** SETTLED ** HELP PLEASE Moriarty Law/Lantern DRS/Quick Quid

[lloyd82]

Hi all,

I am after some urgent advice and believe I am in the right place for help, so here goes.

I have received a letter from Moriarty Law acting on behalf of Lantern DRS in relation to a Quick Quid loan which they believe I entered in to on 31/10/2013 and owe £978.07.

Their letter dated 12th June, (YES i ignored it until now stupidly) states I have 30 days to respond or they will instigate proceedings in county court, attached to the letter is a reply form asking for me to acknowledge or not acknowledge the debt, and fill in my personal details, priority/non priority debts etc.

Having looked on my Noddle report I can see 3 reference to quik quid 1/11/12 Settled, 30/4/2013 Settled & 31/10/2013 Settled.

Looking at other threads I assume I should firstly request a CCA? they have stated in their letter they can provide a copy of the agreement if I wish to see it, I would appreciate some guidance on this from you good folk, thank you

[Setmefree3]

I have bumped this up for you, hopefully someone will see it and advise you. On the letter it says you entered an agreement on the same date your credit file says satisfied. Did you take out that loan? And if yes did you clear a previous one and the latest one was a top up.

[lloyd82]

I have bumped this up for you, hopefully someone will see it and advise you. On the letter it says you entered an agreement on the same date your credit file says satisfied. Did you take out that loan? And if yes did you clear a previous one and the latest one was a top up.

thanks for the bump, it was a pay day loan initially that then changed to a loan where by you could borrow against a credit limit, a flexi credit i believe it was called.

[Setmefree3]

jaguarsuk is really good at pointing you in the right direction, so I have tagged in.

[jaguarsuk]

Tick Box D and in box I ask for copies of:

Credit Agreement
Notice of Default
Notice of Assignment
Deed of Assignment

Don't fill in any of the Income and Expenditure parts as it's none of their business.

[lloyd82]

Tick Box D and in box I ask for copies of:

Credit Agreement
Notice of Default
Notice of Assignment
Deed of Assignment

Don't fill in any of the Income and Expenditure parts as it's none of their business.

Thank you, done as you instructed and sent back 1st class recorded today. I didn't sign the form though for obvious reasons.

My understanding from the letter is that there is now a 30 day period before they can commence any legal proceedings, how long should I expect to wait to receive the requested documentation?

Thank you

[jaguarsuk]

Thank you, done as you instructed and sent back 1st class recorded today. I didn't sign the form though for obvious reasons.

My understanding from the letter is that there is now a 30 day period before they can commence any legal proceedings, how long should I expect to wait to receive the requested documentation?

Thank you

They should not commence legal proceedings now without first providing you with that documentation. You may never get it, which is the best case senario or it may come within a couple of weeks, it's just a waiting game now.

[lloyd82]

Thanks for your help, will keep you posted

[lloyd82]

They should not commence legal proceedings now without first providing you with that documentation. You may never get it, which is the best case senario or it may come within a couple of weeks, it's just a waiting game now.

Hi all, so yesterday July 25th I received some paperwork from Moriarty Law, i have attached some of these to this post and the next, I would be grateful if someone could have a look and advise what my next steps should be, thanks for the help.

[lloyd82]

Additional documents as above

[Amethyst]

That statement is a bit confusing isn't it.

The original loan was £700 ? or was it a £700 limit on a drawdown account ( I'll read the terms next ) They don't seem sure and are calling the £978 the Principal in the later documents. So there's parts called PRINCIPAL which presumably is cash withdrawals etc - and they only add up to £650 in any case.
So overall you 'borrowed' £650 on a credit limit of £700 (which doesn't seem to account for interest charges )

You know the amounts that you paid - they seem quite random figures - how did you know what to pay and when ? If you were chucking a few quid at it I'd expect it to be round numbers like £20, £15.... they seem to allocate payments to the interest first then take the rest off the 'principal' - that first payment was £55.27 when added together.


All a bit weird but will read through better - thought I'd just ask about that statement.

Oh do you have the rest of the agreement - seems to just be front page and last page there?

[lloyd82]

That statement is a bit confusing isn't it.

The original loan was £700 ? or was it a £700 limit on a drawdown account ( I'll read the terms next ) They don't seem sure and are calling the £978 the Principal in the later documents. So there's parts called PRINCIPAL which presumably is cash withdrawals etc - and they only add up to £650 in any case.
So overall you 'borrowed' £650 on a credit limit of £700 (which doesn't seem to account for interest charges )

You know the amounts that you paid - they seem quite random figures - how did you know what to pay and when ? If you were chucking a few quid at it I'd expect it to be round numbers like £20, £15.... they seem to allocate payments to the interest first then take the rest off the 'principal' - that first payment was £55.27 when added together.


All a bit weird but will read through better - thought I'd just ask about that statement.

Oh do you have the rest of the agreement - seems to just be front page and last page there?

Hi, thanks for the reply, attached is the 2nd page of the statement, it was a drawndown account as you call it, tbh im not sure on how the payment amounts were calculated, sorry to be vague. I have the agreement which is about 30 pages, will have a go at uploading this now. cheers

[Amethyst]

30 pages? blimey okay sorry to ask for it all Pain in the bum I know.

Did Quikquid communicate with you by email ? Wonder if you have any of the emails from them showing the payment amounts.

It's like an insanely expensive credit card account isn't it !

[lloyd82]

Agreement in attached link, thanks

[lloyd82]

Ok so the principal payment and the interest charges total the minimum monthly payment in my emails, example being:

£31.05 Interest + £18.32 Principal on the statement which matches my email below

Dear XXXXXX
Customer # XXXX

This is a reminder about your payment coming due for your loan XXXXX with QuickQuid.

On 2014-01-31 a payment of £49.37 is due. This payment will be automatically debited from your bank account or debit card.

The payments made in 2016 I believe were part of a DMP that I agreed but did not continue with at the time.