James H.

I applied to these guys after they sent me several text messages informing that my loan for X amount had been approved. There was no mention in any stage of the application process that in fact they weren't a loan company at all. They constantly go on about putting the money straight into your bank account when in fact this isn't the case at all.

After reading the reviews posted on this site and others, I contacted my bank first and foremost, to make sure that other than the 15p pre-auth payment they took, there was no way they were going to get any other money from me. I cancelled the Continuous Payment Authority (CPA), and then went as far as to have my card re-issued, as better safe than sorry.

This is the email I sent them, I'm posted it in case the content is useful to anyone else:

Hi Store Credit,

I wish to withdraw from this agreement with immediate effect on the grounds that I was mis-sold this product. At no point during the application process was I made aware that in fact I was applying for Catalogue Credit, and not a payday loan. I was told by your website that the funds would be available in my bank account and this evidently is not the case.

Your credit agreement has many unenforceable elements as well. For instance, how can I pay back all credit when I haven't spent anything. Just close my account and you will get your credit back.

Your agreement states that the first payment is due one calendar month after the date of the agreement (which would be 20/03/16), but then on other paperwork you have sent me, you inform me that my first payment is due on 25/02/16), which is not even the 7 days minimum notice you would have to give to a valid payment request. Your agreement also speaks about accrued interest becoming due after late payment, and yet the interest rate is quoted as being 0.0% so how is this possible?

I have informed my bank of the fraudulent nature of your company, I've cancelled the Continuous Payment Authority and I've had my cards re-issued to ensure you receive no payments from me, for credit I haven't used, through your fraudulent catalogue firm that poses as a payday loan provider.

If you fail to withdraw me from this agreement I will have no choice but to report you to Action Fraud. I will also inform the ICO, FCA and Financial Ombudsman of your unwillingness to co-operate and issue them with a copy of your bogus credit agreement for their records.

Kind Regards

**UPDATE**
Two days after sending this email, I received a one-line email informing me that my account had been closed. Hopefully this will be the end of it.