Me & minicredit

[BRIGADIER2JCS]

Online app will be a tick box signature and the authorisation code was sent and received, so IMO it does not invalidate.

[Skelly1983]

Ah well was worth a try thanks.

 

Although i find this a shocking process, i am a PHP developer and could program a script that takes an IP address of a visitor to a site and mark a database saying that user had accepted the terms of an agreement, the entire process is majorly flawed.

 

But once again i thank you brigadier for your help.

[Skelly1983]

Got a call and a letter of the today, call was a recorded message saying that i owe them money, letter is in response to the trespass letter that i had sent them, they said they will still be sending the DCA unless payment was made, will reply again with trespass letter.

 

Up to know the following is a list of laws and regulations that i have noted that this company has broken:

 

· Several phone calls with recorded message informing me that I owe them money, no confirmation of whom they are speaking too.

· Letters threatening to send DCA to address, to which they do not have a license to canvas of premises.

· Charges per DCA call out (2x £100), these charges are un lawful as they are unable to send DCA as above, also if they was the second charge would be for £60, these are also unlawful as they did not send anyone.

· They have ignored all correspondence (emails, letters, and calls) with them, calls do not connect and each call they make is a recorded message as above.

· Debt is for a £400 pound loan and total amount repayable, this I am informed is now at £1200 (2 months since credit agreement).

· Company does not have a sign on their business premises even though under limited company law they are required to display a sign.

 

Its all adding up.

[Skelly1983]

They sent another letter today saying that the OFT just have guidelines, and due to them being just guidelines they don't need to stick to them and therefore they can charge what ever they want if its in the contract that i signed.

 

What is the limit for charges applied? is this the Loan amount plus one months interest?

[jjandbump]

I have logged a complaint against them, you must do it, as it looks as if i am going to succeed ! ;-) the compnay need closing down, its a joke, PLEASE PRINT AND FILL OUT THE FORM, if your like me they wont even reply to you at all!

[Skelly1983]

The vast majority of the time they dont reply and when they do they get told were top shove it.

[jjandbump]

lol well report them more people do more action will be taken

[Skelly1983]

I already have reported them to OFT, FSA, ICO, and trading standards.

[jjandbump]

good on you, i only done the FOS i didnt think of the others will also complain now!

[Skelly1983]

Called them today they informed me they have charged £4 per day interest on the account and 3 x £5 per day for failed card transactions for 72 days.

[dx100uk]

they can invent what penalty charges they like

 

still does not make them enforceable

 

dx

[BRIGADIER2JCS]

Tell to stuff the charges Skelly!!!

[Skelly1983]

Ye told them that Brigadier, they said i will just put you on hold, then hung up, mugs!

 

Where is the rule for "Loan Amount plus 1 months interest" documented?

[Skelly1983]

Hi guys,

 

Am still dealing with the complaint with Microcredit LTD, as they have been informed by the FOS that they have 8 weeks to resolve this.

 

This is the email i got off them upto now.

 

"We have received the following information previously from the Financial Ombudsman Service:

 

The application of interest and charges by a lender is a commercial decision for a business to make, and it is not for the Financial Ombudsman Service to comment on whether or not the charges are unfair.

 

In investigating disputes of this nature, we must look toward the terms and conditions of the specific agreement to decide whether or not the interest and charges have been applied in line with them.

 

When an individual encounters financial difficulties, there is no obligation on any lender to make amendments to the terms and conditions of the agreement- such as reducing interest or charges. However we would expect a lender to take a positive approach to the circumstances such as providing the possibility to enter into a repayment plan.

 

As I already explained in my previous e-mail where you may find the charges and interest in the loan agreement. The Hardship application has been available on your MiniCredit.co.uk online account from the 26th of October 2012 when the reply was sent out from us to your postal letter.

 

The OFT’s Debt Collection Guidance states that the creditor should consider suspending continuous payment authority when appropriate. We have provided you with the possibility to not pay for the failed debit attempt fees that have been and will be added to the outstanding balance once we receive your hardship form.

 

Exercising the continuous payment authority is not a choice but an obligation we have to follow according to the Loan Agreement. You have already been advised how to cancel the continuous payment authority with the bank.

 

The recorded voicemail messages our system sends out to your registered mobile phone number are in accordance with the Data Protection Act as the number was verified during the registration. Providing access to your mobile phone to a third party is a choice of your own.

 

The default balance £1789 calculated from the date of issuing the 11th of August 2012 to the default date the 29th of December 2012 consists of the following:

Loan principal £400

Interest in total £564 (1% of the Principal per day)

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

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

Debit Attempt fees in total £645 (every unsuccessful attempt to receive the repayment costs up to £5)

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

 

The statement of the FOS not having any involvement in unfair charges I think is incorrect and made up by microcredit.

 

Is this correct?

 

Cheers

Skelly

[dx100uk]

own thread created.

 

dx

[dx100uk]

The default balance £1789 calculated from the date of issuing the 11th of August 2012

to the default date the 29th of December 2012 consists of the following:

 

Loan principal £400

Interest in total £564 (1% of the Principal per day)

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

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

Debit Attempt fees in total £645 (every unsuccessful attempt to receive the repayment costs up to £5)

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

 

all in red are reclaimable,

 

dx

 

 

[Skelly1983]

Ok so the £564 interset is still valid therefore i would have to pay £964, surely since i this interest to date, and i have been contesting this for several months with them then the interest for that period can be claimed back as well?

[Skelly1983]

Also thanks for creating a separate thread dx

[dx100uk]

n ot quite correct at £564

 

what you need to do is bung the bits in red

along with the date of EACH ONE [individual charges not the lumped sums]

 

into this spreadsheet.

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

then take that figure off the total owed £1789

 

if you've got the statements easy

 

if not you'll need to get them

 

either from their website or by SAR.

 

dx

[Skelly1983]

Dont have the statements.

 

Sent SAR the told me to check the website and did not send me anything, checked website nothing listed.

[Skelly1983]

Also the link does not go to a spreadsheet, just links to a post saying own thread created.

[dx100uk]

link done

 

so they have failed the sar?

 

dx

[Skelly1983]

Ye they failed the SAR, informed them that they have to send me a hard copy and they ignored me and did not respond.

 

Also I informed them that when they call me with a recorded message that does not perform checks to confirm who I am it is a breach of data protection, but they think that because I confirmed my phone number when I got the loan that they do not need to carry out any checks.

Edited January 8, 2013 by Skelly1983

[dx100uk]

muppets.

 

fire a letter off to the ICO and copy in minicredit

 

dx

[Skelly1983]

letter sent, thanks dx