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  • FIRST POST
    errleinis28
    City Financial Loan Brokers....SCAM or NOT ?
    • #1
    • 2nd Jun 11, 9:07 PM
    City Financial Loan Brokers....SCAM or NOT ? 2nd Jun 11 at 9:07 PM
    Official MSE Insert:

    If you've arrived from Google, see our Payday Loans guide to check if you really need one. It's also worth reading our Debt Help guide.

    Back to the original post...

    Is this company a scam or am I just paranoid, I paid 65 to them today and was told I was to receive 5000 by between Tuesday and Thursday next week. I questioned Jonathan who was my advisor about the loan and he told me I'd definitely got it, the APR is 15% and the repayments are 118 a month over 5 years.
    My problem is I have now been sent the T&C which state they're a loan brokers and not a loan company (which I was led to believe). Now I'm worried am I even going to get my money, has anyone else had any problems with this company or on a brighter note actually had a loan payment like promised ???
    Last edited by MSE Zorica; 16-01-2014 at 3:35 PM.
Page 11
  • creepingdeathtopaydaylend
    hey all! new to forums, have found the advice so useful and accessible felt i just had to get involved.
    i am a postgrad international finance student and am grateful that if i've learnt anything over the years its how to avoid some of the sneakier pitfalls when it comes to paydaylenders/loans from 'companies' such as city financial...which at my last count also trades publicly under 8 or more other names.
    feeling the pinch a little this year when between jobs i applied to a reputable lender and failed a credit check element on an unfortunate but now rectified technicality. similar experience to many other posters i started receiving wave after wave of cold-calls, text messages, emails and so forth despite my closely guarded privacy. one such notable call was from city who promptly offered me a 'guaranteed' loan of 1000 with 'guaranteed' no up front charges... my curiosity was piqued and when i was informed that my total repayment after the principal would be approx 100 for a loan of 1000 for a year alarm bells started to ring....
    i'm mischievous by nature and decided to play along without committing myself. for personal legal reasons i maintain a phone which automatically records conversations at the touch of a button and also very helpfully delivers the required notification of recording in a very hushed robotic tone which is almost imperceptible and often ignored.....
    with that in place i started having some fun with the callers based in a centre in india. when they started experiencing difficulties with some of my more probing questions i was connected to a 'senior ??? position not given' manager of some description who was clearly south african and not merely in a different office but different country...(this was confirmed later after research). again i was 'guaranteed' several times and personal information was requested.. at this point i was so curious and invested i was happy to provide card details/info for an account which i promptly closed... after 2 days of processing i received a call informing me that my loan had been approved and was ready to pay......BUT that a 'DEPOSIT?' of 39.50 was required to establish that my account was healthy....
    i was asked how much money i tended to keep in my accounts, and at what times of the month my account was most 'healthy'...clearly professional terms..
    at this point i stated very clearly (into my phone which was recording) that under no circumstances were they authorised to deduct any funds whatsoever without my written consent. i explained to another south african manager that at this point i would be happy to go ahead as soon as i had received the T&C's etc to read through first...a simple email....which was sent to me 3 times in 3 days apparently and i am still yet to recieve....at this point they became increasingly frustrated at my insistence on seeing the terms, a straightforward and simple request, and the language deteriorated rapidly..after a few days i received pressure calls to agree the 'safety deposit' payments at which point i informed them of my intention to report them and submit the evidence i had collected. needless to say i have not heard from them since...
    my sympathies to those of you who have been duped but the old rules are still the best...if it sounds too good to be true...it probably isnt!....dont ever sign on the dotted line without reading the fine print....reputable ethical lenders do not charge fees in this way, they are transparent in their fee structure...and in general if someone on the phone seems incredibly relaxed and upbeat about giving you credit then somethings fishy....i've yet to meet a good banker (and i know plenty) that is ever blasse about lending money....
  • creepingdeathtopaydaylend
    in reply to John Adams suggestion of baseball bats....

