Hi guys,

I'd really appreciate some help with this.

I can't sleep the last few days, due to panicking so much.

Last week, I went into The Money Shop, to cash some cheques (from my own cheque book).

The chap in The Money Shop, explained about 'cash until payday'..

I stupidly wrote out 5 x Cheques, from my A&L chequebook, each for £100 = a total of £500.

Looking at the print out, I was given, it shows that Money Shop have charged £15.99 for each cheque they processed.

Their printout, also shows the cash paid out, for each cheque = £84.01.

So, for the £500 loan, I took out from them, they gave me a total of £420 in cash.

This Money Shop loan, has to be paid back in 30 days (from last week) time.

They told me, that they will bank each cheque, on a seperate day, from 8th July and 14th July.

There is no way I'm going to be able to repay this, and I am so worried.

What makes it even more embarassing, and regrettable, is that I'm a recovering alcoholic (fell off the wagon last week, and have since climbed back on), and I spent almost all of the £420 on alcohol, in 4 / 5 days.

When I agreed to the loan, in the Money Shop, I was also dishonest with them, and told them I was still working at my old job (I left last November, and have since been on ESA).

Can't believe I did this. Looking back to last week, I certainly wasn't thinking straight.

What happens next with these people?

Obviously, I'm scared witless of The Money Shop finding out, that I lied about my working, when I'm not. This will no doubt, come out if they take me to Court, for a CCJ won't it?

Am so worried, that Money Shop / A&L bank will convict me for fraud. This is making me feel ill.

Also, there is no way on earth I can repay this £500, in the forseeable future, let alone in 3 weeks.

Reading the helpful advice on here, I have called my bank and cancelled my Visa Debit / Cheque Guarantee Card (the same card / cheque book, that Money Shop used to guarantee the 5 cheques) yesterday.

I'm torn, because I'm worried this will obviously annoy the Money Shop, and they will of course add charges.

However, if I let them cash the cheques, at the A&L (my bank), then the A&L will also charge me, as the funds won't be in there.

Even though I've now cancelled the card / cheque book, do you guys know, if the Money Shop are still able to cash the £500 worth of cheques, from last week.

I am determined to try and be positive, and sort this out.

I even considered going into the Money Shop, telling them the truth, about the fraudulent application / alcoholism, apologising, and asking to come to a repayment arrangement.

My Girlfriend has told me that this would be 'too honest', and it could make things worse. I just don't know.

Any ideas as to what to do next, regarding this Money Shop loan, would be most appreciated.

I'd really like to try and keep my A&L bank account, as it's the first 'proper bank account', I've had in years.

Am now worried, that I'm going to lose it, due to all the potential charges (unpaid cheques and unauthorised o/d charges)

Could The Money Shop still bank the old cheques in 3 weeks time, even though I've now cancelled the cheque book? I'm worried they will, as they were 'guaranteed' with the card (the CAB said the would be honoured / guaranteed).

Any advice from you guys, would be most appreciated.

Many Thanks,

SM.

If the cheques are guaranteed the bank will probably pay them. I must admit you have a lot going on and far above my limited knowledge. Hit the green triangle and try and get some advice from the site team. Good luck

Oh God.

I was hoping that wouldn't be the case, but thanks for the info Rob.

Even if I cancelled the cheque book yes?

Green triangle?

Actually a red triangle - bottom left corner of your post. Guaranteed generaly means just that

OK thanks.

I thought the 'Report Post' button, was only if the post was abusive etc?

Anyway, I've send the CAG Team a message via the button, asking for some advice.

Thanks Rob.

It seems to be used to draw attention to a thread as well. At least I hope so:D

OK.

Thanks!

I may sell my computer, just to raise the cash, for this Money Shop debt.

Can really do without the hassle down the line, after reading some of the hellish tales on here..

Yes report is acknowledged.

Theres quite a few issues here-but there are Caggers that will be able to advise on each one of those in their respective experiences.

This demonstrates the hopelesness that these operations cause-and their targetting of those most vulnerable to use these services.

That said,you have asked some searching questions and I can understand that you WONT sleep until you have some ideas and concrete answers as where to go from here.

Can I ask that you just be a little patient-I can guarantee that the people on this site will collectively point you in the right direction and help you.

It wont make the debts disappear-but it will give you the info you need to sort things-and hopefully allow you to get that sleep.

I will try to contact some of the more experienced people who have had dealings with these to come and advise.

Martin, thank you so much, for your kind and supportive reply.

Sorry if my posts are a little erratic, and overly - demanding. My addictive mindset coming through regrettably..

I am going to try not to panic, get some kip, and be patient. Then, tomorrow, take stock, and formulate some semblance of a plan

There are worse things that could happen, and I'm trying to focus on the positive, as I've now been sober 4 days, and this feels great!

Thanks for a cracking site, and I hope to give something back as soon as I'm able.

