MSE News: Payday lender Cash Genie to pay £10m redress for 'serious failings'

More than 92,000 customers of payday loan firm, Cash Genie, are due a share of £10m in redress...
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Payday lender Cash Genie to pay £10m redress for 'serious failings'

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  • skyshadow
    skyshadow Posts: 98
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    I had court action against these oafs a few years back and they walked away with nothing as we proved how much they lied. Mainly through Cash Genie blaming Carter Forbes and vice versa despite having the same employees.

    The biggest joke with these was the threats of legal action for 9 months demanding payments without ever actually giving an account balance. I am not shocked they've come to the attention of the regulators.
  • grumbler
    grumbler Posts: 58,629
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    edited 27 July 2015 at 7:56PM
    MSE wrote:
    It misused customers' bank details. ...This banking information was then used to take payment for existing Cash Genie loans without customers' informed consent.
    Does this not have to be called "theft" and result in criminal prosecution?
    M.L. wrote:
    Thankfully, we have started to see much greater scrutiny of the ways these dangerous businesses in this dangerous industry operate. And now their horrible practices are starting to catch up with them.
    Not really. Their profits just get smaller.
  • Anthorn
    Anthorn Posts: 4,362
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    edited 28 July 2015 at 9:20PM
    Here I go rabitting on about Credit unions again but without apology.


    'Most people should never use payday loans'
    Hey you don't say. There are Credit Unions out there which are capital rich but cann't get borrowers. The maximum interest charged by Credit Unions is 3% per month or 43.2% APR.

    So why is it that people needing a loan use the services of pay-day lenders, loan sharks and doorstep lenders and pay massive interest rates?

    The answer is approachability: Credit Unions suffer from peoples' adverse previous experience of the financial sector. Pay-day loans websites and the happy smiling faces of doorstep lenders and loan sharks are much more approachable. Credit Unions still suffer from the requirement of a "common bond" which makes them highly exclusive and restrictive and not at all open which in itself defeats the government's aims to expand them.

    Getting back to the subject, we can make pay-day lenders pay millions in compensation but they are never going to be stamped out. The government is doing a lot to expand Credit Unions as an alternative but not enough.

    At the end of the day though we must recognise that pay-day lenders exist and flourish because there is demand for their services and in turn that demand exists because they fill a need.
  • I had a cash genie loan but never ended up at their DCA, it's beginning to strike me a lot of these 'redress you are owed compo' cases are predominately only when people got transferred to these lender's DCA whether pretend or not, I really don't understand rewarding those who took the longest time to repay or with no intention, never will.
  • So, last night I received a cheque for £65 form Cash Genie. As far as I'm aware i have never had an account with them. They have never contacted me by email or tried to call me or anything. Could it be that someone took out a loan in my name?!

    Either way, i should cash the Cheque right??!
  • boo_star
    boo_star Posts: 3,202
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    Ashleyr wrote: »
    Either way, i should cash the Cheque right??!

    No. Contact them and ask them why they sent it you, to simply cash it is dishonest (and possibly theft.)
  • I've contacted them and updated my details, hopefully I'll get a small redress for the misery that they caused by rolling over loans and not credit checking.

    On another note have any other PDL's been forced to do similar things? I know Wonga did last year and they once again conned me out of money but wiped my wifes loan! I got no redress as I had entered into a DMP and eventually paid them off, my wife enetered an IVA and was paying off. Because I had cleared mine, I got nothing.:mad:
  • Ive been paying them a small agreed amount for 2 years now,the largest part of the sum owed is for the interest , I recently had an email telling me that the carter forbes accounts I was paying money into would be closed and to make payments into a new account ?? I haven't done so yet ,after reading this not convinced the new account details they gave me would go towards paying off any debt !!
    Have just emailed them saying that I think I may be effected and even if I wasn't to provide me with a full breakdown of payments both by them and my selves - I have never had any statements in regards to breakdowns of what is owed.
  • I contacted these shylocks a month ago and have heard nothing, has anyone actually had contact from Cashgenie?
  • Hi
    I never received a redress as my loan was taken out in approx 2010, however i decided to write to them and was given £123 back in charges, i also then contacted them again as i found further charges were added and was given a further £45 back, that was great and i put it to bed

    Two days ago i recieved an email from them and also a letter the same day stating that i was owed money and my account had a credit balance and that i had overpaid, i was a little confused as i had got a refund from them for the interest but now it seems i have overpaid, they have gone into liquidation which the email and letter explains

    I have tried to contact them by phone but the phone lines are constantly engaged or hold music is playing, i have sent an email 2 days ago and no reply, was just wondering if anyone else has received any communication from them after already receiving a redress?

    Thanks
    :D
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