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Hi everyone,


I took a payday loan out wih Speedycash on 20/07 for £305 in a moment of desperation.


I had still not received the money into my account the next day even though they said it would be funded in an hour. I sent them an email sayin that I had not received the funds and nor did I any longer wish to receive them. I asked them NOT to fund my bank account and to remove my details from their system.


When I checked online banking on the Monday 25/07 they had transferred the funds to my accounbt on Friday afternoon. I checked their website where they had this information


'Q. Do I Have the Right to Withdraw From My Loan?



A. You have the right to withdraw from your loan agreement within 14 days without having to give any reason. The period of withdrawal begins from the latest of the day on which the agreement is made and the day on which you receive a copy of the loan agreement, or you are notified of its execution where you have an identical unexecuted copy in accordance with section 61A (2) and (3) of the Consumer Credit Act 1974 and ends 14 days after that date. If you choose to exercise your right of withdrawal you must notify Speedy Cash of your intention to do so, either in writing or orally. If you do withdraw you must repay to Speedy Cash, no later than 30 calendar days after giving notice of your withdrawal, any monies paid to you under the loan agreement and any interest accrued, from the date the credit was provided until the date you repay.'

I then called Speedy Cash and reiterated that as per my email I did not want this loan and to please take it back as per the terms on their website. I was told my details would be passed o the correct department but to send another email to back this up - which I did. The funds had still not been taken on Weds 27/07.


I called them again and was advised that it was being dealt with and would be taken on Friday 29/07 at the latest. Friday came and the money is still there. I st ANOTHER email tating that they had 2 working days to remove the funds or IU would take the money as a gesture of goodwill from them to me for the poor customer service I have received. This time I got a reply. 'I apologise. We are still working on it. Sorry'.


Can anybody advise me where I stand?? I'm really worried they are going to take all the money plus interest when I get paid on 20/08. Also my partner will go mad if h finds out I attempted to gt a payday loan as he is so against them.


Any advise please?



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Good thinking! Didn't even occur to me. I emailed them asking for it this afternoon but I've had no response.


Anyone have any other ideas how to proceed?



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There is no doubt in my mind that they will take the full payment on your payday. I would cancel your card quick sharp, as it will be a whole lot easier to give them the money back than it will be to try and claim their charges back when they charge you the full whack!!!!!

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