Mini credit

[Buttercup78]

I stupidly took out a loan with Mini credit in 2011 of £150.00 although I only received £130.00 as £20 was a transfer fee. Moving on to current day that debt has now escalated too £955.50 to which I have paid £350.0. The balance owed is an unfair and unreasonable amount of debt to be applied to what I originally borrowed. So my question is where do I stand legally regarding the balance

[Amethyst]

Do you know when you last made a payment or when the debt defaulted ?

Who currently owns the debt ?

You could make a formal complaint with a view to having the remaining debt written off - see Debt Camel's site for info on affordability complaints https://debtcamel.co.uk/payday-loan-refunds/

[Buttercup78]

My last payment was of £5.00 to Opossum I informed them then that would be my last payment. I have spoken to a couple of them at Opos which to be fair I never got anywhere.

[Buttercup78]

My last payment was of £5.00 to Opos. Their sister company Kapama was who it was sold too

[Amethyst]

Any idea when that payment to Opos was ?

[Buttercup78]

December

[Amethyst]

Ok, so pretty recent then - it's just been sold to Kapama as you told Opos you've stopped making the £5 payments.

So first step is to get the info to find out how it got to such a high amount - you want to write to Kapama asking for a full breakdown of the debt from inception, and requesting a copy of the original agreement and terms under the consumer credit act 1974 ( enclosing a £1 postal order ).

Send a Subject Access Request to Mini Credit.

Then once you have all the info you can make a formal complaint to Kapama /minicredit, with a view to taking it to the financial ombudsman, about the excessive charges and ask for the remaining debt to be written off.

[Buttercup78]

They have told me why it got to be so high because mini credit decided to charge me £15 every time they tried to debit my debit card of these funds. In total it came up approx 45 times they did this and that is why my debt increased significantly. I have paid £350 in total. But I will do as u suggested but how can I request such information from mini credit if they are no longer in business.? Should i just make a formal complaint to Opos amd
request they write off this debt or should I just go the ombusman

[Amethyst]

Good gracious.

Yes indeed complain to Opos in the first instance - you will have to make a formal complaint and either wait 8 weeks or get a final resolution letter from them before you can take the complaint to the Financial Ombudsman. If Kapama continue chasing you tell them you have made a formal complaint to Opos.

You will find this helpful - https://www.ombudsman-decisions.org....?FileID=188106 - the FOS agreed that all the 'attempt' charges should be removed from the debt ( £550 of them in that case ).