Minicredit Payday loan Threats

[Ons]

Re: Minicredit Payday loan Threats

What we need is a statement of account, including the charges.
Have you ever had any notice of default sums

D

They have given me a default notice twice.

NOTICE OF DEFAULT SUM UNDER SECTION 86E OF THE CONSUMER CREDIT ACT 1974

From: Microcredit Ltd ('us' or 'we')
30 Borough High Street, London SE1 1XU
telephone: 08718903015
facsimile: 02071382919

To: xxx ('you')

Date 3. June 2012



This Notice is given pursuant to a Credit Agreement regulated by the Consumer Credit Act 1974 ('the 1974 Act') between us and you dated 21. February 2012 ('the Agreement'). We provide this Notice in compliance with the 1974 Act.

We hereby give you notice that the following default sums have become payable by you under the Agreement which have not been the subject of a previous notice of default sums:

Amount of default sum	Nature of default sum	Date on which default sum became payable under the Agreement
£25	Charge incurred when we unsuccessfully attempted to obtain repayment from you on the due date for repayment by debiting your bank account (refer to the Key Information section of the Agreement and also clause 8 of the Loan Conditions within the Agreement).	3. June 2012

The total amount of all the default sums included in this Notice is therefore £25
This Notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid.


Best regards
Client Support Team
www.minicredit.co.uk/contact
www.minicredit.co.uk



NOTICE OF DEFAULT SUM UNDER SECTION 86E OF THE CONSUMER CREDIT ACT 1974

From: Microcredit Ltd ('us' or 'we')
30 Borough High Street, London SE1 1XU
telephone: 08718903015
facsimile: 02071382919

To: xxxxxx ('you')

Date 5. June 2012



This Notice is given pursuant to a Credit Agreement regulated by the Consumer Credit Act 1974 ('the 1974 Act') between us and you dated 21. February 2012 ('the Agreement'). We provide this Notice in compliance with the 1974 Act.

We hereby give you notice that the following default sums have become payable by you under the Agreement which have not been the subject of a previous notice of default sums:

Amount of default sum	Nature of default sum	Date on which default sum became payable under the Agreement
£25	Charge incurred when we unsuccessfully attempted to obtain repayment from you on the due date for repayment by debiting your bank account (refer to the Key Information section of the Agreement and also clause 8 of the Loan Conditions within the Agreement).	3. June 2012
£55	Charge incurred when we again unsuccessfully attempted to obtain repayment from you 3 days after the due date for repayment by debiting your bank account (refer to the Key Information section of the Agreement and also clause 8 of the Loan Conditions within the Agreement).	5. June 2012

The total amount of all the default sums included in this Notice is therefore £80
This Notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid.


Best regards
Client Support Team
www.minicredit.co.uk/contact
www.minicredit.co.uk

[Guest]

Re: Minicredit Payday loan Threats

The notices that you have had are notices of default sum not default notices,they are required under the cca 2006.

The agreement is an open ended running credit agreement, it was obviously not terminated after they took the first sum out of your bank, then they advanced you another £100? on the same agreement.

I hear what you say about the earlier charges, we need to calculate how much you should have paid under the contract without the fees(which are almost certainly unlawful.

When dd you take your initial loan out and how long was it between that and when they took the money out of your account?

Then you need a breakdown of the charges on the recent loan.

What we need to do is come to a figure and tell them that we are terminating the agreement and settling it with £x

If there is anything due. We need to do this quickly.

We need to work on £30 per 100 per month on both amounts for the amount that they were or are outstanding, subtract form that what has already been paid and that is what is owed.

So for instance you recent loan should stand at about £160 this is without any default charges.

Just get those dates for me and i will work it out . then we can draft a letter. They will ignore it of course but everything will be nice and legal then.

D

[seduraed]

Re: Minicredit Payday loan Threats

get yourself a free email account google mail or yahoo. I you have a broadband account at home you willl a\lmost certainally findthat your ISP will give you an email address for free .

[Ons]

Re: Minicredit Payday loan Threats

The notices that you have had are notices of default sum not default notices,they are required under the cca 2006.

The agreement is an open ended running credit agreement, it was obviously not terminated after they took the first sum out of your bank, then they advanced you another £100? on the same agreement.

I hear what you say about the earlier charges, we need to calculate how much you should have paid under the contract without the fees(which are almost certainly unlawful.

As far as I am aware, this is an email from minicredit with regards to the first loan in which £419 from my bank account when I made a complaint about them stealing the monies from my bank account through their complaints procedure. Orginal loan was £150, plus interest it was £180 yet they added £230 or so of late fees on it during 15 days overdue before they robbed £419 from my bank. Loan was taken 15th march, due 15th april, they stole from my bank on 30th april. They basically charged me £120 for debit card failing charges and default of sum notices of £80 totally £230. They also carried on adding interest at 1% for 15 days when it was overdue.


