Speedcredit arrggghhh!!

hanes

Ok i took out a loan with these horrible people and missed a payment which was through my own stupidity when i did not intended to.

Recieved email that it had been rolled over - I DID NOT want this to happen. tried calling but staff were rude and ignorant saying i must now pay the full amount for a 4 week loan!

I tried to contact CAB about this but could not get in to see them in time before this happened.

Speed credit have no taken all that is in my bank account - even though i have cancelled the card yesterday

I recieved an email saying £385 is due as part payment "as a goodwill gesture by us" to clear your loan.

Yet they have taken
£192
£192
£98
£48


What can i do now? Is it possible to get money back from the bank as i did cancel the card and it should not of happened?

Thanks

DCFC79

Canceling the card has no effect on withdrawals. Send them a letter giving so many weeks to rectify it.

hanes

After reading other threads it seems i cannot retrieve the money they have taken.

What narking me the most is that in the email and texts it states that £385 was to be taken yet they have taken £528

surely this is something to fire back at them. Im frustrated as they do not open till 9.30am


After looking at my account page with them it states i still owe £680!!

So an £1100 cost for a £400 loan within 35 days i believe it has been now.

There has to be someone to stop these people.

Apples2

Some people do have success in this situation so it is worth pressing.

You'll get little sympathy though, they are well prepared for people borrowing from them and doing a runner.

This old joke about cancelling cards is done to death on here. It won't (and hasn't) stopped your pre authorised agreement for them to take all money which is owed to them from your account.

The easiest way to avoid this situation is to not use them at all or if you do, repay them on time.
Although you said you didn't intend to miss the payment, it also sounds like you sat back and waited to see what would happen.

hanes

I honestly did not sit back and await this at all... I have a busy life as we all do and i dropped the ball on this one. I called them within my lunch hour at work and i had 10 mins to speak to someone each day if at all. Plus i do not get home till 6pm they close at 5.30pm

They did not respond to any emails but send me multiple emails for different amounts to be taken at such and such a date.

I called my bank this morning and they were very helpful and explained the money is in "middle ground" at the moment and is awaiting to be either paid or sent back. They do not know anymore at this stage. However they told me that my card had been cancelled so the payments should not be paid.

Im actually having to go into work late this morning to try and sort this mess out. Speedcredit do not open till 9.30am and lord knows how long i will be on hold before i talk to some rude arrogant person on the other end. I think they have a sricpt to read from really.

So hopefully i'll get this rectified today

And lastly no i did not do a runner and im ashamed to be involved with these people quite frankly.

DCFC79

You communicate with them by writing to them, at least you will have a paper trail albeit it doesn't help you if you currently need the money.

Enfieldian

Ouch!

Are these the ones that add on a £3 charge every time they try to take a payment and it gets refused as well?

sistafromanothermista

hanes wrote: »

Ok i took out a loan with these horrible people and missed a payment which was through my own stupidity when i did not intended to.

Recieved email that it had been rolled over - I DID NOT want this to happen.

I recieved an email saying £385 is due as part payment "as a goodwill gesture by us" to clear your loan.

Yet they have taken
£192
£192
£98
£48


What can i do now? Is it possible to get money back from the bank as i did cancel the card and it should not of happened?

Thanks

hanes wrote: »

After reading other threads it seems i cannot retrieve the money they have taken.

What narking me the most is that in the email and texts it states that £385 was to be taken yet they have taken £528

surely this is something to fire back at them. Im frustrated as they do not open till 9.30am


After looking at my account page with them it states i still owe £680!!

So an £1100 cost for a £400 loan within 35 days i believe it has been now.

There has to be someone to stop these people.

Firstly, i bet they were not 'horrible people' when they lent you the money?
You go on to say you 'did not want this to happen' in reference to them rolling the loan over........this would have been in the T&C's that you agreed to when you borrowed from them in the first place....
You then say 'it should not have happened' in relation to them taking money from the account that YOU authorised payments to be taken from...
Looking for something to 'fire back at them' is laughable really considering YOU are in breach of contract.

Lastly (in pink) again, this is all part of what you signed up to borrowing money from said loan company in the first place!

These threads make me :mad: if you take out a loan or credit of any kind for heavens sake know what you're signing up to and stick to it!!!! if you don't think you can then either;
a. Don't borrow in the first place
or
b. Understand the penalties you could incur if you breach your T&C's


Rant over.

hanes

sistafromanothermista wrote: »

Firstly, i bet they were not 'horrible people' when they lent you the money?
You go on to say you 'did not want this to happen' in reference to them rolling the loan over........this would have been in the T&C's that you agreed to when you borrowed from them in the first place....
You then say 'it should not have happened' in relation to them taking money from the account that YOU authorised payments to be taken from...
Looking for something to 'fire back at them' is laughable really considering YOU are in breach of contract.

Lastly (in pink) again, this is all part of what you signed up to borrowing money from said loan company in the first place!

These threads make me :mad: if you take out a loan or credit of any kind for heavens sake know what you're signing up to and stick to it!!!! if you don't think you can then either;
a. Don't borrow in the first place
or
b. Understand the penalties you could incur if you breach your T&C's


Rant over.

The effort you went to is contray to what you said, obviously you felt the need to rant. However in this circumstance your not helpful to the topic whatsoever.

Realism or not - Your input was not needed.

hanes

The problem i have now after they have taken out £528 from my account

it still says i owe £631 from a £400 loan taken out on the 21/10

So £1159 over 43 days can be justifed?

I spoke to someone today and they state that if i pay £350 by 8/12 then the file will be closed.

I have tried to trace every fee they have added to this but it is proving impossible as i recieved about 6 differing emails stating i have x amount of days to reply in which i did.

Within that period they granted they go carte blance on my account

Apples2

Yup! they take as much as they want, as often as they want until they have recouped everything owed to them. This is what happens when you don't play by the rules, it comes back to bite.

Here's an angle

http://www.speedcredit.co.uk/term.html

12. We are registered at Companies House as MCO CAPITAL LTD trading as Speedcredit. Our company number is 6472855. Our main business is consumer lending. We are regulated and authorised by the Office of Fair Trading (the "OFT") consumer credit license 613263

Our old friends MCO Capital

http://www.bbc.co.uk/news/business-19194632
http://www.thisismoney.co.uk/money/cardsloans/article-2186024/Payday-lender-MCO-Capital-shut-fined-500-000.html