Ken Ivory Presents: Money Worries Refund Saga UPDATE!

Ken_Ivory

Hoopahoopa wrote: »

WARNING Long Post (apologies):

First, thanks for sharing your story Ken. I hope you all don't mind if I share mine.

PLEASE - IF YOU ARE RESEARCHING MONEY WORRIES LTD OR YES LOANS LTD AND READ THIS - DO NOT GIVE THEM YOUR CARD DETAILS.

Yesterday I experienced the exact same issue and I too feel like a total fool today. I was called by Yes Loans and then passed through to Money Worries. Money Worries set me up on a debt consolidation program where they persuaded me that I needed to pay them £450 per month for the first two months and then be on regular payments of £306 by standing order. They would then arrange with my creditors to freeze interest, lower payments and manage it all through Money Worries. They told me to immediately cancel my direct debits and pass on any actions by creditors (letters, phone calls) to Money Worries to deal with. They would then send me all the paperwork in the post to return to them by registered first class post.

My Money Worries liaison officer then said the 'clever' part was, they could take payment for a portion of my initial payments for the consolidation plan from the remaining balances on the credit cards I wished to consolidate. I only had one credit card with me (thank goodness!) So they would take about £200 from my credit card and only £250 from my debit card. The portion on my credit card would then be rolled up into the consolidation program. What a sucker I am right? It got better... he then said 'What a shame you don't have your other credit card with you today sir, otherwise we could arrange the same thing for next month's payment'. Once again, thank goodness I didn't have the other credit card with me. furthermore, I also believed that the payments would not be debited until after I signed and returned the paperwork.

Needless to say I didn't sleep last night.

So this morning I called my bank and my credit card company (feeling a bit sheepish that I had tried to improve upon my situation with them and failed miserably, and not unaware of the irony of trying to block payments to a company called Money Worries). My bank immediately said there is a payment of £250 on my current account waiting to clear. They said I can only wait until it clears and then dispute the transaction (on the basis that I did not know the exact amount that was to be debited, nor that it would be debited before I signed and returned the proposed paperwork).

I then called my credit card company, and they said that MW had tried to take 6 different payments of £50 from my account. The first passed, the next three flagged as duplicate payments and the last two failed (not enough credit). The key here is that they always tried with the same amount - meaning the duplicate payments will be stopped because it looks like MW charged me for the same thing 4 times. Thankfully this means I should only get charged for £50 on this account. Similarly, the agent at the credit card company said I can dispute this if there is any indication that I will not get a refund by a specified date.

So I too, am in for £300. 300 hundred reminders not to trust anything like this ever again. I have found through other research I have done on this operation, that Yes Loans also try and take an administrative charge of £69.95 in these scenarios - beware of this as well.

I have canceled both of the cards I provided. So I now have two options. Today I will be sending a written demand for a refund with a request for the specific date by when this will be completed. I am also going to simultaneously raise a dispute claim with the my relevant card services on the basis that a) I did not authorise the specific amounts that were taken from each card and b) I did not authorise the cards to be debited prior to my signing and returning the paperwork.

Ken and everyone, I am keen to share the outcome of my situation on this post as well for two reasons:
1. If anyone has had a similar situation they can share any info that helped them get their refund.
2. To ensure these posts pop up for searches on Money Worries Ltd or Yes Loan Ltd and dissuade others from entering into this OR help them with their outcome if they did and wish to back out.

Any comments welcome.

Thanks for listening.

It's unfortunate to read that some one else has to go through the hassle I am going through. If nothing else, I hope posting my experience will serve as a warning and/or template on what to do if fees are lifted from an account or card.

As of this post I have heard nothing back regarding my previous letter. We shall see what happens come the 16th. I will post an update and I hope to hear good news about Hoopahoopa's prediciment too.

jimm.

I got put through to these guys earlier, i had paid my £69.50 to yes loans.

They mentioned me paying £150 a month to rid me of debt in 3 years, they then asked for my debit details i hung up after saying the 1st 4 numbers of the 16 on the front of the card. They did ask for my sort code and account numbers previously to check my credit rating.

Can they still take payment from me without the long card number to charge?

Ken_Ivory

jimm. wrote: »

I got put through to these guys earlier, i had paid my £69.50 to yes loans.

They mentioned me paying £150 a month to rid me of debt in 3 years, they then asked for my debit details i hung up after saying the 1st 4 numbers of the 16 on the front of the card. They did ask for my sort code and account numbers previously to check my credit rating.

Can they still take payment from me without the long card number to charge?

If they have your account number and sort code, I wouldn't put it past them. Contact your bank and tell them to cancel any DD's relating to Money Worries Ltd

Ken_Ivory

UPDATE:

Ok, 16th April has come and gone. Not only did I not get a refund but they didn't even bother to send any response to my last letter.

I am now going to inform the financial ombudsman about this.

This is getting ridiculous.

:mad:

Ken_Ivory

New update!

I complained to the financial ombudsman about the above, filled in the form and sent off copies of all letters sent and recieved from Money Worries Ltd.

I got a phonecall from Money Worries this moning informing me that the "backlog" has been worked through and I will be issued my refund of £300.00 "in the next month".

Of course I was told I'd be refunded within a month on January 29th aswell and I told the lady of this but she re-assured me I will be refunded my amount.

She also asked me my reasoning for cancelling my Debt Management plan after summarising the terms I had foolishly verbally agreed to in January. I immediately shot down any chances of the conversation going down this path saying that I cancelled my policy months ago, I'm not interested in taking up another one, I'm just interested in getting my refund.

I realsie this may have seemed rude but I just felt I had to be assertive about the situation.

So, hopefully, this time next month this issue for me will be put to bed successfully but again until I see the £ 300.00 in my account again, I'll not be taking anything for granted.

Tom166

Hello Ken

I now find myself in the same situation as yourself with money worries, I feel such a fool they have taken 300 pounds from my account and i havent even signed anything. im still in the 14 days refund time scale but i havent got my hopes up of getting one and still need to right a letter to them. Any update on your situation yet?

reili

hi i have just done the same with money worries they have taken £757.50p i feel sick have wrote to them tried phoning dont give direct answers. I have contacted trading of standards who will look into it but its going to take time I have cancelled my card they still have my account details do you think they can still take money

Ken_Ivory

Tom166 wrote: »

Hello Ken

I now find myself in the same situation as yourself with money worries, I feel such a fool they have taken 300 pounds from my account and i havent even signed anything. im still in the 14 days refund time scale but i havent got my hopes up of getting one and still need to right a letter to them. Any update on your situation yet?

Tom,

Write to them cancelling the policy as per article 1.4 of their terms and conditions. Send it by recorded post so they cannot deny receiving it.

I have found out today that I got my refund credited to my account. It took nearly 6 months so it won't happen over night.

Ken_Ivory

reili wrote: »

hi i have just done the same with money worries they have taken £757.50p i feel sick have wrote to them tried phoning dont give direct answers. I have contacted trading of standards who will look into it but its going to take time I have cancelled my card they still have my account details do you think they can still take money

Don't phone their call centre, it costs too much and they put you on hold. Send them a letter by registered post and if you are not happy inform the Financial Ombudsman.

pippitypip_2

Just a word of warning to you all, there are countless threads about similar situations. The most common response is that cancelling your card has no effect - they can still use your details in future and the bank will allow the payment.

I would imagine that at the same time as requesting your refund, it might also be a good idea to send something specific revoking your authorisation for them to use your card details to take any further payments whatsoever.

I'll try to hunt down some other threads on this and see what resolutions were offered there..

pippitypip