Dealing with Payday Loan Companies

melb1973

Hi John

Opus have already said its Fraud and that they are writing a report and that it will be sent out on Monday all because i entered into a dmp a week after taking the loan apparently it says in there T's @ C's that you cant enter a dmp within 30 days of taking a loan. Do you think they are just trying to frighten me to get the money out of me? my initial loan was £125 with a repayment of £144 now it is over a £1000 with all the ridiculous interest and charges they think they can add on. I have been on other forums and this does hapen alot and apparently the oft are contacting monicredit about there bullying tactics. I'm just not sure where to go from here should I leave it to the Debt management company to deal with or am I likely to get arrested.

jon1965

Just remember that you did not take out the loan intending to go into a DMP
You are not trying to avoid paying the money
Who are they sending the report to, have they said?

Are you paying for a DMP or is it one of the free ones?

I am not a lawyer so I can not offer advice but in the unlikely event you were interviewed by the police stick to the facts as set out above.

Hope that helps

melb1973

I dont know he just said he was sending the report monday he didnt say to who but he also said to my advisor at the debt management company that he would send it back to mini credit so im not really sure, The debt management company said they are just trying to frighten me and just to sit tight and not worry, but i cant help worrying!! Im with incontrol and i pay them £30 a month.

I havent commited fraud just got stuck in the PDL cycle

Thanks

melb1973

Hi John

were you in a similar situation with the fraud issue?

jon1965

Not quite, they alleged it but didn't take it further as a very stern letter was sent to minicredit highlighting everything they had done worng.
I do agree with your DMC that they are just trying to scare you.

I am not sure how much your debts are and if you have signed a contract for a period but once your debts are being paid you could easily take the DMP back into your own hands. What you need to make sure is that they have managed to get interest etc stopped.

My debts were 45K when I started and I happily paid a DMC. Once I lost my job it was not worth their while so I took it over myself

melb1973

my payday loan debts were for a total of about £1800 so not a lot i was hoping to get them paid off by October but now mini credit have decided i owe over a £1000 that dosen't look likely. My debt is small compared to yours i have emailed minicredit so hopefully i will recieve a response its just this company Opus that I' worried about they are very aggressive and bullying

jon1965

Melb
I think that perhaps you paying a dmc to deal with such a relatively small amount may be counterproductive.
In my experience DMC's do not argue the case for unfair or unlawful charges and just keep paying. Obviously the longer they keep paying the more money they make.

You may have said but how much did you borrow from each PDL , how much have you paid back and how much do they say you still owe them.
If that is too much to put on a public forum I understand

melb1973

I went into a dmc because alongside my other commitments i really could not afford to pay the pay day loan companys any more which may not seem like much to you but i also have other debts to deal with which have nothing to do with this all the other companies have agreed to the repayment plan just not minicredit. I also thought this would be the best way to stop borrowing from these companies because i was having to do it every month which was eating into my monthly amount for bills etc then leaving me with nothing so i would have to borrow again.

jon1965

Maybe I misunderstood , if you are paying other debts via a DMP that is different.
What I was saying is that IF the PDLs are your only debts in a DMP then there could be other ways of dealing with them.
I assumed that the £30 was the DMC's fee
So assuming you are paying them 130 a month only 100 is going to the PDLs and in all likelyhood there will be unlawful charges (such as minicredit) . From experience the DMC will not argue these but just pay them
I have absolutely no issue in DMCs as a concept so long as they are right for you . I have to say at the time i could not have sorted out my debts into manageable payments without their help and the fees I paid were well worth it

melb1973

Hi John

I do have other debts which are a different matter but I pay 200 a month to the payday loans