Alliance & Leicester old tricks?

I'm sorry she had a bad experience-it can be a scary decision deciding whether to take a loan or not!

In relation to the PPI-if the company sells a loan-you have to offer the customer PPI if it is recommended-it is an FSA regulation as you are offering to protect the customer (but I must stress this is only if the insurance is recommended based on what the cust tekks the adviser) and on the recommendation there are certain 'needs' that need to be highlighted to ensure the loan protection is sold compliantly. I had to sit through it all myself when I took my loan, and being on the other side being a seller as well, it is long winded but again-PPI is not mandatory to take, it is just mandatory to offer if there is an established need. No loan can be sold on the pretence that you will be declined if you dont take it, as this is simply not allowed in the industry and you would most certainly lose your job and the companies can lose their licence!

I had a similar experience this week with "Moneyback Bank"/Alliance and Leicester. I applied for a loan online at 6.8% to reduce the payments on a loan I am currently paying off at 11.9%. Within minutes I had a phone call regarding my Alliance and Leicester enquiry asking me all of my details to confirm I was who I said I was, After a few minutes they stated sorry my application had been denied, however they were the "Unsecured Credit Company" and would be very keen to search a panel of lenders to find the best rate for me, before waffling on saying because I am a tenant I may be better having 2 Loans not one. I said no thanks I would find my own loan and I didn't believe thay would find a loan at the rate I was searching for.
The next day I had a letter off Alliance and Leicester stating they had denied my appplication and forwarded my details to the said company. I believe that are advertising this low rate to attract people, then rejecting so this sister company can sell you a loan at a higher rate.

It was annoying that I spent valuable time talking to this company who I initially believed to be Alliance and Leicester only to find out they were some panel searcher:mad:

PS I applied for a Tesco Loan simultaneously at 6.8%, at the same time as the Alliance and Leicester letter dropped through the door. A Tesco letter arrived stating my application had been accepted :beer:

bargainhound wrote: »

My daughter just had a really poor experience with A & L Moneyback Bank. First of all their online calculator misled her into believing the rate was 6.7% on the amount she wanted to borrow. She was asked to phone to confirm and spent her entire lunch on her mobile while their salesman tried to sell her protection insurance. He interrogated her about her finances, even asking whether she took a packed lunch to work and how many miles from the office she lived. She said she would protect her loan with one of the cheaper online alternatives, so he finally switched to try and sell her life assurance! He was personal and patronising and she felt very uncomfortable with his questionning. Eventually he agreed the loan and the papers duly arrived...at a rate of 11.4%! She declined the offer and they are currently 'investigating'. Just a warning guys!

I recently had a poor experience with Alliance & Leceister loan. Initially, the advisor was very pleasant and I explained that the loan was to assist with my wedding this year. After starting the application process and continuing onto the discussion regarding Payment Protection, life insurance etc the phone call deteriorated rapidly; I found the advisor very confrontational and pushy so much so that I ended the call. To make matters worse they sent me a letter the other day saying they were unable to offer me loan!!! This was after I asked not proceed so I am currently chasing this up.

It has really put me off them and my partner successful appiled for a stress free loan with the Royal Bank of Scotland.

Thanks for the clarification.

If a new MSE user comes onto the forums and says "things are being investigated", it is helpful if the cause of the complaint is clarified, as there were many things mentioned in your first post.

I'm not sure why a salesperson would ask "even asking whether she took a packed lunch to work and how many miles from the office she lived" but if she gets upset by that sort of "personal" question, she needs to grow some thicker skin. I can't see what help those particular questions would be in assessing someone's need for PPI, but other questions relating to PPI will by necessity be personal - for example, asking whether you would be supported by a spouse or partner if you were unable to work.

As I said before, all she needed to do was to say "I have already got all the cover I need elsewhere" and the topic would be closed. It might be more helpful for people to note that advice, than to read that your daughter was uncomfortable with the questions put to her and that "A&L are investigating" (some unknown topic).

As a lender (maybe not in the league of A & L) I can quite understand

As a borrower, you need to prove that you can pay it back

In my company, I will tell you straight 'You aren't borrowing anything from me, unless you can prove you can pay it back'

UNDERSTAND..