Money Shop have taken money from my account!

Brompton

A similar post has more than likely been created. However, last month my wages were really short due to an issue on payrolls end, which resulted in me (very stupidly), going to the Money Shop, I had asked them if I could pay the loan back over 2 months so it wasn't such a hefty amount coming out of my bank in case I had the same issue with payroll!

They agreed to take a set amount out of my bank 28/02/2013, they did not take the money out on that date, but today (04/03/2013), decided to take 3 lots of £25.00, 1 £50.00 payment and another £161.99 out of my bank account, which has now cleared me out! Due to only noticing this at around 8pm, I have not been able to contact them.

Any advice? Surely they can't take this amount of money from me without my consent?

stephane_2

Have you got the agreement in writing....? If not then....I suppose they unfortunately can do what they want....

Brompton

Yes, but that wasn't the agreed payment or date. Also, it states on the credit agreement, that if a payment is missed, then they charge £29, so they can't even say it's that!

stephane_2

You need to contact them first thing in the morning....

nyc_451

So basically you are ranting about a payday loan company even before speaking to them just because they are all bad, aren't they... So typical.

I think I'll get fed up with assy payday loan customers one day and make a rant about them... :wall:

FireWyrm

Brompton wrote: »

A similar post has more than likely been created. However, last month my wages were really short due to an issue on payrolls end,

What did you payroll department have to say on the subject?

Brompton wrote: »

which resulted in me (very stupidly), going to the Money Shop,

Why? Presumably it wasnt going to be more than a few days late?

Brompton wrote: »

I had asked them if I could pay the loan back over 2 months so it wasn't such a hefty amount coming out of my bank in case I had the same issue with payroll!

And you believed them? PDL's assume full payment within 30 days. The CSO has no facility to 'negotiate' some side agreement with you. Why didnt you read the terms and conditions?

Brompton wrote: »

They agreed to take a set amount out of my bank 28/02/2013, they did not take the money out on that date, but today (04/03/2013),

Surely, this meant that you infact had been paid and had the money to pay them back already ringfenced?

Brompton wrote: »

decided to take 3 lots of £25.00, 1 £50.00 payment and another £161.99 out of my bank account,

This was more than you borrowed, less or represented the amount borrowed plus interest for 'x' days? How much did you borrow? Were you cheated?

Brompton wrote: »

which has now cleared me out!

Kind of the point of a pay day loan. You had an advance on your pay which meant you would be obviously short at the end of the month when they took their money back.

Brompton wrote: »

Due to only noticing this at around 8pm, I have not been able to contact them.

They'll be open tomorrow. I suggest you call them.

Brompton wrote: »

Any advice? Surely they can't take this amount of money from me without my consent?

Of course they can. It's called a Continuous Payment Authority - something you agreed to when you entered into the loan. All PDLs will take the full balance on the due date, in bits and pieces if they have to instead of one lump sum, but that's life.

The question remains, did they take more than they were owed? Yes or no.