Instant Loan

Anonyash12

My friend has just contacted me annoyed and panicky as he has just been to check his online banking and there is a £41 credit into his account from Instant Cash Loans. He has never attempted to take out a cash loan and never would do. He has never had a credit card or any other sort of bank loan. He has contacted the bank to ask why this money has been credited and where it has come from, who said there isn't anything they can do regarding fraud and the instant loan company will not be able to take any money out of his account without his 3 digit security code and address. I am just wondering if anyone has had anything similar happen to them. It's worrying as obviously the Instant Loan Companies charge interest at an extortionate rate and he doesn't want to end up owing them money when he hasn't asked for them to put the £41 into his account but the bank said they themselves can't take the money back out and obviously he doesn't want to spend it as then he may be seen liable for repaying any resulting debt which he has not asked for. I hope someone can help. Thanks in advance.

DCFC79

First of all tell your friend to stop being annoyed and panicky. Get him to check his credit files with all 3 credit reference agencies for any entry related to instant loans.

[Deleted User]

Name of Instant cash loans can also be linked to The Money Shop, I'll hope it's a legit company like this for ya

fruitisbad

DCFC79 wrote: »

First of all tell your friend to stop being annoyed and panicky. Get him to check his credit files with all 3 credit reference agencies for any entry related to instant loans.

That's assuming the files are updated that quickly? It could be months before this is reported.

tommytynan123

I got £121.29 and son got £105. ????
Same address but different banks. My bank also said they have no authority to give the cash back without my approval and if you find out who sent and contact them then be very very careful what you divulge. Defo not any personal details.
I'll keep you posted.

tommytynan123

Interesting?
The Money Shop. There web page says
With a short-term loan from The Money Shop you can borrow from £100 to £1000** in increments of £10, subject to our credit and affordability checks. You can choose to repay your loan in 1 to 6 instalments.

BUT the 3 amounts above are not £10 increments
I'm don't want to rush this in case its some sort of scam. Any advice please.

tommytynan123

Just talked to The Money Shop and the money is a refund to people who had a payday type loan during certain dates over the past 2-3 years? Their systems were wrongly calculating repayments and they have been told to refund. I do remember reading this a while back in the press but didn't really register it. Letters are being sent out to explain. What can I say!!!

Anonyash12

He's confused and so am I as he has NEVER had a payday or instant loan of any amount EVER from any of these companies. How can they refund something that was never owed in the first place? He's never had a normal bank loan never mind a payday one.

Blackpool_Saver

Is it a joint account?

Anonyash12

Has the same happened to you? The bank won't tell him who has put the money in, on his online statement it just says instant cash loans £41, due to data protection they won't give him any information, so neither of us know who to contact regarding it and if we should even bother or not. I have been researching and apparently the account holders name has no relevance when transferring online and even a 1 digit error of an account number means any transfer wont reach the intended account. The only thing I can think of is that the loan company intended to send the £41 to 'John Doe' but mistyped 'John Doe's' account number, where one digit was input wrongly and this ended up being my friends account number, for example, John Doe account number is 123456, my friends is 123446 and the company typed in a second number 4 instead of number 5 so my friend received the money. Because they are a loan company though with massive interest we are worried that in a few days or months it will be noticed by the company that it went to my friends account and he will be liable for the repayment of the £41 plus the interest. Or can this not happen because he didn't ask them for money and didn't sign anything (because he's never even spoken to one of these company or set foot in one of their shops).

Anonyash12

No it's just his account. He doesn't pay for the account either.