Money Shop Taken all my money this morning.

McKneff

Seems a bit strange that you had to go back to the shop for a cash refund, why didnt they just refund it back to the account
that they took it from (unless it was going to take too long to do this and you needed funds quickly) no offence intended.

Fergie42

Well they said that it may take up to 10 days to put it back in the account so I went for the cash option.
No offence taken

ihateyes

McKneff wrote: »

Seems a bit strange that you had to go back to the shop for a cash refund, why didnt they just refund it back to the account
.

Money Shop give you cash in hand, but take the money by debit card. they dont pay loans into your bank account.

d123

Fergie42 wrote: »

What D123 was implying KingElvis was that I had defaulted when I have never done this. We came to a mutual arrangement which seems to bother you a whole lot more than it did them.
They took the money in error - got it back.
thanks National Debtline for your kind words

I'm not implying anything, you defaulted on a loan (even if the default wasn't listed as such).

You had a payday loan, you didn't repay it as you were supposed to, you defaulted and then entered into a payment arrangement.

Default

In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. A default is the failure to pay back a loan

jojo81182

Fergie - I was in exactly the same position at the weekend and I too got a refund. Although this was with payday express.

Some users on here are so quick to judge - people post on here for genuine advice and they shoot you down and try and take the moral highground. I doubt very much that any of them have never defaulted on a loan and are completely debtfree. it's funny, I got the same kind of replies on my post about my situation and whats even funnier is that many of them were the same users that's have replied unhelpfully on yours. They clearly have nothing better to do than sit at a computer passing judgement and patronising people who have a few money problems - I'd rather be in debt than to live my life on he Internet trying to make people feel bad about something they have done to get by.

So sorry to hear about your Husband Fergie, I too know what a tough time you are going through xx

Fergie42

Thank you so much JoJo and it was your post that made me determined to get it back!
I know what you mean about these people. Sad but true
And for the last time I DIDN'T DEFAULT ON THE LOAN....I have paid exactly what was asked from me every month...no default arrangement just a discussion about my circumstances and they agreed to just one more months interest and then the monthly payment. I did repay it as I was supposed to and this was never the issue.
Thanks again for all the constructive help I have received

Hanky_Panky

Fergie42 wrote: »

Thank you so much JoJo and it was your post that made me determined to get it back!
I know what you mean about these people. Sad but true
And for the last time I DIDN'T DEFAULT ON THE LOAN....I have paid exactly what was asked from me every month...no default arrangement just a discussion about my circumstances and they agreed to just one more months interest and then the monthly payment. I did repay it as I was supposed to and this was never the issue.
Thanks again for all the constructive help I have received

Fergie - no judgement here just pointing out where your misunderstanding is.

Typically payday loan lenders do not lend money over extended periods of time. They are usually 1 month unless extended.

So looking at the original agreement - at the point the loan was taken out - what does it say ? I will be very surprised if it states £25 per month over x mths.

What looks to have happened in your case is they have allowed you an 'arrangement to pay' based on your circumstances which certainly sound tragic for you. So what people mean when they say you have defaulted is that you have defaulted on the original agreement - not your arrangement to pay.

antrobus

Hanky_Panky wrote: »

Fergie - no judgement here just pointing out where your misunderstanding is.

....

No, I think Fergie has it right. The word 'default' has a very precise meaning in banking circles. Type the words 'rescheduled loan' into Google and you will discover that "Loans are commonly rescheduled to accommodate a borrower in financial difficulty and, thus, to avoid a default" and variations thereupon. Ergo Fergie is quite right to insist that they have not defaulted.

Fergie42

Thanks for that. I would prefer to call it a change in arrangement rather than default but hey-ho all worked out OK in the end

Hanky_Panky

antrobus wrote: »

No, I think Fergie has it right. The word 'default' has a very precise meaning in banking circles. Type the words 'rescheduled loan' into Google and you will discover that "Loans are commonly rescheduled to accommodate a borrower in financial difficulty and, thus, to avoid a default" and variations thereupon. Ergo Fergie is quite right to insist that they have not defaulted.

However to get to the point that a loan needs 'rescheduling' or goes onto an 'arrangement to pay' it has already defaulted regardless of whether an actual default notice has been sent out. In other words the moment you miss a contractual payment you have defaulted.