Main site > MoneySavingExpert.com Forums > Essential Money > Loans > City Financial Loan Brokers....SCAM or NOT ? (Page 1)

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: 130,941
Thread Tools Search this Thread Display Modes
# 1
errleinis28
Old 02-06-2011, 9:07 PM
MoneySaving Newbie
 
Join Date: May 2008
Posts: 2
Exclamation City Financial Loan Brokers....SCAM or NOT ?

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.
errleinis28 is offline
Reply With Quote Report Post
# 2
Apples2
Old 02-06-2011, 9:18 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2009
Posts: 5,848
Default

You've been scammed.

look into their T&C's and WRITE for a refund cancelling your application.
Collecting infractions since 2009
Apples2 is online now
Reply With Quote Report Post
The Following User Says Thank You to Apples2 For This Useful Post: Show me >>
# 3
errleinis28
Old 02-06-2011, 9:20 PM
MoneySaving Newbie
 
Join Date: May 2008
Posts: 2
Default

Is it better to write or phone as on the T&C the numbers on there, or should I do both???
errleinis28 is offline
Reply With Quote Report Post
# 4
Apples2
Old 02-06-2011, 9:28 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2009
Posts: 5,848
Default

Write, do not try to call. You will simply get a runaround spending hours on hold for no result (and spending a fortune on calls).

Write the cancellation letter, print it off, post it recorded delivery
Collecting infractions since 2009
Apples2 is online now
Reply With Quote Report Post
# 5
KingElvis
Old 03-06-2011, 8:58 AM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2010
Location: On a dusty road.......
Posts: 3,749
Default

Yep, as Hamlet said to Macbeth, you've been stitched up like a a kipper.
"We want the finest wines available to humanity, we want them here, and we want them now!"
KingElvis is offline
Reply With Quote Report Post
# 6
riley1983
Old 03-06-2011, 1:24 PM
MoneySaving Newbie
 
Join Date: Jun 2011
Posts: 1
Default

has anybody had any succes with this company?
riley1983 is offline
Reply With Quote Report Post
# 7
Apples2
Old 03-06-2011, 1:33 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Mar 2009
Posts: 5,848
Default

Quote:
Originally Posted by riley1983 View Post
has anybody had any succes with this company?
Define success.

If success means they process your application and take their broker fees then it's a fair guess the success rate is about 100%.

If you gauge success using different parameters.... what do you really think?
Have you given these guys money in a vain hope they will find you a great loan? if so, you too have been scammed.
Collecting infractions since 2009
Apples2 is online now
Reply With Quote Report Post
The Following User Says Thank You to Apples2 For This Useful Post: Show me >>
# 8
pompeyfaith
Old 03-06-2011, 1:37 PM
MoneySaving Stalwart
 
Join Date: Oct 2008
Posts: 513
Default

Here you go this may help

http://www.oft.gov.uk/news-and-updates/press/2011/62-11
pompeyfaith is offline
Reply With Quote Report Post
# 9
Enfieldian
Old 03-06-2011, 4:05 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Dec 2008
Location: Right behind you!
Posts: 2,672
Default

Did you not think to yourself, "Hang on, I want to BORROW 5,000 not SPEND 65"?
Enfieldian is offline
Reply With Quote Report Post
The Following 2 Users Say Thank You to Enfieldian For This Useful Post: Show me >>
# 10
glenshaky512
Old 23-09-2011, 5:45 PM
MoneySaving Newbie
 
Join Date: Sep 2011
Posts: 1
Default

I have paid this company for introduction of pre-approved loan providers. I sent the T & C's twice and then finally sent them recorded delivery before they admitted to receiving them. Needless to say I have yet to hear from a loan provider despite their assurances. From what I can make out all of these brokers are scams and need to be avoided. I have had the same problem with an outfit known as Wentworth Direct Finance and have now written to them recorded delivery for a refund of the fee I paid and the 0844 phone call I had to make to contact them that took in excess of an hour just to get a person on the line. Having spoken to Consumer Direct they are in breach of section 155 of the consumer credit act. We shall see.
glenshaky512 is offline
Reply With Quote Report Post
The Following User Says Thank You to glenshaky512 For This Useful Post: Show me >>
# 11
backinbusiness
Old 23-09-2011, 5:52 PM
MoneySaving Stalwart
 
Join Date: Oct 2010
Posts: 708
Default

Sorry OP, but just have a wee trawl round the net before you pay out ANYTHING up front!

