After 5 years of business we have decided to cease trading and wind down our business in the UK. This process has involved an application to the regulator, the Financial Conduct Authority ("FCA") to cancel our authorisation to carry on our business. The FCA has agreed that application. A link to the FCA Register containing details of our application and the requirements attaching to it is here: http://www.fca.org.uk/your-fca/documents/requirement-notices/microcredit-vreq
What the above means is that, from 4pm on 10 December 2014 we are no longer permitted to carry on our consumer credit regulated activities in the UK, which means we cannot grant loans, roll over or extend loans, add further interest or charges on loans or engage in any debt collection activities.
We have transferred the majority of our customer accounts to Kapama Limited ("Kapama") and Kapama has e-mailed the customers affected. Those customers will no longer receive any communications from us (subject to the limited services we will continue to provide over the next 14 days . see below) and can contact Kapama at Telephone +44 (0)141 428 3990 Fax +44 (0)141 248 8269 By Post Kapama Limited 2nd Floor 15 Meadowbank Street Dumbarton G82 1JR.
As part of the process the FCA has also required us to write to those customers that still hold accounts with us (and where we have not transferred those accounts to Kapama) by 17 December 2014 to explain what is happening and how those customers are affected.
For your convenience and to ensure that our customers are treated fairly we are still offering the following limited range of services until 29 December 2014, after which time our permission will be formally cancelled by the FCA. These services allow us to respond to incoming communications from customers who wish to do any of the following:
. You can access information or documents via your online account.
. You can make a full or partial repayment of your loan (but if you do not or cannot make any repayments, we will not take any steps to enforce payment).
. You can ask a question about your loan or repayment plan.
. You can make a complaint about our services.
Our contact details, should you wish to make use of any of the above services or contact us generally, are: https://www.minicredit.co.uk/contact
For those accounts that have not been transferred to Kapama, we will not be using a Continuous Payment Authority ("CPA") in relation to them in any way whatsoever. If any CPA attempt is made, we will not charge you. If you have previously given us a CPA you have the right to cancel it at any time by notifying us or your bank. Please do not hesitate to get in touch with us with any queries about this.
We take this opportunity to thank you for your business and wish you a happy festive season and prosperous 2015.
If you are aware that you won't be able to repay, please do not apply in the first place.
If you are having financial difficulties get free anonymous debt advice from the UK's leading debt charity StepChange.
Step Change is a registered charity offering free and confidential advice and support, online or over the telephone, to anyone who is worried about debt. Please call 0800 138 1111 between 8:00 a.m. and 8:00 p.m. Monday to Friday, or click here for their online debt remedy tool.
The Citizen's Advice Bureau (CAB) helps people resolve legal, money and other problems by providing free face-to-face information and advice in your community.
The National Debtline is a helpline that offers free confidential and independent advice over the telephone for people living in England, Scotland and Wales. Please call 0808 808 4000 Monday to Friday 9:00 a.m. to 9:00 p.m. and Saturday 9:30 a.m. to 1:00 p.m.
MiniCredit only lends to clients who can afford it. We take our clients' welfare seriously.
There are no hidden charges.
We keep our customers informed about their short-term loans application status from applying to repayment by instant text messages and email.
MiniCredit does not send you unsolicited emails or marketing materials.
MiniCredit provides clear, transparent customer contracts and communications.
MiniCredit treats customers in a helpful and courteous manner and delivers high standards of service.
MiniCredit maintains a high level of customer satisfaction.
MiniCredit does not target people with debt problems.
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- that credit is provided for a period of one year and the parties fulfil their obligations in accordance with the Agreement;
- that the credit limit is £1,200, which amount is drawn down immediately and repaid after 42 days in accordance with the payment period in the Agreement, with successive drawdowns and repayments of that amount on a similar basis, save that the final repayment shall be at the end of the period of one year and shall clear the balance of capital, interest and other charges;
- that interest and charges are applied accordingly and in accordance with the Agreement and that the interest rate and charges do not change.
On these same assumptions, the Total Amount Payable is £1,855.20
We are committed to responsible lending. We urge you to consider carefully before applying for a loan with Minicredit.co.uk. Please read the Minicredit.co.uk Terms and Conditions carefully. If you think you cannot repay please do not apply in the first place. Minicredit.co.uk loans should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counselling.