Register  |   Log In  |  
Sign up to our weekly newsletter    
Follow us on   
Search   
Forum Home Register for Free! Log In Moderator Tickets FAQ Users Online

Payday Loans?

 
Logged in as: Guest
  Printable Version
All Forums >> [On Another Note...] >> News and Hot Topics >> Payday Loans? Page: [1] 2   next >   >>
Login
Message << Older Topic   Newer Topic >>
Payday Loans? - 14/12/2011 5:41:35 PM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon
This is both a personal issue and one I feel is quite relevant to today's economy and the various news articles I have seen recently, which is why I've decided this sub-forum is best for it.

Yesterday I received a letter from company called MiniCredit claiming I owe them 817.50. First of all it's probably best to clarify I have been dealing with some identity theft and fraud claims recently against my name which have resulted in a three-month investigation in which I have learnt personal details have been stolen off me. Anyway I don't owe this debt, I don't deal with loans, the way I look at it is 'if your bank won't give you a loan then anybody else who will probably aren't worth dealing with.'

This letter was basically threatening me with something called "doorstep collection." They claim they have been trying to contact me for "some time," which is untrue since this is the first letter I have received from them too this, my only, address and have had no phone calls to either my landline or e-mails to my account, which goes some way to prove despite the name on the letter, I'm not the person they're chasing. That aside though, have a little look at this. The letter I have received is spelt incorrectly and gramatically incorrect, also the box at the top showing the amount I supposedly "owe," there are three different figures. One that shows the intial amount, one that shows the interest applied, and one that shows the resulting amount. Guess what? They don't add up, they have actually under-calculated themselves by 57.00

There is no other information on this letter about the account I "owe" apart from my name, the figures and a website where I can supposedly "log into" and pay off my debt. So I rang this "company" and confronted them. A woman told me that if I believe it to be fraud I need to contact the police (which I was going to do after speaking to her anyone) and she gave me a fax number of which they could send a log number too (who uses fax machines anymore, I mean really, minor point maybe but come on...). I attempted to fax this machine today by the way from a local store, out of curosity more than anything which you will learn later in my post, guess what again? The number doesn't exist.

Anyway after contacting the police with a further complaint, I decided to do a little digging, first of all about these "doorstep collectors" who I've learnt are more often than not an idle threat. Most companies, especially short-term credit companies, don't employ them because they are too expensive, the only people I've found out who do are Barclays and some local councils. They have no rights of bailiffs and often people receive threats of them turning up on this date and that, and they never show. Second off all after receiving advice from the police and Citizen's Advice about what to do, I was told to write to the company saying I do not acknowledge the debt and asking for proof that the debt belongs to me (which I know it doesn't, but this is the legal advice I've been given to tackling these problems. By the way I asked the woman for this information over the phone, she could provide me with nothing, not even the name of the account, she never even asked for my name until I told her). After visiting their website, which I'll say looks very prim and proper, I failed to find an address for this company so after some further digging through Consumer Action Groups I learnt of the 1,637 complaints currently lodged against their company and also that their address is the address of Alma's Italian Restaurant and Takeaway in South London. There's even a picture of the place, it looks like something out of a third world country.

So I'm being harassed by a loan company who claim I owe them money that I don't who do their dealings out of the store room of some dingy takeaway in the suburbs of London? So the conclusion I have is, how the hell do these people get a license to process and distribute these loans in the first place!?

Obviously with the state the economy is currently in, there has been plenty of attention on the news recently to these 'payday loan companies.' I'm seeing more and more adverts of them on television (even this 'Wonga' lot sponsor Blackpool FC, they must be making a fair mint ey given no-one had heard of them four years ago, gee, wonder how they did that...) and yet I am seeing more and more appalling reports about them the further I look into them. The ridiculous rates of interest, the mercenary customer service, the intimidation and harassment used against those who supposedly "owe" them.

I realize there will be people who argue that if you get into debt with these kind of people, that's just what happens. But surely there is a greater problem here? How are some of these companies allowed to trade given that it seems too me they are nothing more than loan sharks with pretty colours? I've seen quite a few bits on the news where people are calling for them to be closed down, yet apparently the government argue "that these companies at least dissuade people from using direct loan sharks." I'm struggling to see the difference to be honest.

Sorry for the length of the post, just so much too say.

Any thoughts

_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.

