Minicredit !

[pat1421]

Hi all,

I got in trouble with paydayloans. I am on debt management plan now to repay my debts. All creditors more or less ok except Minicredit that is playing their games.

Loan was 300 pounds and now is over 1000 and increasing every day.

I went through their complaint procedure insisting on repaying original loan and 24 days interest as loan was 24 days and one default fee.

Finally I got this response:

 

 

 

 

Dear xxx,

 

*

 

Your Complaint has been referred to me according to the Formal Complaints Procedure.

 

*

 

I apologize for the delay in answering your e-mail but I took time to process the previous correspondence between you and Microcredit Ltd.

 

*

 

A loan of £300 was issued to you on the 30th of November 2012 and you chose the due date to be on the 24th of December 2012. The loan has been overdue for 73 days already.

 

*

 

The first contact from you was on the 15th of February 2013 when you e-mailed to our Customer Support asking if it would be possible to set up a payment plan either through Harrington Brooks or directly. You were advised to fill in the hardship form on the online account in order to apply for a long term payment arrangement. In your further e-mails you also explained that the actual cause of the financial difficulties was over-commitment. Is this the case?

 

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The OFT Debt Collection Guidance states that the Creditor should be open for discussing payment arrangement when the Customer is experiencing financial difficulties. The Creditor should be fair and reasonable when offering a payment arrangement for a Customer in financial difficulties.

 

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What do the terms fair and reasonable mean?

 

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The Customer whose financial difficulties were caused by an unavoidable and unforeseen circumstance should be in favour over the Customer to whom the non-repayment was known at the time of taking out the loan or the cause of the financial difficulties was over-commitment. Depending on the cause of the difficulties the creditor should consider suspending or amending charges and interest, but regardless of the cause should not demand payments that are more than the debtor can afford. The Creditor has the right to require supportive documentation regarding the cause of the financial difficulties to determine the time of the change and whether the cause was unforeseen or not. The reasonable payment arrangement can be set up only when the Customer provides documentation regarding the monthly income and expenditure. As per the OFT guidance we should not set up an arrangement where the Customer will be unable to pay for the basic needs due to the payment instalment amount.

 

*

 

*

 

We will not be able to provide you with the payment arrangement or reduced balance before we have received the necessary documentation, which we are entitled to receive.

 

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You have disputed the charges on top of the original loan amount plus one month interest, but please be aware that the section 87 in the Consumer Credit Act 1974 does not apply for an overdue credit. This applies for the long-term credits when the Customer wishes to repay the credit back before the final payment date.

 

I will look forward to your reply and the documentation we need to assess the payment plan request.

 

*

 

Kind regards,

 

*

 

Kristel Martinson

 

MiniCredit.co.uk

 

Head of Customer Support

 

and Claims Department

 

 

0871 890 3015

Fax 020 71382919

http://www.minicredit.co.uk

kristel.martinson@minicredit.co.uk

 

*

 

*Now I will file complaints with OFT and FOS.

What else can I do? Are they right about section 87 of CCA?

[pat1421]

Thank you guys for a lot advice on this forum.

Yep I am submitting complaints to OFT FOS and maybe trading standards soon. I will keep offering them repayment plan of original loan plus 24 days interest plus one default fee.

I am not sure about section 87 of CCA myself but this thing was

posted many times here that as deemed by s87 of CCA you only owe loan plus one month interest because contract was for 1 month.

I also got their final notice before legal action letter by post. But this must be worth as much as their doorstep collection letters

- rubbish empty threats.

The only thing is they will mark my file with credit agencies on 1st of April. Not sure how to rectify things with credit agencies.

Anyway I will keep sending them my repayment offers and ask for a court action if they dont enable me to repay my loan. I will never ever agree to pay then more.

[pat1421]

One more thing.

I asked them for breakdown of charges and they stated:

direct debit attempts charged up to 5 GBP daily.

In the loan agreement included with their reply email it says:

direct debit attempts charged up to 3 GBP daily.

I asked twice about this discrepancy and no reply to that issue.

They always send the same messages repeating the same things.

[pat1421]

Minicredit sent me that letter with 28 days notice of placing default on my file with CRAs and they will whatever a due procedure is.

