minicredit help

jj89_2

hello people its my first post on here, i have a littel problem with a firm called minicredit, basically i took out a £150 loan with them back in august and at around a few weeks after i had my wallet stolen so my bank card was lost, forgot to update my details with them and they slapped me with a £50 charge with is not fair, so i have flat out refused to pay, numerous additonal charge emails and letters through i have now recieved a letter stating i owe them £1007.50 !!!!!!???? and if i dont pay the WHOLE balance by the end of january then they will aqquire a ccj.
I know i have been stupid about this but now i am stuck and do not see a way out, they said they would accept a settlement offer but i have to make the offer they will not tell me how much, does anyone know what they would be likely to accept? as realisticly i can only afford about £30-£50 a month

i would be glad of any advice
thanks for your help:)

System

Representative APR 4144%.

No wonder it went from £150 to >£1000!

KingElvis

LOL, what ever agreement you make with them, they will snatch all your money anyway, these firms are known for it.


I recommend getting a seperate account (basic) and just putting in there what you agree otherwise you're in for it.

Emmzi

jj89 wrote: »

basically i took out a £150 loan with them back in august and at around a few weeks after i had my wallet stolen so my bank card was lost, forgot to update my details with them and they slapped me with a £50 charge with is not fair,

You would be amazed how many people "lose" their bank cards after taking out a PDL however as long as you still have the bank account they will access the funds in it.

I am also certain the fine structure will have been in the T&Cs you signed up to. it is your responsibility to ensure they get paid. It is "not fair" to the PDL company that you run off without paying.

I suggest talking to a debt charity such as payplan who may be able to negotiate a freeze on interest and rduced payments, but there are no guarantees.

dougyd

Emmzi wrote: »

You would be amazed how many people "lose" their bank cards after taking out a PDL however as long as you still have the bank account they will access the funds in it.

I am also certain the fine structure will have been in the T&Cs you signed up to. it is your responsibility to ensure they get paid. It is "not fair" to the PDL company that you run off without paying.

I suggest talking to a debt charity such as payplan who may be able to negotiate a freeze on interest and rduced payments, but there are no guarantees.

Just because something is in the T & C's doesn't make it legally enforceable or automatically fair.

Unfortunately OP you are responsible for the debt. Your original loan amount plus interest plus an additional one months interest seems to be the rule of thumb here for charges.

Minicredit are a nightmare to deal with and probably won't accept any offers or negotiation attempts.

It is unlikely they would take you to court with their unlawful practices but if they did it would be very easy to create a robust defence which would get the case chucked out.

Edit - I'd also forward on any correspondence you have had from them to the OFT/Trading Standards as they are interested in this companies practices. Also keep any records of payment offers and schedules you have made/will make.

jj89_2

dougyd wrote: »

Just because something is in the T & C's doesn't make it legally enforceable or automatically fair.

Unfortunately OP you are responsible for the debt. Your original loan amount plus interest plus an additional one months interest seems to be the rule of thumb here for charges.

Minicredit are a nightmare to deal with and probably won't accept any offers or negotiation attempts.

It is unlikely they would take you to court with their unlawful practices but if they did it would be very easy to create a robust defence which would get the case chucked out.

Edit - I'd also forward on any correspondence you have had from them to the OFT/Trading Standards as they are interested in this companies practices. Also keep any records of payment offers and schedules you have made/will make.

how would i create a robust defence? income/expenditure statement?

oh and to the poster that said i "lost" my card i actually did and have a crime number so please do not tar everyone by the same brush thank you

dougyd

I wouldn't worry about a defence yet as you are no where near that situation and unlikely to get there. At the moment I'd concentrate on paying it off on your terms i.e. The loan amount + interest + one months additional interest.

Again I'd forward all correspondence to the OFT/TS and keep copies of all your attempts to negotiate (just in case it did go further).

You should open up a new bank account and get any salary paid in to that otherwise Minicredit will empty your account.

RichGold

dougyd wrote: »

Just because something is in the T & C's doesn't make it legally enforceable.

I think you'll find that it does. That is the very way that it becomes legally enforceable and you automatically agree to the terms and conditions and form a binding contact based on them when you take out the loan.

Unbelievable.

Emmzi

jj89 wrote: »

oh and to the poster that said i "lost" my card i actually did and have a crime number so please do not tar everyone by the same brush thank you

Never said you weren't genuine, just pointing out that they have anticipated this and have things built into their agreements and processes to cope with it - or they'd be out of business very fast.

Payplan. Seriously your best option. Fully trained debt counsellors unlike some of the very iffy advice you are getting on here.

Enfieldian

So you still have not paid back the original £150 you borrowed?

4 months late, with no effort made to pay and you wonder why they are charging so much?

jj89_2

Enfieldian wrote: »

So you still have not paid back the original £150 you borrowed?

4 months late, with no effort made to pay and you wonder why they are charging so much?

i came here for HELP not to recieve sarcasm, so please keep your sarcasm to yourself enfieldian as it is not appreciated :mad: