mini credit pay day loan!

dinomike

Hi everyone this is my first time posting on these forums and i find myself in need of some advice!

i took out a payday loanicon with mini credit which was due to be paid back on the 25th of October 2013, i started college and had a reduced income for that month and the forseeable future. after looking around mini credits website i realized there was hardly any way to contact them! i requested a call from them on the 20th of october and also sent an email asking for a repayment planicon that same night only to have an automated response saying:

Dear Sir/Madam

Please use ww. minicredit .co. uk /contact page to send Your question.

Kind regards
Mini Credit .co . uk
Customer Support Team

As i had already done that i searched around these forums to find an alternative email address to use other than the info @minicredit one and found one for collections @minicredit.co.uk on the 23rd of October i against sent an email to mini credit stating:

Dear minicredit.

I am not in a position to make a lump sum payment to pay off my mini credit loan debt. This is not a decision that i have taken lightly and realize my obligation to pay back this sum of money of £243.18 due on the 25/10/2013. This is due to me starting full time education and now receiving lower wages than i originally anticipated.

I did try to contact you earlier but received no response after trying though your website

I am hoping that we can come to a repayment agreement that meets the interests of both of us where you get your money back at monthly payments that i can afford and so continue to pay my priority debts and living expenses I would also kindly ask that you suspend any interesticon chargers occurred in my repayment planicon so i can pay you back the £243.18 that i owe in a fast and timely manner.

i understand the impact this will have on my credit report and deeply sorry for the in convince caused

I also kindly ask that you contact me by email only as this is the only way i will communicate.

Kind regards

i then went to bank and asked them to cancel the cpa for mini credit, i didnt inform mini credit of this i wasnt sure i was suppose to or not?!

on the 25th the due date mini credit took the £243.18 i owed them and a few days later the bank refunded me, in this period i had no emails or phone callsicon off mini credit till i woke up to text message today saying:

We have the right to start legal action and inform the national chargeback database about your fraudulent chargeback to reduce your credit rating.

i rang them up after this message to say i have had no communication off them and that i had emailed asking for a repayment plan they claimed they had email me but the only email i have received was the auto response one i posted above and that it had been passed on to collections and i couldnt set up any plan till my bank informs mini credit of the charge back or something along those lines.

So please any advice about what i can do next im very stressed with this whole cycle and just want to get out of this mess so i can concentrate on work and my studies.

DCFC79

Writing to them is better than email

Sedge123

Sorry but why did you take a loan when you knew you were going to start full time education?

Hopefully someone with more knowledge of payday loans will know what to do next.

dinomike

sedge yes i know i made a mistake no need to rub it in my face, i took out a payday loan for the same reason everyone else needed one, i had previous pdls and bills needed paying and i was naive and thought i could pay it back

fozmcfc

At the end of the day, you are better off paying out the money you owe and then look at every other way of cutting back this month and the next.

Obviously, we don't know enough about your circumstances, but think about these.

Can you not borrow some money from friends/family.

Some companies, such as gas/electric are not as important for instance and they will accept you being behind within reason.

Look at selling stuff, clothes, cd's, dvd's etc...

Get rid of anything that isn't essential, such as satellite tv packages or expensive phones.

Look at buying cheap food until further notice, live on economy beans and bread if necessary.

Use a credit card and make minimum payments to it until further notice.

Just some of the things you could think about and at least the debt is paid back.

imoneyop

dinomike wrote: »

We have the right to start legal action and inform the national chargeback database about your fraudulent chargeback to reduce your credit rating.

Is this their rather cackhanded way of saying they are going to put a default on your credit report or have they inadvertently revealed the existence of some top-secret database of "fraudulent chargebacks".

To answer your question - write to them explaining your situation and asking them to set up a payment plan (perhaps suggest what you can afford to pay) - also ask them for their bank details so that you can make future payments to them (avoid authorising any future card payments to them they could try and use it to argue that you have reauthorised the CPA).

Sedge123

Sorry if my first post was a bit blunt, you don't get the tone in an email, just trying to understand.

Anyways some great advice from other posters.....

dinomike

I have no idea imoneyop! i did cancel the cpa with my bank before the due date but didnt inform mini credit of it as i had already emailed them asking for a repayment plan the bank refunded me the money mini credit took a few days ago and never heard anything off them till i got that text message when i woke up this morning! i rang them up and they said my account had been blocked and that i couldn't set up a payment plan till the bank informed them about the refund or something like that and that i had been passed to there collections department but right now im in the dark about everything i have no idea what defaults or interest has been added on to my original amount! - and thanks for the replies so far people much appreciated!

debtpayingpixie

Hi dinomike

I have not posted on here before but found the site a few weeks ago. Its been a bit of a wake up call really. I have been on a DMP since last November and only over the past 2 months have began to face up to it. Please please be careful with mincredit, I had a loan with them for around £350 and I defaulted and it went up to £2400. They slapped on £1600 of debit card charges, I think they were trying around 6 to 10 times a day for the money. I know it was completely my own fault for being so stupid in taking the loan out but I feel its horrendous they can do this. The debt now has been passed to Opos, they are debt collectors. They kept phoning and emailing in the beginning but have left me alone now. If you can borrow the money of family or friends and pay this off I really think this would be the best. I also would really try and speak to them as they denied all knowledge of my original emails, according to them I was sending them to the wrong email address. SO PLEASE BE CAREFUL.

dinomike

its ok sedge, debypayingpixe what email address did they give you? there is like none on there site and there call back system never worked surely a company that dont have basic contact information cant operate like this surely? i think i will go to citizens advice thursday to see where i stand legally

DCFC79

There is a phone number on the site, what other contact info would you like.