Payday Loan Company - Can't repay in full

BLT_2

Hi Sim

The banking issue may be a problem, I have just done some research on the net and gleaned the following:

A problem arises in relation to cheque cards where the total amount of the purchase exceeds the amount stated on the cheque card but you accept several cheques from the customer, You should be careful of accepting payment in this way - the Bank is not obliged to pay. Only one cheque may be used for payment in a single transaction.

Not good news again I know and hopefully it won't stress you too much, but again I felt it worth pointing this loophole out to you.

BLT_2

Judas wrote: »

Reported for Abuse:money:

Thank god you managed to do it before 9.30. Mummy will be telling you it's time to go to bed soon :rotfl:

SimIsOnTheUp

BLT wrote: »

Hi Sim

The banking issue may be a problem, I have just done some research on the net and gleaned the following:

A problem arises in relation to cheque cards where the total amount of the purchase exceeds the amount stated on the cheque card but you accept several cheques from the customer, You should be careful of accepting payment in this way - the Bank is not obliged to pay. Only one cheque may be used for payment in a single transaction.

Not good news again I know and hopefully it won't stress you too much, but again I felt it worth pointing this loophole out to you.

Crikey.

So, it looks like A&L won't honour the cheques after all.

I wasn't sure, even though they said that they would.

Thanks for the info BLT.

I am determined to get this paid back to Money Shop, as soon as I'm able to.

Cheers,

Sim.

BLT_2

SimIsOnTheUp wrote: »

Crikey.

So, it looks like A&L won't honour the cheques after all.

I wasn't sure, even though they said that they would.

Thanks for the info BLT.

I am determined to get this paid back to Money Shop, as soon as I'm able to.

Cheers,

Sim.

This doesn't necessarily mean that the bank will not honour the cheques and they may still do so, but it does indicate that they appear to have a get out clause should they not wish to do so.

However to put it into perspective, should they not honour these cheques (although they are obligated to honour the first) you would be looking at

4 returned chqs 120 bank charges
100 MS charges
30 x O/D chgs 150
Outstanding bill 400

Total owed 770.

Added to if the cheques are dishonoured it is unlikely that MS will agree to an extension. If they do then the overall debt rises to 850 pounds.

This information is not to depress you, but rather to enable you to make a more informed decision

SimIsOnTheUp

Thanks BLT.

I'm going to pay MS £100 straight out of my ESA on Friday.

So at least then, it's 1 cheque down, 4 to go! ( trying to stay positive, while feeling immensely worried about this :-/ )

Am looking for work too as we speak.

Not really well enough to return to work straight away, but needs must.

Two weeks on Friday, I'll then ask the MS to extend the loan for another month, and pay them the 4 * £17.98 = £71.92.

At least that then buys me some breathing space, within which to sell stuff / start work, and raise the rest of the cash.

Thanks for helping me to see the figures more clearly, as I'm so stressed about this at the moment, I can barely think straight.

Kind Regards,

Sim.

CHR15

New Fan for iMac- about £12

http://shop.ebay.co.uk/?_from=R40&_trksid=p3984.m570.l1313&_nkw=imac+fan&_sacat=See-All-Categories

Fix the iMac and sell it.This is the simplistic end to your problems.

Take going without the Internet as penance for making a mess with these type of financial decisions.

You could flog the iMac and be clear. Anything else is all far too complicated and has knock on consequences leading to more and more debt.

BLT_2

CHR15 wrote: »

New Fan for iMac- about £12

http://shop.ebay.co.uk/?_from=R40&_trksid=p3984.m570.l1313&_nkw=imac+fan&_sacat=See-All-Categories

Fix the iMac and sell it.This is the simplistic end to your problems.

Take going without the Internet as penance for making a mess with these type of financial decisions.

You could flog the iMac and be clear. Anything else is all far too complicated and has knock on consequences leading to more and more debt.

To be honest I doubt that the Imac would fetch the funds necessary to cover the debt, second hand computers rarely bring in the amount of money the owners think they are worth.

However, if it does cover the bulk of the debit, then a more than reasonable windows desktop can be picked up on Ebay for less than 100 pounds, therefore not a case of going without the internet.

Personally I see the internet as almost a necessity in this day and age, electronic media is all pervasive and it is difficult to seek employment or contact companies without it.

CHR15

Agreed, I thought the OP aid somewhere it had been valued at over £500 - Not bad for a second hand computer, of any spec. Without trawling back through, I think the overall debt is less than £500.

£100 for a new machine (at most) still leaves £400 to clear this little lot up without all the grief.