Loan company breaks their own terms

Thevera

I have a 20 year old daughter who in the 2 years since being able to get credit has gone stupid with it and now finds herself in a complete mess. Amongst other loans she has one with a company that targets the desperate and the APR on this is 60%.
A employee of the company changed the direct debit payment date without consent. I am not sure why he may have done this and what he had to gain from his action. We have been told by the firm that a full internal investigation is underway and any default bank charges will be refunded.They have also looked at the % rate and are now offering her 20% APR. This looks like a sweetner to me. What action could we take against the company for breaking the terms under the Consumer Credit Act.

inmypocketnottheirs

The Consumer Credit Licences are issued and controlled by the Office of Fair Trading. I would make a complaint to the OFT, as they will investigate and take appropriate action where necessary.

System

Thevera wrote: »

I have a 20 year old daughter who in the 2 years since being able to get credit has gone stupid with it and now finds herself in a complete mess. Amongst other loans she has one with a company that targets the desperate and the APR on this is 60%.
A employee of the company changed the direct debit payment date without consent. I am not sure why he may have done this and what he had to gain from his action. We have been told by the firm that a full internal investigation is underway and any default bank charges will be refunded.They have also looked at the % rate and are now offering her 20% APR. This looks like a sweetner to me. What action could we take against the company for breaking the terms under the Consumer Credit Act.

I would say take the big APR reduction and get it paid off ASAP.

I daresay that their 'full internal investigation' will uncover a mere 'admininstration error' and a complaint to OFT would prove rather fruitless.

Just pay these nasty loan sharks off and get well away. But if you decide to take their reduced APR offer make sure you get it in writing.

Regards
UNDERGROUND