Irresponsible lending query - Moneyshop

[freeofdebt]

Hi,

Currently I have £750 in cheques outstanding with these lot. I have been extending them for over two years now and enough is enough. I went into the shop today and I was told I must bring back my bank statement for the last two months which they will then send to head office who decide if I will be put on a hardship loan??I made it clear to the manager in the bank I am fully commited to paying the balance outstanding at a reasonable offer per month, I also passed a letter explaining this and to communicate with me only via email. Can anyone please advise are they likely to offer a repayment plan? do they constantly ring at work??I'm terrifed of this as I work in an open office. The seven cheques are due in the next few days/week should I tell my bank I lost them? I plan to go in again on Friday with my bank statements but I feel this is very personal. I just have a bad feeling about dealing with this lot, I have succesfully agreed repayment plans with Wonga and Quick Quid but I feel this bunch are a total nightmare.

Thank you

[freeofdebt]

Can anyone assist here please??

[asmilecostsnothing]

I am not totally sure on Moneyshop or the cheque cashing system, hope you've not given bank statements - DON'T - this is really such vital info (I hadn't appreciated why bank statements are so liked by payday lenders until now...)

 

Can you close your bank account the cheques have been written from? you will still get a bank account even if it's just a basic one

 

Remain firm, stand your ground and keep perserving if it's not to late - can you also raise a complaint (do this in writing) and report

[Guest Poguesy]

I have an oustanding payday loan with this lot and they are proving difficult to deal with.

 

The original loan amount was £250 with an interest charge of £62.50.

 

The debt now stands at £525. This includes a £25 default charge and the three months worth of interest they add.

 

I have refused to pay anymore than the original loan and interest and i am going through their complaints procedure. Now wrote to the company secretary and awaiting a reply from him or her.

[freeofdebt]

Hi,Can anyone tell me does the Moneyshop and Payday Express use the same collection team?I think they are the same company is that correct?The reason I am asking is that I am trying to get a repayment plan setup with each of them.Thank you

[Guest Poguesy]

Money Shop use their in-house Castlebridge but not sure about Payday Express.

 

Prepare for a little battle with these two, though.

 

Took long enough to get Payday Express sorted and still fighting Money Shop.

[toptrapper]

Payday Express also use Castlebridge. Unfortunately, they're as incompetent/ difficult as eachother in responding to e-mails. As Poguesy said, be prepared for a battle.

[freeofdebt]

Hi, Can anyone advise me please I challenged the Moneyshop with an irresponsible lending complaint last year, they dismissed it no surprise there. However in the meantime after checking my credit reports I have realised they didn’t even carry out a credit check on me at that time I applied for the loan, I had four existing payday loans with four companies then. I am going to complain to the FOS now regarding irresponsible lending by them. They have even placed a default on my credit file regarding this loan which I have now cleared in full. Do I have a good chance of being successful? Is there any template letters I can amend before I sent my complaint to the FOS? Thanks

[citizenB]

If you can obtain a screenshot of the page or copies of your report which confirms that no check was done, then you could/should escalate your complaint to the Ombudsman.

 

As each claim will be different, then there are no template letters. You can download the complaint from the FOS website.

[fkofilee]

I will be watching this one closely. Let me know how you get on.

[citizenB]

http://www.consumeractiongroup.co.uk/forum/showthread.php?455382-Were-you-caught-in-a-Pay-Day-Loan-Trap-You-may-be-able-to-make-a-claim(3-Viewing)-nbsp

[freeofdebt]

I have sent my complaint to the FOS with the relevant documentation this afternoon, I will give an update here when I hear more.

[Guest]

I successfully claimed against the money shop for irresponsible lending but this was only because I proved that I told them i was in financial difficulties before they continued to lend to me without doing additional checks. I think it's a bit harder to claim against the money shop than it is online lenders, because they would have asked you for a wage slip and intermmitently asked you to fill out a simple expenses form. In the view of the fos this would have been enough. I've had cases where the fos have advocated that lenders shouldn't perform credit checks for these types of loans because the data is not real time and circumstances could change, in one case I had lots of defaults (payday loans) and around £20k in due debt and they used this reasoning to dismiss the credit check that the lender performed.

 

But if you had lots of continuous loans or rollovers with the money shop the fos may think this should have alerted the money shop that the loans were unaffordable and you may get them on that.