Minicredit Help! Payday loan

gloryninja

this loan company is far the worst iv ever encountered.
i have taken out a £100 loan with them a month back and now its due tomorrow. the problem im having is that im in financial difficulties at this time that i had no choice but to call up CCCS. CCCS sent me the letters which i sent away to my creditors.

iv emailed mini credit telling them i cannot pay them the full amount but will gladly be put in some payment plan. now please note that i had to join a debt management plan as im only 18 in full time education and working part time.

i told them to be reasonable and put me in a payment plan as im having problems my self... this is the response i get

from minicredit:........

MiniCredit has the right to immediately start Legal action when the Customer
has entered into a Debt Management Plan. If the current loan balance is not
repaid immediately, the balance will be defaulted on the 90th day overdue.

You may log in to Your MiniCredit.co.uk account to make partly payments
within 90 days from the due date to avoid Legal action.. All overdue charges
and interest will be added until full repayment.


Please visit Your MiniCredit account to read the Terms and Conditions and
the Loan agreement.

You have accepted our Website Terms of use and the Privacy policy when You
registered as a client of MiniCredit. And it is a fraudulent behaviour to
borrow money when You have no intentions to make the repayment on time and
You will face criminal charges.

i dont know what to do! if they put more charges on then it just gets more difficult for me to pay them!

please help :(

hontwood

I suggest you change bank accounts before these people take money from your account when you not expecting them to do so. They will keep trying & trying... Stop all direct debits and cancel your bank cards (tell the bank you have lost them) this way they will issue new card numbers / pin codes etc..

CCCS - They will contact the companies in mind to arrange repayments, interest payments should stop soon.

Make contact with payday companies and tell them whats going on with regards to your situation - whats the worst they can do. These companies will try and use every method possible. Eventually they will pass the debt onto a third party however expect them to load as much interest as they can beforehand.

CHR15

gloryninja wrote: »

i dont know what to do! if they put more charges on then it just gets more difficult for me to pay them!

Yes absolutley your debt is going to get bigger and bigger making it progressively more difficult for you to repay.

I'm sure I am not the only one staggered at your decision to take out a loan like this in the full knowledge that you would not be able to repay it. It comes across as though you wanted the money and thought going straight to CCCS was an easy way out.

Kefte

My suggestion is that you look at all your personal belongings [I'm not saying your horse] look at things you don't need and get what you can on Ebay or do a garage sale [clothes/shoes you don't wear anymore etc...] and if you can beg for some overtime work, don't go out and live extremely frugally for 2-3 weeks [value beans on toast], think outside the box of how you can get some money [sit down with a piece of paper a really think about it] ...and I bet you can get that £300 together - then pay it off and never touch them again....

Blonde_equestrienne

thanks Kefte, I am doing all that, I'm also trying to get some math tutoring work and a part-time job. I can't get over-time at work because I am on salary. The £300 is just the INTEREST, paying back the entire loan is £1,500. Not quite so easy to find, but I'm trying. Despite what all these lackwits on here seem to think

mrcow

gloryninja wrote: »

MiniCredit has the right to immediately start Legal action when the Customer
has entered into a Debt Management Plan. If the current loan balance is not
repaid immediately, the balance will be defaulted on the 90th day overdue.

You may log in to Your MiniCredit.co.uk account to make partly payments
within 90 days from the due date to avoid Legal action.. All overdue charges
and interest will be added until full repayment.


Please visit Your MiniCredit account to read the Terms and Conditions and
the Loan agreement.

You have accepted our Website Terms of use and the Privacy policy when You
registered as a client of MiniCredit. And it is a fraudulent behaviour to
borrow money when You have no intentions to make the repayment on time and
You will face criminal charges.

i dont know what to do! if they put more charges on then it just gets more difficult for me to pay them!

please help :(

They are absolutely correct in what they have said.

They can and will default you after 90 days. This will remain on your credit record for 6 years.

They will also push for a CCJ which will remain on your files until it's settled and then a further 6 years.

The criminal charges refer to the fact that you knowlingly borrowed money from them 30 days ago and clearly had no intention of paying it back. That is fraud.

All at the age of 18.

What are your personal circumstances? You need to post up an SOA and start looking at how you're going to pay back what you're overspending.

The good news is that you've most likely wrecked your credit file so badly that the likelihood of getting more debt is remote (including credit cards, loans or a mortgage). But do yourself a favour anyway and make a promise that you are going to stop borrowing anything further ever again. You're clearly in need of some finanical education.

Get your SOA up here and start planning about how you're going to work yourself out of this mess.

DansMum_2

Just a thought - Can you sell any tack or rugs off on ebay? Or do you have any friends at the yard that you can muck out for or muck pick etc? How about a sharer in the short term to help with costs?? Wont be a huge amount but it may help?