Post #: 1
RE: Payday Loans? - 14/12/2011 10:48:16 PM   
Super Hans


Posts: 2394
Joined: 30/9/2005
From: Watford
Sorry you're having this problem with those scumbags - hope you beat the bastards in the end.

On the subject of these payday loans, I've also seen the adverts on TV.  The first thing my wife and I thought was "that makes no fucking sense".  So, you borrow money to tide you over one month, only to have to pay it back the next?  It's got "vicious cycle" written all over it, in bright yellow highlighter pen.

As a recovering "shit with money" person, I know first hand that once you start borrowing from any source to ease cash flow, you're in the shit.  With the help of my wife, I'm learning to budget my money a lot better nowdays, but I've only just clawed my way out of a spiralling overdraft and credit card bill (lucky enough to have savings to finally bite the bullet and use for such a purpose).  My debts were by no means huge - around 500-600 at worst -but it's still enough to stress you out an awful lot and feel like you're sinking financially.  It's pretty easily done too, and this "payday loan" shite only makes it easier.

They're basically just preying on people in a very vulnerable position and potentially giving them a real snowballing debt.  First thing I thought when seeing the adverts is "what kind of idiot would think that was a ogood idea??".  However, having reflected on it, and reading how a startling number of people are falling into debt and poverty, I know it isn't just "idiots" that get stuck like that - I'm not saying that I'm hyper-ingtelligent at all, but I've got a decent degree and a job that requires a certain amount of skill and intelligence and I'd been doing more or less the same thing with a credit card and overdraft for years.

I agree with you Goodfella - they're little more than loan sharks and it's fucking shocking if any government or government body thinks otherwise.  I guess by the nature of my debt story, it could be suggested that by my logic, credit card companies and banks offerring overdrafts are no better than loan sharks either, which obviously isn't really the case - if used sensibly and sparingly they are fine, but payday loans don't seem like anything other than a seriously bad idea.  All that said - my bank allows me a credit card limit of 1500 - if I owed that much on it, I can tell you now I'd be screwed!


_____________________________

"Its staring at you in the face Mark, there's only one more sex to try..."

(in reply to Goodfella)
Post #: 2
RE: Payday Loans? - 14/12/2011 11:52:24 PM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon
Thanks, oh I'm sure I'll have them in the end, like most people in the working class bracket of the county I've experienced some debt, nothing major like yourself, most of us have been there and done it but I'm not being held over the barrel by some rag-tag, piece-of-shit, criminal company like this and even if people have borrowed and failed to take back, I can see why, after further investigation today I can see this company even screw over their actual clients.

I've seen all the adverts on TV too  which is rather concerning because the fact that these ads didn't used to be on shows these companies are getting the business and therefore the money to advertise in primetime television slots. I also wondered who would be dumb enough to use these loans but given the state of today's economy, if it's the difference between you eating over the weekend or not, you're probably going to do it aren't you? These companies clearly target people they know probably won't be able to afford to repay the debt, they claim to do credit checks but clearly don't otherwise I wouldn't be facing this problem and like you say, it's a snowball effect, and it is destroying people's ;lives, left, right and center.

At least with banks and credit card companies they are not unsecured loans, these clearly are, I'm tempted to look into Company House and find the registration for this company as I'm still not completely convinced about them, especially given that they appear to be operating out of what is essentially a fast food place. I'm quite pissed off at the police as well, despite their help yesterday, I've reported the company again to them today with the relevant information I have now, like the fact they are operating out of restaurant and they're illegal scare tactics. They won't log it as a complaint until they attempt to approach me legally, which I'm guessing they probably won't, they're just hoping they can clear someone's bank account at some point.




_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Super Hans)
Post #: 3
RE: Payday Loans? - 20/12/2011 1:25:54 PM   
great_badir


Posts: 4662
Joined: 6/10/2005
From: A breaking rope bridge in the middle of the jungle
quote:

ORIGINAL: Edanith

Deleted by clowny



Said the worker in/owner of a payday loan company...


< Message edited by clownfoot -- 20/12/2011 1:31:40 PM >


_____________________________

FAVE FILMS
BO BOMBS
Post #: 4
RE: Payday Loans? - 23/12/2011 12:51:49 AM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon
quote:

ORIGINAL: great_badir

quote:

ORIGINAL: Edanith

Deleted by clowny



Said the worker in/owner of a payday loan company...



