The Cheque Centre - Withdrawal of Payday Loans Business

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Thank you for posting Barry, I will reply properly in the morning. Welcome to the forum x

[tracksuitbarry]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Thank you for posting Barry, I will reply properly in the morning. Welcome to the forum x

I feel let down already and I've only been here 20 hours...

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Damn completely forgot ! Trying to do too many things at once...sorry xx I really do appreciate you posting so openly. Goodness knows how you managed to put up with working there for so long to be honest - I know it's a job etc but must have been quite horrible judging by the Mirror stories.

Have you spoken to anyone at the FCA ?

Did you hear anything about their plans for after FCA regulation came in ?

Cheque Centre are still dealing with some financial products - as well as their gold, mobiles, cheques and exchange services.

[tracksuitbarry]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

It was a horrible experience. I was one of the few who stood up against what we were being forced to do, which ultimately forced my hand in leaving. I haven't spoken to the FCA at all, perhaps I should have done at the time - but we were kept well in the dark - they always told us the things we were told to do were fine as we had a Consumer Credit licence. All ******** and I don't know why we believed it really. I helped many customers to stop taking out loans, which was detrimental to the business, but was the right thing to do.

The worst area manager from the stories I heard before leaving was in the North. He was the area manager who first coined the phrase 'where there's a pram there's a new loan'. A friend who worked in one of his branches said he was always bending the rules to suit his bonus, which at one point was £20 per new loan signed up, out of an area of 14 shops. You can soon see how much of a financial incentive that was! Unfortunately my friend was fired for gross misconduct when he stood up to him. They went back into every detail of loans he processed to find even the slightest mistake. They found an error which they claimed was irresponsible lending and made him a scape goat.

Since the payday loans were the bread and butter of the business, losing them had a massive effect. They were going to bring out their own top-up debit card with extortionate fees on instead, but it looks like that's been blocked. Currency was run at a loss in most stores, mobiles at a loss, cheques and gold very minimal business - not enough to keep the doors open. Staff are now being interviewed to keep their jobs - most retail shops in the country will close imminently. Widespread loss of jobs, which is the only bad thing to come out of the demise of one of the most evil companies to work for.

[tracksuitbarry]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

The end is nigh.

http://yorkshireeveningpost.co.uk/ne...ures-1-6671813

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

I can't see where they can go if all they are left with is the gold, mobile and cheque cashing business. It is a shame for all the employees, but dare I say, good news for consumers.

[Yesitsme]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Track suit Barry???? Don't think you should be mentioning peoples names when they can not defend themselves. I am inclined to think that track suit Barry is not your real name? I understand you used to work for the company and it was your 'friend that got sacked' fair enough share your comments from that time but if you hated it so much maybe you should have left before you got sacked. Yeah I understand it was a job but maybe that applies to other people i.e. your area manager it is also just a job. I'm sure he has a family to feed just like you maybe do. Consideration for others .

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Name removed pending investigation.

[Forgodsake]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

What a load of rubbish I worked for cheque centre for 3 years from 2011 till now and in the same area as tracksuitbarry he is a liar as we were always told that the customer must be able to understand what they were signing for and that we must explain in detail the details of a loan, he obviously got sacked for misrepresentation and not following procedure what a numpty , hope he's proud

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

The question needs asking - why, if the Cheque Centre was one of the biggest five payday lenders in the country with ''sales of a *staggering £615.7million over five years'' did it run for the hills as soon as the FCA took over the regulation of the consumer credit sector if it just had 'a few rogue salesmen'.

Also was the six point plan succcessful ?

Jan 5th 2013
The six-point plan in full is:

1. Stop leafleting to attract new customers.

2. Introduction of new stricter credit checks on customers.
3. Breathing space of at least 30 days with no swiping from bank accounts or chase up calls.
4. Liasion with debt charity Step Change to help struggling customers.
5. Improved contact with staff to arrange repayment plans.
6. Whistleblowing hotline for staff to report colleagues not following policies.

http://www.mirror.co.uk/news/cheque-...#ixzz34sLggk3y
Follow us: @DailyMirror on Twitter | DailyMirror on Facebook


It would appear not as in May 2014 the following 'plan' was agreed with the FCA

As part of its agreement with the FCA, the firm:

• has voluntarily stopped selling single instalment payday loans altogether
• has suspended debt collection telephone calls to customers until it has reviewed and improved its processes, although the firm will continue to take payments from customers in line with pre-agreed payment dates
• will rework its policies and procedures so that they are fully aligned with FCA rules and requirements
• will re-train its staff to instil a customer-comes-first culture
  
  http://www.fca.org.uk/news/cheque-ce...mer-protection

more in depth the agreement is http://www.fca.org.uk/your-fca/docum...s-limited-vreq
serious concerns in relation to CCL's (i) assessment of
afford ability prior to granting payday loans to customers; (ii) handling of
customers in arrears; (iii) handling of vulnerable customers; and (iv) staff
incentive schemes.

[EXC]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Also was the six point plan succcessful ?

According to the comment in the Mirror piece it ''improved from appalling all the way up to awful''.

[enaid]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

I wonder what the ratio is as to 'disgruntled' staff as to 'disgruntled' customers, the latter being the most important in this instance although I do feel for the jobless in this situation too.

[Nibbler]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Looking at those docs threw up link to this in the sidebar, which is interesting.

http://www.fca.org.uk/your-fca/docum...e-limited-vreq

Looks like Wage Day Advance are only doing slightly better

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Nice spot...think that deserves its own thread

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

And this - FCA Requirement Notice: Debt and Claims Limited / GRASSROOTS
Published: 13/06/2014 Last Modified : 13/06/2014