need advice on existing money shop loan

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  • hel8itch
    hel8itch Posts: 404
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    Apples2 wrote: »
    Your point?

    Am I not allowed to respond to another poster?

    Explain what difference it makes if the post is from anyone other than the OP.

    you stated that the OP (being me) said...
    "Even though the OP has accused them of "unauthorized payments" called the "true robbers", called them "moneycrooks" and lambasted ALL payday lenders with the same term?

    Who is being judgemental?"

    i am the OP and didnt say that ,that is what Alibali is pointing out to you
  • Apples2
    Apples2 Posts: 6,442 Forumite
    hel8itch wrote: »
    i am the OP and didnt say that ,that is what Alibali is pointing out to you
    Ah, I was referring to the original poster of the post I quoted:cool:, I never did make comment toward you.
    Happy to take the blame for that one.:)
  • hel8itch
    hel8itch Posts: 404
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    lol i thought so .a bit of confusion :)
  • hel8itch wrote: »
    sorry for not getting back to you sooner.Thankyou those of you that have offered genuine advice.Thanks Alibali ,you seem to be most helpful and can see what the issue is.I have as you said been paying £25 a month since last august,i borrowed £100 and have so far paid them £175 and still owe the original £100 .It is not interest as someone pointed out it is the extension money
    I telephoned moneyshop after posting here and ended up more angry with them.i first emailed and was told that moneyshop could help and they sent the number of the local one.so i rang and explained that now i am no longer working i am struggling with the payments and that i have paid back more than i owed in the first place.after explaining my situation the man said instead of taking £25 this week he could take £75!! and then if i was short of money i could then take another £50 loan!! which would also incure the £25 charges.!! i told him it was the charges i was struggling with as i couldnt pay the £100 in a lump sum.He said by taking £75 that would take £50 off my loan and pay the extension.i am shocked how these places work and how they prey on vunerable people.i told him i wasnt working anymore and he still offered me another loan! this is why its been all over tv recently about the problems people have been having with these payday places.I tried an overdraft and now im not working the bank refused.
    i am going to go to CAB and see what can be done but to be honest i think itll just carry on and on until i can come up with that £100 by which time god only knows how much extension money i would of paid.
    i had all intentions apples2 to pay back the loan as i said i was working at the time but due to health issues i can no longer work,people that use payday loans are not all stupid spongers,some of us are genuine,and people shouldnt judge till theyve walked in that persons shoes.
    Iv never heard of moneyshop accepting a settlement is there anything to back this up or has anyone else done this?
    thanks for the genuine people on here for your advice

    Please, please keep that appointment with CAB :T
    They should be able to help you much more as this is so typical of Money Shop and the associates - saying one thing and very often doing another as irresponsible as they get (think they need to have some guidance by some members on this board eh on how to handle debt!)

    I have only witnessed what gets said in other posts (some on this very forum) about a full and final settlement being offered and accepted I must say with this particular lot, (never tried it myself should remember ..don't ask don't get) if it comes of my only advice would be get it in writing and don't rely on telephone conversations alone, (so many think I am a stick in the mud but there is power in the pen!) just so it can't come back at you with nothing to prove with later on
  • phone and ask to pay the 25 pound rollover charge plus whatever you can afford to pay off the original loan do the same each month till clear, the interest should go down each month you pay
  • Alibali
    Alibali Posts: 126 Forumite
    hel8itch wrote: »
    sorry for not getting back to you sooner.Thankyou those of you that have offered genuine advice.Thanks Alibali ,you seem to be most helpful and can see what the issue is.I have as you said been paying £25 a month since last august,i borrowed £100 and have so far paid them £175 and still owe the original £100 .It is not interest as someone pointed out it is the extension money
    I telephoned moneyshop after posting here and ended up more angry with them.i first emailed and was told that moneyshop could help and they sent the number of the local one.so i rang and explained that now i am no longer working i am struggling with the payments and that i have paid back more than i owed in the first place.after explaining my situation the man said instead of taking £25 this week he could take £75!! and then if i was short of money i could then take another £50 loan!! which would also incure the £25 charges.!! i told him it was the charges i was struggling with as i couldnt pay the £100 in a lump sum.He said by taking £75 that would take £50 off my loan and pay the extension.i am shocked how these places work and how they prey on vunerable people.i told him i wasnt working anymore and he still offered me another loan! this is why its been all over tv recently about the problems people have been having with these payday places.I tried an overdraft and now im not working the bank refused.
    i am going to go to CAB and see what can be done but to be honest i think itll just carry on and on until i can come up with that £100 by which time god only knows how much extension money i would of paid.
    i had all intentions apples2 to pay back the loan as i said i was working at the time but due to health issues i can no longer work,people that use payday loans are not all stupid spongers,some of us are genuine,and people shouldnt judge till theyve walked in that persons shoes.
    Iv never heard of moneyshop accepting a settlement is there anything to back this up or has anyone else done this?
    thanks for the genuine people on here for your advice

    You are welcome. Once you get a money advisor from the CAB involved they will be able to negotiate with the Money Shop on your behalf and get a repayment plan in place for you, the Money Shop may accept a reduced settlement offer if you are able to get some money together, but until you speak to the CAB try and pay the £25 to stop further charges etc being added to the debt.
  • Alibali
    Alibali Posts: 126 Forumite
    Apples2 wrote: »
    Your point?

    Am I not allowed to respond to another poster?

    Explain what difference it makes if the post is from anyone other than the OP.

    My original point Apples2 was that no matter who your comments were directed to, they are still pretty judgemental - no one knows what is round the corner and the OP was looking for a bit of practical advice, not to be slated. OP, I assume, does not have a crystal ball and would not have been able to forsee that they would have had to stop working due to health issues.

    Has it never occurred to you that being unable to work and trying to juggle these debts along with existing household bills is already stressful enough for the OP without people making comments such as yours? Implying that the majority of people take these loans with no intention of ever paying them back, talk about knocking people when they are down.
  • I think both got a little confusion there. It will better to state your point clearly.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Alibali wrote: »
    My original point Apples2 was that no matter who your comments were directed to, they are still pretty judgemental -
    I don't need your permission to make a general statement Ali, if I wish to make a general statement, I will.

    The OP had nothing to do with my post in any case, it was made to clear up some confusion from brownstone73 who claimed to be a victim of "robbers" and "crooks", which he/she is NOT.
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