Clearly I missed something here. Anyone want to enlighten me, was this directed at me?


_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to great_badir)
Post #: 5
RE: Payday Loans? - 23/12/2011 8:38:34 AM   
Your Funny Uncle


Posts: 11947
Joined: 14/11/2005
From: The Deepest Depths Of Joypad.....
A spam post that was offering payday loans was deleted by clowny Badir had quoted it, so nothing was directed at you Goodfella. Just cleaning up the forum of unwanted spam as usual....



_____________________________

Empires Top 100 Movie Characters of All Time! - VOTE NOW by clicking HERE

(in reply to Goodfella)
Post #: 6
RE: Payday Loans? - 26/12/2011 7:32:32 PM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon

quote:

ORIGINAL: Your Funny Uncle

A spam post that was offering payday loans was deleted by clowny Badir had quoted it, so nothing was directed at you Goodfella. Just cleaning up the forum of unwanted spam as usual....




No I didn't mean badir directed it at me, I meant said deleted post. Ah, I see, I have noticed that, you so much as type pay into any search engine and suddenly you're flooded with windows offering these loans, now they're even tracking down messages on forums. The sooner the government cracks down on these fiends, the better.

_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Your Funny Uncle)
Post #: 7
RE: Payday Loans? - 27/12/2011 6:45:29 PM   
Ghidorah

 

Posts: 2912
Joined: 6/10/2005
quote:

ORIGINAL: Goodfella


quote:

ORIGINAL: Your Funny Uncle

A spam post that was offering payday loans was deleted by clowny Badir had quoted it, so nothing was directed at you Goodfella. Just cleaning up the forum of unwanted spam as usual....




No I didn't mean badir directed it at me, I meant said deleted post. Ah, I see, I have noticed that, you so much as type pay into any search engine and suddenly you're flooded with windows offering these loans, now they're even tracking down messages on forums. The sooner the government cracks down on these fiends, the better.



Quickquid contacted me  a year ago. I made a general complaint on a small community forum about their high interests rates. I haven't use their services and I would rather steal then go down their route. Anyway a matter of days Quickquid employee signed up to the forum and made a post how Quickquid could benefit people. We pointed out it was bullshit and that was that.




Me

Has anyone notice their latest advert? Before their old advert had their APR viewable for pretty much if not throughout the advert. However the new one had their APR viewable for about three seconds top.


The next day

Youre mentioning APR, so I want to clarify what APR means in terms of a cash advance.

Yes, the APR is high, but if you take the time to find out how much a loan actually costs, I think youd be surprised. APR stands for annual percentage rate. Annual means one year. So APR is describing how much a loan would cost if the loan was borrowed for an entire year. QuickQuid only lends short-term loans. Short-term loans are typically borrowed for four weeks. The law (Consumer Credit Act 1974) requires QuickQuid to list the APR simply for the fact that its a financial product, but APR really has nothing to do with a four-week loan.

For example:

If you borrow 100 from QuickQuid for four weeks or one pay period, the maximum amount you could be charged is 29.50. If you borrow 200, youd be charged 59. Borrow 300 charged 88.50. So you can see that though the APR listed is very high, the actual cost of a cash advance isnt so high.



< Message edited by Ghidorah -- 27/12/2011 6:52:41 PM >

(in reply to Goodfella)
Post #: 8
RE: Payday Loans? - 27/12/2011 7:44:36 PM   
Le Tenia


Posts: 1196
Joined: 4/3/2006
From: Blue Heaven
Legalised gangsters the lot of them!

_____________________________

" It's the age-old irony of the liberal left, they practice oppression and call it equality. "


(in reply to Ghidorah)
Post #: 9
RE: Payday Loans? - 27/12/2011 10:26:17 PM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon

quote:

ORIGINAL: Ghidorah

quote:

ORIGINAL: Goodfella


quote:

ORIGINAL: Your Funny Uncle

A spam post that was offering payday loans was deleted by clowny Badir had quoted it, so nothing was directed at you Goodfella. Just cleaning up the forum of unwanted spam as usual....




No I didn't mean badir directed it at me, I meant said deleted post. Ah, I see, I have noticed that, you so much as type pay into any search engine and suddenly you're flooded with windows offering these loans, now they're even tracking down messages on forums. The sooner the government cracks down on these fiends, the better.



