Speed Loan Finance Debt – Should You Really Have To Pay?
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
For free & impartial money advice you can visit MoneyHelper. We work with The Debt Advice Service who provide information about your options. This isn’t a full fact-find, some debt solutions may not be suitable in all circumstances, ongoing fees might apply & your credit rating may be affected.
If you have received a letter about debt from Speed Loan Finance, don’t worry. You’re not alone. Many people are confused about where the debt has come from or if they should pay.
Over 170,000 people visit our website every month for advice on debt solutions. We’re here to help.
In this article, we’ll:
- Explain who Speed Loan Finance is.
- Discuss if you really need to pay.
- Talk about what you can do about the debt.
- Share ways to pay back debt.
- Discuss what a loan shark is and your protection against them.
We understand your worries: some of us have been chased by debt collectors too. But remember, there are ways to manage this.
What should you do about Speed Loan Finance debt?
If you had debt with Speed Loan Finance, you should have been contacted by the company when they ceased trading. As the accounts were transferred over, the company agreed to freeze interest and charges on any outstanding agreements.
The debt you had with Speed Loan Finance is now likely owned by H&T. So, you will probably need to settle your account with them. However, all of this information should have been communicated to you in writing when Speed Loan Finance ceased trading.
Technically, SpeedLoan Finance was still regulated by the Financial Conduct Authority until March 30 2020. However, since that date, they are no longer allowed to provide regulated products and services. So, if you’ve heard from the company about loans or short-term borrowing, it’s against the law for them to do so.
It’s worth noting that an online search for ‘Speed Loan Finance’ does give a result for a company called Quick & Friendly Loans. Their website has a page called Speed Loan Finance. However, there is no indication that this company is regulated or authorised in any way.
Can Speed Loan Finance still give loans?
It’s important to note that, although Speed Loan Finance still exists as a company, they no longer have FCA regulation. The owners would have had to go through several steps to cease their regulated activities, including telling clients they’re going to stop and paying any outstanding fees. They also must have made arrangements to deal with any complaints and liabilities, and resolve any complaints.
So, if you hear from Speed Loan Finance about a loan, they are breaching regulations. As such, you should contact the FCA immediately if you receive contact from them. Again, there is a website with a page for Speed Loan Finance, but there is no evidence to show this is affiliated with Speed Loan Finance UK.
Can Speed Loan Finance collect debt?
The FCA’s guidelines apply to both lenders and borrowers. As such, no company that isn’t authorised with the FCA can collect debts. In the UK, there has long been a problem with unauthorised companies trying to act as debt collectors. The FCA and other regulatory bodies are trying to crack down on this practice.
Any correspondence from Speed Loan Finance that seems like a debt collection letter should be reported to the FCA. The former has no legal standing to reclaim money from you. However, they may have passed your account over to Harvey & Thompson Limited (H&T). They are able to employ debt collectors to try and reclaim anything you owe.
» TAKE ACTION NOW: Fill out the short debt form
Why does FCA regulation matter?
There are many reasons why FCA regulation is important. The rules that they have outlined exist to make sure businesses don’t take advantage of consumers. They protect those people who are vulnerable to financial scams and extortion.
In the case of companies like Speed Loan Finance, the rules on debt collection exist to make sure things are fair for those who are in debt. It means that companies can’t threaten or harass you if you owe them money. To reclaim it, they have to follow various laws and rules.
The FCA also makes sure that people aren’t charged excessive amounts for being in debt. For example, in 2014, the regulatory body introduced a price cap for payday lenders. This means that excessive interest rates can’t be applied to loans.
How a debt solution could help
Some debt solutions can:
- Stop nasty calls from creditors
- Freeze interest and charges
- Reduce your monthly payments
A few debt solutions can even result in writing off some of your debt.
Here’s an example:
Situation
Monthly income | £2,504 |
Monthly expenses | £2,345 |
Total debt | £32,049 |
Monthly debt repayments
Before | £587 |
After | £158 |
£429 reduction in monthly payments
If you want to learn what debt solutions are available to you, click the button below to get started.
What are some good ways to repay debt?
There are many ways to pay off your debt, although the exact approach depends on your current situation. It’s unlikely that you’ll have to deal with Speed Loan Finance debt anymore, but it could have been passed over to another company.
If you’re looking for some tried and tested methods, here are some that you might want to consider:
- Snowball Method. If you have multiple debts and you can afford to make minimum payments, this method is a good choice. Essentially, you pay off the minimum for each debt, and then any leftover goes to pay the smallest amount first. Once that’s cleared, you’ll have more to pay towards the next one. This method can help improve your credit score too.
- Debt Management Plan (DMP). If you’re struggling to pay the minimum and you’re in a poor financial situation, this is a good option. It means lenders stop charging interest while you pay off what you can
- Individual Voluntary Arrangement (IVA). If you owe over £6,000, an IVA can help combine your debts into one. You’ll pay back a lower overall rate for 60 months, with anything after that being written off.
- Debt Relief Order. This is a good choice for those with debts under £30,000 and no property. It’s aimed at those with a very small income.
Should I get a short-term loan?
There are many forms of short-term loan, such as those previously offered by Speed Loan Finance. They can be a good way of bridging a gap, providing you know you can pay them back. Things like credit cards, overdrafts, payday loans, and doorstep loans can all tide you over. However, if you don’t repay them right away, interest rates can be quite high.
The FCA has really clamped down on excessive lending fees, particularly with things like doorstep loans and payday loans. However, the fees can still mean you pay back significantly more than you borrowed in the first place.
Thousands have already tackled their debt
Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.
Natasha
I’d recommend this firm to anyone struggling with debt – my mind has been put to rest, all is getting sorted.
Reviews shown are for The Debt Advice Service.
Will They Give Up Chasing?
After all that you might be wondering whether you can just wait it out and hope they stop chasing you.
Sadly, that’s probably not going to happen. Most debt collectors are persistent.
Source: Moneysavingexpert
As you can see Robinson Way starting to chase a debtor mere days after their mortgage application and a full 12 years after the debt was originally chased.
Other agencies like Lowell Group, Portfolio Recovery and Cabot Financial are constantly being accused of buying Statute Barred debts and then chasing people for payment.
SpeedLoan Finance Limited Contact Details
Registered Address: | SUITE 3 1ST FLOOR 60 CHARLES ST CHARLES STREET , LE1 1FB , United Kingdom |
Speed Loan Finance Debt – Final Thoughts
Speed Loan Finance recently stopped trading and lost their FCA authorisation. As such, they cannot offer loans or act as debt collectors. However, that doesn’t mean that they can’t employ other debt collectors to collect any outstanding debts. If you’re looking to contact them, the only Speed Loan Finance phone number we could find is +44 07792013964.