Good Night,

SM.

Thats better...

Yes I can see where you are coming from.

Believe me-we have had some extremely desperate people on here-no one is above anyone-most of us have been in need of help in different extremes.

The fact that you have found CAG and are looking to sort things-shows you are making some right moves-certainly thats something you did need to do.

You wont be judged for that....only positively.

Goodnight...and sleep well.

Oi!!! Wake up McQueen

OK firstly its not as bad as it seems so try not to imagine the worst.

When organisations like the money shop lend to clients they know that they are high risk, same as pay day loans so this isnt going to be a shock to them. However you need to try and damage limitate as much as possible.

I have dealt with the money shop in the past for my mothers debts and even though they were very arsey in the beginning about sorting a payment plan out they succumed to my charms and arranged one. The kept adding charges etc so i told them to naff off. They past the debt around for a bit and then simply disappeared. She owed them £750.00 and had never even made one payment.

The cheques will be represented to your bank and if the money isnt there they will bounce incurring fees. If i was you, and i know how scary this can be, i would call your bank first and ask tell them the situation about these cheques being represented in however many days time and ask them if they will go though or is there anyway of cancelling them. I actually thought that you could cancel cheques? After that, once you know whats going to happen with these cheques you have two choices. Call the money shop head office and tell them that you cant afford to honour these cheques. Dont get into the whys and wherefores just say that because of circumstances out of your control. Ask them if they can freeze interest and charges and then you will honour the debt. I know this is easier for me to say on the basis that you have to do it but i have dealt with companies like these on numerous occasions and i know what im talking about

So breathe, get a cup of coffee and call your bank.

Let us know how you get on and what they all say

D x

SM check your PM box-I found something interesting.

I thought I had read that he lost his cheque book ?-must have been on another thread;)

I think that he said that he had cancelled the cheque guarentee card and cheque book.

Ahem....indeed.

Oi!!! Wake up McQueen

 

OK firstly its not as bad as it seems so try not to imagine the worst.

 

When organisations like the money shop lend to clients they know that they are high risk, same as pay day loans so this isnt going to be a shock to them. However you need to try and damage limitate as much as possible.

 

I have dealt with the money shop in the past for my mothers debts and even though they were very arsey in the beginning about sorting a payment plan out they succumed to my charms and arranged one. The kept adding charges etc so i told them to naff off. They past the debt around for a bit and then simply disappeared. She owed them £750.00 and had never even made one payment.

 

The cheques will be represented to your bank and if the money isnt there they will bounce incurring fees. If i was you, and i know how scary this can be, i would call your bank first and ask tell them the situation about these cheques being represented in however many days time and ask them if they will go though or is there anyway of cancelling them. I actually thought that you could cancel cheques? After that, once you know whats going to happen with these cheques you have two choices. Call the money shop head office and tell them that you cant afford to honour these cheques. Dont get into the whys and wherefores just say that because of circumstances out of your control. Ask them if they can freeze interest and charges and then you will honour the debt. I know this is easier for me to say on the basis that you have to do it but i have dealt with companies like these on numerous occasions and i know what im talking about

 

So breathe, get a cup of coffee and call your bank.

 

Let us know how you get on and what they all say

 

D x

Hiya Dawny,

Thanks for your help.

Sorry for the delay, in getting back to you.

I have indeed, already told my bank that the cheque book was 'lost' however :? ..as I didn't want to attract undue attention from the A&L.

I also didn't want to 'warn' Money Shop of any impending issues, as I've read horror stories on here, of people who've had the Money Shop suddenly raid their account all at once.

Great to hear they eventually left your Mum alone!

Many Thanks,

SM.

They will always try and put the cheques through as they will charge you i think £25.00 per bounced cheque and so will your bank.

I would really advise calling you bank to check out if they can do this and maybe if you can cancel the cheques.

OK. You're talking sense.

I'm just worried that A&L will give me an almighty b*llocking, due to my having written £500 worth of cheques, when it's obvious looking at my statements, that my income is zilch at the moment :-/

I could just about, pay 1 of the cheques this Friday.

Would The Money Shop accept a cash payment in their store?

Its only a person on the phone who is no better than you. so what if they have a go, you need to know the score.

They will always try and put the cheques through as they will charge you i think £25.00 per bounced cheque and so will your bank.

 

I would really advise calling you bank to check out if they can do this and maybe if you can cancel the cheques.

If they DO levy a £25 charge for a failed cheque-then I woould be demanding proof that it costs them this-its clearly a penalty charge.

Did you put anything in writing to A & L ?

Its essential that you do this-rather than dealing by phone or counter.

Good point Dawn!

Martin -

Good thinking re charges, thanks.

I haven't written to A&L yet, no. Just phoned them, to report my cheque book / card as 'lost'.

They are now issuing new ones.