The Cheque Centre - Withdrawal of Payday Loans Business

[tracksuitbarry]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

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.

1. Leafleting to domestic properties was halted. Staff were still encouraged to leaflet on the high street using foreign currency info-leaflets to bring customers into branch in order to push loans at them.
2. "New stricter credit checks" was the use of the Experian details check, rather than no credit check which took place before.
3. The breathing space happened.
4. Never saw any Step Change material until the last few months.
5. Shop staff were not allowed to set up repayment plans without approval from management.
6. "hotline" was your area manager, or his manager. Meaning that if it was your area manager not following policy, you had nowhere to go.

It's fairly obvious that Cheque Centre didn't voluntarily stop issuing payday loans. Why voluntarily give away 75% of your business? It's not like they had a reputation to maintain.

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Thanks Barry, so yes as the Mirror said they did make some improvements, just not enough to satisfy the FCA, I did like the requirements from the FCA ''will re-train its staff to instil a customer-comes-first culture''.

Do you know, or the other employee's who posted earlier, know what the situation is with regards the 45 days consultation period and notice period given to employees and which branches have been confirmed as closures (other than those already confirmed in Leeds area) 3 month Probation staff have already had their weeks notice and gone? Is that just in Leeds area or throughout the country ?

[EXC]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

6. "hotline" was your area manager, or his manager. Meaning that if it was your area manager not following policy, you had nowhere to go.

Classic.

[tracksuitbarry]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Do you know, or the other employee's who posted earlier, know what the situation is with regards the 45 days consultation period and notice period given to employees and which branches have been confirmed as closures (other than those already confirmed in Leeds area) 3 month Probation staff have already had their weeks notice and gone? Is that just in Leeds area or throughout the country ?

From what I gather it's country-wide. A few South Yorkshire staff have told me they have until mid August, so it seems the 45 days has been adhered to. I'm pretty sure CC will bend over backwards for the staff that are on the way out, no doubt a few nights out or bottles of wine will be handed out as bribes. There are so many staff who have printed off emails sent by area managers, the press could have a field day with some of the contents.

[No2PDLs]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

I believe that it is nationwide, and head office too.

Also, a quick company house check shows that Mr Andrew Deller - who was due to report to FCA - departed in early June to be replaced by Phillip Court, formerly of RBS.

I have been led to believe that the delay between the April end of PDAs and this announcement was they tried to struggle on. The hope was that as the first to exit the Pay Day market, customers would "roll over" to other companies and therefore give cash back to the American owners. This has not materialised to the extent that was required to launch a 12 month loan.

The 45 day consultation period does include their peak Foreign exchange months of late June to early August, so the time is no coincidence.

[tracksuitbarry]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

I believe they tried to launch a Capital One style, small credit limit, high APR credit card, but were blocked from doing so. That was supposed to be the saviour.

[righty]

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 .

Join June 2014 & sing their praises. Your clearly one of their trolls I know who I believe and it ain't you

[righty]

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

Utter rubbish! Is it any wonder many have no sympathy for the employees of these firms

[No2PDLs]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

I believe they tried to launch a Capital One style, small credit limit, high APR credit card, but were blocked from doing so. That was supposed to be the saviour.

I know that was not the plan I heard of, however, it cannot be ruled out as Andy Deller's background was with Egg.
They had a prepaid card but it was only a white label effort.
And a Credit Card would not have resolved the issues with high levels of debts amongst their current customer base due to poor lending.

The plan I was aware of was to get the pay day customer base to move to multi-instalment loans. Similar to what they have in states of the US, such as California. Previously they had 6, 12 and 18 month instalment loans. I believe the plan was to charge more and make loans flexible eg. 3,4,5,6 to 12 months.... This way you get the pay day customers locked into long term loans and reduce your debt. Clearly, this got blocked at some point.

It is important not to separate the US and European entities. Ralph Hodges was Retail Director during 2012 to 2014, but on secondment from the parent company. A quick companies director search, and half of the board on Axcess Europe are not even based in UK. I would suggest it is less of an "arm length" organisation, just a growth out of...... If you want some cracking reading, look up the Davis family who own the Axcess company. Plenty of reading available about their US Operations and unashamedly, get rich quick scheme.

[No2PDLs]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

On the subject of shops, I don't want to harm ANYONE who has worked on the frontline. Your jobs sound very hard, and I know from google, the pay was rubbish. However, I did some mystery shopping at MANY branches, I found staff helpful and friendly, but when I asked questions about representative APR, I never received one straight or correct answer.

I have challenged a number of management at various companies to tell me how they calculate APR - well paid execs - and they cannot answer or give false answers. It was very disturbing.

[Destiny]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Would just like to update everyone about what Cheque Centre have introduced this week for customers buying foreign currency , you will be charged £1.00 if paying by cash where previously you were charged the fee if paying by debit card ,shops are still advertising 0% commission on foreign currency on the rate board and this is just another shameless way of getting as much cash out of customers before they close . they have told staff it wasnt fair to charge for debit card payments and not cash ?????? obviously is in dire straits if they now want loyal customers to help pay for their mistakes

[Destiny]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

http://www.edinburghnews.scotsman.com/news/council-slammed-for-giving-payday-loan-firm-700k-1-3309024

have also found this , dont understand why a multi-million pound company that have made £615 million over the last 5 years would qualify for this seeing as most councils are against the pay day loan industry ? can anyone enlighten me please

[MissFM]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

http://www.edinburghnews.scotsman.com/news/council-slammed-for-giving-payday-loan-firm-700k-1-3309024

have also found this , dont understand why a multi-million pound company that have made £615 million over the last 5 years would qualify for this seeing as most councils are against the pay day loan industry ? can anyone enlighten me please

Can't enlighten you - I'm as outraged as you are!

I see it as a reflection of a very worrying trend succumbed to by those in power - qv using taxpayer's money to reward casino banking of any kind - which probably puts me in the perceived tinfoil hat brigade but if it walks like a duck and quacks like a duck.....:tinysmile_hmm_t2:

[Destiny]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

I cannot see the Head Office staying open long enough to enjoy their new refurbished surroundings and 5 year rent allowance , i hope this is fully investigated as im sure the tax payers of Edinburgh will be outraged about how their money has been spent on subsidising a greedy , quick and fast buck lowlife company who haven't even paid any corporation tax in the last 5 years .

[Amethyst]

Re: The Cheque Centre - Withdrawal of Payday Loans Business

Not sure if we already posted this about clsoure of NI branches ( from 12th June ) http://www.u.tv/News/Cheque-Centre-t...7-7e5ff11d9b0a