The money shop cheque payday loan

Jamie1079

I wonder if anyone could give me any information on the possibility of reclaiming anything from The Money Shop. 13 years ago I was using their personal cheque cashing service, writing them a cheque for £100 and they gave me £85 and held the cheque for 30 days and then either banked it or I rolled it over for another 30 days by paying a fee, is this a payday loan? I was using the 4 money shops in the same city, £750 worth of cheques in each shop and this went on rolling them over for 5 years, in roll over fees I paid them over 25 thousand pounds in the 5 years. Would I have a case for them being an irresponsible lender due them allowing me to use all of their shops in the same city?

DCFC79

Jamie1079 wrote: »

I wonder if anyone could give me any information on the possibility of reclaiming anything from The Money Shop. 13 years ago I was using their personal cheque cashing service, writing them a cheque for £100 and they gave me £85 and held the cheque for 30 days and then either banked it or I rolled it over for another 30 days by paying a fee, is this a payday loan? I was using the 4 money shops in the same city, £750 worth of cheques in each shop and this went on rolling them over for 5 years, in roll over fees I paid them over 25 thousand pounds in the 5 years. Would I have a case for them being an irresponsible lender due them allowing me to use all of their shops in the same city?

Were you forced to do so ?

Jamie1079

only when I asked in one shop if I could cash another cheque and was told the limit at any one shop is 8 totalling £750 so I was told to go and open an account at their other shops

[Deleted User]

It sounds more like irresponsible borrowing.

Jamie1079

Its right about this site, you need to be in the clique

[Deleted User]

You can if you want. I don't do cliques.

Have you sent your complaint to them? What did they say?

Shakin_Steve

Jamie1079 wrote: »

Its right about this site, you need to be in the clique

There is no clique on here, Jamie, just a bunch of people who believe that if you sign an agreement, where nothing is hidden from you, then you accept the terms of that agreement an hold up your side it.
The financial world, or even the world at large, could not function if people were allowed to just renege on every contract that was signed.

DCFC79

If you feel you have been hard done by then yes send a complaint in.

Red-Squirrel_2

You'd be better off posting on the Debt Free Wannabe board if you want some help and advice. They are a lot more understanding about how people can end up in trouble or struggling to cope with their debts.

It certainly doesn't sound like a very ethical business model to me, but I have no idea on the legalities, get over to DFW where there are people who can definitely help!

fatbelly

Jamie1079 wrote: »

I wonder if anyone could give me any information on the possibility of reclaiming anything from The Money Shop. 13 years ago I was using their personal cheque cashing service, writing them a cheque for £100 and they gave me £85 and held the cheque for 30 days and then either banked it or I rolled it over for another 30 days by paying a fee, is this a payday loan? I was using the 4 money shops in the same city, £750 worth of cheques in each shop and this went on rolling them over for 5 years, in roll over fees I paid them over 25 thousand pounds in the 5 years. Would I have a case for them being an irresponsible lender due them allowing me to use all of their shops in the same city?

Yes

https://debtcamel.co.uk/refunds-payday-uk-express-money-shop/

TriggerHappy

Hi Jamie, you're on the wrong forum.

Go to Debt Free Wannabe, people there will be better placed to advise. Sounds like you should have grounds to make a complaint.