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Cash Genie’s cash cough up- are you owed money?

The payday lender Cash Genie is to provide £20 million compensation to more than 92,000 customers for unfair lending practices. Are you an affected customer, and if so, what should you do?

Among the unfair practices identified today by the Financial Conduct Authority (FCA) were unnecessary fees and interest charges added to customer accounts. Loans were also been rolled over or refinanced without speaking to customers first.  

If you’ve been a customer of Cash Genie’s, the good news is there isn’t much you have to do – Cash Genie should be coming to all affected customers themselves.

However, if you still owe Cash Genie money you should keep making payments until you are told to stop.

Cash Genie customers – what could I be owed?

Cash Genie has agreed to write-off or refund fees and charges which should not have been added to customer accounts.

These include any excess charges applied over one late payment fee of £15, four letter fees at £12 per letter, and one trace fee at £45.

Cash Genie have also agreed to refund the £50 fee for transferring a customer’s account to Carter Forbes, their sister debt collection firm.

The firm will also write off or refund rollover interest, refund any amount taken without authorisation, and write off any outstanding balances on affected accounts.

Where can I find more information?

You do not have to do anything if you are due a refund. Cash Genie aims to contact all affected customers by 18 September 2015.

If you believe you haven’t heard from Cash Genie by 18 September 2015, contact them on 0333 366 0023.

Payday loans – the low down

Payday loans are short-term loans, designed to help tide you over until payday. Before you look into getting one, it’s important to see what alternatives are available first. Our tool will help.

However, if you do apply for a payday loans and find you cannot pay them back on time, you may find yourself hit by more interest and fees. Before you take out a loan, consider whether you know for certain if you will be able to pay it back on time or not.

If you are frequently using payday loans to get by each month it’s a sign you may need some free debt advice, which is easy to find with our locator tool. Advisors are trained to help you with any debt problems you may feel worried about, and often by talking about it you can find a solution, however hopeless it may feel initially.

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  • Nicola / 3 May 2016

    All well and good unless you need to speak to them and want to be on hold for years it seems. Even the call back option is rubbish. Been waiting for 2 days, so much for 24 hour call back!