Quickquid contacted me a year ago. I made a general complaint on a small community forum about their high interests rates. I haven't use their services and I would rather steal then go down their route. Anyway a matter of days Quickquid employee signed up to the forum and made a post how Quickquid could benefit people. We pointed out it was bullshit and that was that.




Me

Has anyone notice their latest advert? Before their old advert had their APR viewable for pretty much if not throughout the advert. However the new one had their APR viewable for about three seconds top.


The next day

Youre mentioning APR, so I want to clarify what APR means in terms of a cash advance.

Yes, the APR is high, but if you take the time to find out how much a loan actually costs, I think youd be surprised. APR stands for annual percentage rate. Annual means one year. So APR is describing how much a loan would cost if the loan was borrowed for an entire year. QuickQuid only lends short-term loans. Short-term loans are typically borrowed for four weeks. The law (Consumer Credit Act 1974) requires QuickQuid to list the APR simply for the fact that its a financial product, but APR really has nothing to do with a four-week loan.

For example:

If you borrow 100 from QuickQuid for four weeks or one pay period, the maximum amount you could be charged is 29.50. If you borrow 200, youd be charged 59. Borrow 300 charged 88.50. So you can see that though the APR listed is very high, the actual cost of a cash advance isnt so high.




The fact they would use an internet forum you post on to basically "cold call" you is quite frightening. It also makes me wonder what kind of routes they use to obtain information about you if you do enquire about a loan, in researching my case I've looked at application forms on several "payday loan" websites and the amount of personal information they ask for, including in some cases the strip number on your debit card, is rather worrying. Again three adverts I've seen on TV today and I've only watched about an hour so far today, one funnily enough was for QuickQuid actually.

If Cameron is serious about people "paying off every little bit of credit they owe when they can", then he needs to get rid of this shady bunch first of all because all they are going to do is add to the growing list on unrepayable creditors, you can work out a payment plan with a Barclays credit card for example, even with an IVA if necessary, those types of companies will work with you to find a solution. These companies don't, half of them won't even answer phone calls or reasonable e-mails by the looks of it, they just add on the horrific interest and then clear your bank account overnight.

Again the issue of not getting into debt you can't afford to pay back will arise, but given the current situation in this country it's hardly surprising is it, and these companies delibarately target the vulnerable by the looks of it, they are playing just as bad, if not worse, game than not repaying what you owe, they're certainly in no position to claim a higher moral ground that's for sure.

I notice they end up taking a very few people to court though, gee, I wonder why that is.

_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Ghidorah)
Post #: 10
RE: Payday Loans? - 27/12/2011 11:14:36 PM   
Woger


Posts: 3814
Joined: 30/9/2005
These type of companies are the sub prime mortgage version of personal loans; if you're getting on of these you're better off destroying all your possessions.

_____________________________

Eddie: "Weve been burgaled"
Richie: You may have been, but I have never in my life. As a christian I am so tightly clenched, oh you mean burgaled
- - -
There were originally five horsemen of the apocalypse. Jack Bauer said he would travel by foot

(in reply to Goodfella)
Post #: 11
RE: Payday Loans? - 25/1/2012 9:14:53 AM   
frankieB

 

Posts: 3
Joined: 25/1/2012
A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card. When a crisis shows up, it is always nice to know you have a choice like a payday loan. Payday loans are a ton of help during crisis situations. You can feel safe getting them too now that the consumer financial protection bureau is accepting complaints from customers. The bureau will tailor its business to make sure it is protecting customers. A payday loan is a secure option with the CFPB around. To learn more,These tip channels will allow those inside employees to reach out to the CFPB and expose disturbing activities which take advantage of consumers and harm people financially.

< Message edited by elab49 -- 25/1/2012 10:02:47 AM >

(in reply to Woger)
Post #: 12
RE: Payday Loans? - 25/1/2012 9:26:45 AM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon
quote:

ORIGINAL: frankieB

A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card. When a crisis shows up, it is always nice to know you have a choice like a payday loan. Payday loans are a ton of help during crisis situations. You can feel safe getting them too now that the consumer financial protection bureau is accepting complaints from customers. The bureau will tailor its business to make sure it is protecting customers. A payday loan is a secure option with the CFPB around. To learn more, go to: These tip channels will allow those inside employees to reach out to the CFPB and expose disturbing activities which take advantage of consumers and harm people financially.


