Moriarty Law - Letter of Action - Old Payday Loan

[2708andy]

Hi, I received a letter from Moriarty Law last month in regards to an old Pay Day Loan I had completely forgotten about, due it not showing on my credit report. I sent the standard letter back stating no knowledge of the debt to see what response I would get and what information they would provide. The debt had been sold to SLL Capital in 2015 and Moriarty Law are now chasing payment of £174.00. The paperwork supplied was quite basic, a so-called “statement of account” from SLL. Which just shows an opening balance and nothing else, as I never paid anything back to it. They have claimed I made a payment of £1.00 to the original lender (Access Fast Money). On checking this I can see that the original loan was paid out on 16/03/2013 and then the following day a payment of £1.00 debit is showing on my account. I have no recollection of making this payment but can remember that they take an initial £1 to verify my card details.

I appreciate that this is a debt owed and not looking to avoid paying any of it. I originally took this loan out to help with debts accrued from my fathers funeral earlier that month and foolishly took out a pay day loan. Not that this excuses not paying it off though. I just want to see where I stand legally with this and what I can do. I cannot afford to pay the full balance and was thinking that possibly offering a 50% final settlement payment.

Any advice would be appreciated. I can upload the documentation if it helps. Many thanks.

[Amethyst]

Send a CCA Request

to SLL Capital if you haven't already.

Any idea how much your original loan was? Was it £100 ?

It could well be statute barred from the end of the month .... not sure what term the loan was over but presumably 15-30 days?

It's not a huge debt, so if you are in a better position and just want to pay it off to avoid court proceedings then you could make an offer to settle.... was the letter from Moriarty a formal 'letter of claim' with a reply form attached etc? or just an initial chasing letter ? If it wasn't a letter of claim you could just wait, see if they do send a letter of claim, and reply after the statute barred clock reaches 6 years....to say it's statute barred.

[2708andy]

Hi,
Right ok, will send that off today. SHould I advise Moriarty of this, incase they start proceedings?
The original loan was for £100 over ten days.
I am assuming by 16th March it will be statute barred as no payments were ever made.
I am not sure if it was a letter of claim, I can check this tonight and advise you of this then.

Thanks for your help so far.

[Amethyst]

Well, 1 was, on the 17th March but if the loan was over 10 days then the cause of action date would be 27/28 March... so really you want to get to the end of the month without a claim.

Can you do a pic of the letter you had from Moriarty later ( the one you replied to asking for more info, and the one they sent with the info ) - then we can work out a reply to that saying we've sent a CCA to SLL and do not acknowledge any debt etc ....

[2708andy]

Hi, please find attached documents received on 12th Feb in regards to requesting more information. I will send over the other letter tonight.

Thanks.

[2708andy]

Hi Amethyst, frustratingly misplaced the original letter from Moriaty. Will continue to look for it tonight. In light of the evidence they have would it just make sense to make an offer of for final settlement? Unless you feel the CCA and covering letter you discussed could delay things until the end of March. Many thanks, Andy.

[Amethyst]

Okay. I have removed your docs as you left all your personal details on.

This is part of the loan agreement for info.



Now, I'm pretty sure an admin fee is part of the total charge for credit. The actual amount of the loan was £100.

They charged you £25 admin fee and added it to the loan.

That £25 and the interest charged on it should be included in the Total Charge for Credit section IMO but I'll see what pt2537 thinks on that.


Also, statute barred in a way off as the loan wasn't until mid April 2013.

[2708andy]

Hi, sorry about that I did remove them, but maybe uploaded the wrong file. WOuld you like them uploaded again with details removed?
Is there anything else I can do at this stage or just wait for you to advise further? Many thanks.

[2708andy]

Hi Amethyst, did you get any further info in regards to my query? Did you want the deleted documents (with details removed) re-uploaded? Thanks, Andy.

[Amethyst]

As yes, if you have them might be useful... I don't think pt2537 has been about much last couple days so hopefully he'll stick his head in.

Do you know what that Admin charge was for - was it an optional thing or a standard charge ?

The point being, that you borrowed £100, paid £25 plus £37.50 for it over 10 days - which would be 6.25% per day for 10 days borrowing. 2281% PA. I have no idea where the batshit crazy interest rate of 1451279% has come from .... if that was the case then borrowing £100 for a year would cost you £1,451,279 ? lol, I know to calculate the APR charges have to be included but that can't be right.

