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  • FIRST POST
    • Kezzah
    • By Kezzah 8th Nov 17, 12:29 PM
    • 1Posts
    • 0Thanks
    Kezzah
    Loqbox
    • #1
    • 8th Nov 17, 12:29 PM
    Loqbox 8th Nov 17 at 12:29 PM
    Does anyone have any knowledge of this credit builder. Saw a post on Facebook, you commit to save so much with them and at the end of 12 months, you have a patently improved your credit rating and double get your money back? Just want to see if anyone has had any use of this before I commit to it. Nd is it any good?
Page 1
    • zx81
    • By zx81 8th Nov 17, 12:32 PM
    • 14,397 Posts
    • 15,194 Thanks
    zx81
    • #2
    • 8th Nov 17, 12:32 PM
    • #2
    • 8th Nov 17, 12:32 PM
    Never buy anything you see on Facebook.

    Have you tried getting a regular credit card, albeit perhaps a sub prime one?
    • Smevchenko
    • By Smevchenko 8th Nov 17, 12:39 PM
    • 24 Posts
    • 8 Thanks
    Smevchenko
    • #3
    • 8th Nov 17, 12:39 PM
    • #3
    • 8th Nov 17, 12:39 PM
    Are you trying to say you will get double the amount of money you put in back?

    Check their website, there is no mention of that anywhere. It isn't a quick money making scheme.
    • Candyapple
    • By Candyapple 8th Nov 17, 1:01 PM
    • 2,495 Posts
    • 1,863 Thanks
    Candyapple
    • #4
    • 8th Nov 17, 1:01 PM
    • #4
    • 8th Nov 17, 1:01 PM
    Does anyone have any knowledge of this credit builder. Saw a post on Facebook, you commit to save so much with them and at the end of 12 months, you have a patently improved your credit rating and double get your money back? Just want to see if anyone has had any use of this before I commit to it. Nd is it any good?
    Originally posted by Kezzah

    LOL I think you must be dreamimg. No wonder so many people fall for such scams if they truly think you can get double your money back for doing nothing, for free. How do you think the company is making money from you??

    Why don't you read the FAQ on the company's website and eduate yourself.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • StopIt
    • By StopIt 9th Nov 17, 8:35 AM
    • 1,449 Posts
    • 1,239 Thanks
    StopIt
    • #5
    • 9th Nov 17, 8:35 AM
    • #5
    • 9th Nov 17, 8:35 AM
    First post, spurious advertising for a company offering weird financial services, along with wild claims?


    Surely this is blatant Astroturfing.


    Reported as such.
    • DCFC79
    • By DCFC79 9th Nov 17, 8:42 AM
    • 30,421 Posts
    • 19,230 Thanks
    DCFC79
    • #6
    • 9th Nov 17, 8:42 AM
    • #6
    • 9th Nov 17, 8:42 AM
    Never buy anything you see on Facebook.

    Have you tried getting a regular credit card, albeit perhaps a sub prime one?
    Originally posted by zx81
    Or just dont go near Facebook full stop.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Shakin Steve
    • By Shakin Steve 9th Nov 17, 1:16 PM
    • 1,138 Posts
    • 847 Thanks
    Shakin Steve
    • #7
    • 9th Nov 17, 1:16 PM
    • #7
    • 9th Nov 17, 1:16 PM
    Even ignoring the patently untrue statement about getting double your money back, how, exactly, do they manage to improve your credit rating?
    Load of old tosh.
    I came into this world with nothing and I've got most of it left.
    • MothballsWallet
    • By MothballsWallet 10th Nov 17, 7:53 PM
    • 11,575 Posts
    • 15,169 Thanks
    MothballsWallet
    • #8
    • 10th Nov 17, 7:53 PM
    • #8
    • 10th Nov 17, 7:53 PM
    I agree with zx81 - Facebook will sell ad space to anyone, no matter what they are selling: I think you could buy space to advertise cyanide pills on Facebook and they probably wouldn't care as long as your money was good.
    Married to an immigrant.
    I live in the UK City of Culture 2021
    Always ask yourself one question: What would Gibbs do?
    • Somerset La La La
    • By Somerset La La La 11th Nov 17, 10:23 AM
    • 446 Posts
    • 139 Thanks
    Somerset La La La
    • #9
    • 11th Nov 17, 10:23 AM
    • #9
    • 11th Nov 17, 10:23 AM
    You don't get double your money back, you get your money back* (can I attach multiple * to that...)

