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What to do you are if a previous customer of payday lender Cash Genie

Thursday, 7th January 2016

Who would have thought a couple of years ago that a payday lender would crash out of the market in such circumstances? I for one did not see this coming. Conjecture aside, what we know is that Cash Genie had 92,000 customers and many may feel worried and unsure what to do. Below we have detailed a few pointers to help you, if one of them, understand your rights and - yes - you do have responsibilities as well.

I’m a Cash Genie customer and not heard from them about redress / compensation

According to the FCA, Cash Genie has now completed its attempts to contact all customers who were due redress. However, the liquidator has said there are £1.5 million of funds still unclaimed, and that they were trying to trace a further 12,000 borrowers. Are you one of them?

If you have not heard from Cash Genie and feel you are due compensation then you should contact Cash Genie, full details at the bottom of this blog.

What you should do if you still owe Cash Genie money

If you still owe money to Cash Genie you are advised to continue making your agreed payments unless told to stop doing so by Cash Genie. Any borrower who is experiencing financial difficulty should contact Cash Genie direct to discuss their options. We have a comprehensive list of free debt advice agencies that will not charge you fee.

Can I still cash any redress cheques issued before the liquidation?

Yes. Customers of Cash Genie can still cash any redress cheques they have already received.

What is the average pay-out?
According to the liquidators the average pay out is £175, this could be by either compensation or a loan write-down (reduce the amount borrowed).

Should I consider using a Claims Management Company (CMC) to get my redress?

There is no need to employ the services of a CMC, remember a CMC will charge for its services and this fee alone could be a significant sum relative to the amount of any redress received.

How can I contact Cash Genie?

You can contact the Cash Genie Customer Service team by telephone on 0333 366 0023, via

  • email at This email address is being protected from spambots. You need JavaScript enabled to view it.  or by
  • letter at the following address: Cash Genie, 2 Reavell Place, Ipswich, Suffolk IP2 0ET.

 

 

 

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