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Bit of Advice needed please if anyone can help


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I had a payday loan with WDA a few years back just before I split up with my ex wife and ended up sofa surfing for a while. During this time I managed to lose all of my info on my debts, with my WDA loan being one of them. I recieved an email from MMF a few days ago which i will post below. I want to enter into a repayment arrangement with them but was wondering how to find out if there are any naughty charges etc that can be taken off first, as thinking about it, the balance seems alot higher than i expected. Any thoughts or advice would be greatfully recieved...

 

Our Ref: xxxxxxxxxxxx

 

Original Creditor: WageDayAdvance - Debt Assigned to Motormile Finance UK Ltd

 

Original Outstanding Balance: £301.05

 

Current Outstanding Balance: £262.5

 

Dear Mr xxxxx xxxxxxxx

 

We write with regard to the recent change in the High Cost Short Term Credit sector, whereby any customers taking out a loan on or after the 2nd January 15 will never need to pay back more than twice (200%) what they have originally borrowed.

 

As a business, we have voluntarily taken the decision to reduce this further and cap the maximum balance to be 175% of what our customers originally borrowed.

 

Your account balance has now been reduced to £262.5

 

If you wish to discuss this communication or speak to a Customer Service Representative, then please call us on 0113 887 6876. Alternatively, you can arrange a call back or discuss the matter generally by replying to this email.

 

If you are already in an instalment plan, your repayment will remain the same. However, if you wish to repay this account, vary your existing arrangement or discuss a possible settlement, one of our representatives will gladly discuss this with you in order to agree a reasonable and affordable plan that suits your needs.

 

Please note the current balance above relates to the balance as of the date of this electronic advice. Any payments made to this account since this date will not be reflected in this balance.

 

We look forward to hearing from you.

 

Yours sincerely

 

Motormile Finance UK Ltd

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