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

[lloyd82]

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 !

Yeah it really is! I was going through a divorce at the time and things were pretty desperate money wise, should have known better than to go this route but hey, it happened and its time to sort one way or another.

[Amethyst]

We all have bad patches, and we all get through them one way or another... just try not to let things get on top of you and know you're at least doing something now to get back in control and stop things snowballing any further.

[Amethyst]

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.

Ahhhh so it was like a minimum payment amount just paying off the interest and a % of the principal loan each month. I'll have a read through the terms tomorrow probably now xxx

[lloyd82]

Hi, did you get a chance to read through the documents? Many thanks

[Amethyst]

Okay that makes the payment amounts clearer - the Minimum payments were 10% of the capital balance plus all interest and charges.

The agreement does look enforceable though. It has all the prescribed terms and relevant info in, and seems to all be there.

Overall then you borrowed a total of £937.27 and you paid a total of £851.17, because things failed ( unsurprisingly the products are pretty well designed to keep you trapped into them forever while charging about 25% a month) there is £978.07 outstanding.

So if you settle the debt at the amount they are asking for you'll have paid £1829.24 in total for the borrowing of £937.27.

There may be an assignment issue with all the complex casheuronet t/as quickquid assigning to MMF who changed their name to Lantern ( and coincidentally changed Lantern to MMF at the same time ) but its complicated and I don't know how you'd argue it other than requesting copies of the notice of assignment from CEN t/as QuickQuid TO MMF and then TO Lantern.

So what happens depends of your current circumstances and what you want to do, if Moriarty do continue through court then they are likely to be able to obtain a judgment as they have evidenced the claim.

So you could offer a full & final settlement at a discount or instalments at an affordable rate to repay the debt to avoid getting a CCJ against you. And then make the affordability complaint to the original creditor - https://debtcamel.co.uk/quickquid-payday-loan-refunds/ and when/if that succeeds use the refund to pay off anything remaining to Lantern/MMF/Moriarty.

[lloyd82]

thanks for your help, given the information provided by Moriarty and the advice above I have for now agreed a payment plan to clear the debt, I will now attempt the affordability complaint that you linked above, thanks again