Need some help with a problem company

iluvdarius2003 · 27 June 2006 at 3:43PM

I was looking for a loan and was put through to a company called Tenant Loans, by UCC. I did an over the phone application and the next day I recieved a letter to say that I had been approved for a loan and that if I paid the arrangement fee then I would have the loan in 3-5 days. This is clearly stated on the letter and it then states that if you paid by phone then pay out would be within three days. To cut a long story short, I was offered a loan from a company for half the amount they said I was approved for, and this loan required a guarentor which I don't have and will never be able to get. I phoned and advised them off this and was told they would search for more loans for me. When I applied with them I was not informed that I was paying for them to search for a loan for me, I was told that I was guarenteed a loan and that I would have it within 3-5 days max.
Then I recieved a letter telling me to take out a provident loan, which to me was an insult as I have paid them money to tell me to take out a loan which I get letters through the door every week about. Incidental is the fact that I already have one, which they already knew! So now my problem is that I am out of pocket and have no loan. They are refusing to refund me for 6 months, and I was told that I would have to write a letter to them, as the refunds department is non communicable. I received another letter this morning saying that my refund had been denied as they believe that I will take up the loan offer they have found me and as such they have contacted the loan company and they will hold the offer open for me.
I am mad as I asked in the letter for all my details to be removed from their systems which they are refusing, and on the phone today they told me that the loan company had told them that they would be keeping the file open, while the letter from tenant loans states that they contacted that loan company and asked them to keep it open.
I feel that I have been led up the garden path and now I am out of pocket and won't get my money back. It is only £50, but that was all the money that I had for the rest of the month. They have told me to come back in 6 months and I can get my money back if they feel like it basically. I don't know what to do as I really can't afford to be out that kind of money, plus it is costing me a fortune in phone calls.
Does anyone have any experience of this company and have any help for me? I am at my wits end with this and just want my money back and it to be all over! Sorry for the long post!!

Sarahx

grumbler · 27 June 2006 at 4:36PM

Sorry, cannot help... I think it is too late now.
Just two pieces of information:
Don’t pay upfront for a loan warns Citizens Advice
Admin charges on unsecured loans

file_wizzard · 27 June 2006 at 5:38PM

Are well known for this "trick", have been various other posts on the subject on this board and others.

Try a google under the name for more info, they give the six month “guarantee” in the hope you forget all about it, they are in a no lose situation, they get your £50 no matter what, and then an arrangement / finders fee from the creditor as well if you proceed with the loan

Grumbler is quite right, sorry I cant be more positive, ……but a lesson learned

iluvdarius2003 · 27 June 2006 at 6:50PM

So basically I have no chance of getting my money back? That leaves me in a really bad position as I have no money at all and have borrowed up to my limit!!! I am keeping on at them though as I believe that I have been mis-informed, and I have been told to write again saying that I want my calls listened to, and if they find that I have I will be refunded instantly, but I feel they will worm their way out of it. I will not forget this though and will be back on at them every couple of weeks!!! Thanks for the advice!

Sarahx

iluvdarius2003 · 27 June 2006 at 7:11PM

Could anyone point me in the right direction for a reputable loan then? I am a student and have very little income, also my credit rating needs improvement. I have just read that I probably won't ever get my money back and am now scared about what I going to do for money just now. I can't get a loan from the bank and my overdraft is at it's max. I hope that someone will be able to point me in the right direction!!

Sarahx

happyformonths · 28 June 2006 at 9:30AM

Hi Sarah,

I'm sorry - and angry - to hear you've been ripped off in this way. They rely on people being 'desperate' and not reading the T&Cs thoroughly.

I think you'd better try your university/college hardship fund. If there's a student advice centre or the like, they can tell you about it. It's for people like you who are in dire straits - maxed out and with nowhere to turn.

I am a bit worried about the position you're in (I know - not as worried as you!) because you sound in a real fix and still looking for more loans. I'm not saying you're being irresponsible, not at all, just that I know what it's like when you literally have no money and you just feel desperate for a bit of breathing space. That's the time you end up getting ripped off by companies like this and I'm concerned you'll end up taking something really dodgy because you're panicking. Please be careful.

Do you hang out on the Debt-Free Wannabe board at all? If not give it a try - they're extremely helpful and can be very calming!

The only other thing I can advise is to try selling books, clothes, etc - if you're in a big student area some shops might be set up to take your stuff and give you cash (though it won't be much, it might buy you a few tins of beans). Or try a car boot sale.

Hope this is *some* use... just didn't like to see you worrying!

HFM

Warriorsith · 28 June 2006 at 10:11AM

I think you have to put this in the 'Life Experiance's ' catorgary. I've nearly applied for loans via companies like that but noticed the ' we'll look for a loan for you but won't gaurentee it as we dont pay you another company might' at the base of the letter in the most smallest of writing.
Basically their sat at a computor searching the net for loan websites and then place your information on that site and charge you £50 for it. You could do the same for free of charge!!

Sorry you had to learn it the hard way and £50 is alot of money when you could have spent it on something better.

iluvdarius2003 · 28 June 2006 at 10:35AM

I've tried the hardship fund but I am not eligble for it because my parents earn too much! I have to go with them for SAAS as I am not married, not over 25 and haven't been self sufficient for 3 yrs. So that is out of the question. Even though I have my own house with my partner and all the bills that go with that I was told by the college that I wouldn't be eligble for a penny because they have to go with my Mum and Dad's income, regardless of the fact that I don't really get much from them!!! I'm not going to go for another loan unless it is with a reputable company. I just feel that I have been conned so bad and that they have lied to me. I have a bit of investigating still to do, but I may be able to get them to refund me. I'm going to phone CAB later and see if they can help me. At no time was I told that this was a brokering service, I was informed that they were a loan company. But anyway I have borrowed all I can from my Mum so I'm just going to have to ride it out just now. I have a 2 yr old so that's why I am so angry about losing that money! I'm going to try and get an ebay account up and running as soon as I have money to pay the fees!!! Thank you for your help with this and I will keep you all posted with the progress!!

Sarahx

iluvdarius2003 · 28 June 2006 at 6:29PM

Just a quick update. Well it seems to be alls well that ends well!!! I managed to get the email of the managing director of the group and he has emailed me back to say that I will be refunded immediately. So I SHOULD get my money back!! I found his email on a complaints website, and he was offering to refund customers who were unsatisfied with his company. I've certainly learnt my lesson with this now and will stick to using my student loan and student overdraft!!! Thank you for all the help with this!!!

Sarahx

iluvdarius2003 · 1 July 2006 at 1:33PM

Just to wrap up the whole saga, this morning I received a cheque with a refund, minus the £5 that they are legally allowed to keep. So that is it finished and I will never be that stupid again! Incidentaly I got a credit card application through that was "pre-approved" with a credit limit of £2000, but surprise surprise they wanted an admin fee of £49.95! Oh well!!!

Sarahx

janinestevens · 10 October 2006 at 8:40PM

Hi, I've just been reading your posts wondering if you could send me the email address that you complained to I have sent loads of letters and keep being fobbed off.

Thanks
Janine

Need some help with a problem company

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