Can anyone advise what are the legal grounds to say that I owe original loan and one month interest only after defaulting PDLoan?

[pat1421]

I sent a complaint to OFT cc Minicredit. I got a reply from Kristel:

 

Dear Mr xxx,

 

*

 

Your Complaint has been referred to me according to the Formal Complaints Procedure.

*

I apologize for the delay in answering your e-mail but I took time to process the previous correspondence between you and Microcredit Ltd.

*

Microcredit Ltd issued a loan of 300 to you on the 30th of November 2012 for a period of 24 days. The due date was chosen by yourself to be on the 24th of December 2012 in the amount of £372.

 

*

 

Shortly after the loan was issued you authorized the debt management company Harrington Brooks to set up payment arrangements with creditors on your behalf. The cause of the financial difficulties was over-commitment on credit. When did you realized that you are not able to make payments to the creditors?

 

*

 

The first time you made any contact with us regarding the outstanding balance was on the 16th of January 2013 when you visited the FAQ section on your MiniCredit.co.uk secure online account. On the 21st of January 2013 the debt management company Harrington Brooks sent out the letter to us which we received on the 6th of February 2013. The account was prepared to be sent to our debt recovery and legal partners in the beginning of March 2013 as Microcredit Ltd deals with debt management agencies only through our debt recovery partners. The creditor has the right to use third parties in order to set up payment arrangements with Customers or debt management companies.

 

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Your first e-mail was sent to us on the 15th of February 2013 where you requested a payment arrangement and also disputed the charges. Due to your complaint the account was not allocated and will remain with us until the complaint is resolved or loan defaulted on the 120th overdue day.

 

*

 

I have searched the document regarding your income and expenditure, but seems that neither Harrington Brooks not you have provided it to us. The Hardship form was activated on your online account on the 20th of February 2013, so please follow the Hardship Procedure in order to request any payment arrangements. Please fill in the hardship form and provide supportive documentation to prove that Your financial difficulties were unforeseen and unpredictable at the time of applying for a loan with us. Payment plans are provided to Customers who follow through the Hardship Procedure. Microcredit Ltd has the right to ask Customers the reasons behind the financial difficulties and may request to have the income and expenditure along with the list of creditors provided for assessment of the payment arrangement application.

 

The OFT Debt Collection Guidelines provides the following information:

 

3.9 Examples of unfair or improper practices are as follows:

 

(i) using the CPA other than as set out in the credit agreement or without the informed consent of the debtor or a relevant third party

 

For example:

 

• debiting a higher amount than agreed, or adding default fees or other *sums unless specifically agreed – We have specifically provided the information regarding fees and charges in the loan agreement.

 

• debiting a lesser amount than agreed, unless it was specifically agreed that this could be done if the full amount was not available (or under a repayment plan) – We have specifically provided the information regarding debit attempts in the loan agreement.

 

• debiting an account before the due date for repayment (as specified in or under the credit agreement) – Microcredit Ltd has provided Customers to make payments before the due date and do not debit payments before the due date withouth your request

 

• debiting the account after the due date on a date, or within a period, or with a frequency, other than as specifically agreed - We have specifically provided the information regarding the frequency of the debit attempts in the loan agreement.

 

• debiting the account of a third party other than as specifically agreed with the third party or with the debtor acting with the consent of the third party – Microcredit Ltd debits payments using CPA only with the debit card the Customer has registered as his/her own.

 

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In the OFT's view, creditors should consider reducing or stopping interest and charges where a borrower evidences that he is in financial difficulty and is unable to meet repayments as they fall due or when he can only make ‘token’ repayments such that his level of debt would continue to increase if interest and charges continue to be applied.

 

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Considering that in the OFT’s view the creditor should consider reducing or stopping interest and charges, we do it when the Customer faces unforeseen financial difficulties occurred by circumstances non-dependent of the Customer’s actions and could not have been prevented by the Customer. Such as sudden severe health issue suffered by the Customer or member of household who contributes to the household income jointly and severally with the Customer, loss of employment where the Employer fails to comply with legal requirements providing the redundancy notice, death in the family and etc.