    I dont know if you caught this on the news a few months ago but a residential homeowner was growing increasingly frustrated with unsolicited phone calls requesting pricy call backs and the increased charges for calls levied by customer services departments of large businesses.....so in a stroke of genius he applied and was successful in obtaining right to install a similiar phone with an exceptionally high call rate normally reserved for 'premium' businessess and registered commercial businesses. now every time the phone rings at home (which he is happy to now leave on a high setting)....all he can hear are the pound coins trickling into his account!! .....pure genius

  • Apples2
    at this point i was so curious and invested i was happy to provide card details/info for an account which i promptly closed...
    Originally posted by creepingdeathtopaydaylend
    You gave them genuine account details and then closed the account??

    That's simply madness, they would have requested that money about a nano second after hearing the final digit. Have you checked that account to see if it is definitely closed (and doesn't have an overdrawn amount)?
  • Iceshoot
    This is a BIG scam I was told before Christmas if I paid the 65 one of payment then I was told I had been approved a loan and gaurenteed that the loan would be in my bank within 3 working days to now nothing and since been told they don't gaurenteed loans. Would not of paid the money if it was gaurenteed and I was desperate for christmas
  • carole t
    Never use these people.... my partner was looking for a loan and came across this company seemed ok on the phone accepted we had bad credit and said we had a loan . My partner said is the loan definitely with your company not a second party they replied loan is with city financial. My partnet paid the 80.00 but the money was not to be taken out off our account till paper work was emailed and signed. I had a bad feeling so checked feed back on line and it was a scam so we didn't sign paer work but realisrd they had already took 80.00 out our account so my partner called them said we had the right to our money back as we not yet signed anything and they said nothing just put phone down and my partner he called them back and a lady !! Answered my partner explained again that he wanted his money back and he was going to involve our solicitor and she told him "TO GO AHEAD AND THEN F*** OFF" !! .
  • gb12345
    So, Iceshoot and carol t - I assume that as you've now found this thread and read all 11 pages of it you'll know what to do to get your money back.

    Don't forget to come back and tell us how it works out for you as it might give other "victims" some hope.
  • Stupid Question
    Never use these people.... my partner was looking for a loan and came across this company seemed ok on the phone accepted we had bad credit and said we had a loan . My partner said is the loan definitely with your company not a second party they replied loan is with city financial. My partnet paid the 80.00 but the money was not to be taken out off our account till paper work was emailed and signed. I had a bad feeling so checked feed back on line and it was a scam so we didn't sign paer work but realisrd they had already took 80.00 out our account so my partner called them said we had the right to our money back as we not yet signed anything and they said nothing just put phone down and my partner he called them back and a lady !! Answered my partner explained again that he wanted his money back and he was going to involve our solicitor and she told him "TO GO AHEAD AND THEN F*** OFF" !! .
    Originally posted by carole t
    Why didn't you consult your solicitor before paying this company money?
    My username refers to my enthusiasm for 'asking the stupid question' I don't think you're stupid!
  • Ste42
    I agree but how does anyone find a lender when you are desperate?
    Originally posted by seaeaacr
    I have read all these quotes and I agree it's been nearly 3 months since applying for. A loan after taking my money they said you been approved money in bank by end of the week I even took shorter terms to pay it over I received no phone call no money transfer of 2500, I rang and rang answer machine all the time when they do answer they are rude and read from a script you can speak to a manager they just say all we are is customer services, then I got answer the lender has changed their mind well ok can I have my money back no read terms and conditions you get your money back if we can't help you now we require your credit report for our credit repair team to look at it then try find another lender another two week for exofax send it to me then I sent it on it's been another 3 weeks still waiting a phone call I rang them all they say is I'll pass a message onto the credit repair team wait for a phone call I could have walked to Stockport and got my money back I told them I'm going report them for fraud they basically said do what you want it's caused me as a disabled person so much stress the money I was going to borrow was to de stress and pay some bills off if these are defo cons then we all need to stand and get our money back because I'm not letting them get away with it
  • Apples2
    I have read all these quotes and I agree it's been nearly 3 months since applying for. A loan after taking my money they said you been approved money in bank by end of the week I even took shorter terms to pay it over I received no phone call no money transfer of 2500, I rang and rang answer machine all the time when they do answer they are rude and read from a script you can speak to a manager they just say all we are is customer services, then I got answer the lender has changed their mind well ok can I have my money back no read terms and conditions you get your money back if we can't help you now we require your credit report for our credit repair team to look at it then try find another lender another two week for exofax send it to me then I sent it on it's been another 3 weeks still waiting a phone call I rang them all they say is I'll pass a message onto the credit repair team wait for a phone call I could have walked to Stockport and got my money back I told them I'm going report them for fraud they basically said do what you want it's caused me as a disabled person so much stress the money I was going to borrow was to de stress and pay some bills off if these are defo cons then we all need to stand and get our money back because I'm not letting them get away with it
    Originally posted by Ste42
    Aaaaand breathe.....

