Minicredit £100 loan now $1049

wardyb

I took a payday loan out in 2012 for £100, I got £80 after their additional fees. I never actually paid this back as I got into a bit of a cycle with some other companies and couldn't pay everything back. Minicredit apparently don't trade in England anymore and a company called OPOS is dealing with the debt.

I realise that I no doubt agreed to these extortionate charges when I needed the money back then and I felt I had little choice tbh as I needed this money to pay other debts.

I have quite a few other debts that need sorting and I will seek advice for these, but no other payday company has added as much as 1000% to the cost of my loan apart from these guys. Are they in the right?

Thanks

Edit: owe £1049, not $1049

Kernow666

declare yourself bankrupt or get a new front door

wardyb

the front door is my mums and I did leave here between 2012 and 2015 for a different address. Is bankruptcy an option? does it cover HMRC debt?

wardyb

I don't want to hide from my debt, I want to be able to pay it off but not with such excessive interest. I was in a dire state when I took this loan out and I wouldn't have considered it if I were looking for a loan now.

[Deleted User]

I'd contact them and see what they may settle for.

wardyb

I spoke to them today and offered them £150 which was unacceptable. I would have to pay them via a payment plan and they are unlikely to offer me a reasonable reduction.

In addition, I have around 10-15k of debt with a few other loan companies, HMRC and a loan for a franchise agreement I once had. I want to pay them all, not 1 or the other

pappa_golf

can a company that no longer trades in the UK continue with those actions ?


it will cost them a lot to pursue you to the CC , even then as they are "non" trading in the UK , can they report to a UK credit agency?

wardyb

they did say to me that their debts were transferred over to their sister company

its a collection company called OPOS that is chasing me. I did ask to speak with people at minicredit and that's how I found out they no longer trade in the UK

pappa_golf

ok who are the sister company , and did you receive a formal notice of assignment to another company ?


who are OPOS , more info , weblink etc

pappa_golf

seek and you will find


https://www.minicredit.co.uk/


After 5 years of business we have decided to cease trading and wind down our business in the UK. This process has involved an application to the regulator, the Financial Conduct Authority ("FCA") to cancel our authorisation to carry on our business. The FCA has agreed that application




We have transferred the majority of our customer accounts to Kapama Limited ("Kapama") and Kapama has e-mailed the customers affected ****


http://www.oposlimited.com/kapama/




Kapama Limited is a debt purchase company that buys debt from a variety of sectors




** OPOS have told lies , they have not "transferred" debts , they have SOLD them after the Financial Conduct Authority closed them down!


did you receive a full notice of assignment from OPOS? , and a letter from the other muppets saying they had "bought" your debt?


if you received the abovec paperwork what was the date , and more importantly the first contact from the debt collection co?


you might want to d/load and read this download http://www.fca.org.uk/your-fca/documents/requirement-notices/microcredit-vreq

wardyb

ok, I just spoke to a representative from OPOS which is acting as a collection agent to Kapama who has bought the debt from minicredit.

They said they would accept a payment of £800 to settle the debt