The Cheque Centre

[MAT1967]

Hello all,

 

I am new too all of this so please accept my apologies.. My wife has a £ 900 payday loan with The Cheque Centre, it is costing over £ 200 per month in interest alone and we can ill afford this, month after month we are milked and simply rolling it over...

What are the consequences of not paying it ?? What are they allowed to charge for Non payment ?? I want to get her to cancel the Debit Card, and then arrange to pay them off, she is unwilling to do this as they will call her mum and whomever else they have as a contact on her initial application..

If she was too agree a £ 100 per month repayment of the original loan where does she stand with additional charges ?????????????

 

regards

 

Mark

[renegadeimp]

Please dont say you are rolling it over each month. That is 100% wasted money and is purely used as a trick to give the PDL free money for doing absolutely nothing.

 

 

What you need to do is default on the loan, and then start negotiating a repayment plan. However, you must instruct the creditor, in writing, that you revoke all authority for them to process transactions on your account. You then must contact your bank, cancel your card and any direct debits the creditor may have made, and then cancel the CPA's on the account ( Continuous payment authorities)

 

Only pay them what you can REALISTICALLY afford. Do NOT be tempted to pay them a little extra, as they deal with thousands of people, and they dont care what happens to you as long as they get as much money as they can. Thats why they are referred to as "legal loan sharks".

 

If her mum was a guarantor, then she can be contacted to pay teh remainder of the debt. HOWEVER, if you notify the creditor in writing, that you are having temporary difficulties and want to make the next month or two's payments smaller, then if they call her, it could be considered harassment and a breach of OFT regulation.

[johnvernon74]

They can not contact her mother, this would be a breach of DPA. Cancel card and get the bank to cancel all payments to Cheque Centre. Do an income and expenditure and offer them what you can afford. How much did she originally borrow? How much has she repaid? Personally I'd repay the £900 plus one months interest and tell them thats all they are getting.

[renegadeimp]

They can not contact her mother, this would be a breach of DPA. .

 

No it wouldnt. Theres no breach about it at all if she was a guarantor on the loan. If she was listed as an "emergency contact" however, then yes, they could be breaking the law by contacting a random person essentially about someones personal debts.

[MAT1967]

Hi,

yes it is rolled over every month and has been for a considerable amount of Time, from a legal point of view can they simply add interest to the balance outstanding if she defaults...

With regards to contacting her mum she is not a guarantor, just a contact i think.

If it was in my name i would have cancelled it, ordered a new card etc....and then agreed a repayment plan..

 

This is the most vicious type of lending, the government should step in.... Maybe the banks that have had a taxpayer bailout should offer those that cannot use a mainstream lender an alternative...

 

regards

 

Mark

[vikki.white]

let your loan go bad. they will apply a £30 late fee no daily interest no other interest gets added. then when loan in bad debt offer a payment plan of xx a month. the cheque centre like to have all loans cleared in 4 months. good luck

[Jamie Kingston]

if you can avoid your loan going into default i would - i think you'll have more to bargain with if you are pro-active

[Ludichris19]

I have a £370 loan with the cheque centre which is due next month but Im on JSA benefit and the most I can afford is £1 maybe £1.50 I live my Dad and the only contact number they have is my mobile. I should of defaulted with Wonga they seem to reply eventually or just pass it on to a DCA from what I read on here. So scared at the moment.

[renegadeimp]

Vikki.white smells like a tout :/

 

Ludichris, why are you scared? They cant do anything. If you are on JSA, then all you have to pay is £1 a month. Just make sure your bank account is secure first incase they try to debit anything. The last thing you want is the runaround by your bank trying to tell you that they cant chargeback,

[craigmuir83]

Cheque centre bunch of wasters. I took out £520 with them in may and couldn't pay so I just changed banks and sat back and waited on them to start the harrasment recorded everything letters who they phoned etc. Then in august I got a letter saying they would settle for £400 so I paid it weeks later the harassment started again I got on to them the realised their mistake and said sorry this happened a second time I let them say sorry again and just last week more harrasment so I sent them and email to complain about their harrasment and said I wanted compensation and also got the financial ombudsman service to send them a letter. They got back with a response at the weekend their saying they couldn't compensate in my case so I filled in the ombudsman form filled it in got all my proof and sent it to them. Today 30/10/2013 got a letter from the collections manager offering 30 pounds I think this is a joke so I shall be taking it all the way to try and teach them a hopefully hefty financial lesson about harrasment