 

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The OFT Debt Collection Guidance states that the Creditor should be open for discussing payment arrangement when the Customer is experiencing financial difficulties. The Creditor should be fair and reasonable when offering a payment arrangement for a Customer in financial difficulties.

 

*

 

What do the terms fair and reasonable mean?

 

*

 

The Customer whose financial difficulties were caused by an unavoidable and unforeseen circumstance should be in favour over the Customer to whom the non-repayment was known at the time of taking out the loan or the cause of the financial difficulties was over-commitment. Depending on the cause of the difficulties the creditor should consider suspending or amending charges and interest, but regardless of the cause should not demand payments that are more than the debtor can afford. The Creditor has the right to require supportive documentation regarding the cause of the financial difficulties to determine the time of the change and whether the cause was unforeseen or not. The reasonable payment arrangement can be set up only when the Customer provides documentation regarding the monthly income and expenditure. As per the OFT guidance we should not set up an arrangement where the Customer will be unable to pay for the basic needs due to the payment instalment amount.

 

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I would also like to point out that the loan agreement is a legally binding document where you have agreed to the consequences of the non-repayment. We have received the following information previously from the Financial Ombudsman Service:

 

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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.

 

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In order to come to a solution that is mutually agreed, please provide us with the hardship form as soon as possible. As the loan has been overdue for the past 78 days without any payments made according to the payments methods in the loan agreement, we also need to take this into consideration.

 

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I hope to receive your reply soon.

 

*

 

*

 

Kind regards,

 

*

 

Kristel Martinson

 

MiniCredit.co.uk

 

Head of Customer Support

 

and Claims Department

 

 

0871 890 3015

Fax 020 71382919

http://www.minicredit.co.uk

kristel.martinson@minicredit.co.uk

 

 

Am I on the right track here? Is it

better if my account stays with Minicredit as they say or better if passed to their OPOS?

I dont want to provide my details via their Hardship form, I will just send them a shortened I&E with no documents. Should I ask them to take me to court now as the loan stands at 1080 pounds today for original 300?

I will keep fighting with them but

they will default my file with CRAs.

Any advice. Can I take them to court myself for not accepting payments from my DMP, not accepting repayment plan from myself, not enabling me to repay the loan and making it unaffordable to repay by adding charges?

[pat1421]

Thanks Fletch.

I will reply to Kristel making full and final offer but also want to point out some nonsense from their replies. Is there any law or legal act that would supercede their loan agreement regarding payment methods they only accept? I want to point out the fact I made two payments to them through my DMP but they dont accept it and say I didnt make any payments. They just quote the loan agreement that payments only to be made by a debit card and thats what I signed. Refusal to accept my payments by them would be something to present in a court if I just could base it on some proper relevant legislation.

I am not sure about opos but I think I cant ask them now to pass it to opos as this would be going off the track, hmm not sure what they are up to by keeping my account.

And Fletch what do you mean by

Two fingers is a better approach.

[pat1421]

My situation didnt change. I just ended up in that circle of payday loans borrowing each month more and more so I had to stop it. Now I have 11 loans to pay back and it will take some time but its just matter of time.

I dont want to tell this to Minicredit because they will accuse me of fraud of course.

I am doing a lot of overtime at work now so dont have much time to learn all legal stuff I should but anyway I will deal with Minicredit as they are a major problem.

Any advice will be always helpful.

Now in spare time I will fill out the FOS complaint form and send it. Also OFT sent me a form to fill so have to do this as well.

[pat1421]

I am telling you guys Txtloan are brilliant, other PDL companies more or less ok so far but I cant understand why OFT allows Minicredit to trade provided that OFT must have received a lot of complaints about their practices.

What Minicredit legally does to his customers is unacceptable and no authority can stop a legal loan shark - unbelievable.

[pat1421]

I made a complaint to OFT and gave witness statement over the phone. At least Minicredit corrected their actions regarding CPA cancellation but with a long

delay. They removed some 50 pounds of charges.

This is what I got from them:

 

Dear xxx

 

*

 

Thank you for the reply!

 

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Microcredit Ltd dealt with debt management companies through our legal and debt recovery partners. The OFT Debt Collection Guidance states that the company should deal with appointed third parties, but does not state that the Creditor is not allowed to appoint a third party to deal with the debt management companies on behalf of the Creditor. The information from Harrington Brooks was received on the 6th of February 2013, but due to your complaint the account was put on hold and not sent to our debt recovery and legal partner in the beginning of March 2013 for further payment arrangements.

