Help Please, moneywarehouse

heresrity

Hello, I stupidly signed up to a loan brokers site (moneywarehouse) and I know that I am going to get a charge coming out of my bank account on pay day (tues the 18th). Is there any way this can be stopped? I know on their website their is a 14 day cancellation period, which brings me on to my second question, how would i word/write and send this letter?

Thanks ever so much

DCFC79

heresrity wrote: »

Hello, I stupidly signed up to a loan brokers site (moneywarehouse) and I know that I am going to get a charge coming out of my bank account on pay day (tues the 18th). Is there any way this can be stopped? I know on their website their is a 14 day cancellation period, which brings me on to my second question, how would i word/write and send this letter?

Thanks ever so much

Have you read the T&C's ?

email them using the form on the website and maybe write to them too.

Mayb contact your bank and ask them to stop the CPA.

What changed your mind about the loan ?

heresrity

Thank you for the quick reply. I didn't want to put myself in any further debt. I then read a little about there t&c's & didn't know that there was a charge for using their service (from what I can tell, they are farming my details out to every tom, dic & harry, judging by the amount of spam emails and the ridiculous amounts of texts that I am receiving) would cancelling my debit card stop this charge you think? I am guessing the bank would just tell me to contact the company. I have not took a loan out with MWH nor do i intend to.

Thanks once again

Apples2

heresrity wrote: »

would cancelling my debit card stop this charge you think?

No it won't. You have already authorised the payment.
It's like going to a petrol station, filling up, paying, then going home to cancel you card. It's too late.
As soon as you clicked the button to proceed, you authorised the payment there and then.
It's up to them when they actually take it, anytime in the next 6 years or so but I'll wager the money has already been taken.

Check your bank, you may find yourself overdrawn if you are dependent upon payday arriving to pay this £39.

5 CANCELLATION

5.1 Under the Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days of receiving these terms and conditions and receive a refund. If You wish to cancel your application, You must write to us. In this event We will refund your fee within 14 working days of the date on which We receive your written request to cancel your application. Any such requests should be made to: MoneyWarehouse, P.O. BOX 290, Cheadle Hulme, SK8 9DT, Cheadle, Cheshire, United Kingdom

Monkeyballs

Hi,

I just Googled them and I'm actually quite impressed to see how upfront they are about them being a broker and there being a £39.87 charge? How did you arrive at their site in the first place? I only ask because I've only just started reading this thread and it's quite common for people to apply for a loan not realising it's a broker...

The whole of section 5 actually reads:

5 CANCELLATION

5.1 Under the Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days of receiving these terms and conditions and receive a refund. If You wish to cancel your application, You must write to us. In this event We will refund your fee within 14 working days of the date on which We receive your written request to cancel your application. Any such requests should be made to: MoneyWarehouse, P.O. BOX 290, Cheadle Hulme, SK8 9DT, Cheadle, Cheshire, United Kingdom or email customerservice@MoneyWarehouse.co.uk .

So it does give the option to email too, but to be safe I'd do both again I'm impressed that they have given an email address as this isn't normally the case from what I have seen...

Good luck!

MB

poppasmurf_bewdley

Have you checked your bank account to see if they have already taken any money out of your account?

If they have not, then contact your bank immediately by phone and instruct them to cancel the Continuous Payment Authority to the company (instruct not ask), and confirm this to them in writing. Ask them to confirm to you in writing that the CPA has been cancelled.

Then write by recorded delivery to the company and tell them what you have done, and that you are cancelling the agreement with them forthwith.

jonesMUFCforever

poppasmurf_bewdley wrote: »

Have you checked your bank account to see if they have already taken any money out of your account?

If they have not, then contact your bank immediately by phone and instruct them to cancel the Continuous Payment Authority to the company (instruct not ask), and confirm this to them in writing. Ask them to confirm to you in writing that the CPA has been cancelled.

Then write by recorded delivery to the company and tell them what you have done, and that you are cancelling the agreement with them forthwith.

IMO so far this is not a CPA but a one off payment which was authorised by OP.
So the CPA rules do not apply but OP can apply for a chargeback. The card lender will ask OP to follow the refunds procedure first - only if they do not refund will they become involved.