Cash Genie help

[lee79]

Hi - we have a payday loan with Cash Genie for £80 with the total to pay back being £110.50.

 

However, we could only afford to roll this over from March at a rate of £25.50 per month and this has been going on since then meaning we've paid a total of £255!!

 

At first, my wife thought we were on a repayment plan meaning that some of loan is also paid off out of this monthly figure, however, it turns out she misunderstood - this was no fault of the company but explains why we left it so long.

 

What are our options because there's no way we can continue paying this roll over and I don't like the thought of coming to a repayment plan after already paying so much to them?

 

Thanks - Lee.

[stephenweslo]

stop paying,you have have paid the debt

[lee79]

The repayments are by card reoccurring authority so I assume we should tell our bank to cancel this? How easy is this as I've read a few threads and there seems to be different results from their banks?

[lee79]

Just wondered if anyone else has any advice. I've just read through a couple of things regarding the CFA code of practice but these guys aren't part of that (I assumed they were due to the sticky) but instead they are part of the CCTA who's guidance looks very poor compared to that of the CFA.

 

Thanks - Lee.

[lee79]

Just after some more advice.

 

We've recently cancelled the payment to Cash Genie in order to have more control over what leaves our account whilst we try and sort something out with them. As expected as soon as we did that they started contacting us. Today we have had the most contact from them where one minute they're offering a discount then a couple of hours threatening us with door step collectors, then another offer and then back to threats. My wife has receives around 4 texts from them today doing this.

 

The loan was for £85.00 and we have paid 11x £25.50 payments so far in roll over fees bringing the total to £280.50. The total owed currently stands at £85.00 for the capital plus £25.50 interest and a late fee of £27.00 bringing the total owed to £137.50.

 

The main thing I need to know is how to approach this company. Are they easy to deal with and has anyone dealt with them before?

 

Hope someone can help give me an idea of how to proceed and what to expect from them.

 

Thanks - Lee.

[Jimmy99]

I have dealt with them once a while ago. Just remember that carter forbes are cash genie in disguise (but not a very good one.

 

I would be sending a telephone harassment letter and a door step letter (both in the library)

 

Then make a suitable offer of say 10 per month if you can afford that but after you have paid loan+interest then stop. (pay by faster payments or DD)

 

The other alternative is to say get stuffed send the letters and just keep offering them £1 per month

[lee79]

Thanks Jimmy.

 

I've seen this recommended quite often. However, the company will still believe that they are owed something wouldn't they? I mean, if we paid £10 per month they will still add £25.50 plus late charges so in their minds it's still owed. They would still go after us as they do now.

 

This is still probably the best in my mind because they add loads to the amount simply for agreeing to a repayment plan usually. Just wished we'd cancelled as soon as we realised we had no hope of finding the capital to pay them off as it would have been the cheaper option.

[Jimmy99]

Lee

They may "think " you owe them the money but you are giving them too much credit if you think they can "think".

 

What you need to do and is default on the loan then offer the repayment plan. They will probably not agree but start making the payments. If they try to roll over the loan they will not have a leg to stand on.

 

Why not PM renegadeimp and ask him to visit this thread

[renegadeimp]

They cant add on ANY late charges. These are considered penalty fees and are unenforceable and reclaimable.

[lee79]

Good result. They came to me expecting me to pay them £85 or there around and thanks to them dragging their feet I looked into account more and have now had a REFUND from them for over payment!!