    Has it really taken you three months but you still haven't realised there is no loan for you, nor will there ever be?

    read the thread and request your refund in accordance with the terms, which does not involve a phonecall or an email
  • HS1973
    Hello
    I registered with City Financial UK and paid 79 cost for them to arrange a loan company ( this was actually taken from my account before I signed the agreement). When I did not hear from them, I contacted them and was told I was now at the top of the queue.
    I was then either put straight through to or contacted back from a company calling themselves GEO Finance (sorry can't remember how I was contacted). They knew my details & the amount I wanted to borrow.
    I spoke to a few different people who all gave themselves a Western name, although they sounded Indian. I very unwisely confirmed my personal details including bank details.

    My initial loan application was for 15,000. I was then told that the amount would have to increase to 18,000 & then 20,000 and the difference in money between the 15,000 loan would be reimbursed into my account after the loan went into my account.
    I very unwisely made a number of dubious methods of payments via UKASH, into bank accounts & from my own bank account & via money transfer facility at the post office to somebody in India. I was even contacted by somebody claiming to be from HMRC tax department to pay tax on the amounts, when I queried the number, they then re phoned me & the number which came up was for HMRC charity Assets & Residents helpline. I called this number back and was answered with an automated message from HMRC.

    I neither received the loan or was reimbursed with the money I had paid out to firstly City Financial UK & GEO Finance.

    I wish I had read the posts regarding City Financial UK and particularly one from a lady who also had registered with them and was then contacted by an Indian Company. When the lady then contacted City Financial UK, they said their company had been scammed by Indian companies and all companies they deal with are English.
    Not sure if this is true or not or if they are working along with City Financial UK to make them appear to be a more reputable company.
    Reading other people's posts though, they had not been contacted by a loan company at all after registering with City Financial UK.

    I most certainly would never get involved with City Financial UK again and particularly any body claiming to be from a company called GEO Finance (appear to be falsely using another company name).

    Please, please be very wary of any company which is offering loans with no problems/credit checks/instant cash etc as it probably is too good to be true, particularly if they have contacted you without you applying.

    Please never get involved with a company which demands money upfront or either already knows your personal details or asks you to confirm them over the phone i.e. name, bank details, address etc.

    Always research any company and only deal with reputable ones.

    Thanks.
  • appleblossum
    The aggressive responses to peoples "stupidity" on here astounds me.
    1) NOT all people saying scam have no intention of paying money back
    2) Rolling out the same "You know what to do" doesn't help because it clearly isnt working or people who got their money back would likely be flooding the thread with comments about how successfull it was.

    All I will add is that at least everyone on here seems to have been told in advance they will pay a fee. Im reading this after just being a "victim" of the Finance Facility who dont actually tell you they are going to charge you a fee, other than a 50p charge to validate your debit card but thats another story....
    When you know you have a bad credit rating:
    1) When your bank wont even let you go 10 o/d
    2) When you cant even get a payday loan
    3) Your local restaurant asks for payment up-front before serving you lunch
  • Violated Pauper
    Just a word of warning that the much maligned company "City Financial Ltd" of Stockport has popped up with a new trading style "neptuneloans". They have very kindly relieved my wife of 75 today.

