Help with extra charges on cash genie loan

[merbie13]

Hi!

I today recieved to letters fro Cash genie, one was a default notice. Then one saying that my £150 loan had jumped up to £827 now due to charges due to extensive chasing for repayment. This is the first time i have heard from them. The letter says i need to put down in writing why i have not repaid. Not sure what to do, i am happy to repay the original loan, but not the charges which seem rather large, and suggestions. i got till 5th july to get in touch with them

[merbie13]

I would like to mention that i had two letters from cash genie today both dated the same day, one was a default notice which said £182 and the other saying £827, what do i do , i rang and offered the £182, but was turned down they said they would need full £827.

[The_Rev]

£827?! How did they come up with that figure?!

 

I would keep saying to them every time they attempt to make contact that you have a letter dated recently giving a £182 balance and as far as you're concerned that is the most you will be paying.

[merbie13]

i,m happy to pay the !82 and with help of a family member i could , i was just sat down doing my sums and if i had to a court expenditure form i would only be able to pay £10 a month so surley it would be in there best intrest to accept that

[postggj]

lets put the record straight

 

a payday loan company cannot add charges, default interest, default notice etc.

 

these loans are for 30 days only

 

you borrow £100 and in 30 days payback say £150

 

thats all they can claim

 

you will not find anyware in the t&c about default interest charges

 

and to even attempt to claim any additional charges they would need to send you

 

A NOTICE OF DEFAULT SUMS

 

THIS NEEDS TO BE SERVED UNDER S.86B OF THE CCA 1974

 

JUST PAY THE £182.00 AND TELL THEM TO GET STUFFED

 

THEY CAN STILL TAKE YOU TO COURT FOR THE £182 THOUGH BUT PAY THAT WITHIN 28 DAYS AND NO CCJ

[merbie13]

Hi! i see what your saying but looking on here they seem to be getting away with it!! I will write a letter to them as requested and ask for the cca. And go from there

[barafear799]

sorry to hijack this thread; I will start my own too.But I have just been served with court papers from Cash Genie......on my £150 loan, they are claiming £450 interest and then some further charges - then they are claiming the normal 8% statutory interest from the date of my default letter (which was only about 3 weeks ago) to the date of the issuance of this paper (ie: about 23 days at 8%) - they then claim 8% on an ongoing basis. And then £70 solicitor costs - and £50-odd court costs. Bring the total up to around £800 - Sorry left the papers at home - so will need to bring in tomorrow and scan.However, here's a little history:yes I took the loan out - and then I was unable to pay it back on time - I then was in contact with someone from Cash Genie - he offered to freeze the interest - and allow me to repay in instalments over 3 or 4 months - I paid the first - and then I had problems again - and I was unable to pay - I contacted them to say I would resume payments as soon as I could - however, things dragged on - and then I got the default letter - as well as emails from their solicitors - Carter Forbes - at that point, I sent several emails both to Carter Forbes and Cash Genie offering to make repayments of £119 (they acknowledged that I had made payments of more than £100 in various guises - ie: back when the original loan was due for repayment they took "smaller amounts" from my debit card - together with the payment I had made by standing order when the "I can't pay" agreement was made. Carter Forbes refused to accept the payment - Cash Genie themselves ignored all my emails! - and then the court papers turned up - so even though I tried to negotiate with them after the default notice was served, they stubbornly refused to go into any discussion other than the full repayment of £800-odd - Be very careful.Does anyone (of the experts on here) know whether people have successfully challenged these "extra interest charges" in court? I've only read of a couple that were seemingly found in the favour of Cash Genie.

[postggj]

First of all

 

dont panic

 

how many months have you been in arrears

[barafear799]

loan was due to be repaid on 21 June 2010 - so about a year. but as I said, they have acknowledged that I have paid back more than £100.

[postggj]

This is important

 

have they sent to you each month a notice of default sums (not a default notice) pursuant to section 86b of the consumer credit act 1974

 

i need to see the default notice

 

did you get any letter before action prior to the court claim

Edited June 27, 2011 by postggj

[barafear799]

I will need to check - to be perfectly honest, I did ignore some letters (as in not even open them) when I knew they came from them because I was in no position to meet the payment plan - I had their email address - they had mine - I did get several emails/texts offering me "reduced charges etc" if I replied/contacted them there and then - but they often/always came when I had no money to even make a token payment.

