't pay this fee but they do. You can have a field day with them.

[Oh ffs]

Just want to say a big thanks to SG, firstly for passing on her fountain of knowledge and secondly for reassuring me that there are sensible ways to deal with these things without panic.

[roxy2010]

Dear Oh ffs

 

All these charges have been added to my minicredit account I have already paid them over £200 for a £80 loan but they still say I owe £510. They have now passed it on to Fredericksons/Bryan Carters. After sending them numerous letters I have now told them to take me to court as I am not paying them another penny.

[Oh ffs]

The latest is that they said I could settle in full for £550. I'm debating whether it's worth it - on the one hand it would get rid of it and unnecessary hassle later.

 

On the other hand it's still a massive amount over the original loan. Bearing in mind I paid £50 already (or as they say £45 after transaction fee) that's £600 for a £250 loan. They know my situation and I have borrowed some money from a family member but not the whole £550, which would really stretch me until next pay day.

 

Almost tempted to pay the original amount + original loan term interest - £50 and tell them to take me to court over the 'remainder'. The other potential snag is they cannot guarantee the settlement figure will be the same tomorrow which is when the funds will be available...

[sillygirl1]

In that case pay the original loan amount and one months interest and if they take you to court they will be stuffed by the judge. As you will have repaid the original amount back and one months interest there is little they have to take you to court on... as for their 'transaction fee' that is a piece of bull.

 

Get onto MP Stella Creasey as she has journalists lined up waiting to name and shame these idiots, and she is well on the way to getting some legislation in place against their dodgy dealings.