Pay day advance advice

BJL

I got a pay day advance from our local Cash Generator for £300, but now my bank won't issue me with a new cheque book, so i can't roll them over and i can't pay them either, because my bank account is £300 over the agreed overdraft limit, so if my cheques go in from CG, there is no way they will honour them. Has anyone else had this problem?
Me and my OH are both out of work at the moment, so there is no way i can afford to pay my OD or CG
Any advice greatly appriecated.

Ember999

I am a bit confused. How did you get a 'pay day' advance if you are out of work?

Did you just get a loan rather than a pay day advance as you don't actually have a pay day as you are out of work?

Did you give them any work details to get the loan?

BJL

I got it about 4 months ago, and have just been rolling it over and writing new cheques out each month. My OH was in full time work then, but i was'nt, they never asked if i worked, and i never told them that i did'nt, I just had to sign a credit agreement. But now my OH has come out of work, we are really struggling.

Ember999

I've just done a search on CASH GENERATOR which I think may be the company you got the PAY DAY advance from.

It appears that you have given them cheques to cash at various intervals to repay what you borrowed plus interest etc.

If that is the case, they will present them to your bank and thus they will bounce if there is no cash to pay them ie: you are over your OD limit. Your bank may charge you for 'bouncing' the cheques.

This is going to cause more charges and you to go further overdrawn.

Can you phone your bank to explain the situation to them to see if they can extend your overdraft limit to cover these cheques? Were the cheques guaranteed by a cheque guarantee card?

Ember999

BJL wrote:

I got it about 4 months ago, and have just been rolling it over and writing new cheques out each month. My OH was in full time work then, but i was'nt, they never asked if i worked, and i never told them that i did'nt, I just had to sign a credit agreement. But now my OH has come out of work, we are really struggling.

Have you applied for all the benefits you may be entitled to? Do you have children as I believe you can get emergency payments from the DSS if you are strapped as need money urgently. Maybe that's an avenue you can try.
Just trying to help, not sure what to suggest as I don't know what 'cash generator' can do if they aren't able to cash the cheques. It's quite late now but tomorrow a lot of the regulars who are expert on these matters will be here and they will help you. Sorry I can't offer more advice.

Try to keep your chin up and not let it get to you. The guys and gals on here will help all they can.

Ember xx

Evening_Star

Have used this system before and what will happen is the cheques will bounce you will be charged at you bank and the cash company will chase you for the debt and you will be charged admin fees by them as well.
Like Ember 999 said if you speak to your bank they may extend your OD and then reduce it each time you pay money in.
Try if you can to pay these of as soon as you can as the interest payments on the cheques is huge.

Good Luck
Star

inmypocketnottheirs

I have been in exactly the same situation. The bank is refusing to issue you a cheque book because there are outstanding cheques issued. They will want to go through all the outstanding cheque numbers to see what you have issued.

Bet it is the Co-op!??!?!

The cheques are guaranteed by your bank card, so they should get paid even if there isn't any money in the account. But, according to the terms of the card and account, you should not issue cheques without the funds and certainly not post date them.

One thing that may be of interest to you, if you have had a lot of bank charges, is you can claim these charges back for a six year period. Also applies to credit cards, so go back through all your statements and seehow much it comes to. I have just had over £1300 back. It may just get you out of the hole you are in.

Have a look at https://www.bankchargeshell.co.uk and https://www.bankactiongroup.com

Hope this is of some help to you.

All the best

BJL

Hi , thanks for replies
It is the HSBC bank, i've asked them to raise my OD limit, but they have refused, for the last week they have been ringing me every day to ask when i can get my OD back into agreed amount, When they rang this morning, i just let my four year old son chat on the phone to them.
My bank card only guarentees £100.
Do you think i should go in to cash generator and tell them?
Inmypocket, thanks for those links, i shall have a look at those, last week my loan went out then the bank took it back and charged £30 straight away, i would have thought they should let you know first before they take charges.

inmypocketnottheirs

BJL wrote:

Inmypocket, thanks for those links, i shall have a look at those, last week my loan went out then the bank took it back and charged £30 straight away, i would have thought they should let you know first before they take charges.

Remember banks are like pickpockets, helping themselves to your cash without your permission. You have to take charge of the situation and tell tehm immediately that there charges are illegal. Please look at the previous links and get some cash back. Plus prevent them from creating further problems for you.

All the best.

BWZN93

How come your OH is out of work (if you dont mind me asking)? It seems tht neither of you are working which is causing your difficulties, you both need to find work and find it now! I also notice you have a child, is it really wise to leave a child talking to the bank? It might just be possible that they might think you werent home with him/her! Finally, child care could be sorted by both you and oh working together in this, he works in the day and you work in the evening. You need to take some action before your debts get even more out of hand.

Jo xx

krisskross

inmypocketnottheirs wrote:

I have been in exactly the same situation. The bank is refusing to issue you a cheque book because there are outstanding cheques issued. They will want to go through all the outstanding cheque numbers to see what you have issued.

Bet it is the Co-op!??!?!

The cheques are guaranteed by your bank card, so they should get paid even if there isn't any money in the account. But, according to the terms of the card and account, you should not issue cheques without the funds and certainly not post date them.

t

I thought it was considered to be fraud if you wrote a cheque that you did not have funds to meet. Perhaps the bank is trying to save you from getting into more trouble. Go and talk to them and find out what is going on.