Money Shop- I paid them almost three times more than I owe them...

mary_22

Hi,

A year ago I took a loan of £500 from the Money Shop by exchanging some cheques with them. I was on a low income back then and thought my situation was about to improve but it didn't. I have been paying extension fees since then so they do not cash my cheques and I have realised that I have paid almost three times more than I owe them. I can't believe that what they are doing is legal but I do not know what to do. Any advice would be much appreciated.

jonesMUFCforever

You have to break the cycle.
How much do you owe?

If you can't borrow from a respectable lender is there anything you can sell to pay off the debt or get a second job for a few weeks, months?

UnderPressure

Surely you knew all of this before you borrowed the money? When you asked them to lend the money how did you ever think you were going to pay it back? As Jones says the only way to do it os to break the cycle by paying them off, if this is not an option then I take the cheques were accompanied by a cheque guarantee card? If so you may just have to take the hit on your bank account and hope the bank will be a little more open minded to somekind of a payment plan.

You would be well advised to also open another bank account and transfer all of your regualr payments and credits to your new account.

A point worth noting my understanding of cheques is they have to be presented for payment within 6 months sure I read that somewhere? If so and you can find out for sure then there is little they can do to enforce the no doubt "dodgy" credit agreement you signed.

Best of luck

whichwhydoIturn

i totally agree with jones mufc, break the cycle.a few months ago I had a payday loan that i couldnt wait to pay off , instead of rolling the loan over every month, i just bit the bullet, ebayed things was extra frugal and almost ate beans and pasta for a month, i leant a valuable lesson, that i hope above hope never to go there again.Could you call them and make an arrnagement, ask family , major ebay ,plan your meals etc . good luck we will all be with you !!