Just taking out the link in the quote


You've completely contradicted yourself there. Are you saying that payday loans are a good service because even if they do screw you out of lots of money and empty your bank account, it's okay because there are people there to support you?

< Message edited by Hobbitonlass -- 25/5/2012 8:56:26 AM >


_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to frankieB)
Post #: 13
RE: Payday Loans? - 25/1/2012 9:50:51 AM   
Olaf


Posts: 23697
Joined: 26/2/2007
From: 41N 93W
You seem like a very trusting person GF.


_____________________________

I tried to groan, Help! Help! But the tone that came out was that of polite conversation.

Empire Top 100 Albums Poll 2013: CLICK HERE

(in reply to Goodfella)
Post #: 14
RE: Payday Loans? - 25/1/2012 9:53:07 AM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon

quote:

ORIGINAL: Olaf

You seem like a very trusting person GF.



I do?

_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Olaf)
Post #: 15
RE: Payday Loans? - 25/1/2012 9:54:47 AM   
Olaf


Posts: 23697
Joined: 26/2/2007
From: 41N 93W
I mean more in the sense that you trust the above poster to be an actual human being and not an automated spam post.

_____________________________

I tried to groan, Help! Help! But the tone that came out was that of polite conversation.

Empire Top 100 Albums Poll 2013: CLICK HERE

(in reply to Goodfella)
Post #: 16
RE: Payday Loans? - 25/1/2012 9:56:56 AM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon

quote:

ORIGINAL: Olaf

I mean more in the sense that you trust the above poster to be an actual human being and not an automated spam post.


Oh, yeah. I've already sent a PM about that, I was just fishing to see if it would confirm it by offering a completely blank response with another link to some website that swallows all your money.

_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Olaf)
Post #: 17
RE: Payday Loans? - 25/1/2012 10:00:15 AM   
Olaf


Posts: 23697
Joined: 26/2/2007
From: 41N 93W
The most confusing thing is its other two posts follow the same vaguely-related-but-chillingly-context-free template of your average spam post, but it forgot to actually include any links. If you weren't an emotionless robot, I'd say you're pretty shit at sharing spam frankieB.

_____________________________

I tried to groan, Help! Help! But the tone that came out was that of polite conversation.

Empire Top 100 Albums Poll 2013: CLICK HERE

(in reply to Goodfella)
Post #: 18
RE: Payday Loans? - 26/1/2012 10:54:04 AM   
Drone


Posts: 966
Joined: 30/9/2005
I've worked for (reputable) loan companies in the past and we always utterly frowned on payday loans - particularly the jocular way they're advertised as if they're the easiest thing in the world to get you out of a tight spot.

It's shockingly easy to obtain a consumer credit licence - half of them probably are lagelised gangsters.

(in reply to Olaf)
Post #: 19
RE: Payday Loans? - 26/1/2012 12:54:52 PM   
Olaf


Posts: 23697
Joined: 26/2/2007
From: 41N 93W
someone change the thread title to something less likely to attract googling spammers.

_____________________________

I tried to groan, Help! Help! But the tone that came out was that of polite conversation.

Empire Top 100 Albums Poll 2013: CLICK HERE
Post #: 20
RE: Payday Loans? - 26/1/2012 1:01:17 PM   
matty_b


Posts: 14555
Joined: 19/10/2005
From: Outpost 31 calling McMurtle.
Will "Deviation's mum" do?

_____________________________

quote:

ORIGINAL: Cool Breeze
Mattyb is a shining example of what the perfect Empire Forum member is.


(in reply to Olaf)
Post #: 21
RE: Payday Loans? - 26/1/2012 1:03:41 PM   
Olaf


Posts: 23697
Joined: 26/2/2007
From: 41N 93W
As someone you throw money at when you're desperate, yes.

_____________________________

I tried to groan, Help! Help! But the tone that came out was that of polite conversation.

Empire Top 100 Albums Poll 2013: CLICK HERE

(in reply to matty_b)
Post #: 22
RE: Payday Loans? - 26/1/2012 3:42:30 PM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon

quote:

ORIGINAL: Drone

I've worked for (reputable) loan companies in the pastand we always utterly frowned on payday loans - particularly the jocular way they're advertised as if they're the easiest thing in the world to get you out of a tight spot.

It's shockingly easy to obtain a consumer credit licence - half of them probably are lagelised gangsters.


