Payday loan Cash Genie interests.

srongio

I took out a payday loan with Cash Genie October2012 of £300 with an interest of £90. I thought that the £390 would be taken out of my account the nxt payday. As it turned out they only took the interest of £90(im working and dont follow my account that closely knowing what DD's come out). For the following 12 mnths,I was unaware that CG were only taking interest with no communication from them, I had accumulated charges/interest in the amount of £1027.50. I only realised as I had a phone call off them a year later saying my account was in arrears. Absolutely livid,they requested I pay £50 to close the account. Just to get it sorted I closed the account with CG by paying it. I am absolutely gutted with these charges and the lack of contact from CG to inform me of the situation. Anybody been in this situation and know if theres anyway I can claim the interest back? I am a very angry payday loan customer

Nihil

srongio wrote: »

I took out a payday loan with Cash Genie October2012 of £300 with an interest of £90. I thought that the £390 would be taken out of my account the nxt payday. As it turned out they only took the interest of £90(im working and dont follow my account that closely knowing what DD's come out). For the following 12 mnths,I was unaware that CG were only taking interest with no communication from them, I had accumulated charges/interest in the amount of £1027.50. I only realised as I had a phone call off them a year later saying my account was in arrears. Absolutely livid,they requested I pay £50 to close the account. Just to get it sorted I closed the account with CG by paying it. I am absolutely gutted with these charges and the lack of contact from CG to inform me of the situation. Anybody been in this situation and know if theres anyway I can claim the interest back? I am a very angry payday loan customer

Give them a call and speak to a manager about it? Or make a complaint on their website (this should go straight to management)?

Was it their error that the full balance wasn't collected on the first due date of the loan?

Atidi

srongio wrote: »

I took out a payday loan with Cash Genie October2012 of £300 with an interest of £90. I thought that the £390 would be taken out of my account the nxt payday. As it turned out they only took the interest of £90(im working and dont follow my account that closely knowing what DD's come out). For the following 12 mnths,I was unaware that CG were only taking interest with no communication from them, I had accumulated charges/interest in the amount of £1027.50. I only realised as I had a phone call off them a year later saying my account was in arrears. Absolutely livid,they requested I pay £50 to close the account. Just to get it sorted I closed the account with CG by paying it. I am absolutely gutted with these charges and the lack of contact from CG to inform me of the situation. Anybody been in this situation and know if theres anyway I can claim the interest back? I am a very angry payday loan customer

So If I understand you correctly, in October 2012 you found yourself short of money so took out a payday loan for £300.

1. When was your first payday after having received the loan?
2. How much were you paid on that payday?
3. How often are you sent bank statements?
4. How often do you use cashpoint machines?
5. Are you registered for internet banking?

I don't imagine many other people would find themselves in the situation you describe.