hi guys,

i was looking through an old email account which i dont use anymore, a company called cash genie are referring my account to a collections team for the sum of £957, they are willing to settle for £300 today or £400 over 4 months.

I remember taking out the loan but thought i had settled it and never checked back to that email account. I have received nothing at my home address.

the loan was for £150 back in 31/07/2009 after inquiring with them they have advised I made a payment of £75 and then 8 lots of £45 interest. I stopped paying on 28/05/2010.

they are charging £675 as interest and £132 in letter/late payment fees.

I just feel this is sooo unfair and feel like I shouldn't have to pay these extortionate amounts, i understand i should have stayed on top of it but was wondering is there any way I can avoid paying so much money? For a loan of £150 this all seems excessive.

Thanks Guys!

You dont have to pay any of those charges. Thats why they are offering a massive discount.

they have just replied to me saying they are happy for me to pay back the original sum and one months interest so I think thats a result right?

Check your credit files to see if the debrs there. You want to make sure negative markers are removed and get it confirmed in writing before paying. They might say no but its worth a shot.

One thing you MUST do is get full confirmation that the payment will settle the account in full and they wont sell the remainder on.

hi guys,

 

i was looking through an old email account which i dont use anymore, a company called cash genie are referring my account to a collections team for the sum of £957, they are willing to settle for £300 today or £400 over 4 months.

 

I remember taking out the loan but thought i had settled it and never checked back to that email account. I have received nowthing at my home address.

 

the loan was for £150 back in 31/07/2009 after inquiring with them they have advised I made a payment of £75 and then 8 lots of £45 interest. I stopped paying on 28/05/2010.

 

they are charging £675 as interest and £132 in letter/late payment fees.

 

I just feel this is sooo unfair and feel like I shouldn't have to pay these extortionate amounts, i understand i should have stayed on top of it but was wondering is there any way I can avoid paying so much money? For a loan of £150 this all seems excessive.

 

Thanks Guys!

Could this be the same thing that myself and another user are facing? Basically the agreement is that when the loan is due to be paid they take the interest and loan out in 2 seperate transactions. However, they have been taking just the interest and automatically rolling it over, despite what their agreement says.