PayDay Debts - Hindsight is a wonderful thing

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Cash Genie Uk

£ 407

01/06/2014
Default

---

Name
Mr Tibetan Monk

Address
AllAboutDebt

Date of birth
23/02/1993

Account type
Advance Against Income

Account number
******6458 0

Account start date
27/01/2014

Opening balance
£ 260

Repayment frequency
Monthly

Date of default
31/01/2014

Default balance
£ 260




This would show the default was raised 4 days after account opening... is that right?!

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

So just to be clear - a default notice is what a credit is required to serve under section 87 of the Consumer Credit Act 1974, whose contents of which must comply with section 88 of the CCA1974

A default issued with the CRA's is a completely separate thing not to be confused with above and one can be done without the other.

So has an actual default been logged with the CRA's or a late payment marker? And in answer to your question - you can only have one default per account, so if they have logged two defaults with the CRA's for the same account then you will need to challenge this.

Dear TibetanMonk

Default Sum Notice

This Notice relates to default sums which have been incurred by you. We are giving you this Notice in

compliance with section 86E of the Consumer Credit Act 1974.

This Notice relates to the fixed sum credit agreement regulated by the Consumer Credit Act 1974

(agreement number: 1XXXXXXXXX3) between you and:

Ariste Holding Limited trading as Cash Genie

2 Reavell Place

Ipswich

Suffolk

IP2 0ET

Tel: 01473 297210

The following default sums have been incurred and are now payable under the agreement referred to

above:

Amount Description Date

£15.00 Late Payment Fee 01/03/2014

£12.00 Sent Letters 07/03/2014

£12.00 Sent Letters 01/05/2014

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.

The total amount of all default sums included in this Notice: £39.00.

Yours faithfully

Thats what they sent me, along with FSA guidelines on seeking help with debt. I have not received a default sum notice for the capital+interest. Only the charges as listed above.

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

Hi SnV,

Just sent the CCA request off. I've also just received a default notice on charges, not the capital. As such, a default has been reported to CRA's on £39 of charges, which are a late payment fee and two letter fee's. Is this possible?!?!!?!

So just to be clear - a default notice is what a credit is required to serve under section 87 of the Consumer Credit Act 1974, whose contents of which must comply with section 88 of the CCA1974

A default issued with the CRA's is a completely separate thing not to be confused with above and one can be done without the other.

So has an actual default been logged with the CRA's or a late payment marker? And in answer to your question - you can only have one default per account, so if they have logged two defaults with the CRA's for the same account then you will need to challenge this.

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

I would suggest sending a CCA request yes for many reasons including:

1) If in the unlikely event things got to court whether they have the right to apply for contractual interest
2) To understand whether in the contract there is anything that allows for charges to be applied if referred to a DCA (and then the charges have to be reasonable and proportionate, which they are obviously not)
3) Whether there is a 'break' clause in the agreement - what I mean by that is some PDL companies have a clause where interest is ceased to be charged after 60 days in arrears.

Hi SnV,

Just sent the CCA request off. I've also just received a default notice on charges, not the capital. As such, a default has been reported to CRA's on £39 of charges, which are a late payment fee and two letter fee's. Is this possible?!?!!?!

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

Good morning SnV!

Hope you're well.

Okay, so these charges, it was sold to OPOS, now with Lucas Credit, worth sending a CCA request or?

How do I get these charges wiped off so I only pay the amount borrowed + interest to the due date.

There's no way I'm paying £1.1k on a £100 loan.

I would suggest sending a CCA request yes for many reasons including:

1) If in the unlikely event things got to court whether they have the right to apply for contractual interest
2) To understand whether in the contract there is anything that allows for charges to be applied if referred to a DCA (and then the charges have to be reasonable and proportionate, which they are obviously not)
3) Whether there is a 'break' clause in the agreement - what I mean by that is some PDL companies have a clause where interest is ceased to be charged after 60 days in arrears.

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Well the charges are another story - that on its own I would consider could be challenged.

But as for Minicredit closing - as said they will be sold on to the highest bidder. Where this may work for you is that the purchaser may write off the part of the loan book that is arrears, or, alternatively, Minicredits IT systems will be poor and the new purchaser may not get things like agreements (or have difficulty in doing so).

But that is a lot of 'mays'

Good morning SnV!

Hope you're well.

Okay, so these charges, it was sold to OPOS, now with Lucas Credit, worth sending a CCA request or?

How do I get these charges wiped off so I only pay the amount borrowed + interest to the due date.

There's no way I'm paying £1.1k on a £100 loan.

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

Ugh, thought I could get out of paying them :P Got a £100 loan and the balance is now £1150. Bloody rediculous charges.

Well the charges are another story - that on its own I would consider could be challenged.

But as for Minicredit closing - as said they will be sold on to the highest bidder. Where this may work for you is that the purchaser may write off the part of the loan book that is arrears, or, alternatively, Minicredits IT systems will be poor and the new purchaser may not get things like agreements (or have difficulty in doing so).

But that is a lot of 'mays'

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Probably sold to the lowest bidder.

Ugh, thought I could get out of paying them :P Got a £100 loan and the balance is now £1150. Bloody rediculous charges.

[cymruambyth]

Re: PayDay Debts - Hindsight is a wonderful thing

Probably sold to the lowest bidder.

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Hi, I've heard on the grapevine that MiniCredit are closing? Is this true? What happens to debts owned by them?

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

1369069_(1).pdf

Hi TM

I have deleted the attachment with this post - you had left the loan reference number in a couple of places....

Thanks SnV :P I've removed the loan ref's now :P

[SaltnVinegar]

Re: PayDay Debts - Hindsight is a wonderful thing

Morning all,

Attached is the CCA I recieved from 247MoneyBox, could someone have a look at it before I do anything further?

Just wanna know if its all above board :P

- TM

Hi TM

I have deleted the attachment with this post - you had left the loan reference number in a couple of places....

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Morning all,

Attached is the CCA I recieved from 247MoneyBox, could someone have a look at it before I do anything further?

Just wanna know if its all above board :P

- TM

[TibetanMonk]

Re: PayDay Debts - Hindsight is a wonderful thing

Hi All!

So, just looked at my credit report (Experian)

Total debt showing on there is £3,661.

If I get rid of this, I'll be debt free! But one catch, where the bloody hell is the rest? Because I cant see it, and it seems to be never reported. Likes of CashGenie/TXT4Loan etc.

Of course, not debt free, but my credit report will show debt free, does that mean that I can rebuild, or do I still have to wait for SB and defaults to fall off? In 6 years?

Thanks,

Jordan (TM)

[CleverClogs (RIP)]

Re: PayDay Debts - Hindsight is a wonderful thing

Alternatively, some companies may believe that they could make more money from a customer who will default on a loan or HP agreement, as they'll then ramp up their charges.

Now Cloggy thats just plain cynical. There is no evidence to suggest that some companies would operate in such a manner

Not even Shytehouse, who'll cheerfully snatch back HP goods even when that isn't lawfully permitted by the Consumer Credit Act 1974?