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Cash Genie Nonsense - Redress and Default Removal **MMF FOLDED**

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I applied for a Cash Genie loan on 23/12/13. The application was accepted. The loan amount was £200, duration of credit agreement 8 days, loan ID xxxxxx8493, to be repaid in 2 simultaneous instalments of £60 (interest), and £200 on 31/12/13, total amount repayable £260.

 

 

I ensured there were sufficient funds to repay the loan in full on the due date.

 

 

I was therefore surprised to receive an email from Cash Genie on 27/4/14 reminding me of my "upcoming payment" for my loan ID xxxxxx4039.

 

 

I checked my bank statements and discovered that payments had been taken from my debit card as follows:

 

 

30/12/13 £60

03/02/14 £60

03/03/14 £60

02/04/14 £60

Total £240

 

 

The total amount repayable under the loan agreement was £260. Cash Genie had rolled the loan over on 4 successive occasions entirely of their own volition and contrary to the terms and conditions of their own loan agreement. As the balance of the original loan agreement was £20, I repaid this on 01/05/14 and considered the subject closed.

 

 

I then received an email from Cash Genie 01/08/14 containing a default sum notice for yet another loan ID xxxxxx7101 (I can only assume Cash Genie generated a new loan "agreement" every time they rolled over the loan).

 

 

"The following default sums have been incurred and are now payable under the agreement referred to above:

Amount Description Date

£0.00 Sent Letters 01/08/2014

 

 

This Notice does not take account of default sums which we have already told you about in another default sum notice, whether or not those sums remain unpaid.

 

 

The total amount of all default sums included in this Notice: £0.00."

 

 

On 31/08/14 I received a second default notice via email with the exactly the same wording but the following default sums:

 

 

"Amount Description Date

£0.00 Sent Letters 01/08/2014

£0.00 Sent Letters 31/08/2014"

 

 

This is the only correspondence I have received regarding a default notice. I am unaware therefore of any other alleged default sums. I immediately responded to these notices by paying the default sums (i.e.£0.00!).

 

 

My credit record shows the following information:

 

 

"Account start date: 30/05/2014

Opening balance: £260

Regular payment: £ 140

Repayment frequency: Monthly

Date of default: 30/06/2014

Default balance: £260"

 

 

Every line of data is complete nonsense!

 

 

Furthermore, the status markers show the account being 1 month late in July 2014 (2 months after I paid it off) and in default in October 2014 (not 30/6/14 as shown above).

 

 

My questions are:

 

 

1) I believe I am entitled to redress - what do I claim, and how do I calculate/ claim it?

2) Most importantly, I need this ridiculous default removed from my credit record. How?

 

 

Thanks in advance!

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Hi,

Do you have evidence that you cleared this in 2013/14?

 

Irrespective of the above, you should be making a formal complaint to them as the default is incorrect. (based on what you have posted above)

 

You may be aware that Cash Genie is now in voluntary liquidation so you may have to contact the administrators rather than CG

 

https://www.fca.org.uk/news/cash-genie-customers-refund-debt-write-down

 

You can dispute the entry with the credit reference agencies and they have a month to get clarification from CG (or the admins)

 

In the meantime, you can add a notice of correction to the offending entry (up to 200 words) explaining why you think it is wrong.

 

It does sound odd but getting hold of any files from CG may be hard so I would contact the administrators to see if they can help

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Hi, Thanks for the reply.

 

 

As evidence I have the original agreement and repayment schedule, and my bank statements showing the debits taken from my account. The rollovers were automatic, something for which Cash Genie became notorious.

 

 

I disputed the default entry (how can I have a default of £0?!) with Noddle last November who replied within 5 days simply that Cash Genie were "unable" to amend the entry, no explanation given.

 

 

Might try the notice of correction.

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Did Cash Genie reply to you?

 

Nope, but they've mysteriously vanished from my credit report. So that's one less default. One down, three to go...

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Oh FFS...

 

Just received an email from everybody's favourite DCA, Motormile Finance:

 

OUR REFERENCE(S): M-------

ORIGINAL CREDITOR: Ariste Holding Ltd t/a Cash Genie

Dear Mr -,

 

We recently sent you a communication regarding the above account(s).

 

Please note as the legal owner of your account(s) it is our intention to register your account(s) as in default with Credit Reference Agencies, which may make it harder for you to obtain mortgages, personal loans or other types of credit. This information will remain on your credit file for 6 years.

 

We want to help you and are committed to ensuring all of our customers have an affordable repayment plan in place for all of their accounts. In order for us to do this and to stop or delay the default registration, we need to engage with you and understand your current circumstances. We have many options available including a potential discount, where you can still repay over a period of time that suits you."

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Why do I feel unsurprised by this turn of events!

 

Do you have a phone that has a loudspeaker on it (Landline)?

Do you have a mobile that can record calls?

 

If not, do you have a smartphone that you can install a recording app?

 

Yes?

MMF are notorious for being rather unfriendly on the phone so it would help you (and others) if you can ring them and record the drivel. You do not need to tell them that you are recording.

If you can't do that, you could write to them disputing the debt and telling them you have proof of such should they wish to take further action. Any further letters or calls will be treated as harassment and dealt with accordingly.

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I haven't heard a squeak from the administrators, just this, today:

 

"OUR REFERENCE: M-------

ORIGINAL CREDITOR: Ariste Holding Ltd t/a Cash Genie

Dear Mr ----,

 

Further to our recent communication, we have now registered your account as in arrears with Credit Reference Agencies ( CRA).