    It is legit, I've seen it plastered over Facebook but also another site (ClearScore I think)

    Companies are ICO & FCA regulated. I was tempted to do it, but I've got a car loan, and credit building cards, so not really worth it. For somebody with severe credit file issues, that can't get any cards, it may well be worthwhile

    From my understanding:

    You agree to 12 x £??? payments (£25 to £250). A loan company 'loans' you the total amount (e.g. if you agree to £100 per month, they'll loan you £1,200) at 0% for the year and setup a hire purchase or similar for a 'voucher' valued at £1,200. You repay the loan at £100 per month for you Loqbox 'voucher'.

    At the end of the 12 months, you turn your voucher into cash, and get the £1,200 back.

    You can do this earlier, e.g. at 6 months you can redeem your 'voucher' and you'd get the £600 back you'd paid in, the other £600 goes to the finance company who settle your account.

    Does all seem legit, I've got the contracts etc but not executed them - I suppose the only issue is whether you trust the company to still be operating in 12 months time to return your funds to you. If they aren't operating, are they covered by the FSCS.

    *you do have to jump through some hoops*

    Benefits
    Will improve your credit file, if it's severely trashed, as it reports as 12 x monthly repayments to a £xxx loan, successfully completed

    Negatives/Potential Issues
    Miss a payment and your file is screwed (they're obliged to report the payments)

    You get no interest on your savings/loan repayments etc - so are forgoing £X in interest. If you could get a 5% regular saver instead you'd have approx £78. So that's 1 'issue'

    You HAVE to apply for one of their "partner products" to get your money back. This includes ISAs, bank accounts etc. I've asked them how many apps you need to make, since excessive searches will undo the good work - they say just 1 (although I couldn't see this written into the contract). If you are declined, your money will then (allegedly) be sent free of charge.

    If you don't want to apply for a partner product, they will charge you (£30 IIRC).

    Obviously they get commission from sales of the partner products. I've asked them for a list, but they won't give it to me as it's ever changing. APPARENTLY basic bank accounts are included, but unless that's in writing I wouldn't trust it.


    So it short, say you are doing the £250 a month option, you're losing access to £75 in interest, giving them commission if you're accepted (and forgoing any cashback or offers you may be able to get from QuidCo etc) and paying them £30 extra for the privilege if they deem you haven't properly applied for a product.

    So I'd say it is possibly legit in as far as you won't lose money/it's not an outright scam (lender are legit, haven't checked on the actual savings side, as I'm not taking them up on their 'offer').

    It's certainly questionable in terms of benefit (to the majority of users) and questionable terms/conditions/hoops to get through to get your money back.

    Assuming the money is protected, it's massively better than "cashplus with credit builder", but I'd say it's true usefulness is extremely limited (just as the Cashplus card with a loan via APS is useless for most people)
    Last edited by Somerset La La La; 11-11-2017 at 10:26 AM.
    Ex-Bankrupt, Discharged 09/2015
    Capital One - Jul 2016, £3,750 Never ending 0%....
    Aqua Reward (0.5% Cashback) - Nov 2016 - £1,950
    Vanquis Chrome 24.7% - July 2017, £1,000
    Car Loan - Sept 2017 - £15k outstanding, early settlement = £10k....
    Rebuild for Mortgage (10/2018)
    • NO1SCOTSMAN
    • By NO1SCOTSMAN 23rd Nov 17, 7:58 AM
    • 9 Posts
    • 0 Thanks
    NO1SCOTSMAN
    Some unfair comments
    What seems to be missed by the masses who have commented on this thread is the fact that the company 'nooli' is behind this service, who are 'nooli'? the company behind the other credit building service known as 'credit improver' and what is 'credit improver'? an official MSE recommended service...... were to verify MSE endorsement? read there guide 'credit cards for bad credit' under the section they highlight as 'BEST BUY' youll find them recommending 'credit improver' so the doom sayers slating facebook, have managed to miss the fact that MSE clearly believes in this company enough to label them as a 'best buy'.......
    Last edited by NO1SCOTSMAN; 23-11-2017 at 8:09 AM.
    • Somerset La La La
    • By Somerset La La La 25th Nov 17, 8:56 AM
    • 446 Posts
    • 139 Thanks
    Somerset La La La
    MSE labelling the likes of 'credit improver' a best buy is a disgrace, in my opinion.

