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    • The FSA has announced large fines against DB UK Bank Limited (trading as DB Mortgages) - DeutscheBank and also against Redstone for their unfair treatment of their customers.
      Please see the links below for summaries and full details from the FSA website.
      It is now completely clear that any arrears charges which exceed actual administrative costs are unfair and therefore unlawful.
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Hi,

 

Cashgenie keep rolling over my account automatically.

 

On 25/07/2012 I applied for a £150 loan, which came with a £45 interest charge for a total of £195 repayable. Since then, I have paid:

 

25/08/2012: £45

25/09/2012: £45

25/10/2012: £45

25/11/2012: £45

25/12/2012: £45

25/01/2013: £45

25/02/2013: £45

25/03/2013: £45

25/04/2013: £45

 

That's £405! What's the best way of breaking this cycle? They've had more than enough money from me now, but I'd rather not end up with another default on my credit file.

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what were the original terms for how many months?

 

if they are doing this by CPA

 

get it back!

 

We have been telling people to put a letter into their bank instructing them not to make any payments under any circumstances to these companie

http://whatconsumer.co.uk/visa-debit-chargeback/- it works!

 

banks MUST follow written intructions from their customers !

This fsa guide has now been updated:

 

http://www.fsa.gov.uk/pubs/consumer_...ghts_guide.pdf

 

Here's the text:

 

Cancelling a regular

card payment:

 

When you give your credit or debit card details to a company and authorise them to take regular payments from your account,

such as for a gym membership or magazine subscription,

it is known as a ‘recurring transaction’ or ‘continuous payment authority’.

These are often confused with direct debits, but do not offer the same guarantee if the amount or date of the payment changes.

In most cases, regular payments can be cancelled by telling the company taking the payments.

.

However,

you have the right to cancel them directly with your bank or card issuer by telling it that you have stopped permission for the payments.

Your bank or card issuer must then stop them – it has no right to insist that you agree this first with the company taking the payments.

Be aware, though, that you will still be responsible for paying any money that you owe.

.

see: http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(2-Viewing)-nbsp

.

http://www.fsa.gov.uk/pages/consumerinformation/product_news/banking/know_your_rights/solving/index.shtml

dx


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Hi,

 

The agreement was for 28 days. This is the first page of my agreement:

 

aUSgJcM.png

 

If I cancel the CPA, Cashgenie will then presumably want the £150 back, plus the £45 interest they would have got through the CPA payment, and will then start adding interest and charges? Obviously that's not far as I've already paid £405 to them on a £150 loan. What action do I take at that point?

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DId they send any terms and conditions? Can we see them?


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Here are pages 2-8 of the loan agreement:

 

vSQCx4S.png

 

BSTp1J7.png

 

Urno7zE.png

 

rhUoaBW.png

 

exgOC7C.png

 

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I like how they boast that they will levy unenforceable and unlawful charges. What a bunch of muppets. There are also a LOT of unfair terms in that contract.

 

 

My advice to you, if they rolled over the loan without your authority, is to challenge them on it and tell them that you will not pay them a penny more as they unlawfully and unfairly rolled over the loan without permission.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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Yesterday I emailed Cashgenie and revoked CPA. This was their reply today:

 

I would just like to ask why are you cancelling payments with us? Are you struggling at the moment?

 

We are willing to assist you if ever you are struggling to pay the loan. Unfortunately we can only cancel the payment once the agreement has been set up in place. You can ask for assistance for DMP but I would have suggest to have direct payment plan with us.

I assume this is untrue? As far as I'm aware I can cancel CPA at any time for any reason?

 

I responded:

 

You have rolled over my loan too many times without my consent. I have paid £405 for a loan of £150.

 

There is no legal requirement for me to enter into a repayment arrangement with you before you cancel the CPA.

 

The fact of the matter is, you have been instructed to cancel CPA. You must do this. If you do not, I will happily onvolve [woops :oops:] other organisations such as OFT and FOS.

Edited by mike00

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who said do it to cash genie anywhere?

 

dx


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you cancel the cpa direct with your bank, not the creditor.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Having the exact same problem with them. I have a thread here somewhere about it. I tried to cancel the CPA but the bank said that they couldn't so ended up cancelling the card. I did get the last payment back from the bank though.