    Alarm bells started to ring when I got home and saw their website, which is incredibly poorly worded, and is a cheap Wordpress template. As soon as I realised what had happened, we tried to call, but lo and behold there is no answer on the customer service number, and our account is "locked" by the shysters that process the "application".

    We will, of course, send a recorded letter requesting that they do not act for us in any way and requesting a full refund. I note that they now have an FCA Interim Permission (Number 0658579) to offer consumer credit. I have already discussed the matter with the FCA Consumer Helpline, and they have suggested that City/Neptune may be in breach of the Financial Services (Distance Selling) Regulations 2004, specifically with regard to refunds. I would therefore urge all that have fallen victim to this to contact the FCA Consumer Helpline.
  • s-smith58
    hi is this really a scam?
  • ConsumerWizkid
    hi is this really a scam?
    Originally posted by s-smith58
    I would suggest it's not a great way to get a loan at very least.
  • Yorky2019
    We have also been taken for 75 we are at a loss I don't have enough money to lose this there must be something someone can do?
    I asked for 2000 pounds and the said we have a lender, when we call we can't get through any advise would be greatly appreciated I am sending a letter to them tomorrow to asked to cancel and refund me my money, they told me that the money would be in my account by Friday (this was about 3 weeks ago,which was ok but now I haven't had enough money in my account so I will be getting lots of charges this company has a lot to answer for. I haven't paid my little boys swimming lessons so he has now lost his place there they help him with his poorly joints. It's all such a mess.
  • Johnw56
    If you have lost money through the following company:

    City Financial UK
    Unit 5, Milton Court
    Horsfield Way
    Bredbury Park Industrial Estate
    Bredbury
    Stockport
    SK6 2TD.
    Tel: 0161 4065914 or 0161 4065910

    Please contact: Action Fraud Greater Manchester Police on 0300 123 2040 they will help you.
  • fermi
    New rules will protect consumers from harmful fee-charging credit broking practices, says FCA
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards, Loans, and Benefits 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. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com | > New to Forum? Click for Guide <

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • jd260184
    I can't believe some of the sarcastic comments on here. Some people should get off their high horse. Obviously people come to this site and others like it for help and advice, not to be belittled by someone.

    I for one was scammed by this so called company around 2 years ago. Yes my credit rating was poor, not by any fault of my own. You can have a bad credit rating just by not having had any credit before, so don't tar everyone with the same brush.

    I received a call from City Financial regarding an on-line application that I did. Yes they were very convincing. When you have been turned down by numerous other loan companies and banks its very easy to lose your common sense when someone at the other of the phone finally says 'yes you have a loan, its guaranteed'. At no point in the conversation on the phone did they explain that they were a credit broker. The 75 was for 'admin fees', which clearly I should have thought something was fishy but like I said previously, its easy to lose common sense when someone dangles a carrot in front of you. Anyway, it was only when I read through their T&C's that the penny dropped. I phoned them up relentlessly and finally got through to someone who was very rude and said that I wasn't entitled to my money back. I sent a letter (recorded deliver) explaining that I was never told they were a brokerage company and wanted a refund of my brokerage fee. I did get a cheque through the post around a week later, less the 5 admin fee.

    Word of advice don't phone them. Its a waste of your time and money and will only fuel their tea time chit chat at your expense. Send a recorded letter with the date on, keep a copy for yourself, if you hear nothing back from them then get in touch with the financial ombudsman, these are very helpful and will take over everything for you.

    Wish everyone all the luck in getting their money back from these scum bags. I still can't believe that its happening even now after two years or so ago when I was duped.**
    the owner of the company. I checked on the consumer credit register. did a quick Google search of him and he's had a few businesses which have either gone bust or shut down, just type in jonathan smith city financial and look at a website called company check. This is his alleged email address, which I'm sure some of you would like to leave him a little message?
    Last edited by MSE ForumTeam1; 14-05-2015 at 1:54 PM.
  • Pixie5740
    I can't believe you've dragged up this old thread. The mods should close it.

    For future information, there's not such thing as a universal credit rating.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
  • jd260184
    For your information, I dragged up this old thread as I know it is still happening
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