Yep, it does seem like it from the way they go about their business, and it doesn't surprise me about the licenses, not looking at some of the "companies" that seem to have been able to obtain them.

Heard nothing back from the company by the way, still in the middle of my 8-week waiting period before I can make an official complaint of fraud to the financial ombudsman. The 'doorstep collector' never turned up (colour me surprised) and they haven't responded to two letters now. The fax number still doesn't work either. Bunch of bullshitters.

_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Drone)
Post #: 23
RE: Payday Loans? - 12/3/2012 6:09:08 PM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon
quote:

ORIGINAL: JJill

Payday loans are not the most popular product with many consumer advocacy groups, because actually, they are not pleased with the product, whether it comes from a bank or traditional cash advance lender. A great number of consumer advocacy foundations have asked the Consumer Financial Protection Bureau to bring bank payday loans particularly under harsher regulations. Bank payday loan regulations sought by consumer groups. A big consortium of consumer advocacy groups has asked the Consumer Financial Protection Bureau to impose tighter rules on payday loans and comparable goods offered by banks. The CFPB hasn't committed to anything yet, but has decided to keep reviewing the product. You can get a too if you have an emergency.



Ugh, I've really got to change the title of this thread haven't I?

I know you're probably some kind of robot but I'm still tempted to call you robbing scum to be honest.

< Message edited by Hobbitonlass -- 25/5/2012 8:57:17 AM >


_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.

Post #: 24
RE: Payday Loans? - 24/5/2012 11:21:05 PM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon

quote:

ORIGINAL: Goodfella

This is both a personal issue and one I feel is quite relevant to today's economy and the various news articles I have seen recently, which is why I've decided this sub-forum is best for it.

Yesterday I received a letter from company called MiniCredit claiming I owe them 817.50. First of all it's probably best to clarify I have been dealing with some identity theft and fraud claims recently against my name which have resulted in a three-month investigation in which I have learnt personal details have been stolen off me. Anyway I don't owe this debt, I don't deal with loans, the way I look at it is 'if your bank won't give you a loan then anybody else who will probably aren't worth dealing with.'

This letter was basically threatening me with something called "doorstep collection." They claim they have been trying to contact me for "some time," which is untrue since this is the first letter I have received from them too this, my only, address and have had no phone calls to either my landline or e-mails to my account, which goes some way to prove despite the name on the letter, I'm not the person they're chasing. That aside though, have a little look at this. The letter I have received is spelt incorrectly and gramatically incorrect, also the box at the top showing the amount I supposedly "owe," there are three different figures. One that shows the intial amount, one that shows the interest applied, and one that shows the resulting amount. Guess what? They don't add up, they have actually under-calculated themselves by 57.00

There is no other information on this letter about the account I "owe" apart from my name, the figures and a website where I can supposedly "log into" and pay off my debt. So I rang this "company" and confronted them. A woman told me that if I believe it to be fraud I need to contact the police (which I was going to do after speaking to her anyone) and she gave me a fax number of which they could send a log number too (who uses fax machines anymore, I mean really, minor point maybe but come on...). I attempted to fax this machine today by the way from a local store, out of curosity more than anything which you will learn later in my post, guess what again? The number doesn't exist.

Anyway after contacting the police with a further complaint, I decided to do a little digging, first of all about these "doorstep collectors" who I've learnt are more often than not an idle threat. Most companies, especially short-term credit companies, don't employ them because they are too expensive, the only people I've found out who do are Barclays and some local councils. They have no rights of bailiffs and often people receive threats of them turning up on this date and that, and they never show. Second off all after receiving advice from the police and Citizen's Advice about what to do, I was told to write to the company saying I do not acknowledge the debt and asking for proof that the debt belongs to me (which I know it doesn't, but this is the legal advice I've been given to tackling these problems. By the way I asked the woman for this information over the phone, she could provide me with nothing, not even the name of the account, she never even asked for my name until I told her). After visiting their website, which I'll say looks very prim and proper, I failed to find an address for this company so after some further digging through Consumer Action Groups I learnt of the 1,637 complaints currently lodged against their company and also that their address is the address of Alma's Italian Restaurant and Takeaway in South London. There's even a picture of the place, it looks like something out of a third world country.

So I'm being harassed by a loan company who claim I owe them money that I don't who do their dealings out of the store room of some dingy takeaway in the suburbs of London? So the conclusion I have is, how the hell do these people get a license to process and distribute these loans in the first place!?