 

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Regarding not accepting cheque payments I would like to advise you that the preferred method of payment is explained in your loan agreement. The Creditor should provide an alternative payment method to a debtor who is unable to use the agreed and preferred method, but the alternative can be chosen by the Creditor in condition that it is available to most debtors. We have provided all of our Customer the possibility to make payments via Ukash if debit card cannot be used. The authorized third party has to also follow the loan agreement you have accepted. Please read more about the agreed payment method from the loan agreement.

 

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You are refusing to provide documentation regarding the cause of the financial difficulties. Without the correctly formatted budget sheet and list of creditors, we are not able to consider the financial difficulties to prevent making the full repayment. The Creditor does have the right to request such documentation when the Customer asks for a payment plan over a longer period of time. The Creditor should also consider suspending or amending overdue charges when reasonable. Without proof of your financial difficulties, we are not able to provide a decrease of the balance. From the short budget information I can see that your income has even increased since taking out the loan on 30/11/2012. Please provide the list of creditors to see how many unsecured loans and when have you applied. Considering the information we have already received from you and the fact that you have 11 creditors, which is a considerably too many, I consider a possibility of over-commitment on credit where loans were taken out knowingly that a payment plan will become necessary.

 

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It seems to me that you have read some of the points I raised in my e-mail selectively. As per the OFT guidance we should not set up an arrangement where the Customer will be unable to pay for the basic needs due to the payment instalment amount. This means that after the debtor has provided the Creditor with the budget sheet and list of financial obligations (secured and unsecured), the Creditor will assess the expenses according to the Common Financial Statement – Endorsed by Money Advice Liaison Group (MALG). If the expenses do not exceed the trigger figures provided in the Common Financial Statement, the Creditor will calculate the monthly instalment considering the disposable income and other Creditors.

 

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Regarding not freezing your balance, I would like to provide you the information we have received from the Financial Ombudsman Service when they have assessed complaints of this nature:

 

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.

 

*

 

The balance will keep on increasing according to the loan agreement until a proper assessment of your financial situation can be concluded using the documentation requested above.

 

*

 

The charges and interest were mutually agreed on the 16th of May 2011 at 11.06am. The loan agreement clearly states the following regarding the charges and interest:

 

KEY INFORMATION

 

If you break this Agreement, we will charge you if we unsuccessfully attempt to obtain repayment on

 

the due date for repayment. A fee of £25 will be charged on the day that your missed payment was

 

due. If we unsuccessfully attempt to obtain repayment on the due date, we will attempt to obtain

 

repayment a second time 2 days later, and if we unsuccessfully attempt to obtain repayment on this

 

second occasion we will charge you a further amount of £55. If we unsuccessfully attempt to obtain

 

repayment we may charge up to £3.

 

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Interest on any sum in arrears will be charged at the contractual rate, both before and after judgment,

 

until payment. Also, you must pay us all other reasonable costs and expenses we incur (including

 

any legal costs on a full indemnity basis) in tracing you, or enforcing, or attempting to enforce, our

 

rights under this Agreement.

 

*

 

Repayment, Default and Recovery

 

8. You agree to make all payments to us under this Agreement at the proper time. We will collect

 

payments by debiting your bank account using the debit card details you have registered with us up

 

to three times per day. You authorise us to debit your bank account to collect payments due under

 

this Agreement. If we are unsuccessful in collecting payment, we may try to debit your bank account

 

again at a later stage until we have successfully collected payment. If you have provided us with

 

details of a second debit card and we are unsuccessful in collecting payment from the first debit card,

 

you authorise us to seek payment via the second debit card in the same way as you authorise us to

 

seek payment via the first debit card. You must give us new valid debit card details when you cancel,

 

lose or your debit card(s) registered with us become(s) invalid when you have unpaid loan with us.

 

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The automated debit attempts have been stopped and the debit attempt fees added after the 4th of March 2013 when the Notice of the Cancellation of CPA arrived have been waived.

