Cash Genie - Been an Idiot

[ice198625]

Hi guys

 

I took out a £300 loan from this pay day company thinking i would of had no issue paying it back but appears now i have run into a bit of a snag.

 

The interest was £90 so my repayment date is 390 on 31st May 2013.

 

I borrowed this for an emergency as my nan lives down south

and wanted to be at her side as she has cancer so

 

i took out this loan to cover my petrol expenses, accommodation, food etc

i had a cheque in the post last week for £2000 but the cheque bounced and now im in abit of bother,

Its only a matter of time before they stick £45 letter fees, £15 late payment fee's on top etc

 

Im just worried is going to get out of hand i dont mind setting up a payment plan

but i can only afford the minimum as i lost my job last month due to redundancy with company going into administration

[renegadeimp]

Its only a matter of time before they stick £45 letter fees, £15 late payment fee's on top etc

 

True, but none of them would be enforceable and they would all be unlawful and unfair.

 

The first thing you need to do is secure your bank account so they cant get at it. A parachute account would be a good idea too.

 

Once your account is secure, then you need to work out your I&E and produce a simplified budget summary for your creditors. PDL's are low priority, so if you can only afford £1 a month to pay them, then thats all they get. If they were stupid enough to take you anywhere near a court, the judge would 100% agree with you and tell the PDL to shut up and accept it.

 

 

Theres nothing to worry about really. PDL's just make a lot of noise, hoping youll give in to shut them up. Play them at their own game, and they get frustrated and usually back right the way down.

[ice198625]

Thanks

 

Exatly what do you mean by a parachute account.

 

I have a lloyds account and a halifax

 

Halifax has never been used but i have a pin number and a card with them

 

I recently cancelled my lloyds card which cash genie have

 

i now have a new card number are they still able to take money from my account ?

 

Im sure if i give them plenty of notice and make them aware of my situation they may be able to freeze interest, and avoid letters so i can set up a payment plan.

[renegadeimp]

Mouse over or click the words parachute account and read the popup.

 

With cash genie, i don't think ive ever heard of them stopping interest. They usually add on tons of charges to hike up the debt then sell it on.

[Samson42]

On the contrary, Cash Genie were the easiest I've had to deal with.

 

I had a loan of £250 with £75 interest, and they set me up a repayment plan for that amount and no more. I pay them £50/month.

 

They even removed my card details from their system to allow me to make direct bank transfers myself.

 

Send them an email, they have been really helpful to me.

[renegadeimp]

Thats actually very unusual but very good. CG are notoriously hard to deal with.

[ice198625]

Yeh they sound reasonable but i cant afford to pay it really so it would have to temporary be £1 a month until further notice as i just have enough for my bills and to feed myself with only being on JSA

 

I just hope they dont start taking advantage of me by sticking £100's of pounds interest then it gets out of control.

 

I will email them and ask them to set up a payment plan for 30th of the month

[renegadeimp]

If you are on JSA

 

If they add ANY interest or charges on after you tell them you ar eon JSA and cant meet repayments, then it will be considered unfair and a direct violation of OFT guidance on debt collection, and will easily be challenge-able.

[ice198625]

Ok mate

 

good stuff ive emailed them explained my situation even sent them a copy of my JSA book to prove im on JSA.

 

Will post the outcome here

 

Thanks for all your help and advice

[ice198625]

One last thing

 

I cancelled my debit card they have on file to stop them taking money out of my account i dont have. Even though they have my sort code and account number can they still take money out of my account ? reason i ask is on the day i repay my loan my jsa goes into my account last thing i want is them to take it then i cant afford my bills and then feed myself

 

I also have a tax rebate for £50 but that will have to go to pay my arrears on my water bill would it be safe to put it into my lloyds account

 

lloyds is my main bank which i use all the time and cash genie had my old debit card details.

[ice198625]

Ok had cash genie constantly phoning me day and night every day.

 

I have blocked 2 or 3 numbers using an android app i have but they seem to have a large variety of numbers they like to call off, constant threat texts aswell stating charges of £27.50 to be added and 40+ plus for a letter to be sent out, these people are really irritating me now ive emailed them twice and they don't even bother replying to me

[renegadeimp]

You need to start logging the calls, and get complaints in to the lender, OFT and OFCOM. Ignore all the silly stuff about charges, as they know they are unlawful and unenforceable.

[ice198625]

Will do that, this Zen Young keeps messaging me saying interest and charges have been back dated contact us to stop this obviously ive ignored this

 

there is no point in these idiots having a email address they never pick up there emails or reply this is probably done deliberately so they can add stupid charges onto the account