A world record? - Carter Forbes collections

michael001

Hiya... any assistance would greatly be apprechated.

Through my own fault, being a 20 yr old student (at the time), and plain dumb... I have ended up in a sticky situation, lots of loans and credit cards, payday loans etc etc. Totally my fault, my problem and admit I owe every penny. I have taken full responsibility for my actions and want to pay every penny back and learn my lesson the hard way.

Everyhing is now under control and I am currently on a Debt Management Plan with CCCS, paying around £190 a month to clear everything - It will take around three years to do this. I have been on the DMP now for around 8 months.

Every single one of my creditors have really been so good and accepted the DMP - Freezing the charges.

However I had a £60 payday loan with a company called cash genie. The debt was at around £280 with interest at the beginning of the DMP. They are getting about £25 a month. This is not enough for them, and have passed to a DCA Carter Forbes. The balance now is £980 :j and end of feb will be over £1000 for a £60 loan wooooohooo this must be a world record or something!! lol

The have sent an email (like they do around every 3 days) saying that they are passing to their legal team etc etc. I have emailed back asking them to take me to court please ASAP - as at least this way the interest will stop. They just will not issue a CCJ, just constantly call, ignore all correspondance and add around £100 a month to the debt.

Am I seriously stuck with these jokers... is there ANYTHING I can do, are they regulated or can they literally charge what the hell they want for a £60 loan, although i am paying what I can afford. It was all done online and in the emails it ststes interest at a silly amount - off the top of my head I think its around 4000% ish.

Its got a joke now and I dont know what to do... Do I ask CCCS not to pay a penney and force them to issue preceedings to stop this building, do I totally ignore everything and continue with the £25 a month and they will continue to add around £100 a month?

I am on such tight budget, and cannot afford more than what I am paying CCCS.

Some ideas would be really apprechiated... This is waaay out of hand now and just want to get this sorted finally once and for all,, and get everything paid off.

Thanks.

saltnvinegar

Hi Michael

I'm not sure if the CCCS would be prepared to stop paying individual creditors but you can certainly ask.

I'm sure that £1000 for a £60 loan would be viewed as extortionate by a judge in court which is why they don't want to take things there as it could blow the lid on what they are doing.

Give the CCCS a call and see what they can do.

Best

SnV

karenxxxxx1

Hiya I had something similar with Cash Genie and Carter Forbes got on the case. Now they are offering me a £36 settlement for a £250 loan. But they want all my bank details to take payments. Do you think they would take more than just the £36 and should I go ahead.

K

freshstart11

Look through my previous posts they are about Carter forbes...is all I can say

freshstart11

https://forums.moneysavingexpert.com/discussion/4011171

DVardysShadow

karenxxxxx1 wrote: »

Hiya I had something similar with Cash Genie and Carter Forbes got on the case. Now they are offering me a £36 settlement for a £250 loan. But they want all my bank details to take payments. Do you think they would take more than just the £36 and should I go ahead.

K

No, do not give bank details. Ask them to confirm in writing - not that they will. Or you could try confirming yourself in writing.

If by any miracle you get something back which looks like a reasonable deal, send them a cheque or a postal order.

But don't trust them with your bank details.

freshstart11

I only ever play by standing order never DD or card