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Motor Mile Finance & Cash Genie

Crookster
Crookster Posts: 1 Newbie
in Debt-free wannabe
Hi,

I have today had a called from a company called Motor Mile Finance who are saying they are now looking after Cash Genie debt.

I took out a pay day loan in 2010 of £200 i then went into financial difficulty and couldnt repay the debt. They are now saying i have never heard of them before i have to re pay £1713 as this is new amount with interest.

Can they do this and add on this much money ? I said i will happily pay back the £200 but not this unbelievable amount of money.

Does anyone know where i stand with this and what i can do?

Comments

  • DanFish
    DanFish Posts: 67 Forumite
    it seems phenomenal i have an outstanding Cash Genie loan originally £150 they are collecting £376.00, send them a 'prove it letter' theres a templeate on here somewhere. If they provide your agreement check that the amount is correct(interest charges etc..)
    I have had correspondence with motormile finance and theyre unhelpful to say the least. bunch of idiots if you ask me.
    Total Debt April 2014 = £6756

    Target = Clear by [STRIKE]April 2017[/STRIKE]October 2016
  • Tixy
    Tixy Posts: 31,455 Forumite
    Hi and welcome to the forum.

    Next time they call ask them to write to you with details of the alleged debt. Don't pay anything by phone and don't agree to anything.

    When they write then send them the prove it letter - Letter when you know nothing about about the debt - AKA "Prove it" letter

    If/ when the provide proof of the debt and the balance then only at that point might you want to either write to offer a repayment plan at a rate you can afford, or consider writing with a full & final settlement offer.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • 3521wayne
    3521wayne Posts: 1 Newbie
    Hello

    I have also recently been receiving calls and texts from Motor Mile . I did ring them back on two occasions and having refused to confirm my security details whilst not knowing who they are and what they want , I had on both occasions over the last 3 weeks invited them to write and confirm what the supposed debt is they are trying to collect . So far I have received nothing in the post despite twice confirming my home address ( nothing else ) . Should I ignore the calls from now on or are they likely to step up their pursuit in some way ??
  • stevemLS
    stevemLS Posts: 1,067 Forumite
    You borrowed £200 in 2010. Did you repay any?

    According to Cash Genie's website their typical APR is 2,986%.

    I have just put that information in a loan calculator and it says the total owing would be £23,888.

    For some reason I can't put those little faces on this message and can't think of which which I would choose that would adequately express my shock when I saw that figure.
  • sourcrates
    sourcrates Posts: 31,946 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    stevemLS wrote: »
    You borrowed £200 in 2010. Did you repay any?

    According to Cash Genie's website their typical APR is 2,986%.

    I have just put that information in a loan calculator and it says the total owing would be £23,888.

    For some reason I can't put those little faces on this message and can't think of which which I would choose that would adequately express my shock when I saw that figure.



    They can only charge interest and fees for a max 60 days, according to there website.


    I would seriously question this OP, and certainly would not pay that much.


    Do as Tixy advises.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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