Mobile Quid

[ihateyes]

hi i was wondering if someone could help me.
I took out a loan with above company, due yesterday. i contacted them to advise i couldnt make payment and looking to make a fair and reasonable repayment on my payday which is now 8days away. When the loan was taken, funds wouldve been available to pay,, but there was a change.

They said no, they will start hitting me with the highest of charges starting today... see below:

As a reminder we will also send you our seven day loans will progress using the following steps:
First Day – Your loan for £100 is deposited in your registered account. We will notify you before the repayment is due.
Eighth Day - £107.50 is collected from your account via your debit card.
In the event that funds are not available on the repayment day:
Ninth Day – A notification of your overdue repayment will be sent, complete with a £62.50 additional fee for administration, bringing the total owed by you to £170.
Tenth Day – If the total outstanding amount remains unpaid another £50 will be added and further notifications will be sent to let you know and urge you to complete the repayment of the £220 total.
Twelfth Day - Further failure to repay will result in a third notification and £30 charge bringing the total owed to £250.
Fifteenth Day – Continued non-payment to this point will see the total owed rise to £300 in conjunction with another notification and the £50 admin and transaction fee.
Thirty second Day – We will refer you to an appropriate debt collection firm that will result in another £100 in costs being placed on top of the current debt, bringing the total to £400 and continued attempts by our partners to recoup what is owed.


I asked for a fair and reasonable repayment as the charges are very high £62.50 for 1 day late, a further £50 for being 2 days late and a further £30 4 days late, and another £50 for 1week late = £192.50 in charges..... the repayment due was £107.50

I made a fair and reasonable agreement with text loan, but these boys arent playing ball. i have advised them even though i accepted t&c's which i dont think were emailled to me.... they hve to be fair and reasonable, any charge has to cover costs only, and if they took it as far as court, they would need to justify these high charges.

We have been emailling back and fth. i have offered £170 as full and final, they acceoted by wanted £100 yesterday and £70 on the 15th..... the repayment was £107.50 yesterday, i wouldve got the other £7.50 if i hadve had the £100!!

I emailled back and explained this, but now they dont seem to be replying to my emails.... what should i do?
They gave me their bank details, should i pay the £170 on payday, even if they dont respond???

thanks in advance.

[mr.ton]

Re: Mobile Quid

Tell them to get stuffed.
You are the boss of your money not them.
The amount you owe is what you borrowed - nothing more/nothing less.
Their ludicrous charges will have no legal basis to them and can easily be challenged.
Tell them in no uncertain terms what you will be paying based on what you can afford - if they don't like it then tough.
If they start harassing or threatening you then report them to the OFT,trading standards and the police if need be.
Do not be bullied and intimidated by these rogues.

[Caspar]

Re: Mobile Quid

Firstly, please don't tell them to get stuffed! I know it's tempting with these people.

I would write saying I cannot afford my liability and offer to pay the amount in four installments of £42.50 (is this affordable for you?) thus amounting to your full and final settlement.

Ask them to confirm acceptance in writing, tell them you'll set up a standing order to commence on October 1st and payable on the 1st of every month up to and including January 1st 2012. Also ask them to provide their bank details in order that you can set up the standing order.

Tell them you've cancelled your bank card (and do it) so they cannot try to take full payment, so they must supply their bank details.

You look forward to a swift response,

Yours sincerely,

Thereafter, refuse to speak to them on the phone and keep reiterating your offer in writing.

Keep us up to date with what happens. If they refuse, then you should indeed report them to Trading Standards and the OFT, but cross that bridge if it comes to it. remember everything in writing and under no circumstances speak to them on the phone!

[ihateyes]

Re: Mobile Quid

Thanks for your replies.....

i got no response from them today at all, except for a text saying i was being charged £62.50 for non payment.
Not even a default email, i wonder if one will be posted to me....
All emails and text messages are being stored to use as proof/evidence.

I can pay the £170 when i get paid.... do you think i should pay, even if they havent agreed (that would loo good if they took me to court) or would you just keep emailling then when they accept make payment???

ps they have no contact number so can only email, and they certainly havent called me, infact i think their a one man job!

Thanks again

[mr.ton]

Re: Mobile Quid

I can pay the £170 when i get paid.... do you think i should pay, even if they havent agreed (that would loo good if they took me to court) or would you just keep emailling then when they accept make payment???

