i think i'm being conned!!

[daisy73]

Hi ya guys.

I've come to a repayment arrangement with The Moneyshop to pay off a 275.00 debt i have with them. I set up the repayment in Dec 2011 paying off £50.00 a month.

I emailed them yesterday to find out my outstanding balance and to my horror this was the email i recieved back:

 

Dear

 

In response to your recent email, I can confirm that your current balance is £201.62. Under the terms and conditions of your contract, an account will accrue interest whilst it remains in debt for a maximum of 90 days. As your account is currently 74 days in arrears, a further interest charge will be applied if a balance remains outstanding on April 1st 2012. Please advise us on your intentions to clear this balance so that we can update your account accordingly with an amount, date and method of future payment(s).

Naturally i emailed The Moneyshop back asking how they had come to that figure after i had set up repayment plan with them..

 

What to do now guys help is most certainly needed.

[alice.in.wonderland]

Hi Daisy

Well they have done this before to other people on repayment plans, but are at least now having some sort of decency to explain and or justify why an increase in balance (oh dear if we can call it that it is better then my choosing of words believe me)...

What would really help is if you do have original confirmation or any correspondence about the repayment plan if they stated on that, that your account was froze at the point of entering plan, maybe you could then challenge through a formal complaint (you must remain very strong and firm) if this wasn't made clear at the outset when a plan was thought to be agreed

 

Ultimately up to you whether you pay the increased amount - that decision is yours

 

Be strong girl !

 

Alice

Edited March 6, 2012 by alice.in.wonderland
.

[quackquack]

National debt line will also advise

[Guest Poguesy]

Money Shop don't freeze interest when you enter a repayment plan with them.

 

Any monthly payment you make will be deducted from the principal loan amount.

 

Whatever is left of that principal loan amount will have a month's worth of interest applied to it (25%) on the 2nd of each month e.g. you borrow £200 (excluding original interest), pay £50 per month, principal loan amount is reduced to £150, they add 25% to that amount and it now stands at £187.50 (excluding original interest and late payment charge.)

 

I'm currently awaiting a reply from the company secretary to see if the extra interest/charges will be dropped.

 

This one will probably have to be a f+f when i have the spare cash.

[asmilecostsnothing]

Whilst I thank the opening poster, hate to say there is another payday lender very close to these lot with the Money Shop sign also hanging over them too, (the clue is there) who will try exactly the same thing... (they just might not tell you at the outset all those who 'think' they have plans)

 

for all the posts I've seen where it's claimed they take off and waiver this type of charge for every one else just trying to clear their debt, (in a short period to where I wasn't given the option to make an informed decision based on the facts kind of detailed in post no 1) I am very happy with issuing my county court judgement against

 

There is some justice it's gone through, just got to enforce now because they have my money

I hope they don't have a paperless office, those staplers and pens have got to count for something!

 

Thanks Daisy - if you don't want to end up in this situation^^ I suggest you only pay what is on your agreement there isn't much they can do if you can take comfort from the many posts on this forum

 

A smile costs nothing, but every penny counts no matter who you are

[asmilecostsnothing]

Glad it worked out for you.

 

How will you get the money? Have you asked for it?

 

Hi dbabylon

 

Not quite, jokes aside about staplers & pens, I realise enforcement/warrant is an option, but one I'm having to think very seriously about taking further

To the company it would seem I am all but deceased, guess that is what you get for paying debt back, perhaps the biggest win will be me never going back there, that I'm free and if others can be deterred...

 

Seriously thank you for your replies on previous threads

 

Kindest regards

 

 

 

EDIT okay a bit controversial for sure.. but they did slip up on something which could be to my advantage if needed and not effect me for the next 6 yrs at least !

Edited March 9, 2012 by asmilecostsnothing
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