Iadvance help

mazzy1989

I have the mastercard cash plus credit builder card...which gives me an iadvance for a set amount days. I took out £150 on the 28th march total off £225 to be paid on the 25th april. I came into a bit of money which I was due £120 so I transferred this to my cash plus account and called them to out that towards my advance leaving £30+fees to be repaid on the 25th april. the woman put me on hold for 15 minutes and told me they couldn't do that as it had to b paid in a lump sum as I took out a lump sum. I had the contract in front off me which says in their contract Early Repayment- You have the right to repay the credit early at any time in full or partially. I pointed this out to her and she was getting head office to phone me today. I was jus wondering if I have a case to dispute this debt as hey hav broken terms and cond. oh and £3 interest has been added since lastnite.

[Deleted User]

If they have not followed the t&cs then any associated costs or charges should be reversed.

But if you're thinking that the debt can be wiped, then no.

BillJones

mazzy1989 wrote: »

I was jus wondering if I have a case to dispute this debt as hey hav broken terms and cond. oh and £3 interest has been added since lastnite.

The general principle to be adhered to if you wish to void a contract is that each side will need to be put back into the state in which they would have been had the contract not been entered into.

This means that had the lender been in breach of contract then you could, at most, have the right to pay everything back, and walk away.

It's unlikely that they've done this (you don't get to void a contract on the flimsiest of reasons, such as a brief misunderstanding about each side's rights and obligation), so if you are hoping that you get to just keep the money, then that's not going to happen.

mazzy1989

No I understand that I have to pay the £150+interest back but what they are saying is its actually £225 as they are not allowing me to pay partially £120 back which is states in there contract leaving me with £30+interest to be paid.

Tixy

How is the iadvance money normally repaid?
Do they normally deduct it from your cashplus account on the date it is due for payment?

£3 interest added per day sounds about right.

They should accept the partial payment. But whether that means you would pay less than £225 in total depends on the full T&Cs on the account.

mazzy1989

Its repaid by me topping up the card and they then take it back. am still waiting for a call back from them but I have read reviews about the company and there are a lot that are bad.
Just have to wait and see if they get back to me .

mazzy1989

Just re read the contract again and it states that I will be charged a £2 daily fee from the 28th march to 23rd april - 150+£2x 26 days is £52 so amount due is £202 not £225 . on my statement today it appears they are charging me £3 daily fee. To me there contract is complete and utter crap.

UsetheFORCE

£2 a day for EVERY £100 borrowed (or part thereof)

£10 borrowed means 20 pence per day
£100 borrowed means £2 per day
£150 borrowed means £3 per day