Money Shop Taken all my money this morning.

Fergie42

I have an agreement to pay the Money Shop £25 per month which has been going smoothly for several months.
I receive a text reminder every month before payday and received one yesterday.
This morning they had taken the usual £25 but also cleared out £700 in 2 lots of £425 and £275. I rang several people and went in the shop only to be told it was because they had a new policy to ring Head Office every month and I didn't reply to their text! I was never informed about this new policy.
I cannot survive this month with all that money gone and I am still waiting since 10am this morning for a manager to ring me back.
Anybody have any suggestions please I am so desperate.
p.s. Please don't start on the don't use PDL story as I am very well aware of that now.
Thank you

nuttyp

how much did u actually owe the payday lender? The honest answer on here is most people change their bank account so that they dont have all their money taken like this. Good luck in sorting it out

Fergie42

I have paid them back £175 and my original loan was £700. I have seen the advice about bank changes but the arrangement has been going on for 7 months without any issue until now

KingElvis

Guess something made them nervous and they swooped and took the lot.

Fergie42

Thanks for everyone's replies so far.
I don't know of anything that could have changed to make them act like this. They are blaming it on the new procedure of having to ring up when you get the text but I was never made aware of this.
Is there any point complaining to FSA or OFT or at least threatening to for starters.
thanks again

KingElvis

I seriously doubt you'll get it back now they have it.

If someone you lent money to proved unreliable but they acidentally left a large pile of money in your house, would you be in a hurry to give it back. I wouldn't. I would put a shotgun through the letterbox and tell them to start running.

Fergie42

I haven't been unreliable....I have paid what we agreed every month. Forgive my rudeness but you really don't know the circumstances.
The fact remains though I haven't defaulted on anything in the agreement

McKneff

Ring your bank, tell them it was unauthorised and demand it back. (but nicely)

Let us know how you get on.

KingElvis

Ahhh but did you pay the original loan back as agreed?

Loads of scumbag, subprime and payday lenders use this trick...it's very common for them to empty people's accounts.

Fergie42

I already tried that but thanks for the suggestion. I got the old story that I gave them the card and have to approach them for it back. It's the Yorkshire Bank by the way.

duchesspink1

some people are rude for the sake of it, I honestly don't know why they take the time to post that they are standing back to watch etc. Don't even acknowledge their posts as it pleases them to have you annoyed

I hope you get your money back, if they didn't keep to their end of the agreement to take £25 per month then they should get your money back to you. I think all you can do is kick up a huge fuss and keep on with the phonecalls to them.

I've never had any dealings with the moneyshop and can see why you didn't change bank accounts if you thought you had an agreement in place.

How did you end up paying just £25 a month on a £700 loan though, was it through a default and a payment plan put into place later or was it the agreement in the first instance?