Obviously with the state the economy is currently in, there has been plenty of attention on the news recently to these 'payday loan companies.' I'm seeing more and more adverts of them on television (even this 'Wonga' lot sponsor Blackpool FC, they must be making a fair mint ey given no-one had heard of them four years ago, gee, wonder how they did that...) and yet I am seeing more and more appalling reports about them the further I look into them. The ridiculous rates of interest, the mercenary customer service, the intimidation and harassment used against those who supposedly "owe" them.

I realize there will be people who argue that if you get into debt with these kind of people, that's just what happens. But surely there is a greater problem here? How are some of these companies allowed to trade given that it seems too me they are nothing more than loan sharks with pretty colours? I've seen quite a few bits on the news where people are calling for them to be closed down, yet apparently the government argue "that these companies at least dissuade people from using direct loan sharks." I'm struggling to see the difference to be honest.

Sorry for the length of the post, just so much too say.

Any thoughts


So.....

in reply to my original post I have sent four letters to this so-called company 'Minicredit' all stating I do not acknowledge debt and all asking to prove the debt belongs to me, as in a statement of a bank transfer or information about me that could not be publicly obtained. I have received NO replies to any of these letters. The last letter dates back as far as mid-January, they were all sent by recorded delivery and I have retained all the post office receipts. I did not include a phone number as I do not want these clowns harassing me every day for money I do not owe but I did include an old hotmail email I rarely use anymore. They have my address too, I check the e-mail every day, I've had no contact.

Last Saturday a very stern and serious-looking letter dropped through the door for me. It was from a company (who's name I will not use because I suspect with the spambots posting here they are attracted to the forums by my using of the company names which must come up in whichever search tool they use to advertise). I will say this company's logo presented like a county court shield (the two lions and emblem etc.). It was a letter of Final Intent threatening me to clear my "debt" in 7 days or face county court, bailiffs etc. Needless to say this near pushed me over the edge, I was all for phoning these pranksters but after seeing it was a premium phone number and knowing how utterly useless the original "creditors" were I decided another letter was the best policy, as the CAB have already advised me, all contact via letter as that can be recorded for your benefit.

Anyway after calming down I inspected the letter more and as I did with the first company, scoured the internet for more research. Turns out this second company, that present themselves as a type of solicitor, a final step if you will before court, are in fact THE SAME COMPANY as the first one who wrote to me! They trade under different names and this is a common tactic they use to intimidate and threaten! Yet surely, least of all really given how mad the whole thing as I don't owe whoever the hell these people are any money, this is illegal!? As the letter states they are a different company representing them, they are constantly falsifying information to create fear and intimidation. Sadly for them it may work with others, it won't with me. The final letter I sent to the first company stated "if I don't receive a response within 14 working days, I will assume the matter is closed." They have a fresh letter along those lines with a copy of that other letter and the post office receipt (a copy of of course!). I am seriously at the stage of now of considering the best course of action would be countering them. As in taking legal action against them myself, putting them in a position where they end up begging me for a loan! I have been on consumer action groups and seen the kind of mires they have put some people's lives in, granted you should avoid getting into this kind of debt at all costs, but desperate times sometimes call for desperate measures and in this economy......not to mention these "companies" and their disgusting tactics, hidden charges and obscene default fees. I read a very sad and disturbing story of a woman who actually took her own life dealing with these rip-off merchants, I am half-tempted in the name of people like that, knowing full well I am completely innocent, of going for the jugular and seeing if I can get this company written off entirely. Apparently they are already under investigation from the OFT, I have reported them already. The police have been as useful as a chocolate cupcake so perhaps it's time to take matters into my own hands.

Anyway I know full well I'm going nowhere near a court room, and any two-bob mug that turns up my front doorstep will have exactly five seconds to get back in his vehicle before he discovers just how much these tossers have pissed me off over the past six months! Anyway I know full well it won't happen, even for clients in genuine debt these idiots don't prosecute because they know once any stable-minded judge looks at the paperwork he'll be putting them behind lock and key, let alone their debtors! You can find 100-odd threads on these things dating back five, six years and not one person has reported being taken to court of had a bailiff sent to their address.

