Speedcredit arrggghhh!!

sistafromanothermista

hanes wrote: »

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.

The word is convey.

Anyway, i felt it was a very useful post.
If only 1 person reads it before taking out a loan of any kind and considers the fact that THEY MUST READ THE T&C's before signing anything then my post has done its job.

sistafromanothermista

Apples2 wrote: »

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


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

What Apples said really.....

sistafromanothermista

hanes wrote: »

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

Have you even read the T&C's you signed?
Surely this will answer all your questions?
Are they justified?
Probably.

DCFC79

OP i strongly suggest you open up another account even just a basic 1 with an unrelated bank to the 1 speed credit has account details of and inform your employer of the chnage and any companies who you have a dd set up with.

Oh and dont give the new account details to SC or any online loan broker who promises to find you a loan if you give them a fee of £69.99.

hanes

I have cancelled my bank card assosiated with speedcredit and my bank HSBC inform me that no other payments can be sent out via this card.

Is this right as i've heard of a term that allows such payments to be made. CPA i think its called?

Also i understand what you say about opening another bank account - However this is a current account with an overdraft that sadly i will need for the next few months.

Plus my i have read a thread about someone who opened a new account for salary to be paid into - however pdl people still took money from dormant account as VISA will allow payments below a certain ceiling. Thus there seems to be no escape from them


They have demanded i pay £350 within 3 days to close the file.

I wish i wasn't a victim of pdl but sadly it seems i am.

I wish the goverment would just shut them down

DCFC79

hanes wrote: »

Is this right as i've heard of a term that allows such payments to be made. CPA i think its called?

Yes there is, not sure what the C stands for but im sure the rest is Payment Authority.

hanes wrote: »

I wish the goverment would just shut them down

Well they wont close them down as they have done nothing wrong.

Buzby

The only sure fire way to pre-empt a merchant debit is to claim the security of your card is compromised and ask your bank for a complete card reissue (and new PIN). Anything less still allows Pre existing mandates to be dawn on.

Apples2

Continuous Payment Authority - it means what it says, once you have agreed to it, they can go in as often as they like, no matter how many times you cancel the card, you already approved the payment.

Speedcredit may well make use of that overdraft facility shortly.

You MUST tell you bank you are withdrawing the CPA they have against your account.
Take the risk if you like, it might work but might not.

A brand new account wiith an unrelated bank is the ONLY way you can be sure your money is safe from them.

hanes

Ok i have had a read through some other threads regarding these people.

Considering i have offered them a futher £100 to settle the account which makes my total payments to £628 on a £400 loan over 41 days, they have refused and say i must either pay £350 by 8/12 or incur intrest.

Then the balance will be £618, the woman actually scoffed at me over the phone and said you really dont want MHB to contact you as then you will know trouble!!

I wont say what i thought of that.

However MHB and MCO capital are one and the same as speedcredit are too.

Is it legal for them to keep applying charges for passing files over to MHB even though they are in house and the same company?

Plus the fact that i get emails from both companies at the same time demanding the same payment and threats etc.

I feel like just letting it go to court and making the judge aware of the fines and malpractices these guys have been done for in the past. But its like david and goliath right?

sistafromanothermista

Don't take any harassment from them.
Have a search on some of the other threads (use search tool at top) to find out what you need to do if they are harassing you in any way.