Random payment in my account

SoClose

Hello,

Today I checked my bank and I've found I've received a payment from "Instant Cash Loans" and I've no idea who/where its come from.

I've not applied for any loans so I went to the bank to find out if they could give me any further information, which they were unable to. The only information about the company they could see was that it was called "instant Cash Loans".

I've since googled "instant cash loans" and I've found that The Money Shop and PaydayUK both trade under that name. Years and years ago I have used both of them when I was stupid with my money. I don't have any accounts with them now.

I'm at a bit of a loss what to do now, as I want to be sure the money belongs to me before I spend it! I've chatted to Payday UK and they don't seem to be able to find any account linked to my name. (although, I know I definitely used to deal with them as it shows up on my experian report. I can go to Moneyshop after work and enquire there, but if they say the same thing, I'm not sure what else I can do!

Any advice would be great

Thanks

[Deleted User]

If you can't get a clear answer, then put the money to one side. If it's been paid to you in error (someone providing incorrect account details) they will want it back.

spadoosh

Go on the basis that this money doesnt belong to you.

It sounds like a mistake somewhere. Theyll likely want their money back at somepoint. If they do, you will have to give it them.

Put it in a savings account until its resolved.

SoClose

Thanks for the advice.

I'm happy to put it into an account until its resolved. I have no need to spend the money.

But how do I go about resolving it? Any ideas?

spadoosh

Phone them.

I would avoid going down the giving your name route and looking for your account. As you mentioned its unlikely to have anything to do with you. Could be as simple as someone typing one digit wrong with their account number when applying for a loan which meant it was paid to you.

Get them to trace it through your account number and sort code.

Beesknees101

Same exact thing happened to me today. A random £194 appeared in my account from instant cash loans. Never heard of them but have used payday U.K about 2 years ago as well. Very weird. Thinking they'll just recall it when they realise their mistake...

AnotherJoe

Beesknees101 wrote: »

Same exact thing happened to me today. A random £194 appeared in my account from instant cash loans. Never heard of them but have used payday U.K about 2 years ago as well. Very weird. Thinking they'll just recall it when they realise their mistake...

There are two possibilities here. The first is, that this is compensation for previous loans that breached various conditions, there have been quite a few posts about this though usually the people get advance warning but maybe email addresses or phone numbers have changed and that hasnt been possible. I think this is the most likely by far.

The second is a genuine mistake, payment for Person A goes to person B. I think that is less likely because what are the odds that that payment would also go to a person that previously used that company. Especially with two posters the same, eg both have used in the past?

I would sit tight. Note that they cannot simply recall the money. If they determine its been paid in error they will have to contact your bank who will then ask you if you are happy for it to be sent back. Only at that point if you say yes, can it go back.

But as I say, my moneys on the first option, its compensation.

SoClose

Thanks,

I've spoke to one company and they told me there are in the middle of a big compensation period and a lot of people are being compensated. They couldn't match my name with the postcode I gave them, but I have moved a couple of times since I used pay day loans, so this might be the reason.

I have been given a phone number to contact to enquire further. I'll post back the outcome!

chris1huk

refund from payday express/money shop
I think its for interest charged after rolling over a loan, or something like that

fusionx212

yeah it's interest on pdl loans they should send you a letter or an email stating so.

I would no doubt that you had a fair few loans with them and likely due a refund of sorts.