 

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Please confirm the cause of your financial difficulties and if it was anything unforeseen and not over-commitment, please provide supportive documentation.

 

*

 

Kind regards,

 

*They keep asking for hardship form. I gave them a shortened I&E form. Should I give them full details on their hardship form and details of all the creditors?

Has anyone gone through their hardship thing? What was the outcome?

[pat1421]

If they say fraud or even suggest it, you MUST report them to the oft. They are under investigation by the oft and have 10 weeks to change their ways or be closed down.

 

I did report them to OFT and gave witness statement on the phone. You see how Minicredit found my CPA cancellation letter now which they had disregarded before. So on 21.03.13 they waived some debit attempt fees in amount of some 50 pounds off my over 1000 balance yet admitting they received the letter on 04.03.13 (I sent it on 21.02.13) - what a delay on their side. Anyway they only acted so after OFT complaint to cover their back regarding CPA misuse.

Renegade, please what is your opinion about their hardship form? Should I fill it then or keep refusing?

Are they ever going to accept repayment offer of initial loan and interest or remain stubborn and apply for ccj after the 120th overdue day?

[pat1421]

Thanks. I dont even have much time to calculate things and fill in their detailed form. I stick to basic I&E i gave them. Need to write another email to them and I just waste so much time for dealing with minicredit when I have other PDLs to deal with.

They should be closed down by OFT but I dont believe that will happen.

[pat1421]

It is a detailed form and they want details of every creditor and dates. This is not in the loan agreement that I have to provide this hardship form and any documents as a evidence. I didnt find anything in OFT irresponsible lending and debt collection guidances that says I have to provide a detailed I&E form and necessary documents to evidence financial difficulties to be only considered for a repayment plan. I think that being in a debt management plan is enough evidence of ones financial difficulties.

[pat1421]

Hi Fletch so you still have outstanding and increasing balance with discredit? Is it over the 120th day overdue? Did they mark your CRA file and try with a ccj? I am asking as Id like to know what to expect when my loan reaches that 120th day. I will keep offering them repayment of original loan and interest and one default fee over 10 month deducting ea

[pat1421]

And every month I will deduct from my offer payments sent to them from my DMP. If they dont accept cheques then its their problem.

[pat1421]

That excuse wont work pat. The best way to do it is to send a postal order and deduct the cost of the PO and stationary used from the total debt owed. You are within your legal rights to do this as they are refusing a valid payment method.

 

Until I agree with them any reasonable balance I will only pay them through my dmp. If they dont accept cheques its their problem. I dont know what I actually owe them as the balance is in dispute.

[pat1421]

Hi Fletch

So they will never negotiate to agree a reasonable balance to both sides. But they do mark default on credit files. Did you try to rectify it with CRAs?. Can they

mark a default without first issuing a proper default notice?

I think now that they dont care if a few customers like us wont pay them that unfair excessive amount of money they just demand because a majority of people being unaware and threatened will pay back anything they want. Their action to extortionate money from customers in a legal way works fine for them, I believe.

[pat1421]

Yes there is time to rectify things but Fletch tried but to no avail. So they will mark a default on my files because I cannot pay them over 1000 and I have to live with it. Anyway I keep the dialogue with discredit and keep you guys informed. I hope this and other threads about minicredit will attract other troubled customers of theirs. We need to spread a word, we need more people to make complaints to OFT about improper practices

of discredit. The more evidence, the sooner OFT will enforce them.

[pat1421]

I would have then 28 days to pay over 1000 pounds they demand. Impossible to avoid a default mark in this case. Anyway I think I will stop paying them through dmp as it was confirmed they didnt cash any cheques so monies are like frozen, unused. No point sending them more cheques then, let money go to other creditors.

They will mark a default but wont agree to a reasonable repayment plan and probably wont apply for a court action. So

I will be stuck with this debt. Even when I raise enough money later on and send them full payment of 372 pounds (original loan and interest) by postal order or pay by a prepaid card, the rest of the balance they unfairly charged, will remain on my account with them as outstanding debt. If they sell it to any debt collection agency I will be harrased again over this debt. This is nightmare.