Good luck tho'
DF

Last edited by backinbusiness; 23-09-2011 at 5:53 PM. Reason: misread post
backinbusiness is offline
Reply With Quote Report Post
# 12
KSocks
Old 20-10-2011, 3:08 PM
MoneySaving Convert
 
Join Date: Jun 2011
Posts: 39
Default

Well, a few days back I gave 65 to these guys, quickly realised what I had done. They called me today asked me if I had had any luck with any loan. I said: Mate, you've scammed me out of my money, I want a refund. I will be sending you guys a letter demanding my money back.

Immediately the sales guy said: (And please excuse the bad language)

"F*** you, you b******. I will f*** your sister...."

I really should go no further as it got quite sick really. They are scam artists and will do what they can to keep your money.

Also, can I call the police after what they've said to me? I feel like I have been robbed and now abused.
KSocks is offline
Reply With Quote Report Post
# 13
Peelerfart
Old 20-10-2011, 3:16 PM
Serious MoneySaving Fan
 
Join Date: Oct 2007
Location: Gog Country
Posts: 1,782
Default

Did no-one think of just googling these guys before giving them 65? c'mon people.

I'm not trying to be smug in anyway but it isn't difficult
Space available for rent
Peelerfart is offline
Reply With Quote Report Post
The Following 4 Users Say Thank You to Peelerfart For This Useful Post: Show me >>
# 14
meer53
Old 20-10-2011, 4:04 PM
Fantastically Fervent MoneySaving Super Fan
 
Join Date: Feb 2010
Posts: 6,638
Default

What i find hard to understand, is why you would need to pay money for someone to find you a loan ? Does it not ring any alarm bells at all when someone says "give me 65 and i'll TRY to find you a loan " ? It's like me standing in the queue at the bus stop and asking the bloke in front "what time is the next bus" and him saying "Give me 65 and i'll have a look at the timetable for you" ! You just wouldn't, would you ?
meer53 is offline
Reply With Quote Report Post
# 15
SnowTiger
Old 20-10-2011, 4:16 PM
Serious MoneySaving Fan
 
Join Date: Jun 2010
Posts: 1,634
Default

Quote:
Originally Posted by KSocks View Post
Immediately the sales guy said: (And please excuse the bad language)

"F*** you, you b******. I will f*** your sister...."
He'd probably charge you 65 for that too.

I'm surprised he called back after scamming 65 out of you. Perhaps the purpose of the call was to persuade you to part with more of your cash. After all, there's a payment release fee, bank transfer fee, etc...
SnowTiger is online now
Reply With Quote Report Post
The Following User Says Thank You to SnowTiger For This Useful Post: Show me >>
# 16
apoorprincess
Old 28-11-2011, 3:39 PM
MoneySaving Newbie
 
Join Date: Nov 2011
Posts: 1
Exclamation City Financial - OH DEAR!

Hello everyone..

Long post but Im sure it'll help!
I have began an investigation into City Financial - and am in the process of starting a formal investigation into them alongside my bank (HSBC).
I have a limited period to do so as I am keen not to breach their T&C's (of which the sent 2 of; one to my home address another to my email address).

I telephoned their customer care team - to no avail, then decided to let them know of my intensions of taking legal action against them.
They then answered the phone the following time - a cow of a lady answered the telephone and said I was not entitled my money back.. Although in their T&C's.. within 14 days I AM!!
Now, I have a legal background and have spent a good few hours reading through the T&C's alongside Anglo law.

These people operate under many names and through two telephone numbers and also an email address.
The Email address: INVALID
one of two numbers only gets answered VERY occasionally.
and the worst part of all SO FAR - their address is not only not their address but after much research and tracking is a medical company.

These people are horrific people who stop at nothing for money!
I shall be keeping everyone up to date on my investigation and if I find a way of getting money back shall be giving everyone the key to their money!

Please a warning to anyone who's in real desperation, go to your local council/financial charity/CAB for help.
There is help out there, dont give in to the temptation of the internet..
"If it seems too good to be true, it probably is!"

