Mini credit Loan Sharks

wholesome

i couldnt pay it back due to illnesss, so i offered them £50 a month to pay it off but due to the charges they are putting on it just money down the drain, so i am waiting for them to take me to court when i will put a defence in about the criminal charges, hopefully the fraud squad will have raided their offices by then and theywill be locked up for fraud:T

ihateyes

wholesome wrote: »

i couldnt pay it back due to illnesss, so i offered them £50 a month to pay it off but due to the charges they are putting on it just money down the drain, so i am waiting for them to take me to court when i will put a defence in about the criminal charges, hopefully the fraud squad will have raided their offices by then and theywill be locked up for fraud:T

these companies usually operate unfair t&c's... they usually dont take people to court as you could defend on grounds of unfair t&c's..... these companies dont like to explain ho it costs them £100 to send you a letter.
Also its a 31day loan, so theoretically they cant charge ore the 31days interest.

also under debt guidelines they should be tying to help, many of them dont though.... go to Consumer Action Group.... they are very helpful, people with good experience of these companies, and they can help... they will even help you defend if they took you too court, and most times when CAG prepare a defence for you, they discontinue..... now if its water tight, i wonder why they discontinue!?

dealer_wins

Payday loan companies are the spawn of the devil, but so are people that borrow money and then dont pay it back.

How many times have people said, dont use payday loans unless you can DEFINITELY pay it back on the day its due.

To them illness, death, grannie in intensive care means nothing except excessive late payment charges.

poppasmurf_bewdley

Presumably this company were not scum when you took out the first two loans with them, as you went back for more.

Only when you can't pay it back and they get tough do they become scum.

The Chinese have a saying (which I've just made up):

"If you dangle your feet in a tank of Piranha fish, do not be surprised if one day you find some toes missing".

JustinCredibleGillespie

Fight them to the bitter end, if they threaten court action then so be it. Stick to your guns and don't pay another single penny. We all love to see companies like these folding through their own greed!

Goodluck

dealer_wins

JustinCredibleGillespie wrote: »

Fight them to the bitter end, if they threaten court action then so be it. Stick to your guns and don't pay another single penny. We all love to see companies like these folding through their own greed!

Goodluck

Its mostly the borrowers folding through their own stupidity/greed unfortunately

Apples2

12. Charges
You agree that if you register with us and sign Loan Agreement Microcredit Ltd may charge the following fees to your card registered with us; loan application processing fee, account set up and monthly account services fee.

Looks like a licence to print money!! Pick a number!

wholesome

poppasmurf_bewdley wrote: »

Presumably this company were not scum when you took out the first two loans with them, as you went back for more.

Only when you can't pay it back and they get tough do they become scum.

The Chinese have a saying (which I've just made up):

"If you dangle your feet in a tank of Piranha fish, do not be surprised if one day you find some toes missing".

:mad::mad::mad::mad:
I thought i was dealing with a professional company that is why i went back for a third loan. Sadly this company are not professional and i now have an FOS reference number and i have been told by one debt management company that Microlend t/a Minicredit are due to have their licence revoked. I have my paid my previous loans back on time and therefore they should accept a payment arrangement instead of putting unlawful cahrges on of £100 for sending out letter. Maybe its time the Fraud squar investigated this company to see exactly whose funding them and were the money goes back to:mad::mad::mad::mad::mad::mad::mad::mad::mad:

CHR15

Having a licence revoked is neither here nor there, they will simply spring up the following day with a different CCA, Company number under a slightly different name. Closing them is pointless, better the Devil you know and all that. If they continue trading more people will be aware of their practices.

£100 is ridiculous and if it goes to Court, you would most likely reduce these charges, but you still won't end up debt free. They will get you in the end.

This "professional company" makes a living from lending money to people who are unlikely to repay it.
A huge portion of their customers simply grab the cash then run and hide, it is up to those customers who DO repay the loan to bankroll the others who don't.

You will see many comparisons to "dancing with the devil", "swimming with aligators", "dangling feet in a tank of Piranha fish" etc...
The message is that you may get away with it once or twice, but you WILL get bitten in the long run.

You simply CANNOT make a life out of borrowing from these people. The charges are huge and will eat into your own money quicker than a drunken trip to Vegas.

Have a look back at your past loans and work out how many days you have had to go to work for NOTHING. All the money was profit for them.

After 2 previous loans I'm amazed you still haven't got the message yet.
You might feel you do not have enough money so HAVE to use them, but again, look at how much money you have given them more than they have given you.

I would argue you must be a rich man to throw so much of your own money away for nothing.

STOP the outgoings, DON'T try to bolster your income with this high APR loan silliness.

wholesome

I have been advised by consumer direct to fill in a court form N1 to admit i owe then the loan plus one months interest and to dispute the other charges and the let a judge decide how much i need to pay back. i have given minicredit 14 days notice of the action i intend to take in my local court and have put forward proposals for me to pay them off at £50 a month to cover the loan and one months interest