    We'll see how long this post lasts....

    I've complained to them before that if somebody's file is so trashed they can't get a Capital One Secured Card, or a low limit Aqua Start, or a Vanquis Card, they are essentially 'beyond help' - that sounds very harsh, but the point is true - they have ongoing credit file issues, that need to be resolved BEFORE they look at improving - whether it's via this, Capital One or anyone else.

    Throwing money at credit improver will NOT improve their situation. Just because this is a 'free' (subject to jumping through hoops, and ignoring lack of interest benefit) version of that/a very similar scheme, doesn't make it good!
    Ex-Bankrupt, Discharged 09/2015
    Capital One - Jul 2016, £3,750 Never ending 0%....
    Aqua Reward (0.5% Cashback) - Nov 2016 - £1,950
    Vanquis Chrome 24.7% - July 2017, £1,000
    Car Loan - Sept 2017 - £15k outstanding, early settlement = £10k....
    Rebuild for Mortgage (10/2018)
    • NO1SCOTSMAN
    • By NO1SCOTSMAN 7th Dec 17, 12:34 PM
    • 9 Posts
    • 0 Thanks
    NO1SCOTSMAN
    Surpised no one replied to this, original comments were from people with 1000s of posts who clearly felt 'they knew there stuff' but the slating done to this company due to 'facebook advert concerns was it?' has completley went silent with no thanks, comments or nothing apart from the 'ONE person who took the the time to write the longest reply' so whats up ladies and gents, did the truth hurt? and the 600 views since my last comment meant ehh emm 'no comment'? not to worry though. lets all slate an MSE approved company (who have obvioulsly passed there 'due diligence checks' whos website your on at the moment, sorted!!!) and well done.
    Last edited by NO1SCOTSMAN; 07-12-2017 at 1:01 PM.
    • Shakin Steve
    • By Shakin Steve 7th Dec 17, 1:09 PM
    • 1,138 Posts
    • 847 Thanks
    Shakin Steve
    Surpised no one replied to this, original comments were from people with 1000s of posts who clearly felt 'they knew there stuff' but the slating done to this company due to 'facebook advert concerns was it?' has completley went silent with no thanks, comments or nothing apart from the 'ONE person who took the the time to write the longest reply' so whats up ladies and gents, did the truth hurt? and the 600 views since my last comment meant ehh emm 'no comment'? not to worry though. lets all slate an MSE approved company (who have obvioulsly passed there 'due diligence checks' whos website your on at the moment, sorted!!!) and well done.
    Originally posted by NO1SCOTSMAN
    Do you work for this company, or have you just got some sort of axe to grind?
    I came into this world with nothing and I've got most of it left.
    • badmemory
    • By badmemory 7th Dec 17, 3:35 PM
    • 1,062 Posts
    • 1,126 Thanks
    badmemory
    Surely when someone has already completely destroyed their ability to get credit the very last thing they should be doing is trying to gain access to more credit!

    A lot of us read an awful lot of threads. We see that the people we believe know their stuff have already answered, as they have here, and decide okay lets move on, why keep posting yes we agree with them not the OP?
    Last edited by badmemory; 07-12-2017 at 3:38 PM.
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