Cash Genie Closing and What You Can Do

Cash Genie is a UK Cash Loan company that has recently come under pressure by the FCA and has shut down lending out loans to future customers. They are not the only company that has come under the investigation of FCA.

Other businesses include the Money Shop that had to repay their customers up to £700,000 for going against its lending policy. Even UK’s largest payday lender, Wonga, has had to pay £2.6m to their clients for several issues such as overcharging their companies and sending threatening letters from fake law firms.

Cash Genie was a company that acted under a responsible lending company to offer a fair, reliable and transparent service. However, they were unable to handle the problems that they caused to their customers. This included misusing their banking information to collect debts and the way they allowed their clients to extend loans.

It is important when looking for companies to borrow from, to be careful who you choose. You should first do your proper research and compare each company. Try and call or chat with someone to make sure you understand exactly what you are getting yourself into financially. Payday loan companies will often offer quick and easy money to people who need it, but then paying it back can be the issue.

If you feel that you are being mistreated by your existing loan company, there are many things that you can do. One of the first things you should do is contact the company and explain your rights. If you are unable to settle things with the company, you can report any problems with the Financial Ombudsman Service (FOS).

The FOS is an independent official body that was established by Parliament to help customers and UK-based financial companies to settle any disputes. The best thing about this service is that it is completely free to you. It has the legal power to help make sure you are being treated fairly.

 Even if you have had an issue in the past, you can complain about something that happened even up to six year's past. You also can re-open complaints if you did not get a response you wanted the first time. None of these will cost you any money.

The FOS will not take sides between customers and the companies, however, once you fill out a form they will put your case to the business. The company will then explain their side of the story, and usually the company will roll over and pay out what they owe. If they do not, then, the FOS may carry out a formal investigation. Usually, cases will be handled quickly because companies do not want any larger trouble. The FOS also regulates that all companies are treating their customers fairly, which means that you will be dealt with both legally and appropriately.

It will never hurt to file a complaint and even if you do not get an answer back straight away at least you have done something instead of allowing your financial situation sit in problems.