A MiniCredit Claims Department member has replied to your claim, #356334 with the following response:

The Following Response is being sent to You according to the Formal Complaints Procedure.
The total outstanding balance GBP419.00 from the date of issuing (15th of March 2012) until full repayment received on the 30th of April 2012 consists of the following:

1. Loan principal GBP150.00
2. Interest in total GBP69.00 (1% of the Principal per day)
3. Overdue penalty GBP25 (was added on the 1st day overdue)
4. Overdue penalty GBP55 (was added on the 3rd day overdue)
5. Debit Attempt fees in total GBP120.00 (every unsuccessful attempt to receive the repayment costs up to GBP5)

Microcredit Ltd has used our contractual right to debit payments from Your debit card towards the outstanding balance in total of GBP419.00 on the 30th of April 2012. The mentioned partly payments covered the total outstanding balance in full and the Loan was repaid.

Microcredit Ltd provides short term payday loans. The Customer chooses the due date him/herself and it is also possible to apply for the roll-over latest on the due date and keep the loan for another period of time if the credit check result allows You to. The Loan Agreement was signed by Yourself and sent to the e-mail address You entered on our webpage during the registration. According to the Loan Agreement You have to make all payments with a debit card and the only possibility to make payments is available on Your MiniCredit.co.uk online account.

We accept all payments You make and may provide You up to 90 days from the due date to clear the balance before Legal action is started. All the overdue charges and interest have been added to the balance according to the Loan Agreement and will be added until full repayment.

The following information has been taken from the Loan Agreement:

KEY INFORMATION
If you break this Agreement, we will charge you if we unsuccessfully attempt to obtain repayment on the due date for repayment. A fee of GBP25 will be charged on the day that your missed payment was due. If we unsuccessfully attempt to obtain repayment on the due date, we will attempt to obtain repayment a second time 2 days later, and if we unsuccessfully attempt to obtain repayment on this second occasion we will charge you a further amount of GBP55. If we unsuccessfully attempt to obtain repayment we may charge up to GBP5. If we unsuccessfully attempt to obtain repayment 30 (thirty) days after the due date we may charge further GBP100 manual debt collection recovery fee.

Interest on any sum in arrears will be charged at the contractual rate, both before and after judgment, until payment. Also, you must pay us all other reasonable costs and expenses we incur (including any legal costs on a full indemnity basis) in tracing you, or enforcing, or attempting to enforce, our rights under this Agreement.

Repayment, Default and Recovery
8. You agree to make all payments to us under this Agreement at the proper time. We will collect payments by debiting your bank account using the debit card details you have registered with us up to three times per day. You authorise us to debit your bank account to collect payments due under this Agreement. If we are unsuccessful in collecting payment, we may try to debit your bank account again at a later stage until we have successfully collected payment. If you have provided us with details of a second debit card and we are unsuccessful in collecting payment from the first debit card, you authorise us to seek payment via the second debit card in the same way as you authorise us to seek payment via the first debit card. You must give us new valid debit card details when you cancel, lose or your debit card(s) registered with us become(s) invalid when you have unpaid loan with us. If you cancel your debit card registered with us and do not provide alternative debit card in 14 days we may add all the default charges described in the Key Information and potential attempt fees regularly charged until default date what is 120 days after the due date to your loan balance and refer your account immediately to our debt recovery partner.

Microcredit Ltd considers that all the overdue charges and interest were rightfully added to the outstanding balance according to the Loan Agreement You accepted.


We hope this response has sufficiently answered your questions. If not, please do not send another email. Instead, reply to this email.

Kind regards,
Minicredit Claims Department

When dd you take your initial loan out and how long was it between that and when they took the money out of your account?

First loan of £150 taken on (£180 owed with interest) 15th march to 15th april, raided my bank on 30th april. £229 extra taken (£419 total). Current loan apparently taken 3rd of may till 3rd june for £100, currently stands at £603 for only being 32 days over. Imagine what it will be in another 32 days.

Then you need a breakdown of the charges on the recent loan.

I have sent them an email, am waiting for this. Should have it soon.

What we need to do is come to a figure and tell them that we are terminating the agreement and settling it with £x

If there is anything due. We need to do this quickly.

We need to work on £30 per month on both amounts for the amount that they were or are outstanding, subtract form that what has already been paid and that is what is owed.

So for instance you recent loan should stand at about £160 this is without any default charges.

Just get those dates for me and i will work it out . then we can draft a letter. They will ignore it of course but everything will be nice and legal then.

D

To be honest? And this is what I have told them, they owe me £154 and I owe them £0.

The way I see it, I took out a loan for £150, I owed £180 with interest. They stole £419 from my bank, £239 over. So £239 has been taken illegally with illegal charges. They then claim a month later I took out a £100 loan, £85 went into my bank account (£15 transfer fee). I refute this and claim that £85 is part payment for the £239 they owe me and they have a remaining £154 still left to owe me and I owe them £0.