Poor Princess x x
apoorprincess is offline
Reply With Quote Report Post
# 17
LovelyLeeds
Old 28-11-2011, 10:12 PM
MoneySaving Stalwart
 
Join Date: Mar 2008
Posts: 537
Default

Quote:
Originally Posted by apoorprincess View Post
I have began an investigation into City Financial - and am in the process of starting a formal investigation into them alongside my bank (HSBC).
I wish MSE had a 'read this first' link on every scam site on the internet. You are not unique, your 'formal investigation' will not elicit anything else but a refund of the initial 'sign on' fee which you actually agreed to in the first place!
LovelyLeeds is offline
Reply With Quote Report Post
The Following User Says Thank You to LovelyLeeds For This Useful Post: Show me >>
# 18
LovelyLeeds
Old 28-11-2011, 10:14 PM
MoneySaving Stalwart
 
Join Date: Mar 2008
Posts: 537
Default

Quote:
Originally Posted by KSocks View Post

Also, can I call the police after what they've said to me? I feel like I have been robbed and now abused.
If you want to be a victim of their coffee break chat then go ahead. Seriously quit with the robbed and abused nonsense and just move on.
LovelyLeeds is offline
Reply With Quote Report Post
The Following User Says Thank You to LovelyLeeds For This Useful Post: Show me >>
# 19
lalslols
Old 30-11-2011, 6:06 PM
MoneySaving Newbie
 
Join Date: Nov 2011
Posts: 1
Default

I stupidly paid City Financial Loans 65 6 weeks ago. The woman on the phone
said it was definitely a real loan, I asked are you a broker, she said no. I said is this a scam,
she said that they were a reputable company "otherwise we would have been shut down by now". She warned me
that they've been hacked by some scammers from an Indian company who
phone to say they have your loan and ask for your bank details. She said
if anyone Indian phoned me I must not give out my details. For the next few days
I was bombarded with calls from Indian call centres all saying they were phoning about my loan. They quoted my
City Financial reference number with one digit wrong but had my name and knew the amount I wanted to borrow.
They wanted my bank details to set up the payment of the loan but when I refused, saying I'm not
giving out my info over the phone and asked them to post me a loan agreement. They got defensive then, "oh, do
you don't want the loan then?" and hanging up. I rang City Financial and they said I'd done the right thing
and not to speak to any Indian loan companies who phoned me as its a scam. The next day when another Indian
call centre phoned me I told them this and got accused of being a racist! I rang City Financial again and they said "all the companies we deal with are English so that's how you'll know they're genuine. If the scammers ring again tell them
your phone calls are being recorded by the police". So when the next call from an Indian call centre came I told them the police were involved. They hung up and that's the last I heard from any Indian loan companies.

However, those Indian companies are the only people who have contacted me regarding the City Financial Loan I was supposedly
getting. I haven't had any genuine loan companies contacting me, even though City Financial
told me that my loan was approved and I'd be contacted within 5 days. That was 6 weeks ago.
I don't know if the Indian scam is part of City Financial or not. Perhaps they set it up deliberately to
make City Financial appear reputable in comparison?
I've been unable to get hold of City Financial to ask them when my loan is coming through. Phoning them
I just get a recorded message saying someone will phone back but they never do.
On their terms and conditions it says if they can't provide a loan within three months, clients can claim
a refund of their original fee. So once it gets to 3 months I'm going to do that and I'll send copies of my letter
to the Financial Ombudsman and every other official organisation I can think of.

The City Financial staff blatantly lie on the phone - it's obviously how they are trained. I don't
know how they sleep at night doing that job, they must know that their employers are
liars.
DON'T FALL FOR IT LIKE I DID!
lalslols is offline
Reply With Quote Report Post
# 20
Peelerfart
Old 30-11-2011, 6:15 PM
Serious MoneySaving Fan
 
Join Date: Oct 2007
Location: Gog Country
Posts: 1,782
Default

Roll up,Roll up who's next for the great 65 con.How do they sleep at night - easy, they get paid to do a job that's it.

After the job they go home.I'm not saying it's right,I'm just saying it happens.

They have T&C's you agreed to then they took the money you said they could have and did what they said they would do, i.e. passed you onto lenders.

Everything else is mere detail.
Space available for rent

Last edited by Peelerfart; 30-11-2011 at 6:16 PM. Reason: clarity
Peelerfart 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 11:02 PM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 22 October 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

  • ED SHEERANX (DELUXE EDITION)
  • STATUS QUOAQUOSTIC (STRIPPED BARE)
  • SAM SMITHIN THE LONELY HOUR (DELUXE EDITION)

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.