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

hughie278

Thought id pipe in with some Minicredit experience. I havent applied with them but I did once fill out the application form on their website. I DIDNT press submit, and they managed to take my email address from it and emailed me saying I didnt finish the application.

They must capture what you fill in even if you dont submit it. That was a bit desperate if you ask me.

Brains64

ssswww wrote: »

Whilst trying to get in touch I have noticed that their website lists a Skype contact which isn't valid and a live chat link which does nothing.

They are registered to 30 Borough High Street, London SE1 1XU, which if you google that address shows that the company is registered to "Alma's Restaurant".

Got though on the phone to someone who told me they'd have to put me through to payments to get this breakdown of charges, after a minute they came back on telling me that payments weren't answering the phone for some reason and that they would call me back.

Not the most professional company I've dealt with by any means :rotfl:

No.....great for a laugh though:rotfl:

glamdring

[I have also been stung by the minicredit company. They are unreasonable, totally willing to communicate and to be quite frank have broken quite a few OFT laws. There is an interesting article published by BBC 5live on this company. Do not panic...they have no legal power despite their claims. YOU MUST PROTECT YOUR FUNDS FOR PRIMARY DEBTS...CONTACT YOUR BANK..THEY WILL IMMEDIATELY STOP THE CONTINUED PAYMENT AUTHORISATION SET UP WITH MINICREDIT...ONCE THIS IS SET UP AND PAYMENTS TAKEN BY THIS COMPANY WILL BE IMMEDIATELY REFUNDED BY YOUR BANK IF YOU CONTACT THEM. The only way to deal with this company is to do it en mass. I would like to launch a public campaign against the operational manner of this company but in order to do this I need lots of unhappy people to join me to get the OFT to take action. If any body is interested in putting a stop to this company please email [EMAIL="me...jasonison12@yahoo.co.uk]Hi"]me...jasonison12@yahoo.co.uk]Hi[/EMAIL],

Being the idiot that I am, I took out a Minicredit payday loan on May 3rd. Since then I have read no end of horror stories online about them, including there registered office being a pizza restaurant, but nowhere seems to have any advice to help me out.

It seems they have recently been made to remove the no hidden charges claim from their website, as my £100 loan became £80 with their £20 transfer fee. The money was sent faster payments so this should be absolutely free.

The loan was due on 2nd June. I made a part payment of £105.50 about a week ago and repaid a further £276 today. The loan is now paid off entirely, but I was wondering if there is anything I can do to try and get some of this money back, or at the very least, submit a complaint about them for the sake of complaining.

I know I agreed to a contract which I should have read better, and I know I should have paid it off on time. But I still feel that for £80 in my bank, repaying it 28 days late should not cost me £381. How you can get to £300 interest and fees on £80 is nothing short of a scam.

Is there anything I can do to get this money back, e.g. via the ombudsman?

At the very least, I hope I am able to submit a complaint to fair trading or someone suitable, even if I don't get anything back.

Thanks for your time[/QUOTE]

glamdring

I have also been stung by the minicredit company. I had a loan that was due for repayment on 19/12/2012 of £100. As my financial problems had spiralled out of control I took advice from the national debtline. I sent all the information I could to minicredit fully explaining my situation. They have broken countless OFT rules whilst I have attempted to communicate with them. They wnt stop texting me (even on xmas day)...they fail to acknowledge the information i sent them. To be fair they have set up a very sneaky system which doesnt allow you to reply to the emails they send you and forces you to continually log onto the website. I advise people to contact your bank and get the continued payment authorisation stopped. Your bank will do this immediately. Once this has been revoked any money taken by minicredit will be immediately placed back into your account by the bank. My building society were particularly helpful and are as fed up of minicredit as its customers. I have been informed by tex yet again that my account now stands at £300...and increase of £175 in ten days. This company is having a laugh if they think this will stand up in a county court and I advise anybody not to panic and to stand their ground. Make offers of repayments in the appropriate manner and let these idiots at minicredit make all the mistakes. I even wrote to minicredit prior to the original repayment of the loan and they still will not acknowledge anything I say. Only if you submit to their oppressive behaviour will they win. Following the companies point blank refusal to stop using my mobile number (and I have yet had another tex today) I sent them a very rude email at which they had the audacity to tell me only to communicate with them in a reasonable manner lol...the audacity of it! There is a very interesting article on the BBC 5LIVE website about the practises of this company. I havnt rang them and never will...you are under no legal obligation to ring them. My days of trying to resolve my problems with them are over...I have told them to add all the charges they want and I will challenge them in the county court for mediation. I would like to put a stop to this company and their practises but in order to get the OFT to do something it needs to be done en mass. If anybdy has the same problems as I have listed and are willing to join in a campaign to stop these people please feel free to email [EMAIL="me...jasonison12@yahoo.co.uk"]me...jasonison12@yahoo.co.uk[/EMAIL]

HardWorkerUk_2

MINI CREDIT WANTED ME TO PAY LATE.
Through no fault of my own, i could not afford full balance (135) on due date.
I offered £50 the day, 40odd in three days and the remaining in 6 days.
They refused the offer and my money! Lol
They have No sympathy what so ever, unwilling to negotiate so your balance goes massive.
I explained i could realistically afford £20 a week, he said the balance would become £310.
What kind of company is this really. Thankfully there are some respectable lenders who have negotiated reasonable payments with them as i am in an endless cycle of debt with 9 lenders

Thankfully i had a very good friend to help me that day.
My advice STAY AWAY From Mini Credit.co.uk

DCFC79

HardWorkerUk wrote: »

MINI CREDIT WANTED ME TO PAY LATE.
Through no fault of my own, i could not afford full balance (135) on due date.
I offered £50 the day, 40odd in three days and the remaining in 6 days.
They refused the offer and my money! Lol
They have No sympathy what so ever, unwilling to negotiate so your balance goes massive.
I explained i could realistically afford £20 a week, he said the balance would become £310.
What kind of company is this really. Thankfully there are some respectable lenders who have negotiated reasonable payments with them as i am in an endless cycle of debt with 9 lenders

Thankfully i had a very good friend to help me that day.
My advice STAY AWAY From Mini Credit.co.uk

Hang on though, you couldn't afford what you owed and you expected them to be lenient, do you not agree that you agreed to repay the 135 by a certain date ?

Nothing wrong with mini credit in your case, you just didn't have the money to give back when you said you would.

fozmcfc

HardWorkerUk wrote: »

MINI CREDIT WANTED ME TO PAY LATE.
Through no fault of my own, i could not afford full balance (135) on due date.
I offered £50 the day, 40odd in three days and the remaining in 6 days.
They refused the offer and my money! Lol
They have No sympathy what so ever, unwilling to negotiate so your balance goes massive.
I explained i could realistically afford £20 a week, he said the balance would become £310.
What kind of company is this really. Thankfully there are some respectable lenders who have negotiated reasonable payments with them as i am in an endless cycle of debt with 9 lenders

Thankfully i had a very good friend to help me that day.
My advice STAY AWAY From Mini Credit.co.uk

This is why, there needs to be much tighter regulation, against both the lender and the borrower.

The lender needs to be allowed to impose reasonable charges only and more substantial checks on borrowers.

Borrowers like this one, need barring from taking out any further credit once they take out a payday loan and then they need barring from taking out any other form of credit, until it is paid back.