Debt Collectors & Charges

ppaul

Hi,
(I'm not sure if this is in the right forum, but I'll give it a go. I've had a look around, and will be calling one of the debt help charities tomorrow. I just thought I post here for any other ideas - maybe it'll help someone else too. Thanks!)

I've been paying debt collectors for about 2 years from an old student loan. No probs there. Recently they set up an online system to view my account. Before this I've never seen any monthly statement so had no idea...

The original debt was around 4k. I thought I'd paid about half of it. But, with every month that I was even a day late with making a payment, they charged me £110. I've added up all the charges over 2 years and it comes to just under £2000! Can they do this? I've never seen any terms and conditions from them. They've never notified me of ANY charges they make to my account. On my other account with them I owe £1100. I've paid £1000 but apparently still owe them £600 because of all the charges.

Can I get these back? Do I approach them? Or go through some kind of legal route.

Any help greatly appreciated. This forum really helped me out when the first started (aggresively) harrasing me back 2 years ago.

thefoolonthehill

Hi

Cant say for sure but i dont think they would be allowed to do this.

I have bumped it for you in the hope someone may be able to help

ppaul

I've just come off the phone from National Debt Helpline. Really really great charity.

They told me that I need to write to Mackenzie Hall (don't you just love those guys) and ask them (recorded delivery) for a detailed breakdown of the charges and how/why they are being applied. I also need to contact Student Loans for a copy of the original agreement. The debt collectors can only apply in accordance with the original agreement I made.

If I think these charges are excessive, I can make a complaint to either the Office of Fair Trading, Trading Standards or the Financial Ombudsman Service.

Fingers crossed - if I can get these crazy charges removed I can pay this off by next year. With the charges, I'd be looking at closer to 3 1/2 years.

ppaul

If you have debts with Mackenzie Hall, I suggest you jump online to find out how much they've been charging you too.

McKneff

Good luck.................

Nargleblast

Sounds like you have an action plan in place, hope it succeeds. Make sure you keep copies of all correspondence with this firm, and a written diary of any phone conversations you have with them, just in case things get difficult.
If you sit down and set out all your income and expenditure you may find areas where you can cut down and maybe release a bit more cash to throw at the debt and pay it off a bit sooner. Good luck.