The money shop cheque payday loan

boo_star

TriggerHappy wrote: »

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.

Against who?

Themselves for writing out at least £3000 of cheques they couldn't pay and then "rolling them over" to end up over £25000 worth in debt?

TriggerHappy

boo_star wrote: »

Against who?

Themselves for writing out at least £3000 of cheques they couldn't pay and then "rolling them over" to end up over £25000 worth in debt?

Yes.

A responsible lender would have not done this and would have referred them to seek help in paying their debts, either that or proactively offer a repayment scheme.

There is no way on this planet which we call Earth that a responsible lender should be able to profit to the tune of £22000 from a single customer, regardless of the timescale.

I have used the Money Shop in the past and they have a database which shows a customers history, and also all outstanding cheques regardless of different locations being used.

Consider, if a loved one or family member was in the same boat - would you support them or call them and idiot and say it's fair that they've lost almost eight time the amount loaned in interest?

sourcrates

Before tighter regulation, these payday lenders would lend to anyone, regardless of there credit history, or there ability to repay, they were simply out to make as much hay, for as long as the sun shone.

It was no problem if some debtors could not pay back what they borrowed, the lenders worked hand in hand with various lowlife debt collection companies, companies such as Motor mile finance, now trading under the name of "Lantern".

They would pursue people relentlessly, using any and all methods to get you to pay off the debt, methods which included contacting your employer, and discussing your debt with your work colleagues, threatening to "send in the bailiffs" to recover the debt, and also to "sell the office furniture".

All completely against fair debt collection guidelines, and impossible to implement at that particular stage, but not everyone knew that, but they simply did not care.
It was only after the FCA stepped in, and properly regulated the industry, that things improved, but they were still by no means perfect.


Motor mile was also heavily fined for its part in the debacle, heads rolled, and a new name emerged, they operated on a temporary license for a while, they seem to be fully restored now, but are a very different animal as a consequence.

With the demise of Wonga, and a lot of other fly by night operators, it would be nice to see changes in debt collection practices, that allow much more breathing space to debtors in trouble, say 6 weeks to 6 months, so as to avoid the use of payday loans altogether, that, along with the introduction of regulated debt management plans (run by the debt charities on behalf of Government) would also see the demise of many private debt management companies that currently charge you for this service.


(All these options are currently under review by Government).


This combined with greater awareness of how to get debt help, and when to realize the signs that you are in trouble, are all positive moves in the right direction.

fatbelly

The complaint would be against The Money Shop

https://debtcamel.co.uk/payday-loan-refunds/