money shop debit card advance

[trueblue924]

Hi my wife in december last year took out a £250 debit card advance. For this she had to write three cheques, 2 for £100 and one for £50. The money had to be paid back one month later or you could pay £45 a month and delay them presenting the cheque to the bank. She has delayed every month so far and it is got out of hand now and we cant afford to pay it. What can i do, we have currently payed back around £450 for a debt that is £250, we didnt even get £250 in the store as they charged us for the advance in the first place. So at the moment they are going to present the cheques to the bank next week as we still owe the whole £250. We didnt use a cheque guarentee card so if we cancel the cheques and the debit card can they still take the money out, if we did that is there much chance of them accepting reduced monthly payments. Is there anything we can do as we have paid double what we took from the money shop.

[debbbbsy]

we have currently payed back around £450 for a debt that is £250, we didnt even get £250 in the store as they charged us for the advance in the first place.

 

Do you have a copy of the agreement she signed ?

 

The payments made, totalling £450, can you provide bank statements showing these payments ?

 

You may want to speak with trading standards about this company. The demands seem excessive. If you can show that they are acting "Unfairly", you may be able to challenge any further demands for payment.

 

We didnt use a cheque guarentee card so if we cancel the cheques and the debit card can they still take the money out,

 

You can contact your bank to stop the cheques. You will be charged for this, @£10 per cheque. If you decide to do this, and considering how much you have already paid, I think it is a serious option.However I would recommend sending The Money Shop a letter informing them of your intentions, outline your concerns.

Send the letter recorded delivery. keep proof that they recieved it, and keep a copy of the letter.

 

Good Luck

[huggys boss]

Contact your bank tomorrow to cancel the cheques, also, I would be having an "accident" with the debit card. If you have lost it, then the bank will cancel it and issue a new one with a new card number.

[sillygirl1]

This would be better in the payday loan section, more people will be able to help then....

[cerberusalert]

Moved to Payday Loans Forum

[trueblue924]

Thanks everyone for the advice sorry if it was in the wrong section. If i cancel the checks and the card what will happen will they charge me extra on top.

[huggys boss]

I have not had experience of these people, but until you come to some sort of arrangement with them I think they will keep adding charges.

 

Hopefully, now your thread has been moved, you will get some good advice from people who know how to deal with payday loans.

 

Good Luck

 

HB

[tgsh2006]

I would not recommend anyone stopping cheques in these circumstances. Money Shop could sue on the dishonour of the cheque. There is no defence to an action brought in these terms except:

 

1. Fraud

2. Total Failure of Consideration

 

A company could obtain a summary judgment under CPR Part 24 and you'd be faced with a massive legal bill if the company used Solicitors.

[trueblue924]

Thank you for all the replys stopped the cheques and the debit card so they cant take any more money. They are gong to be ringing soon and i think my best action would be to tell them i do not wishj to deal with them over the phone i only want to deal with them via post. Does anyone have any idea what i am best to put in the letter to them about this.

[robjam1969]

I would be honest and say that you are having financial difficulties and make them a monthly offer that you consider to be reasonable. Personally given what you have paid back the very maximum would be the £250 outstanding with no further interest or charges. There is a good argument for giving and negotiating for a lot less given what you have paid back!!!. I doubt they would take you to court and they will probably get nothing if you refuse to pay them. I think you are in a strong position.