cashgenie took more money than i owe

[jelly1001]

Ok I thought so.

 

7.1 You agree that if you apply for a loan and you already have an outstanding balance with Ariste Holding Ltd or any of its trading names such as Cash Genie, Payday is Everyday or Txt Me Cash, we may collect the outstanding balance from the account you provide in relation to your application before processing that application.

 

Yes it would have been fine if they had taken the outstanding balance which was agreed at 70 but they took 311 in charges which they've never asked for never broken down never said anything about. I'd already agreed with their debt collector to pay the 70 on the 28th of September, but they have decided to take more. I never thought a company would behave so badly.

[citizenB]

I never thought a company would behave so badly.

 

 

!!!! These are PDL companies.. none of them behave any other way !!!!

[markosoft82]

How was the £70 agreed, by email, letter or telephone? And where did they get the extra £241 from?

 

I'd love to know how they can justify what they've done. Using another trading name to offer a loan just to get more money out of it. I honestly sometimes wish I had a loan out with one of them, just to give me a reason to call them up and give them hell.

[MARTIN3030]

Payday Lenders: Codes of Practice

 

On the 25 July Business Minister Norman Lamb today welcomed the progress made by payday lenders as they published newly revised Codes of Practice to increase transparency and better help vulnerable borrowers, but warned that they need to maintain their focus on protecting consumers and tackling bad practice.

 

The revised Codes of Practice were published by the four Trade Associations which represent over 90 per cent of the payday and short-term loan industry. They follow on from the Government’s Response to the BIS Select Committee’s Report into Debt Management, when new commitments were agreed to help deliver increased protection for consumers.

The payday lenders have committed to:

 

• a good practice customer charter explaining how loans work and the costs involved;
  
• increased transparency about loan repayment so that consumers can make informed decisions and are not surprised by hidden payments;
  
• more help for customers in financial difficulty by freezing charges and interest;
  
• robust credit and affordability assessments to ensure loans are suitable for the customer’s situation; and
  
• effective compliance monitoring by the Trade Associations to root out poor practice in the industry.
  

Business Minister Norman Lamb said:

“The new Codes of Practice published today represent a positive and important step forward by the payday lending industry. They will have a real impact helping consumers to make the right decisions when they opt for a payday loan, ensuring they do so fully informed and are not caught out by hidden charges.

“I welcome the hard work and commitment of the four Trade Associations to deliver better consumer protections. But, at a time when more consumers may turn to payday loans to manage spending, this is no time for complacency. The industry must continue its commitment to root out rogue lenders and tackle bad practice. I expect to see real results on the ground coming out of these additions to the lenders’ codes of practice and that the Trade Associations will undertake a proper assessment of how well they are working.

“I also want to see further action particularly on the use of continuous payment authority. I know the OFT is consulting on this and I expect the industry to respond effectively to any recommendations emerging out of this work.

“Payday loans should only ever be used as a short-term financial fix, not as a long-term solution to financial difficulties. I would urge people to think carefully before taking out a short term loan and to consider affordable alternatives such as their local Credit Union.”

The Government is also strengthening enforcement powers across the whole of consumer credit by giving the Office of Fair Trading (OFT) the authority to suspend a consumer credit licence with immediate effect where there is an urgent need to do so to protect the interest of consumers. Currently the OFT has the power to suspend or revoke a consumer credit licence but businesses can appeal the decision which can take up to two years to deal with. These businesses can currently continue to trade during this time, leaving consumers vulnerable.

The new power will help clamp down on rogue companies that provide goods or services on credit, lend money, collect debts or help people with debt problems.

The Department for Business will continue to work with the OFT to drive up standards in the payday lending industry and continue close working with the Trade Associations as they implement their new codes of practice.

To see the various Codes of Practice go to Good Practice Customer Charter (pdf 178 kb) and Good Practice Customer Charter amended (pdf 195 kb)

[jelly1001]

How was the £70 agreed, by email, letter or telephone? And where did they get the extra £241 from?

 

I'd love to know how they can justify what they've done. Using another trading name to offer a loan just to get more money out of it. I honestly sometimes wish I had a loan out with one of them, just to give me a reason to call them up and give them hell.

 

It was agreed via email at the beginning of September.

[jelly1001]

I've written my complaint to cash genie, reported them to the OFT, FSA and FOS and I've completed a proper complaint form for the FOS and I'm waiting for the full reply from cash genie before I send it off. Can I request compensation from them? It's just I won't be able to pay a few bills this month so I will get charged interest and charges.

[renegadeimp]

Unfortunately, the issue of compensation is a matter for the regulators to decide. The PDL will simply say no.

[Nao]

if you end up getting compensation its usually if the fos decides in your favour on a complaint, the oft will either do nothing, fine them or ask for a witness statement if they plan more serious action.

 

The bank shoule however return your account to the state it was before the unauthorized transaction as they are required to by law, which means they also have to wipe off any charges for failed direct debits, overdrafts and so on.

[renegadeimp]

The bank only has to return the money plus any charges if they were informed before the transaction happened. If they were notified afterwards, it is at their discretion. However, if it is an unauthorised transaction, then the account holder has to provide some kind of proof while the bank does their investigations.

[Nao]

he does have emails to proof it should have only been 70, so shouldn't be a problem to proof it.

[renegadeimp]

Agreed, but the bank would need to chargeback, then investigate. If the letter to the bank notifying them of cancellation had gone in before the transactions happened, it would be a very simple matter to get this sorted.

[jelly1001]

The complaint to the bank went in on the 28th Sep, my bills go out on the 1st Oct (today). Some are being supportive others not so much for the bills. Thankfully o2 agreed to roll my bill over to next month. The bank have been in contact they're investigating the matter and will be in contact shortly. I was only planning on asking the FOS for compensation, I don't really know how to ask for it? Do I list my charges and provide proof or just ask for compensation and let them decide the amount?

[renegadeimp]

Did you specifically tell the bank to cancel/block all transactions to the company before the transaction date? This is the most important part of info which we need.

[jelly1001]

Did you specifically tell the bank to cancel/block all transactions to the company before the transaction date? This is the most important part of info which we need.

I used a different bank to pay cash genie, I used my nationwide account and yes I had informed them to remove cash genies continuous payment authority. I also wrote to cash genie and told them I did not authorise them to take continuous payments. I paid them via bank transfer. They deceptively obtained my new bank details with santander which I knew nothing about.

[renegadeimp]

How did they obtain the details? Thats what you need to find out.

[jelly1001]

How did they obtain the details? Thats what you need to find out.

They got them from their sister company who called me offering me a non existant loan.

[renegadeimp]

I hope you reported this then.

[jelly1001]

I hope you reported this then.

 

Yes I've reported it to the oft FDA and fos

[jelly1001]

Fsa not FDA lol