 

If you have not made payment or reached an agreement within the next 7 days you will be issued a Notice of Default. The Notice of Default will provide details of the next step, however once this has been forwarded to you we will record your outstanding debt as a default on your credit file. A default is information logged with CRA’s and shows how you pay your account with us. This information can be seen by any other organisation that views your credit file for example banks and finance companies.

 

A default may make it harder for you to obtain mortgages, personal loans or other types of credit. This information may also be used by Landlords and Employers. The information will remain on your credit file for 6 years.

 

To stop this action and to prevent a default notice being issued, we need to agree an appropriate payment plan with you. We are here to help you reach an affordable arrangement, based on your financial circumstances. Our team of trained customer service agents can be contacted by calling 0113 887 6876 to discuss your account, or if you prefer you can contact us by email at nod@mmile.com

 

If you are experiencing financial difficulties we have a team of specialist agents who are equipped to understand and deal with your situation. Alternatively free debt advice is available which provides, confidential and impartial advice from one of the organisations detailed on our website here.

 

You may view your credit report and score for free at Noddle, brought to you by Callcredit Consumer Limited. In order to access your free credit report and score simply visit https://www.noddle.co.uk/ and complete their registration and identity validation steps. Please note, for security reasons signing up to Noddle is subject to you successfully passing Noddle’s identity verification and validation procedures. Any details provided to verify your identity with Noddle will not be shared with MMF at any time.

 

We look forward to hearing from you within the next 7 days to assist you in finding a solution."

 

Sick of this idiots.

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Quick update. No reply from Cash Genie or the administrators, but another letter from MMF, this time a default notice!

 

It's being served because I "have failed to make payment as agreed under the clauses in the terms and conditions of the above loan agreement requiring you to make payments on time."

 

They want £60 by 2nd July or they say they will plonk a default on my credit record.

 

So sick of this.

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They cannot add a default, create a new one etc. All they can do is update the one that was there. If that one was false, then you complain to the CRA, use the creditors complaints service, then take it to the FOS.

 

MMF dont care about regulation or law. Pretty much all th crap they send out is automated so its unlikely theyll ever see a employees eye.

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Thanks renegadeimp. You say they "cannot" but that isn't the same as "will not".

 

We live in rented accommodation and have 7 weeks left in which to find somewhere to live, or we're homeless.

 

I find the process of being accepted for a tenancy intrusive and humiliating enough - then there are the "non-refundable" referencing "fees"....

 

My partner is suicidal. Her son took his own life less than 2 years ago, so this is not a term lightly used. The last thing we need is a "computer says no" from a letting agent, followed by homelessness, because of these w*****s.

 

In a nutshell, an FCA regulated company is lying about its rights and powers in order to extort money out of me, which I neither owe to them, nor the comprehensively disgraced and liquidated company from which I originally borrowed.

 

What can I do?

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Update. Just checked my credit report. MMF placed a default on it for £60 on 31/7/16. (Fortunately, we moved in to our home on 30/7/16...).

 

Other than dispute it with the CRA (which I have done) what should I do?

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Contact the FOS.

 

Not yet!

 

First of all, I would get the proof that the first default was placed then removed.

 

I noticed the letter above and I'm sorry I missed it at the time as it is far too long. they will have read the first page then lost interest. I also notice it wasn't headed as a complaint and therefore they will have treated it as a query. Any letter of complaint must be headed as such.

 

So, Write another letter, this time headed with Formal Complaint and keep it to a two page maximum (ideally one page)

 

Lay out in short bullet points the basis of the complaint.

 

Use the middle section to explain briefly why your complaint is valid

 

The last part should lay out what you want to resolve this.

 

As for the default, they had no right whatsoever to place one and as such a simple statement saying that if this default is not removed forthwith, you will have to consider your options including legal action.

 

I would send all letters by snail mail and by signed for delivery. Keep the prof of delivery then they cannot deny they didn't receive it.

 

After 8 weeks or if they fail to resolve this then you can go to the FOS

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thanks silverfox.

 

I have one copy of my report with the cash genie default, and one with the subsequent MMF default. I don't have anything in between.

 

Both defaults quote the same account start date, but give different opening balances, dates of default and default balances.

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Just for clarity, is the MMF default backdated to when CG added it or is it a brand new one with the default date of this year?

 

Filing a second default is a big no no. One account, one default and it should have been placed within 6 - 8 months (at the very latest-usually 3 months) of the original date of the loan. This is done to protect the debtor as if a lender was allowed to file a further default, they could do it over and over again.

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The Cash Genie default was dated 30/06/14 (account start date 30/05/14 - completely wrong).

 

The MMF default is dated 25/06/14 (account start date 30/05/14 - again, completely wrong).

 

Idiots.

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No reply from the CRA re my dispute (they say it can take "up to" 28 days - they've had 41 so far) or from MMF re my complaint except another email on the 18th maintaining I have an outstanding balance of £60, failure to pay which within 7 days will result in them being "be left with no alternative but to refer your account to Moriarty Law LLP", whoever they are.

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I have just signed into my Noddle account to find that the dispute is marked as "completed - no changes made".

 

"Unfortunately your dispute has been unsuccessful as the organisation has not agreed to make changes to your credit file. Please refer to the correspondence you will receive from our Customer Services Team for details"

 

LIVID!!! :evil:

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Could anyone direct me to something in black and white clearly stating that in registering a default after the OC has already done so (and subsequently removed) the DCA is breaking the law, and which law/s? I'm at my wit's end.

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