• An Overdue Due Charge is payable if your debt is overdue by 3 days or more equivalent to 15% of your debt (A£30 minimum);

ouch but that takes it to £186 ( less that £1 ) but for some reason they are claiming £174.50 ...

there's also this insanity


so I guess it could ramp up, but not to over a million quid.


For the amount allegedly owed though, as you mentioned in your first post, if you are in a position to do so, I'd be inclined just to make your without prejudice offer of 50% to settle it and get rid.

You could send a formal CCA request first (to SLL of course) and ask for a full breakdown of how the amount of £174 has been calculated and reached since the alleged account opening date ( make sure they took that £1 off too )

Are Leadsmarket still trading ? ( t/as Accesscash ) - could do a Subject Access Request to them as well ?

Hmm actually weirdnesses with the company name - the first letter calls them Leadsmarket UK Ltd t/as Access Fast Money, then the statement of account calls them Access Mortgage Underwriting Limited T/A Access Fast Money, then notice of assignment says

At the time you took out your loan you entered into an agreement with Access Mortgage Underwriting Limited
TIA Access Fast Money.
We are writing to tell you that on 27102/2015 your consumer credit agreement was transferred to SLL Capital
Limited

The agreement says the creditor is

Access Fast Money of 73 Kimberly Rd, Bournemouth. BH6 5DE

then further down says Access Fast Money Ltd ( Access Fast Money Ltd never seems to have existed as a company )

and THEN the payment into the bank says



bit of an identity crisis ... so SLL/Moriarty may have assignment issues as well.


Access Mortgage Underwriting were dissolved in 2016 https://beta.companieshouse.gov.uk/company/06265248
and only previous name was LEAD DETECTIVES LIMITED NOT Access Fast Money Ltd

That might get rid of it actually.... ( I AM just thinking aloud here ) the agreement is between you and Access Fast Money Ltd - who don't and never have existed and SLL state they are chasing debt owed to Access Mortgage Underwriting Ltd and the statement is from Leadsmarket UK Ltd who also don't seem to have existed in 2013 ( https://beta.companieshouse.gov.uk/company/09861241 a name change to LeadsMarket in 2018 ... can't see if the name was used by someone else before but is currently used as parent of ukmoneylenders.co.uk etc )

[2708andy]

Hi, thanks for getting back to me. I have a feeling that the £25 charge was for their “Faster Payments” service.

But as you say, I think I need to be on the verge of caution here as they could take this to a claim at any point now. I will send them a “Without Prejudice” offer of £87.50, which is 50% of the amount they are requesting. Otherwise it will escalate to a lot more. Just need to put this one down to a lesson learnt I think. These people are vultures and probably paid pennies for this debt. Access cash are no longer trading from what I can see as well.

Are there any templates on the forum I can use for my Offer letter?

Many thanks for your help.

[Amethyst]

Sorry I'm going on... just checking their website archive for Jan 2013 they state

Copyright 2011 Access Fast Money. All Rights Reserved. Access Fast Money is a trading style of Access Mortgage Underwriting Limited. Company registration no. 06265248. Consumer Credit Licence no. 604901.

so their agreement stating Access Fast Money Ltd is just wrong and not a legal entity.
https://web.archive.org/web/20130127...stmoney.co.uk/
Their terms and conditions on that site also say this

2.1 You will have a right to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by us. You may exercise this right by giving us notice in writing or any other durable medium accessible to us, Access Fast Money Limited at 73 Kimberley Road, Southbourne. BH6 5DE. Our registered office is Ebenezer House, Poole Road, Bournemouth, BH2 5QJ. Our Fax number is 0871 288 3751.

[2708andy]

Sorry to sound vague, but what does this mean in relation to their demand? Obviously the debt was acquired by SLL Capital, as per the documents I uploaded. Does this not make it a legal attempt at claiming then?

[Amethyst]

There is an example on https://www.nationaldebtline.org/EW/...-name%29.aspx# which you can adapt accordingly. Might encourage them to accept if you mention you have sent a formal CCA request to SLL for the alleged agreement between yourself and Leadsmarket UK Ltd as well.... ( as that's what Moriarty seem to think they were called ) and also evidence of legal assignment TO SLL Capital.

[2708andy]

Ok great, thanks for your help. Will update you when I receive a response.