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  • FIRST POST
    • weezypoos
    • By weezypoos 14th Sep 12, 2:50 PM
    • 90Posts
    • 49Thanks
    weezypoos
    Ariste Holdings (Cash Genie) NATWEST Fraudulent Card Transaction
    • #1
    • 14th Sep 12, 2:50 PM
    Ariste Holdings (Cash Genie) NATWEST Fraudulent Card Transaction 14th Sep 12 at 2:50 PM
    2 years ago, I had a Cash Genie Loan for £100, I paid them £80 of it back but then split with my partner and lost my job within a month. I should have paid the £20 but just didn't have a spare penny being on Job Seekers.

    I received some back dated tax credits today due to starting work and at 11am this morning there was £198 in my account. An hour ago, it had gone.

    I have found out from my bank that Ariste Holdings have taken out 5 transactions today £100, £50, £20 x 2 and £5. Now I have a completely different debit card to what I originally took the Cash Genie loan out with so they do not have my new details and certainly not permission to use it.

    natwest will not help until next week when the payments have cleared and have advised me to contact Cash Genie who I am getting nowhere with.

    VISA won't help as the transactions are pending and not yet showing up on my statement.

    Today is my daughters 11th birthday and I have £2 in my account and no one will help!!

    Please can anyone offer me some advice?
Page 1
  • Atidi
    • #2
    • 14th Sep 12, 3:17 PM
    • #2
    • 14th Sep 12, 3:17 PM
    2 years ago, I had a Cash Genie Loan for £100, I paid them £80 of it back but then split with my partner and lost my job within a month. I should have paid the £20 but just didn't have a spare penny being on Job Seekers.

    I received some back dated tax credits today due to starting work and at 11am this morning there was £198 in my account. An hour ago, it had gone.

    I have found out from my bank that Ariste Holdings have taken out 5 transactions today £100, £50, £20 x 2 and £5. Now I have a completely different debit card to what I originally took the Cash Genie loan out with so they do not have my new details and certainly not permission to use it.

    natwest will not help until next week when the payments have cleared and have advised me to contact Cash Genie who I am getting nowhere with.

    VISA won't help as the transactions are pending and not yet showing up on my statement.

    Today is my daughters 11th birthday and I have £2 in my account and no one will help!!

    Please can anyone offer me some advice?
    Originally posted by weezypoos
    If I understand you correctly, you took out a £100 loan with cash genie. You have only paid cash genie back £80 and this was two years ago.

    If that is correct then you still owed cash genie the £20 balance of the capital orginally lent to you.

    Of course no one who is in business and wants to stay in business lends money for nothing; they charge interest so you owe this too.

    You need to refer to your loan agreement but according to the lenders website, they charge a representative 2,986% APR

    Actually loans from cash genie are only offered for a maximum of 31 days, not 2 years, and the charge is 30p per every £1 you borrow for that period.

    I hate to say this, but I think it could be you now owe over £16000 (less of course the money you have now recently had deducted)

    My advice to you would be to contact the lender and see what your exact position is with them, and see what you can negotiate with regards to a full and final settlement.
    Last edited by Atidi; 14-09-2012 at 3:33 PM. Reason: £16k, not £6.5k
    • bris
    • By bris 14th Sep 12, 10:29 PM
    • 8,975 Posts
    • 7,888 Thanks
    bris
    • #3
    • 14th Sep 12, 10:29 PM
    • #3
    • 14th Sep 12, 10:29 PM
    The debit card you originally used will still be linked to the same bank account as the new one. This is all they need to take the money. To stop it happening again you will need to change bank accounts. The t&c's of the loan allow them to do this, you might get lucky if your bank agree with you but their hands might be tied as you did authorise it at the time you took out the loan.
  • Wywth
    • #4
    • 15th Sep 12, 8:28 AM
    • #4
    • 15th Sep 12, 8:28 AM
    The debit card you originally used will still be linked to the same bank account as the new one. This is all they need to take the money. To stop it happening again you will need to change bank accounts. The t&c's of the loan allow them to do this, you might get lucky if your bank agree with you but their hands might be tied as you did authorise it at the time you took out the loan.
    Originally posted by bris
    The current terms of the loan also specifies that the borrower must as soon as reasonably possible and in any event within 5 days, inform the lender of any change in bank account details or debit card details.
  • CAB Swansea Bay representative
    • #5
    • 17th Sep 12, 10:41 AM
    • #5
    • 17th Sep 12, 10:41 AM
    Hi weezypoos, thank you for your query regarding Ariste Holdings

    When you took out the loan you may have agreed to a continuous or recurring payment arrangement which allows the creditor to take the agreed repayments out of your account and often it will state if the agreed repayments are not available and not paid on time they can take the whole amount outstanding in one or more transactions. Unfortunately these types of loans if not paid can spiral to large amounts very quickly and they can take payments from a different debit card unless the original debit card was cancelled as lost or stolen, to find out if the charges etc are correct you will need to check their terms and conditions. I would suggest you contact your bank straight away and state you are withdrawing your consent from any future continuous or recurring payment authorities, it is a good idea to put this in writing and phone them as some banks state wrongly that they are unable to cancel a CPA or RPA. I would then suggest you write to Cash Genie and ask them for a breakdown of all charges and payments to the account and their terms and conditions at the date you entered into the agreement if you do not have a copy. It may be possible to dispute some or all of the charges but that will depend on whether they have been contacting you in the last two years and whether you have been in touch with them to explain why you cannot pay. If you feel you have a dispute you can write to them asking them to refund the charges to you and clear the balance (it is unlikely they will refund the £20 owing on the account) and if they do not agree to do so you can make a complaint to the Financial Ombudsman Service. I would suggest any communication is done via letter, a copy kept and sent recorded delivery and that you specify a time limit for a response.

    If you have other debts which you are struggling to repay I would suggest you seek advice from a debt adviser. You can find your local Citizens Advice Bureau at www.citizensadvice.org.uk.

    Hope this is of assistance.
    ďOfficial CAB Representative
    I am an official representative of CAB. MSE has given permission for me to post in response to questions on the CAB Board. You can see my name on the companies with permission to post list. If you believe Iíve broken any rules please report my post to forumteam@moneysavingexpert.com as usual"
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