Main site > MoneySavingExpert.com Forums > Essential Money > Loans > City Financial Loan Brokers....SCAM or NOT ? (Page 11)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
City Financial Loan Brokers....SCAM or NOT ?
Reply
Views: 111,060
Thread Tools Search this Thread Display Modes
# 201
creepingdeathtopaydaylend
Old 12-12-2013, 2:27 PM
MoneySaving Newbie
 
Join Date: Dec 2013
Posts: 3
Thanked 0 Times in 0 Posts
Default

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 is offline
Reply With Quote Report Post
# 202
creepingdeathtopaydaylend
Old 12-12-2013, 2:46 PM
MoneySaving Newbie
 
Join Date: Dec 2013
Posts: 3
Thanked 0 Times in 0 Posts
Default allternative to violence??

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

creepingdeathtopaydaylend is offline
Reply With Quote Report Post
# 203
Apples2
Old 12-12-2013, 5:05 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2009
Posts: 5,744
Thanked 8,938 Times in 3,682 Posts
Default

Quote:
Originally Posted by creepingdeathtopaydaylend View Post
at this point i was so curious and invested i was happy to provide card details/info for an account which i promptly closed...
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)?
Collecting infractions since 2009
Apples2 is offline
Reply With Quote Report Post
# 204
Iceshoot
Old 09-01-2014, 11:41 AM
MoneySaving Newbie
 
Join Date: Jan 2014
Posts: 1
Thanked 0 Times in 0 Posts
Default

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
Iceshoot is offline
Reply With Quote Report Post
# 205
carole t
Old 09-01-2014, 2:44 PM
MoneySaving Newbie
 
Join Date: Jan 2014
Posts: 1
Thanked 0 Times in 0 Posts
Default city financial

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" !! .
carole t is offline
Reply With Quote Report Post
# 206
gb12345
Old 09-01-2014, 9:03 PM
PPR
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Oct 2011
Posts: 2,716
Thanked 3,659 Times in 1,878 Posts
Default

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.
gb12345 is offline
Reply With Quote Report Post
The Following User Says Thank You to gb12345 For This Useful Post: Show me >>
# 207
Stupid Question
Old 09-01-2014, 9:21 PM
MoneySaving Convert
 
Join Date: Jan 2013
Posts: 130
Thanked 122 Times in 78 Posts
Default

Quote:
Originally Posted by carole t View Post
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" !! .
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!
Stupid Question is offline
Reply With Quote Report Post
# 208
Ste42
Old 24-03-2014, 1:15 AM
MoneySaving Newbie
 
Join Date: Mar 2014
Posts: 1
Thanked 0 Times in 0 Posts
Thumbs down

Quote:
Originally Posted by seaeaacr View Post
I agree but how does anyone find a lender when you are desperate?
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
Ste42 is offline
Reply With Quote Report Post
# 209
Apples2
Old 24-03-2014, 9:52 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2009
Posts: 5,744
Thanked 8,938 Times in 3,682 Posts
Default

Quote:
Originally Posted by Ste42 View Post
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
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
Collecting infractions since 2009
Apples2 is offline
Reply With Quote Report Post
The Following User Says Thank You to Apples2 For This Useful Post: Show me >>
# 210
HS1973
Old 09-04-2014, 11:03 AM
MoneySaving Newbie
 
Join Date: Apr 2014
Location: Warrington
Posts: 1
Thanked 0 Times in 0 Posts
Default

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.
HS1973 is offline
Reply With Quote Report Post
# 211
appleblossum
Old 15-04-2014, 2:28 AM
MoneySaving Newbie
 
Join Date: Mar 2013
Posts: 9
Thanked 1 Time in 1 Post
Default

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
appleblossum is offline
Reply With Quote Report Post
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 3:44 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 16 April 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • VARIOUS ARTISTSNOW THAT'S WHAT I CALL MUSIC! 87
  • VARIOUS ARTISTSFROZEN (ORIGINAL MOTION PICTURE SOUNDTRACK)
  • VARIOUS ARTISTSULTIMATE CLUB ANTHEMS

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.