The Cheque Centre

[ruthie59]

Hi,

Not sure if this is the correct place to post but I have just read an article on the Mail on Sunday website about the above company and their tactics.

It's worth a look as it exposes the lengths companies like this will go to to obtain payments from their customers.

Ruthie

[enaid]

Re: The Cheque Centre

http://www.dailymail.co.uk/news/arti...-just-day.html

Is that the article Ruthie?
and there is more

http://www.dailyrecord.co.uk/news/sc...y-loan-2240215

http://www.mirror.co.uk/news/uk-news...iggest-2070924

[ruthie59]

Re: The Cheque Centre

Hi Enaid,

Yes, that's the one. The sooner these loan sharks are shut down, the better.

Ruthie

[loulouxx]

Re: The Cheque Centre

That's Horrendous!! These companies should be stopped. The problem with these are once you take out one for an emergency you are then in a cycle. I've still struggling to get out of mine and its been over 2 years. They are forever sending emails to borrow again. Shouldn't the responsible lending come into play here. I mean I know it is the person's responsibility now to over borrow but surely they should be at least doing credit checks. I remember when I took out mine all I needed was my wage slips. More and more are falling into the trap because of the cost of living is making many families live hand to mouth and at times not even that. Its really sad.

[Amethyst]

Re: The Cheque Centre

Some good news on this company http://www.legalbeagles.info/forums/...Loans-Business

[enaid]

Re: The Cheque Centre

Quids in http://www.edinburghnews.scotsman.co...700k-1-3309024

[Amethyst]

Re: The Cheque Centre

Ahh yes, remember that now thanks Nelly. Wonder if the discount was on the basis they stopped doing payday loans then? Lol.

[Amethyst]

Re: The Cheque Centre

Cheque Centre highlights uncertainty about future trading


Mark Williamson
Group Business Correspondent



Thursday 4 December 2014
CHEQUE Centre the Edinburgh-based financial services firm has noted a material uncertainty about its going concern status, after posting increased losses amid a regulatory shake up of the payday loan market.

Text hereCHEQUE Centre the Edinburgh-based financial services firm has noted a material uncertainty about its going concern status, after posting increased losses amid a regulatory shake up of the payday loan market.
Accounts for US-owned Cheque Centres Limited show the company lost £11.3m before tax in 2013 compared with £5.4m in the preceding year.
In the accounts directors highlighted the impact of early moves by the Financial Conduct Authority, which took over as the regulator of the short term lending market in April.
They said based on proposed new rules around the payday loan product and the lack of visibility on an interest rate cap, in May the Directors decided to withdraw from consumer lending for the remainder of 2014 and to restructure the business.
The payday loan product contributed to 70 per cent of the company??s gross profit in 2013.
The restructuring involved the closure of the majority of the company??s stores.
The directors noted the uncertainties that exist in respect of future trading gave rise to a material
uncertainty, which may cast significant doubt over the company??s ability to continue as a going concern.
They added: ??The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and consider it appropriate to prepare the financial statements on a going concern basis.??
The company has prepared a business plan which includes consumer lending and strategic development of its remaining store portfolio to be launched in early 2015, with funding secured from its parent company for the transition.
The ultimate parent company is CNG Financial Corporation.