[merbie13]

I feel the same, that you dont stand a chance in court with these guys !!!!

[barafear799]

sorry merbie: how do you mean "I don't stand a chance"?

[merbie13]

Sorry i meant it seems noone stands a chance with these guys, thats the impression i get from reading other threads. im not sure what to do, i have had an email today from the which i have answered but no reply of yet

[barafear799]

I agree - I haven't actually read of a "success story" in court - altho I did read on another thread on here someone stating that CAG had had loads of victories against Carter Forbes.However, I found it pretty poor that they ignored my replies to them (ok I might have mentioned that their charges were a joke - but that's no reason to ignore me!)Good luck with yours - and let me know how you get on.

[merbie13]

ive sent 2 emails now with no reply, i have to 5 july to reply in writing soim going to send it registerd post so i know they got it

[cooldude1980]

There are a few success stories on here against Cash Genie and their behaviour and charges....

 

Certainly nobody on here that I know of have ended up paying more than intial loan + 1 month interest charges

[merbie13]

OK guys this was what i sent to cash genie :-

Dear Sir/Madam,

I am writing to you as requested in your letter dated 21/6/2011 to explain why there has been non payment of this account. I have only just moved back into my house since September 2010 due to a breakdown of my marriage. I have not been receiving any of my personal correspondence due to a un co operative husband. With everything that was going on I had forgotten about this outstanding account and do apologise for that.

 

The letters dated 21 June 2011 are the first correspondence I have received from you.

I am able to pay the default notice amount of £182.00, Thanks to a family member. I am confused as why on the same day that was sent that I also have a letter dated the same day with the balancing jumping up to £827. I am unable to afford to pay this amount and feel its unfair due to me not receiving any correspondence from yourselves.

I have sent you 2 emails dated 23/6/2011 and 27/6/2011 and had no replies. My email address is . Also enclosed is a request for my CCA as I have no copy of it as it is on my husband computer and I have no access to that.

　

Many thanks

[merbie13]

Obviously i took my personal details out, but now i have had this back:-

Thank you for your letter dated 30 June 2011.

 

Upon request, please find attached a copy of your Consumer Credit Agreement. You can also access this information by logging onto the ‘your members’ area of the Cash Genie website.

 

In the second letter attached, you confirmed that you are able to pay £182.00 in relation to the late fees and charges applied to the debt owed. The account details that you will need to make this payment are as follows:

 

Bank- Barclays

Sort- Code- 20-00-00

Account Number- 33588696

Reference-

Please confirm how you wish to proceed with repaying the remaining balance of £645.00 after the above payment is made. If you are not in the position to repay the amount in full, we can discuss monthly payments to suit your disposable income.

 

Please also find enclosed a statement of means form that needs to be accurately completed and returned to enable us to assess your finances in more detail.

 

Look forward to your response

 

I was only happy to pay the default notice as i thought that would be the original loan amount, but there saying by the sounds of it , it is fees and late payment, i have emailed them asking what the default notice is for, any suggestions where to go from now ?

[cooldude1980]

I went as far as court with them and they will accept original loan plus 1 month interest at this stage. So i am guessing that thats all they can legally expect to get. So make an offer for that amount. Pay it by cheque or postal order and thats it.Do not pay Cash Genie any charges.

[merbie13]

Another night wide awake with worry about this ! Got an email to say that the default notice for £182 is for charges on my account, so i am confused as to why on the same day i had a letter saying account is £827!! I had presumed the default notice was for the outstanding amount thats why i offered to pay it. Im getting so upset by all this and im now exhausted. is so needed but cant just all going around in my head

[merbie13]

I have emailed them as my family person is only willing to help me with paying the original loan, i feel like im such a whinger but am knackered even though doctor signed me off work cause of the stress its causing me. I,m geeting so upset cause if this went to court i would only be able to afford £10 a month you would think that they would take my offer of a reduced settlement with the help i can get for it.

[ims21]

Hi

 

you might find post #3 here quite useful

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?311490-Payday-Loans-Help-Please

 

ims

[merbie13]

Hi Matt,

The stress of the charges is unbelivable. Ive been signed off work for the last week by the doctor as im so stressed out and exhausted as having sleepless nights, i will pm you later as off to try to kip before little one gets home from school

[merbie13]

djh

Edited July 7, 2011 by merbie13