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    • wardyb
    • By wardyb 24th Feb 16, 6:13 PM
    • 25Posts
    • 3Thanks
    Minicredit 100 loan now $1049
    • #1
    • 24th Feb 16, 6:13 PM
    Minicredit 100 loan now $1049 24th Feb 16 at 6:13 PM
    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?


    Edit: owe 1049, not $1049
    Last edited by wardyb; 24-02-2016 at 6:14 PM. Reason: incorrect currency
Page 3
    • daem
    • By daem 17th Sep 16, 6:18 PM
    • 7 Posts
    • 0 Thanks
    But you agreed to those terms and conditions when you agreed to take out the loan.
    Originally posted by Gaz83
    I could read those terms and conditions back and forth 100 times but still would not expect 700+ charges in less then 30 days. It's like attempting to charge my card 5 times every day charging 5 every time.. so ~25/day attempt charges ? It is nowhere mentioned in TC nor is it "reasonable charge" but maybe I am just wrong
    • ml1973
    • By ml1973 20th Sep 16, 2:52 PM
    • 11 Posts
    • 4 Thanks
    I had an identical situation with OPOS as you are having. Same loan amount and the exact same amount they were demanding back. I got them to accept 500 in the end, I couldn't get it any lower than that. I bit the bullet and paid it to get them off my case. They do have a live chat service on their website. Maybe try talking to them on there to haggle it down instead of sending letters and emails but if the do offer you a settlement your happy with, ask them to email the offer to you. Good Luck!!!
    • daem
    • By daem 15th Oct 16, 6:41 PM
    • 7 Posts
    • 0 Thanks
    thanks! will try to do that
    • darkglobe87
    • By darkglobe87 1st Jan 18, 12:03 PM
    • 5 Posts
    • 0 Thanks
    Oops I just created a new thread before I found this one.

    I too am in the same situation, even down to the seemingly updated defaults.

    Did anyone ever come up with a solution for disputing these old, ridiculously inflated debts?
    • Tarambor
    • By Tarambor 1st Jan 18, 12:21 PM
    • 2,682 Posts
    • 1,926 Thanks
    They're not inflated. When you take out 100 at 1000% APR it becomes a 1000 debt after 12 months if you don't make any repayments. That's what 1000% interest does to an amount.
    • venison
    • By venison 1st Jan 18, 4:54 PM
    • 1,923 Posts
    • 2,058 Thanks
    As this thread was started almost 2 years ago I'm going to close it.
    I am a BG on loans,credit cards and benefits I volunteer to help get your forum questions answered and keep the forum running smoothly". Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of
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