 

As for Cash Genie I sent them a complaint about 10 weeks ago and have just sent a reminder to them.

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Dx. in the first section of your OFT guidelines that you posted it says cancel with the organisation. However cancelling with the bank as well is good.

 

One of the issues being looked at by the OFT is automatic rollovers. They break the rules.

Cash genie will pass it to carter Forbes who are the same company.

Play hardball and they should cave in


Any opinion I give is from personal experience .

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Having the exact same problem with them. I have a thread here somewhere about it. I tried to cancel the CPA but the bank said that they couldn't so ended up cancelling the card. I did get the last payment back from the bank though.

 

As for Cash Genie I sent them a complaint about 10 weeks ago and have just sent a reminder to them.

 

you must cancel ir with the bank

 

they are duty bound to carryout your instructions - end off!

 

there are rules that dictate they must.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

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please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

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you must cancel ir with the bank

 

they are duty bound to carryout your instructions - end off!

 

there are rules that dictate they must.

 

dx

 

I know. But they wouldn't. I had a long conversation with the woman at Santander who, interestingly, not once denied that I had the right to cancel but stated that they wouldn't.

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Dx. in the first section of your OFT guidelines that you posted it says cancel with the organisation. However cancelling with the bank as well is good.

 

One of the issues being looked at by the OFT is automatic rollovers. They break the rules.

Cash genie will pass it to carter Forbes who are the same company.

Play hardball and they should cave in

 

If automatic rollovers are against the rules then why do CG seem to use them as a matter of factly? Also, if they are against the rules the surely there must be some process to get he money back as they should not have taken the money in the first place? A bit like theft really. I'm not saying it isn't against the rules just wording it that way for the question btw :)

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I can not remember where i read it but it was either in a code of conduct or OFT. If i can find it i will quote the source.


Any opinion I give is from personal experience .

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Rollovers are an exploitation of a loophole in guidance. It is currently under heavy scrutiny to see whether the guidance needs changing.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Mike.

Sorry but it's not 100% clear. Did you ask to rollover your loan and/or was there enough money in your bank to make the full payment. If the answers are no and yes in that order you should make a formal complaint and stop paying as they are in breach of their own code of conduct and your agreement.


Any opinion I give is from personal experience .

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FSA stated that banks must cancel CPAs if the customer issues such an instruction.


Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Mike.

Sorry but it's not 100% clear. Did you ask to rollover your loan and/or was there enough money in your bank to make the full payment. If the answers are no and yes in that order you should make a formal complaint and stop paying as they are in breach of their own code of conduct and your agreement.

 

I requested a rollover on two occasions. They've taken nine payments, so on 7 occasions they did it without my consent, and there was always more than enough in my bank to make full payment.

 

I have written to them requesting a refund after reminding them they are in breach of their own Customer Charter, and therefore CPUTR2008.

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Be ready to issue a LBA then follow it up with a court claim. They will do ANYTHING to keep your money.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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This is similar to our situation. I need to do some detailed looking into it but from what my wife can remember the roll over is taken automatically on the day the balance is due.

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Be ready to issue a LBA then follow it up with a court claim. They will do ANYTHING to keep your money.

 

I intend to send the LBA:) Not sure if just over £100 is worth a court claim, though, we'll see.

 

This is similar to our situation. I need to do some detailed looking into it but from what my wife can remember the roll over is taken automatically on the day the balance is due.

 

This is exactly what happens. They don't ask you. They just go ahead and collect interest only on the due date. Their terms say they will collect two payments, one for the interest, and another for the capital.

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Only send the LBA if you are willing to follow it with a court claim. Don't send it otherwise.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I intend to send the LBA :) Not sure if just over £100 is worth a court claim, though, we'll see.

 

 

 

This is exactly what happens. They don't ask you. They just go ahead and collect interest only on the due date. Their terms say they will collect two payments, one for the interest, and another for the capital.

 

Yeah - I just read through the T&C you posted. They are quite clear on what should happen and when.

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Would it be at all possible I have a look at he letter you sent. I know what to ask for but don't know what to put in the 'or else' section, if anything.

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