I have written to my local MP as well demanding an explanation as to how on earth these people have managed to obtain consumer credit licenses!? I have enclosed the google image search photo of MC's "head offices." That being the Italian takeaway and put underneath, "So this is what can pass for an honest, consumer-friendly finance company these days is it?"

We all know these are gangs of criminals, loan sharks dressed in suits. They are a scourge of society and need to be shut down, now, not tomorrow, not next year, now when Osbourne pulled his head out of his arse, now. They are destroying people's lives. They won't destroy mine though, I am quite up for a fight with them and I will eagerly await their response (which won't come, just like the others).

Sorry to rant on, felt it needed to be said!

_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Goodfella)
Post #: 25
RE: Payday Loans? - 25/5/2012 8:58:46 AM   
Hobbitonlass

 

Posts: 11919
Joined: 30/9/2005
From: Westeros
Hope you get it sorted fella, sounds horrible!

It's sad that a few people who aren't as savvy as you and wouldn't put the effort you have in to investigating this would just be scared in to paying up. That's how these lowlifes make their money. Disgusting!

_____________________________

Come join in the Photo competition http://www.empireonline.com/forum/tm.asp?m=3116407&mpage=1&key=

(in reply to Goodfella)
Post #: 26
RE: Payday Loans? - 25/5/2012 9:26:36 AM   
Chief


Posts: 7777
Joined: 30/9/2005
From: Banshee
I just put those kinds of letters in the bin. But go you!

(in reply to Goodfella)
Post #: 27
RE: Payday Loans? - 25/5/2012 11:34:08 AM   
Goodfella


Posts: 17306
Joined: 30/9/2005
From: North Devon

quote:

ORIGINAL: Hobbitonlass

Hope you get it sorted fella, sounds horrible!

It's sad that a few people who aren't as savvy as you and wouldn't put the effort you have in to investigating this would just be scared in to paying up. That's how these lowlifes make their money. Disgusting!


Well precisely. Some of the horror stories I read online include more vulnerable people like the elderly and single mothers who have just ended up setting up payment plans, some like me, for debts they don't even owe!!

This company, amongst many others, just seem to have absolutely no morals and will use pretty much any method to try and extort money out of people.



_____________________________

"It is the Shawshank Redemption! Just with more tunneling through shit and less fucking redemption."

If you can quote the rules, then you can obey them.


(in reply to Hobbitonlass)
Post #: 28
RE: Payday Loans? - 25/5/2012 6:08:45 PM   
Spaldron


Posts: 10485
Joined: 6/10/2006
From: Chair

quote:

ORIGINAL: Chief

I just put those kinds of letters in the bin. But go you!


Same.

_____________________________

And I heard a voice in the midst of the four beasts
And I looked and behold, a pale horse
And his name that sat on him was Death
And Hell followed with him.

(in reply to Chief)
Post #: 29
RE: Payday Loans? - 25/5/2012 8:33:31 PM   
Ghidorah

 

Posts: 2912
Joined: 6/10/2005
As a precaution you should brush up on the basic knowledge of what bailiffs can and can't do. It's very unlikely they comply to regulations but it best to know your rights if an event does occure.

I don't know if you saw Panorama a few weeks ago about Tax dodgging by setting up an offshore hq in Luxembeurg?

http://www.bbc.co.uk/news/business-17993945

It's common for a company to register a HQ in a random building while most of the company is in another country. The same could be applied to your bullies especially our Government is following the Luxembeurg model. Like you said their HQ is registered above a takeaway when most of these companies are in fact American. I honestly don't think they are running a well man operation in the UK and just relying on empty threats. Their lack of knowledge when it comes to regulation and consumer rights also back this up.

(in reply to Spaldron)
Post #: 30
Page:   [1] 2   next >   >>
All Forums >> [On Another Note...] >> News and Hot Topics >> Payday Loans? Page: [1] 2   next >   >>
Jump to:





New Messages No New Messages
Hot Topic w/ New Messages Hot Topic w/o New Messages
Locked w/ New Messages Locked w/o New Messages
 Post New Thread
 Reply to Message
 Post New Poll
 Submit Vote
 Delete My Own Post
 Delete My Own Thread
 Rate Posts


Movie News|Empire Blog|Movie Reviews|Future Films|Features|Video Interviews|Image Gallery|Competitions|Forum|Magazine|Resources
Forum Software © ASPPlayground.NET Advanced Edition 2.4.5 ANSI

0.074