Money shop advice

Gecko10

Hi, a few years ago now I took a cash loan from the Money Shop and as far as I can remember, never paid it back.

I need to cash a cheque today and as they charge only 2.99% for first time cheque cashers I ideally want to use them. I wondered if they would take the loan money I might still owe them there and then from what I am owed for the cheque?

Herzlos

They might. But why not go to the issuing bank and get the cash with no charge?

Edit: Unless I misunderstood. Has someone given you a cheque you need cashed, or are you wanting to borrow money by writing them a cheque and getting cash?

Gecko10

It is a tax rebate cheque from HMRC addressed to me

pcman1985

Why not just cash it into your own bank. Surely the 5 or so days wait would be worth waiting for the full amount rather than risking cashing it at the money shop and risk them taking the money you owe them.

If you really need the money now try other shops that do cheque cashing services.

Monkeyballs

Totally agree with pcman here, if you deposit it in the bank today then it will probably be clear by the weekend.

MB

Gecko10

I thought it would clear Monday if deposited at lunchtime today?

Monkeyballs

Check with your bank, there is some variation but it's normally 3-5 days.

Even if it was Monday, it's only a little longer and it's not worth throwing money away... You've not explained why the urgency though.

MB

Clive_Woody

Gecko10 wrote: »

Hi, a few years ago now I took a cash loan from the Money Shop and as far as I can remember, never paid it back.

I need to cash a cheque today and as they charge only 2.99% for first time cheque cashers I ideally want to use them. I wondered if they would take the loan money I might still owe them there and then from what I am owed for the cheque?

Unless this is a very big cheque I would imagine a few years of interest and missed payment charges on the loan you never paid back would swallow the whole amount and possibly still leave you owing them more.

Gecko10

Thanks for the responses, made me see some light and deposit it into the bank.

Apples2

You could use the money to repay your debts.

dealer_wins

Apples2 wrote: »

You could use the money to repay your debts.

I was thinking the same, but that thought just wont cross a lot of people's minds these days.