The Money Shop cash til payday loan *helpppppp*

moneysucks

Hi guys,
I've got myself into a bit of a rut with the money shop, I keep taking out cash til payday loans and extending them each month, problem is I have ran out of money to even extend them this month, I really don't know what to do it's worying me to death.
Is there anyway I can cancel the cheques? They are Guaranteed though.
I really have to stop them cashing them as I will be left with no money at all to pay rent etc.
Hope you guys can help.

LegalBlonde

I don't post on this section very often, I only really use the website for shopping/recipes etc but your post caught my eye as I use moneyshop myself.

You seem to be asking if you can stop paying something that you owe??? I don't know why you keep taking the cash out or what you have spent them on, but you should extend as many as you can for £15.98 or whatever it is and CONTACT THEM and ask them what you can do about the rest.

Even if you somehow cancelled them or told your bank not to honour them, the money shop have all your details and will just charge you more for a non payment month than the £15.98.

You really need to get on to them and tell them instead of it all just going away. I am sure you are in a difficult situation but as someone in alot of debt myself it really winds me up that your solution seems to be not to pay Moneyshop back. They would much rather talk it through with you and set up an agreement that suits you both, rather than you just not pay and them charge you more.

Presumably it will then be even worse next month?? As I say I am not sure why you keep taking them out but presumably you do get a salary if you get the cheques so you really need to try to live within your means. Once upon a time I would have laughed at the very thought of telling someone that but I am just about coming out the other side now and it was all one big mistake.

Nothing that costs money beyond what you get paid is worth the worry you are going through. But you should really ring them. I have always found my branch to be the nicest people out of any bank or online pay day service etc.

LegalBlonde

That post was from my sensible head. My non sensible head that got me into all the money worries in the first place suggests you go in and cash another cheque and use that to pay the extension fee - I have done this before. It is not a LT solution though and will make matters worse next month. But I am presuming you are at your limit if you have not thought of this already.

dougyd

moneysucks wrote: »

Hi guys,
I've got myself into a bit of a rut with the money shop, I keep taking out cash til payday loans and extending them each month, problem is I have ran out of money to even extend them this month, I really don't know what to do it's worying me to death.
Is there anyway I can cancel the cheques? They are Guaranteed though.
I really have to stop them cashing them as I will be left with no money at all to pay rent etc.
Hope you guys can help.

What's the amount owed?

How many months have you rolled over, would they be prepared to freeze the interest for a couple of months so you can clear the loan within your means?

These are all questions you need to ask.

If they won't help, could you go to your local credit union/family to help you out?

dougyd

LegalBlonde wrote: »

That post was from my sensible head. My non sensible head that got me into all the money worries in the first place suggests you go in and cash another cheque and use that to pay the extension fee - I have done this before. It is not a LT solution though and will make matters worse next month. But I am presuming you are at your limit if you have not thought of this already.

That is never the answer to a long-term problem, renewing the loan, as you've said just makes the problem worse.

LegalBlonde

i think god is punishing me for how unhelpful i was in this post - - i only owe money shop one £100 cheque now and have been paying £15 a month to extend it - i was off work ill today, forgot to ring them and now my bank will go £100 overdrawn when they present the cheque

LDJ2009

Banks will not always pay the cheque if it's "guaranteed" by the card.

I had two returned in the past as i transferred money into cover them on the saturday, they came out on the monday and were returned with 'not drawn in accordance with cheque card criteria' and i was charged for each cheque returned.

Please try your local credit union, it may be that you'll have to save with them for a few months but you can apply for a loan with them at a much more reasonable rate

LegalBlonde

phew....not recommended for the faint hearted but i really did get lucky today. God was smiling on me after all. Rang them up on the offchance as I have £40 in my bank and a £100 cheque due out. Turns out the branch I deal with does not have a "bank run" on Fridays and go at 12 on Sat so my cheque was still on the premises!!! Was able to pay £15 to extend, leaving me with £25 for 10 days until pay day, much better than going £60 OD with the bank. I wouldn't recommend relying on this - it was torture at the end of the phone at their mercy. Oh well, it's all dealt with now until I do it all over again this time next month........

LDJ2009

LegalBlonde wrote: »

phew....not recommended for the faint hearted but i really did get lucky today. God was smiling on me after all. Rang them up on the offchance as I have £40 in my bank and a £100 cheque due out. Turns out the branch I deal with does not have a "bank run" on Fridays and go at 12 on Sat so my cheque was still on the premises!!! Was able to pay £15 to extend, leaving me with £25 for 10 days until pay day, much better than going £60 OD with the bank. I wouldn't recommend relying on this - it was torture at the end of the phone at their mercy. Oh well, it's all dealt with now until I do it all over again this time next month........

Glad you sorted it