No you pay what you can afford, no matter how small the amount is - do not put yourself out financially.

[ihateyes]

Re: Mobile Quid

i can afford it, its not putting me out financially...... do you think i should pay it, and them, and advise thats it and no more will be paid, or would you sit tight til they accept.

[Caspar]

Re: Mobile Quid

If I were you I would send them a letter stating you will pay them the £170 in full and final settlement on dd/mm/yyyy. Please would they confirm in writing that this is acceptable to them, that any payment will be accepted as full and final settlement, any late payment markers placed on your credit report will be removed and the account balance will be reduced to zero. Further no enforcement action whatsoever will be taken nor any attempt to sell any perceived remaining debt to any third party at any stage in the future.

If they are not willing to put this in writing don't pay them and resort to plan 1.

[Gorang]

Re: Mobile Quid

I seem to remember sumit I seen somewhere many moons ago about

If you owe a company money for a service but you think that the price was hugely high then if you sent a cheque for the amount that you thought it should be, and included with the cheque a letter stating that

this is full and final payment for this XX account, not a partial payment so if you cash this cheque it will mean you have agreed that it is full and final settlement

or sumit along that lines

then thats it they have no come back as they have accepted it as full and final settlement by cashing it, and if they don't accept it as full and final then they should send the cheque back to you and request the full amount

Like i said it was sumit along these lines, but for the life of me I can't remember where, when I seen that or what it said exactly

maybe others will have a better idea on this as i could be wayyyy wrong with this as I just can't remember

Please wait for others comments before you go and do this as like I said I could be talking rubbish here

[Caspar]

Re: Mobile Quid

The law on Full and Final settlements is extremely complex and a massive area just in itself. Advice to businesses is that if they are sent a cheque, they can bank it as long as they immediately write to the debtor and say it was taken in part payment. If the cheque was written by a third party, they are advised to return the cheque uncashed.

From the debtors point of view the main things they need in writing are:
1. Payment is in F&F
2. The balance will be reduced to zero on the account
3. No further action will ever be taken by the OC or any third party regarding this.
4. Any adverse credit information is removed from their CRF.

Obviously this needs to be in writing before any payment.

If the debtor can then get the full and final payment made by a cheque from a third party, this strengthens their case, but it may still not be cast in stone.

The case law on which many F&F's are based is extremely old.

[SpringerSpaniel]

Re: Mobile Quid

My view is that you could contest this under the CCA 206, ss19 -22, which allows a court to re-open extortionate credit bargains, as well as under UCTA and the UTCCR.

A firm lettter outlining this intention, together with offereing if possible a lump sum in full and final settlement of eg the original amount + a small amount by way of interest, and suggesting that this is on the terms outlined above by Caspar might bring this to a speedy conclusion. You could suggest that if they are not content with this, you will refer thier conduct to the FOS and/or Trading Standards.

Let us know how you get on. You can post a draft letter here in the Forum and members can help you put something together to send them.

[ihateyes]

Re: Mobile Quid

RESULT!!

They have now accepted £170 as full and final settlement.

I took the time this morning to remind them, if they didnt and we went to court, and they lost on the charges being fair and reasonable, i would send a copy of the judgement to the FOS/ FSA and the OFT, and this would most likely result in them having to adjust theirs charges!!

Maybe that doen the trick.... who knows!?

Cheers.....

[Caspar]

Re: Mobile Quid

Well done - I'm pleased for you!

[Amethyst]

Re: Mobile Quid

I think the OFT et al should be made aware of these insane charges regardless of whether they have settled your account with you tbh.

Well done on getting it sorted though

[The Debt Star]

Re: Mobile Quid

RESULT!!

They have now accepted £170 as full and final settlement.

I took the time this morning to remind them, if they didnt and we went to court, and they lost on the charges being fair and reasonable, i would send a copy of the judgement to the FOS/ FSA and the OFT, and this would most likely result in them having to adjust theirs charges!!

Maybe that doen the trick.... who knows!?

Cheers.....

Thanks for the update - and well done!

[Gorang]

Re: Mobile Quid

Well done

Good Result





O and Thanks Casper I knew there was sumit but just couldn't remember