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digman
Junior Member
United Kingdom
319 Posts |
 Posted - 06 September 2008 : 18:01:02
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Hi , has anyone who has gone BR had experience or used these chq cashing companies that are in existence , such as Money Shop or Cash Express , for payday advance loans ?? . It involves post-dated chqs .
If you go BR before the chq is banked is the creditor the chq cashing company or the bank the chq is drawn upon guaranteed by a chq card
Would welcome any thoughts
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WINCHESTER78
Junior Member
248 Posts |
Posted - 07 September 2008 : 19:55:36
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Im no expert but my chain of thought here would be;
1) You post dated the cheque(s) as a form of repayment for a loan.This would be the same as any other loan-- from a bank for example -- instead of writing the cheques the bank would setup a direct debit.When the BR order is stamped the loan from both the Cheque cashing shop and our 'bank' would become unenforceable.
2)The bank wont pay the cheque as the account would be frozen.
3)Tell the OR from the start everything, so that any allegations that you wrote the cheques after you were made BR arnt made.
Hope this helps |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 07 September 2008 : 20:27:03
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Hi , thanks for your thoughts . As far as i can understand it the bank would still have to honour the chq as it is guaranteed , even after the account has been frozen . Can anyone confirm that ?
As for the possible allegations re chqs been wrote after BR i still have the credit agreement i signed for the cash with the date i cashed them clearly printed , so hopefully that would not be an issue |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 08 September 2008 : 07:19:18
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Hi Digman
I would have thought once frozen nothing will be allowed through, my bank have written and confirmed that the facilities to pay anything have been withdrawn and also the OR asked us for our check book so that any payments made after the date of BR cannot be made.
If that makes sense. Otherwise your debt will be increasing all the time. Post BR.
And Remember To Keep Smiling
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 08 September 2008 : 18:01:41
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Hi Digman,
The bottom line here is that issuing cheques (even if guaranteed) knowing there are insufficient funds to cover them is actually classified as fraud.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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Youngandstupid
Junior Member
141 Posts |
Posted - 08 September 2008 : 21:41:43
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Hi
Many years ago i used this service and although the cheques were garuanteed, money wasnt in my account to let them clear [not intentional] and the bank DID NOT pay them. |
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digman
Junior Member
United Kingdom
319 Posts |
Posted - 08 September 2008 : 21:48:17
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| Thanks for that bit of info . I have been to bank today and been up front with them as to what will be presented and when and basically they said i did right in letting them know . They seem to think depending on certain things they can refuse payment on some of them . Will have to see how things go from here , but the BALL has certainly started to roll . |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 09 September 2008 : 09:22:45
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Good Luck Digman. LOL
Jo x
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my updated Needafriend's New Life- A Debt Free One! blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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chq cashing services
