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My Speed Credit payday loan hell (Completely their fault)
Dellybaby
Posts: 6 Forumite
Hello everyone,
So this is where it all started - I wanted to take out a payday loan in March 2012 so I approached Speed Credit, I asked for £400 which they accepted me on. They paid the £400 into my account within hours but within minutes they then took £200! [IMG]file:///C:\Users\DELLYB~1\AppData\Local\Temp\msohtmlclip1\01\clip_image001.gif[/IMG]
The loan agreement was at 12% interest a week...They wanted £495 within 14 days for the £400 "loan"
I immediately called them up, they said they would look into the error if I sent in my bank statement highlighting the error to them.
I sent in the bank statement with an e-mail explaining what had gone wrong - They ignored this. I repeatedly called them about this issue asking them to reply to my e-mail and look at the bank statement - each time I explained exactly what their error was.
I e-mailed them 15 times to resolve this issue and nothing.
They took £290 within 14 days but then continued to issue e-mails, phone calls and texts (to the point whereby I had to stop using my telephone all together)
Then when I was paid in May 2012 they took £498 as soon as it was paid into my bank (like they were watching the account to see when I was paid) in dribs and drabs within an hour (so they took £96 three times and other smaller amounts)
The total amount that they currently say that I owe them is £2889 because they continue to falsely believe that they gave me £400 when they only issued me with £200.
I have received over 300 e-mails from them and their bailiffs but they NEVER reply to my e-mails.
I have complained to my bank (Fatwest) but they ignored my claim for fraudulent activity on the account because I had signed an e-agreement with Speed Credit. I argued to the hills with them about this because at no point did I tell Speed Credit to clean me out when I don't owe them money! I thought I used a bank to have some protection when things go wrong but clearly not. All they could offer was a 30 day block (my car insurance DD still bounced though which was much to my aggravation) I asked if I could still access my online banking - the bank said yes but they lied! (Due to the overdraft caused by having no money)
I stopped using that account and opened a new one. I have just retrieved the bank statements I need and am going to the Financial Ombudsman Service.
Is there any way I can go to a court or the FOS (providing they offer this service) and claim compensation for financial loss due to Speed Credits negligent and immoral behaviour?
Many thanks for reading this; really I just wanted people to be aware of these bunch of crooks!
So this is where it all started - I wanted to take out a payday loan in March 2012 so I approached Speed Credit, I asked for £400 which they accepted me on. They paid the £400 into my account within hours but within minutes they then took £200! [IMG]file:///C:\Users\DELLYB~1\AppData\Local\Temp\msohtmlclip1\01\clip_image001.gif[/IMG]
The loan agreement was at 12% interest a week...They wanted £495 within 14 days for the £400 "loan"
I immediately called them up, they said they would look into the error if I sent in my bank statement highlighting the error to them.
I sent in the bank statement with an e-mail explaining what had gone wrong - They ignored this. I repeatedly called them about this issue asking them to reply to my e-mail and look at the bank statement - each time I explained exactly what their error was.
I e-mailed them 15 times to resolve this issue and nothing.
They took £290 within 14 days but then continued to issue e-mails, phone calls and texts (to the point whereby I had to stop using my telephone all together)
Then when I was paid in May 2012 they took £498 as soon as it was paid into my bank (like they were watching the account to see when I was paid) in dribs and drabs within an hour (so they took £96 three times and other smaller amounts)
The total amount that they currently say that I owe them is £2889 because they continue to falsely believe that they gave me £400 when they only issued me with £200.
I have received over 300 e-mails from them and their bailiffs but they NEVER reply to my e-mails.
I have complained to my bank (Fatwest) but they ignored my claim for fraudulent activity on the account because I had signed an e-agreement with Speed Credit. I argued to the hills with them about this because at no point did I tell Speed Credit to clean me out when I don't owe them money! I thought I used a bank to have some protection when things go wrong but clearly not. All they could offer was a 30 day block (my car insurance DD still bounced though which was much to my aggravation) I asked if I could still access my online banking - the bank said yes but they lied! (Due to the overdraft caused by having no money)
I stopped using that account and opened a new one. I have just retrieved the bank statements I need and am going to the Financial Ombudsman Service.
Is there any way I can go to a court or the FOS (providing they offer this service) and claim compensation for financial loss due to Speed Credits negligent and immoral behaviour?
Many thanks for reading this; really I just wanted people to be aware of these bunch of crooks!
0
Comments
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the sad fact is that many of these companies are exactly that...crooks
you are sadly learning the hard way and hopefully anybody reading youe experience will step back from borrowing from these loan sharks
they have to be issued with a licence to lend money(i dont know who by sorry)but i would find out and talk to them at the same time let this lender(shark)know what you are doing it might bring them to their senses
eta:the OFT (office of fair trading)is the place to start0 -
You are too late now as you are out of time but you should have told your bank that all the withdrawals other than the £200 and the repayment one were unauthorised.
I don't think you will get anywhere with it now.0 -
Call the FOS, as if they didn't respond to your complaint within 8 weeks the FOS should be able to help you.
I think it would be clear that the emails were complaints, even if they didn't specifically state it.
Slow process mind...:beer:0 -
Are you sure the £200 they took out wasn't for a payment you missed earlier - after all you seem to have borrowed a lot with them?0
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jonesMUFCforever wrote: »You are too late now as you are out of time but you should have told your bank that all the withdrawals other than the £200 and the repayment one were unauthorised.
I don't think you will get anywhere with it now.
Sad thing is - I did tell my bank and they said I had signed a credit agreement with Speed Credit and they couldn't do a damn thing about it. Fraud squad wouldn't touch it.0 -
I had the same problem with speed credit until I wrote them a complaint about taking them to court and contacting bbc watchdog and the newspapers. They quickly changed their tune and I was getting personal emails from one of the managers. I had also done my research about owing money and if you can only afford 5pound a month they have to accept that. They even took more money off my loan. The best thing is when they are bullying, you have to stand your ground or they will rinse you dry. They hold empty threats so they legally cannot take you to court if you are in a payment plan, and/or replying to all of their correspondence. If however you ignore them and you owe them money only then they can get bailiffs & things like that.0
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I complained again since the original post - Speed credit have NEVER contacted me about any of my complaints and not responded to the 14 e-mails I have sent them. Yesterday I had an e-mail from a bailiff company who I assume have brought the debt because they have been chasing me - They state that Speed credit are going to write off the debt!!!
AMAZING!!! I am now going to complain to the FOS and ask for compensation from them for the stress and financial loss that I faced at the hands of Speed Credit.
So to all the negative posters - It does work you just have to try harder!!!
Don't be discouraged by their bullying behaviour because I took them on and won
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Don't be discouraged by their bullying behaviour because I took them on and won
You say that you won, but by my calculations based on your OP:
They paid you £400 in March 2012.
They then took back £200 straight away.
They then took £290 (you don't say when).
They then took another £498 in May 2012.
So it looks to me like borrowing £400 for a couple of months actually cost you just short of £500 in "interest".
If that is a victory, I would hate to think what you class as defeat :rotfl:.0 -
AMAZING!!! I am now going to complain to the FOS and ask for compensation from them for the stress and financial loss that I faced at the hands of Speed Credit.
Absolutely Good luck with the FOS, why don't you show everyone your hand? yeah do the press to, they like to report on stuff only so far removed from the actual truth :mad: just remember that eh?
I hope none of this comes back on you - payday loan lenders are and rightfully so just as able as the next company to consult solicitors and the like - victory is never really as you imagine it0
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