Anyone had dealings with The Money Shop

Beccal_3

I stupidly cashed some cheques through the money shop to tied me over...which of course doesn't happen so I haven't paid them back - just keep paying to extend them. I am now going through the CCCS, but am waiting for them to set up my DMP. I keep getting phone calls from the money shop about the unpaid cheques - they even ring me at work, which is really horrible.

Has anyone else had dealings with them? When do they leave off or will they always harrass me? could they send debt collectors round? i am really scared.

black-saturn

I worked for the Money Shop when I was in my early 20's as a trainee secretary. From what I remember they used to continually bother the customer at home or work until they paid up or the cheque cleared. If they dont get their payment by I think 28 days (but dont quote me on that) they will start legal proceedings. You'll probably get a legal letter first. I'm not proud of having worked there and I didnt stay there long before I got something nicer!!

cjbaps

Can I ask what the money shop does? Are they similar to those places advertising "cash advances until pay day" type places?

Beccal_3

unfortunately yes. you write a cheque for a certain amount and they give you 88% back in cash. it's crap. don't ever do it!

Justicia

cjbaps wrote:

Can I ask what the money shop does? Are they similar to those places advertising "cash advances until pay day" type places?

Further to the above...

The Money Shop

(I was also wondering the same as you!)

cjbaps

That is DREADFUL! Talk about cashing in on peoples misfortune! Literally! It makes me so angry to think of people being so desperate that they would have to turn to this, and people take advantage so much - these places should be banned! And now I am on my soap box - I discovered my mum is still paying Provident! Can you believe that she took out a loan for £600 - and will end up paying back £990!!!!!!!! And this is in a period of less than 6 months!!!!!

J_P_S

i dont deal with money shop but deal with lots of similar places through work.

the best advice is not to use them in the first place imo.

now that you have though, ask them if they will accept it in instalments although theyre not obligated to afaik, as a cheque is an unconditional promise to pay.

ringing you at work isnt harrasment though unless they are ringing you excessively and repeatedly daily, best advice if you cant pay though is to speak to them and see what they will accept.

heppy23

Yes they are cashing in on peoples misfortune but they are also providing a service.

I used them for a while. I used to get paid weekly by cheque and got into a trap of cashing my cheque with them (even though I had a bank account).

I broke the spiral by having a very frugal week while waiting for the cheque to clear. I now get paid by BACS transfer which gets into my account quicker than a cheque.

aimingforadebtfreelife

I recently broke away from them - at long last. Same as before I had 4 cheques on the go and all rejected - total debt £400+ £30 per cheque their charges. Went through CCCS and they accepted £5 month. Only when I came away from CCCS and went with Payplan I found I had a bonus from work and wrote to them asking for a full settlement figure - they wrote back stating was not acceptable and wanted the payments increasing to £116 a month to clear over 4 months!! Compare this to when I first got in debt with them and I contacted them advising situation and they offered me 50% full and final!! ( if only could have afforded at time). Now with help of friends now clear - they even had cheek to say I could resume business with them!!!

Beccal_3

I may ring them and see if they would accept a full and final offer of £250, else they will have to have it in installments - see what they say. paying£250 this month would leave me proper skint for the month, but i reckon my OH would help me out. What do you think?

Verbatim

Hi there,
Sorry to hear about your problem.

How much do you them owe in total? Is £250 about 50% which a previous poster was offered as a F&F?