Opos claims £700 on £150 loan

[Deleted User]

Though if you look further down the page on the site RD it says they were winding up the business.

I'll see if I can find a letter that may help you. (Be back later) you may have to pay the original borrowing with it though.

Is this on your credit file?

rorysdad

Deleted%20User wrote: »

Though if you look further down the page on the site RD it says they were winding up the business.

I'll see if I can find a letter that may help you. (Be back later) you may have to pay the original borrowing with it though.

Is this on your credit file?

Many thanks Keepcalm. I will check my credit file later and let you know. According to Opos I originally borrowed £150 and then that became £1100 and I repaid £425 of that - and now owe £700.

RD

rorysdad

Keepcalm. My credit report shows a debt to Kapama Limited which appears to be minicredit with an account start date in 2012 and a date of default of 7/3/2012 and a 'default balance' of £764. The borrowing is described as an 'Advance against income'.

RD

pappa_golf

OK , your loan was with minicredit , Microcredit Limited have Ceased Trading as a Payday Loan Company they then sold the debts to Kapama , then on to opos


due to the nature of the sale , no interest can be added after the first sale.


yes they can chase you for the basic amount owing , however you have not got a contract with either of the debt collection companies


http://www.consumeractiongroup.co.uk/forum/showthread.php?438020-Microcredit-Limited-have-Ceased-Trading-as-a-Payday-Loan-Company/page2






opos will have problems collecting this ,
a: as a debt collection company they cannot take you to court
b: they cannot instruct solisitors , as you have no contract with then


minicredit was not "assigned" to opos , the original minicredit went bust when the government looked at them


http://www.consumeractiongroup.co.uk/forum/showthread.php?438020-Microcredit-Limited-have-Ceased-Trading-as-a-Payday-Loan-Company/page2






"I am aware they are not obliged to write off the charges and interest, however, they cannot add anymore interest or charges after 4pm on December 10th. The Charges and Interest can still be challenged by customers with OPOS and Kapama Ltd"

[Deleted User]

My letter may be a bit weak as it is really only parts from back in the day with a bit of fine tuning today, there were definitely parts to it that made the loan company collector respond with one accepting loan amount + interest as per the very agreement, (regardless of whether it would quash later any compo claim, that's very much by the by to me) can't express enough you win the case where some money is paid - I as a first agree with last poster that you can challenge, you should be able to go to the Financial Ombudsman Service over Opos conduct if they are really being difficult

Dear Sir/Madam,

Your Ref: xxxxxxxxx

Under the Consumer Protection from Unfair Trading Regulations (CPUTR) 2008, I would be grateful for a complete breakdown of all charges/fees added to the account since your company; xxxxx, has shown as the now owning account holder.

(Maybe time to recall what you can remember about the loan and uphold them this way) According to my records, the only amount outstanding is £xx and this amount will be paid on xx/xx/xx to xxxxx (or on whatever terms suit you). (The paragraph above should assist you in also being clear on what it is you are needing to know and in effect box them in with providing a distinct breakdown)

I await your considered response in writing and as I would be requesting a payment plan (?) would welcome the opportunity to present you with my financial statement as my circumstances will have changed, especially given the historic timing and more recently, the immense scrutiny of these loans as issued at the time, I am prepared to take it further so I do hope we can reach a mutual outcome.

Yours faithfully,

While I will always be of the belief these companies respond better to each own individual written letters, I'd definitely go with something like this, hope it gives you the confidence anyhow on outlining, another alternative officialdom sample as well is here https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/loans/payday-loans/Letter-to-complain-about-a-payday-loan/

Sure would be interesting if you took advise of what comes of it.

rorysdad

Thank you so much keepcalm. I will look at all of this and send the letter. When you say they cannot add charges after 4pm on December 10th - what year is that?

How do I calculate what I owe? Original loan £150 in 2012. Then they added interest, charges etc which seemed to take it to £1100 - of which I paid £425.

RD

rorysdad

Just took another look at the Consumer Credit Agreement which Opos has sent me and it states that the APR is 4,144%

'Rate of interest on the credit to be provided under this agreement: 365%'

I cannot see any date on the agreement.

I cannot see any mention of the £150 borrowed.

RD

pappa_golf

the company went bust / shut down on December 10th 2014.


no interest can be added AFTER that date


you require a full printout of all payments made , and a weekly/monthly printout of all interest charged after your last payment


only the amount owing , and any interest between your last payment and 10/12/2014 is owed


NOT interest to the present day , opos (the debt collector) will huff and puff and probably not give you that printout , as they will not have details of your payments before 10/12/2014

daniel86_2

You need to find out who the original creditor was Opos appear to be a DCA, Was this a payday loan as it appears that way.

pappa_golf

the OP was told that as the loan companies were closed down by the government they offloaded the debts to opos , they have also been told that no interest can be added after the sale of the debt