Minicredit help! £80 loan, 28 days late = £381!

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ExNicotineQueen wrote: »

Did you send the letters by recorded delivery?

No, I didn't. Although if I get ignored I will send further letters recorded.

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These guys are ignoring my letters which are sent by recorded delivery so I know when they've been recieved. What can I do?

meer53

I have seen countless accounts where these payday loan companies attempt to take payments from debit cards numerous times every day. The attempts stay on our systems for a few days then disappear as they are not successful. Wonga is one of the biggest culprits but they aren't doing anythin wrong, they're just trying to take money they are owed. Not sure whether Wonga charge per attempt though ?

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meer53 wrote: »

I have seen countless accounts where these payday loan companies attempt to take payments from debit cards numerous times every day. The attempts stay on our systems for a few days then disappear as they are not successful. Wonga is one of the biggest culprits but they aren't doing anythin wrong, they're just trying to take money they are owed. Not sure whether Wonga charge per attempt though ?

Wonga do charge a missed payment fee on the due date but don't charge specifically for failed card attempts.

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Sent a complaint to the ombudsman this morning

michael1983l

The charges they state are illigal

these fees do not reflect any proportionate collection charge as of this date, a breach of OFT agreement 2.2

They also shouldn't ask you to pay back more than you can afford and the financial charges must not be disproportional to the original loand sum. They also should not harras you and I would say making 47 attempts to take payment in 28 days is harrasment, as well as the constant calls.

Please insist on all future communications in writing and state that you will not respond to other communication types. Do not agree to any payment plan that you are not happy with and does not state that the loan will be settled upon completion. And do not offer to pay them any more than the original loan and original interest stated in the original agreement.

They will not send bayliffs round as they need a court order which comes after a CCJ and failure of payment to that CCJ. They will not take you to court because they are breaking the law.

If they threaten to send collection agents round ignore them because this would be further harasment, if they come to your property they have no right to enter it even if you open the door and no right to take anything from you. Ask them to leave and if they refuse call the police.

Don't take no !!!! from thse leeches, they will try to scare you with threats but stick to your guns and remember they are all empty threats

Skrillex_

Hi,

Sooo... Here's the deal.... Get paid weekly and student so pretty bad with money; thought of getting £100 via mini.

Here's the part I need advice with:

They claim they have paid the loan, just recived email from them however funds are not in my account. I'm being charged interest and this can't be rite. I've expressed my desire to cancel but this was not mentioned in the reply I just recived.

Can you tell me of this is fair practice and if I express my desire to cancel and I've now proff they recived this communication do I need to do more?

BlackEyed

I have also used Minicredit for a loan, but the thing is this: I have not been given any loan agreement via email or post and it does not show on the minicredit website either.

I am currently going into a debt management plan and I have read various other stories about this company being extremely unwilling to enter into any kind of plan other than their own.

Any advice?

mammaof2

I.D ADVISE NO ONE BORROW FROM MINICREDIT THEY ARE A RIP OFF AND NON WILLING TO HELP COMPANY.
I had taken a borrowing of £100 from minicredit a month ago which £80 is all i recieved due to their transfer charge and on payment date i contacted them to ask for an extention on payment date and was told i had to pay a payment to roll over which i had 0 balance to be able to so they said i will be charged everyday til i can call up to offer a settlement fee which on the date i stated to them i called up by this time the balance outstanding was £251 and they had already taken £70 out my account within one wk at three occasions which put me into an unplaned overdraft so i.m now being charged by my bank. They would not accept the already paid £70 with an additional £100 payment ontop to settle they wanted £156 when i told them i do not hv the extra they said they cannot help me further and a daily charge of £1 will be charged and each day they will try debit my account and if they get denyed they will charge me an additional £5 charge a dqy ontop.
I am a seriously ill woman and waiting to see consultant in two wks regarding results on a life threatening condition called lupus and am now disabled with osteo porosis and i am a mother with two children at age of 2yrs and 5yrs old i do not work due to my illness now as i am bedbound most time so i have reported to minicredit that i have sent you details to be investigated by rip off britain. since doing that i found out minicredit was already on the news feb 2012 from major complaints.
All i wanted to do was pay them £100 to settle them which was leaving me and my family with 58pence and they said they wanted £56 more then i could offer so wouldn.t help me said more daily charges will go on each day.

dealer_wins

mammaof2 wrote: »

I.D ADVISE NO ONE BORROW FROM MINICREDIT THEY ARE A RIP OFF AND NON WILLING TO HELP COMPANY.
I had taken a borrowing of £100 from minicredit a month ago which £80 is all i recieved due to their transfer charge and on payment date i contacted them to ask for an extention on payment date and was told i had to pay a payment to roll over which i had 0 balance to be able to so they said i will be charged everyday til i can call up to offer a settlement fee which on the date i stated to them i called up by this time the balance outstanding was £251 and they had already taken £70 out my account within one wk at three occasions which put me into an unplaned overdraft so i.m now being charged by my bank. They would not accept the already paid £70 with an additional £100 payment ontop to settle they wanted £156 when i told them i do not hv the extra they said they cannot help me further and a daily charge of £1 will be charged and each day they will try debit my account and if they get denyed they will charge me an additional £5 charge a dqy ontop.
I am a seriously ill woman and waiting to see consultant in two wks regarding results on a life threatening condition called lupus and am now disabled with osteo porosis and i am a mother with two children at age of 2yrs and 5yrs old i do not work due to my illness now as i am bedbound most time so i have reported to minicredit that i have sent you details to be investigated by rip off britain. since doing that i found out minicredit was already on the news feb 2012 from major complaints.
All i wanted to do was pay them £100 to settle them which was leaving me and my family with 58pence and they said they wanted £56 more then i could offer so wouldn.t help me said more daily charges will go on each day.

Unfortunately this is what happens when you take a loan out at a ridiculous APR, and then dont pay it back when you promise to.

IMO the best thing to do is close your bank account down, open a new one with a different bank, and try to negotiate a repayment plan.