Anything wrong with my logic? All help appreciated so far.

[Hurricane Puffrose]

Re: Minicredit Payday loan Threats

ty ame,i dont know how to do that

[CleverClogs]

Re: Minicredit Payday loan Threats

Anything wrong with my logic?

Just this:

They do not have a licence to lend money.

[Ons]

Re: Minicredit Payday loan Threats

Just this:

They do not have a licence to lend money.

It's interesting, maybe someone with more knowledge into the law could answer this. They have a licence to cash cheques, you pay them to cash it but does not state anywhere payday loans. Payday loans is credit, totally different even though at the top of their licence is states cat "consumer credit" but cheque cashing is a type of consumer credit.

[Guest]

Re: Minicredit Payday loan Threats

No nothing as far as i can see, this was what i was trying to establish.

This is a running credit account "similar to a credit card". Which means it will continue to runs until someone terminated the account, whilst it is running it is accruing contractual interest, so in my opinion you need to inform them that the account is now terminated, there is no balance due and you are compiling a invoice for illegally applied charges plus statutory interest, which you will be submitting for payment in due course.

You need a breakdown of charges or a statement of account. I would recommend that you put them on here when you get them and we can calculate properly the amount you are owed.

I am not aware of anyone taking these people to court before for unfair charges, but i cannot think of any reason why you should not, the OFT say that they will not intercede in default charges that are under £12 on this kind of account, these charges are well in access of that, it would be a nice precedent to set, if you would be prepared to pursue this.

D

[Amethyst]

Re: Minicredit Payday loan Threats

5. Debit Attempt fees in total GBP120.00 (every unsuccessful attempt to receive the repayment costs up to GBP5)


If the payment was due on the 15th they tried then, then every single day between then and the 30th - that's 15 days - UP TO £5 a go - thats £75 max ?? So even if that wasn't already ridiculous, it appears they tried, and charged you more than once a day ? Have they not given any breakdown of those ' Debit Attempts '

Not important in the grand scheme of things I know but it just jumped out at me.

[Guest]

Re: Minicredit Payday loan Threats

Sorry missed your earlier post, will have a look
D

[Guest]

Re: Minicredit Payday loan Threats

Hi
Just check i have this right,

Your first loan was for 150, the last payment date as stated in there t and cs should be 42 days later, the debit was made 49 days from the issue date.

You were therefore 7 days late.

The total charge interest plus principle is 150 + 69=219, they took 419 in other words £200 charges( nice round number).

I think legally the were entitled t,(presuming the agreement was enforceable) 219(interest +principle)+ £12 default charges= £231

They took 419 so they owe you 419-231= £188. before we look at the current loan

D

[CleverClogs]

Re: Minicredit Payday loan Threats

But are buggers licensed to cash cheques also licensed to loan money?

[Hurricane Puffrose]

Re: Minicredit Payday loan Threats

icence Number:0621701 Licence Status:Current
Current Applicant / Licensee:

Business Name	Company Registration Number
Microcredit Limited	06677980

Categories:

Consumer credit

Right To Canvass Off Trade Premises:No


Trading Name(s) (Current):

Minicashloans.Co.Uk

MiniCredit.co.uk

Trading Name(s) (Historic):

Mobileloans.eu

Issued Date: 05-Nov-2008
Date Maintenance Payment Due: 04-Nov-2013


Legal Formation:

Body Corporate (incorporated inside UK)

Current Individuals that run the organisation:

Name	Position
Andres Valdmann
Kristjan Valdmann

Nature of Business:

Cheque Cashing Services

Current Address(es):

Address Type	Address
Correspondence	30, BOROUGH HIGH STREET, LONDON, SE1 1XU
Principal Place Of Business	30, BOROUGH HIGH STREET, LONDON, SE1 1XU
Registered Office	30 Borough High Street, Borough High Street, London, Greater London, SE1 1XU, Uk

Historic Address(es):

Address Type	Address
Principal Place Of Business	BOROUGH HIGH STREET, 30, LONDON, SE1 1XU

nothing about being licenced to loan money on that one.. still digging.

[CleverClogs]

Re: Minicredit Payday loan Threats

nothing about being licenced to loan money on that one.

Gosh.

Fancy that.

still digging.

Haven't they already dug a big enough hole for themselves?

[Hurricane Puffrose]

Re: Minicredit Payday loan Threats

Consumer Credit Business

If, as part of your business you lend money, offer credit or give people time to pay for goods or services, you are likely to need a credit licence for category A.
Consumer credit business covers a wide range of different transactions, such as:

• Hire purchase
• Instalment sales
• Trading checks
• Credit cards
• Cash loans
• Overdrafts
• Budget accounts
• Subscription accounts

Examples: retailers or trade suppliers offering credit using their own funds, banks, finance houses, building societies, pawnbrokers, money lenders, check traders, mail order firms, credit card companies, tallymen, firms offering loans to their employees.