Motormile Finance

[adam1984]

Hi All,

 

I am wondering if someone can give me a little bit of advice.

 

I took out a payday loan in 2012 with a company called MR Lender, I was already struggling financially and basically it was borrow off Peter to pay Paul scenario, anyway the loan defaulted and I arranged a repayment plan with them to pay £600 back over 9 months, (the original loan was £400), I made 2 payments of £66.67 and then missed payments and since then I have been burying my head in the sand so to speak.

 

Anyway move forwards 8 months, and I decided to face my demons and confront my debt and try get on level ground financially, so I contacted mr lender to discuss repaying the loan, and they have sold it to a company called motormile finance.

 

The original loan was for £400, when I spoke to motormile finance they told me that the balance now is £952, now I hold my hands up that I took the loan and out it is my responsibility to pay it back, as I am with all my other debt.

 

What I want to know is whether the additional costs are within reason according to law? it is over 125% what I originally borrowed.

 

should I just agree to a repayment plan or not?

 

when I spoke to them they said the best they could offer is £650 over two payments, but unfortunately I don't have this kind of money spare.

 

I appreciate any help or advice anyone can offer.

 

Thanks

 

Adam

[renegadeimp]

STop speaking to MMF. Have a read of this forum and youll see they will do ANYTHING to extort money from you. None of their costs are enforceable under UK law.

 

Repayments are done according to YOUR financial circumstances.

 

STAY OFF THE PHONE.

[adam1984]

thank you for the response, so how would I go about paying back what I do actually owe without the ridiculous additional costs they have put on, I am keen to do this as I have hidden from my debt for too long, I am not trying to hide from the debt, I do owe it, i'm not trying to get out of paying what I owe even, I just don't want to be taken for a ride.

 

what should my next course of action be, I really do appreciate you help/advice.

 

Thanks

 

Adam

[renegadeimp]

Have a read of some of the threads in the MMF forum. DOnt worry about the charges as they are legally unenforceable. MMF dont follow rules or regulation. They think they are above the law and can do whatever they want.

 

To file a complaint or communicate with them, you need to stay off the phone, dont email them and send them letters by recorded delivery. Address all correspondance " F.A.O Robert Sands - Compliance Director". Mark it private and confidential. He will take a while to get back to you as he has a hell of a lot of complaints to go through.

[adam1984]

thank you for your help