Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 1
  • Bosie
    • #2
    • 13th Nov 09, 8:55 PM
    • #2
    • 13th Nov 09, 8:55 PM
    Hi Bluemooner, a few year's ago when I was badly in debt I use to use cash generator. What they did then, they would say, we will give you up to your cheque guarantee level, mine was 100.
    They would then deduct their fees, which at that time was about 12.
    So I got back 88! So on 3 cheques they would have deducted 36.
    Therefore on 3 100 cheques = 300, less 36 fee = 264 in your hand

    I don't know your circumstances but be very careful with this service.
  • chambta
    • #3
    • 13th Nov 09, 9:48 PM
    • #3
    • 13th Nov 09, 9:48 PM
    Presumably you don't have the funds in the account so you can add on any bank charges you will get. Plus banks get very jumpy at customers using these types of services and you may find that very quickly your card fails to work.
  • stclair
    • #4
    • 13th Nov 09, 10:15 PM
    • #4
    • 13th Nov 09, 10:15 PM
    Hi All

    I am not sure if this is the right place to be put here goes.

    I went into Cash generator to cash a personal cheque, I have a Guarantee Card and ID. Now they wanted 120 per cheque (I wanted 3) now my Guarantee Card is only for 100. I didnt get this. Anyway they phoned up some place Transax? they wouldn't authorise it.

    I am just wondering if anyone knows why and why they wouldnt just cash for a lesser amount.

    Thanks in advance
    Originally posted by bluemooner
    Transax is a cheque guarantee service, which provides protection against bad debt, fraud, and all other risks associated with accepting cheques. A cheque from a customer where the guarantee card limit is exceeded is an act of faith.
  • bluemooner
    • #5
    • 13th Nov 09, 10:32 PM
    • #5
    • 13th Nov 09, 10:32 PM
    Hi Bluemooner, a few year's ago when I was badly in debt I use to use cash generator. What they did then, they would say, we will give you up to your cheque guarantee level, mine was 100.
    They would then deduct their fees, which at that time was about 12.
    So I got back 88! So on 3 cheques they would have deducted 36.
    Therefore on 3 100 cheques = 300, less 36 fee = 264 in your hand

    I don't know your circumstances but be very careful with this service.
    Originally posted by Bosie
    Thanks very much. The lady in the shop said I have to write the cheques for 120 each. I explained that my Card is only 100 limit which is fine. The money would have been in to cover it when it came out on 11th December she said it would of been. I did ask cant they just deduct their fees from the cheque but she said there is nothing they can do if Transax have refused it.

    I have never done anything like this before and dont really know how it works but even I wouldnt guarantee a cheque for over the card limit. Could it be no funds in my account? My card was declined by o2 on a credit check and the guy in the shop said it was because I didnt have 1.01 in the bank to process the card. I went back the day after when I had money in and it went through fine. Could that be why?
  • Bosie
    • #6
    • 14th Nov 09, 2:00 AM
    • #6
    • 14th Nov 09, 2:00 AM
    Thanks very much. The lady in the shop said I have to write the cheques for 120 each. I explained that my Card is only 100 limit which is fine. The money would have been in to cover it when it came out on 11th December she said it would of been. I did ask cant they just deduct their fees from the cheque but she said there is nothing they can do if Transax have refused it.

    I have never done anything like this before and dont really know how it works but even I wouldnt guarantee a cheque for over the card limit. Could it be no funds in my account? My card was declined by o2 on a credit check and the guy in the shop said it was because I didnt have 1.01 in the bank to process the card. I went back the day after when I had money in and it went through fine. Could that be why?
    Originally posted by bluemooner
    Hi Bluemooner - can't understand why she wants you to write a cheque for 120, cos the guarantee is only for 100. It wouldn't be guaranteed! The bank wouldn't have to pay it
    As mentioned, they normally just deduct their fees and I guess now they probably charge more.
    I really got myself in trouble with this service and had to borrow off a friend to bail me out, as I owed about 4 cheques.......

    Regarding 02, they do take out a minimal amount, mainly to prove the card is valid, so if you had a nil balance, it probably would be declined.

    Have you got a credit card? Because a cash advance would be cheaper than cash generator.

    I think Transax (think that belongs to Equifax) would decline it because it's not a straight 100, she should of asked you to write 2 checks, one for 100 and the other for 20. I sometimes used to do 2 cheques, one say for 100 and the other for say 50. I think the woman in the shop didn't know what she was doing!

    Best of luck
    Last edited by Bosie; 14-11-2009 at 2:06 AM.
  • michael1983l
    • #7
    • 14th Nov 09, 2:38 AM
    • #7
    • 14th Nov 09, 2:38 AM
    I really must advise against using these services as it creates a progressive debt as next month you will be short and probably borrow again adding on more charges. But if you are sure there are payday advance websites out there that will do it based on your debit card. I think quick quid is one of them. Caution when using these services because this is how people end up in ddebt problems. I think they charge 25 interest per 100 borrowed over a 30 day period. If you apply on a working day before a certain time they put it into your bank account that day.

    Please think carefully before using these services it got me into alot of trouble.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

260Posts Today

1,414Users online

Martin's Twitter