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Cash Genie ends lending activity

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Good news, Cash Genie will no longer issue any loans at all, so hopefully less people will get in trouble in the future, just got this email out of the blue:

 

Dear xxx

 

As a valued customer of Cash Genie we would like to take this opportunity to highlight a few changes we have made:

 

Cash Genie has made the decision to change our opening hours. We will now be open Monday to Friday 9.00am-4.30pm and will remain closed on a weekend.

 

Cash Genie has also taken the decision to cease any future lending, therefore we will no longer be in the position to provide any further short term loans. If you do have an outstanding balance with Cash Genie you can still make payments via your members area or by calling us to make alternative arrangements.

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I just got the same after using them about 4 years ago last.

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Not surprising. They were one of the worst and it seems the FCA cracking down on these lenders is having the desired effect. Theyre likely getting out as fast as they can before they get caught.


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 had the same email yesterday. However i have an officialcomplsint being investigated by them. I am trying to get my rollover fees returned. Im about a month in now and got fingers crossed. I got the idea from reading other posts on here. Big thanks to all you guys for your invaluable help.

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similar situation to thread in minicredit forum, you would have to be dubious about whether they would honour complaints or pay redress if they are going out of buisiness. there doesnt seem a way that either fca or fos can force them to set aside funds either

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Well worth a shot though :) Youve nothing to lose and everything to gain.


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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3 people I know here in Cambridge all had (and have subsequently lost) jobs with Cash Genie - they used to make the 100 mile round trip to Ipswich every day as the pay was worth the drive! 2 were just standard phone hasslers chasing debt, and were on ~£25k plus incentives for sitting at a desk al day. The other was an Account & Loan Manager, he was on nearer £40k! He's also been given a massive redundancy package meaning he can have a year off work if he chooses without money worries. Just shows how much these companies really were making from vulnerable people.

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Hi Guys

today the ombudsman as got back to me regarding cash genie. Even though Cash Genie rejected my complaint I got a result they are refunding 265 to me. here is their email.

Hi B

I just wanted to update you about your complaint. I’ve not yet fully investigated your case but Cash Genie have been in touch with me to discuss some points.

Cash Genie have put forward an offer based on interest re-calculations. This is something that they have been working with the Financial Conduct Authority on, where they are historically repaying any interest that may be owed to consumers.

They have suggested that to settle your complaint, they will refund you £260.

If you’d like to accept this offer then please let me know as soon as possible.

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