200 quid oakam loan now 155,369.00!!!

[chrisw030290]

Hi

 

I took a loan out from oakham ltd in october 2009

 

I have made payments in the past and paid around 120 quid of it

 

but I went on a nervous breakdown and still mentaly unfit

 

on my credit file It says balance for sept 13 is 115,396 pounds and

 

I don't want to contact them and

 

my panoia and anxiety are very bad now and

 

I don't want to be found I can't pay that and I don't know who to go to

[citizenB]

Sheesh !! Have they made any attempt to contact you in respect of repayment ?

 

I will try and find some help for you.

 

When was the last payment made to them or any contact you had.

[chrisw030290]

No contact since last payment which was early 2010. Never heard anything back.

 

 

 

Sheesh !! Have they made any attempt to contact you in respect of repayment ?

 

I will try and find some help for you.

 

When was the last payment made to them or any contact you had.

[citizenB]

I have sent out an S.O.S for you and I am sure someone will look in soon as they can.

 

Meanwhile, try not to stress too much

[chrisw030290]

Ok but they can't get that from me can they

[Bazooka Boo]

Looking on their site, the APR for the amount of £200 is 597.1%.....

 

I'm no good at maths but this seems an absolute extortionate amount, from £200 to £155, grand!!

I fail to see how they ever expect to get that, EVER!

 

Absolutely NO judge in this country would order you to pay that, this is criminal.

[Bazooka Boo]

Ok but they can't get that from me can they

 

Of course they can't!

 

How do they think your going to magic up that amount of funds if you originally went to them to obtain 200??

[chrisw030290]

Should I contact the pappers

 

 

Looking on their site, the APR for the amount of £200 is 597.1%.....

 

I'm no good at maths but this seems an absolute extortionate amount, from £200 to £155, grand!!

I fail to see how they ever expect to get that, EVER!

 

Absolutely NO judge in this country would order you to pay that, this is criminal.

[Bazooka Boo]

In their own words!

 

http://www.oakam.com/en/responsible-lending

Oakam is committed to responsible lending and the following information is designed to assist you in finding help and managing any financial difficulties that you might find yourself in.

[renegadeimp]

Getin touch with OFT, FCA and FOS immediately. I guarantee they will take your case above everyone else.

 

I would also get in touch with the media. Outlets like the daily mail will rip this company apart. Even the BBC/watchdog will be VERY interested.

[sillygirl1]

I'd also get in touch with the Advertising authority, ASA, there is an Oakham loan advert going out on daytime tv, and this story should help get it stopped. They are stating they are a responsible lender and they take peoples circumstances into consideration - but they don't.

[steampowered]

You need to contact the lender to let them know you are having financial difficulties and to check how much is outstanding. Even though you have anxiety you still need to contact them. Contacting the lender is a pre-condition of escalating your complaint to the FOS, and realistically I think you need to contact the lender before other regulators will take you seriously.

 

The amount on the credit file might be a mistake. But you won't know unless you ask them. Call from a withheld number though.

[renegadeimp]

I would disagree. I wouldnt call them. I would write to them and have a full papertrail for something as serious as this.

 

Only call them if you have the ability to record the call.

[citizenB]

Hi

 

I took a loan out from oakham ltd in october 2009

 

I have made payments in the past and paid around 120 quid of it

 

but I went on a nervous breakdown and still mentaly unfit

 

on my credit file It says balance for sept 13 is 115,396 pounds and

 

I don't want to contact them and

 

my panoia and anxiety are very bad now and

 

I don't want to be found I can't pay that and I don't know who to go to

 

Chris, can you clarify the highlighted statement please.. when you say "credit file" do you mean the Credit reference agency file or your online account with Oakham?

[chrisw030290]

The credit agancy its in the report

[fkofilee]

JESUS!!! I saw this and thought there had been a Typo...

 

Any how everyone is right... This needs to be escalated...!!!

Plus id write to them... But then again... Urmmm Im really at a loss with this one...

I can flag it to watchdog if you like...

 

Just checking Oakam's site... The APR rate is VARIABLE!!!! This is concerning... and id love to see a full statement with a breakdown of charges!!! you could have a field day with it!!!

6 month loan for £200 its 597.1%

2 month loan for £200 its 826.8%

Edited October 19, 2013 by fkofilee

[chrisw030290]

The thing is If I don't do anything it could get to a million pound mark if I do I have them after me I don't know what to do

[fkofilee]

Chris... you dont need to worry!!

 

We will help you but if it does hit the million pound mark then this wont make any difference to you at all!!

Oakam will not attempt to secure a CCJ against you for this amount...!!

 

You can ask CC / Noddle , Equifax or Experian to "Verify" the balance through a dispute and all they will do is double check it.

They wont do anything else and it wont harm to do it... I know as ive just been through Noddle to challenge an account and they informed me that the information held was incorrect and the account would be removed...

[chrisw030290]

So it would drop off my credit file and be written off with no effect on my current status

[fkofilee]

Right the account on your credit file has been defaulted right?

After 6 years of no payments or written or recorded acknowledgement it becomes Statue Barred.

 

is there any chance you could post the history of the balance from your credit report using a screen shot and removing all personal details?

ID like to see exactly how the balance has been accrued...

[renegadeimp]

For something like that, you NEED to push it as high as you can go. It is clearly wrong in every regard. If theyve done it to you, just imagine how many other people theyve done it too, and how many people have actually paid a huge amount.

[chrisw030290]

Right I copy it from the file

 

Date updated 10/09/13

Account opened 10/09/13

Opening bal 219

Payments 57 weekly

Default date 06/08/10

Default bal 734

 

Jan 13 35913

Feb 13 41680

Mar 13 47680

Apr 13 55336

May 13 63913

Jun 13 74176

Jul 13 85674

Aug 13 99430

Spt 13 115396

[fkofilee]

Right I copy it from the file

 

Date updated 10/09/13

Account opened 10/09/13

Opening bal 219

Payments 57 weekly

Default date 06/08/10

Default bal 734

 

Jan 13 35913

Feb 13 41680

Mar 13 47680

Apr 13 55336

May 13 63913

Jun 13 74176

Jul 13 85674

Aug 13 99430

Spt 13 115396

 

CHRIST!!!! They are charging you £16k a month at this present moment!!!

Thats a years salary in a month!!!!

 

Chris would you like me to notify watchdog?

Edited October 19, 2013 by fkofilee

[chrisw030290]

Yeah I have called the sun they don't seem intrested. Maybe dailymail but don't know there number

[chrisw030290]

I can swear its illegal to charge that much intrest and if they aint brothering to update my credit file it makes me look bad having a 115,000 debt on my file