[pat1421]

Guys what is your view on minicredits fast advance fee of 19.50 pounds deducted from a loan so actually you dont receive the full loan but have to pay back the full amount thus paying this fee twice plus part of interest is accrued on this fee aswell. That must be wrong and doesnt seem to be legal.

If people can claim back PPI, unfair bank charges etc, why not claim back this from minicredit?

Could we consider any action here if this would be possible?

[pat1421]

Maybe ask them about hte 19.50 and ask how they justify it. Especially since it does NOT cost 19.50 to "fast advance" it.

 

I did ask them about it in my last email to them, still waiting for response. Of course it doesnt cost that much for a fast trsnsfer. But the point is that this fee should not be a part of a loan, you should not be asked to repay this amount again on top of money you actualy received and simply no interest should be calculated on this fee. I think minicredit made a big mistake here being greedy. Well thing like this if properly addressed in a court could make the whole loan agreement you signed void. At least I believe so but need to read more through relevant legislation or a lawyer advice needed here.

But I am pretty sure you can claim this fee back. I had 15 loans with minicredit plus current unpaid one. I will ask them to refund me those fees for every loan and compensate for wrongly calculated interest on each loan. I will submit this claim to FOS for their adjutication.

I was even thinking about a large group of minicredit customers making one mutual claim for this in a court. Minicredit nasty, we should be nasty too.

[pat1421]

I got minicredits response to my last email and finally they start to act reasonably:

 

Dear Mr xxx,

 

*

 

Thank you for the reply!

 

*

 

The first time Microcredit Ltd was made aware of the financial difficulties was when the debt management company Harrington Brooks sent their first letter out on the 21st of January 2013.

 

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I am willing to waive the interest added after 21/01/2013, but consider the interest added up to that date still payable. I am also willing to waive the £100 debt recovery fee as it was added after 21/01/2013 and the total amount of the debit attempt fees.

 

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The balance we are able to provide you repayable under a payment plan is £536 and consists of the following:

 

1.***** Loan principal £300

 

2.***** Interest in total £156 (1% of the Principal per day up to 21/01/2013)

 

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

 

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

 

*

 

Please consider the above and let me know as soon as possible. If the payment arrangement is agreed, we will send the account to our debt recovery partner next week who will be able to provide you with several other payment methods.

 

*

 

*

 

Kind regards,

 

*

 

Kristel Martinson

 

This I can accept but will negotiate to remove second overdue penalty and a refund of fast transfer fee and go down to 460.50 pounds. That would be ok with me.

[pat1421]

I rather contest the original loan amount of 300 as I only received 280.50 and offer to repay this amount and ask them to recalculate interest on this.

Should I contest both penalties because they are not real default charges? Or is any other reason to contest them?

[pat1421]

I can not remember if the 19.50 is optional. If it is then its unlikely in my opinion to be reclaimable. For my own personal info why are the late fees reclaimable, what reason would a defendant give if it went to court.

 

I also think that everyone should remember that the oft will not be a golden bullet. If they lose their licences collection will still be allowed.

 

I dont remember if there was an option to tick for this fee when applying for the first loan but I do remember that for each subsequent loan they never gave you any option regarding this fee. They always issued a loan quickly deducting 19.50. And it doesnt matter if the option was there or not. The fee is simply excessive.

OFT bullet is not to have the debt written off. The bullet should stop minicredit from improper practice so other customers will be dealt properly by them when it comes to debt collection.

[pat1421]

I am rather willing to pay first late payment fee but will contest

the second one and ssk them to wave it.

Regarding fast advance fee I will

dispute interest accrued on this fee because it shouldnt be and ask them to recalculate interest on 280.50 I actually received for the loan of 300. If they agree to that then its a done deal. At least they are acting reasonably now so little negotiation and the problem solved, no more time wasting.

[pat1421]

I want a reasonable balance payable over 10 months. I cant contest every charge and say I will only pay whatever it suits me in instalments. You have late payment fees added on credit cards etc so one small fee for an instalment plan seems to be reasonable. If I had money for a oneoff payment then I would negotiate a lower balance to settle instantly.

I want to contest interest accrued on the fast advance fee. For all my loans with them it would be some 70 pounds to be refunded. Technically they shouldnt add up interest on a fee deducted from a loan, am I right here? Any chance for compensation if I submit this claim to fos?