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  • FIRST POST
    • milobrulee
    • By milobrulee 3rd Oct 17, 3:55 PM
    • 44Posts
    • 46Thanks
    milobrulee
    Has anyone heard of Neyber?
    • #1
    • 3rd Oct 17, 3:55 PM
    Has anyone heard of Neyber? 3rd Oct 17 at 3:55 PM
    Finding it odd that there is so little info about Neyber online. I think they must be quite new...

    My company offers a number of great benefits to employees and a new one for this year is a loan company called Neyber. The company is in effect a loan company, specially aimed for debt consolidation loans.

    I am usually pretty against the idea of debt consolidation loans (I have debt that I am working to get rid of with terrible interest) but Neyber has rates that seem to good to give up. They offer 4.5%APR, 6.5%APR and 9.5%APR depending on credit rating (I'm likely to get the highest) however they are supposedly much more likely to accept those with bad credit because the key selling point is that they withdraw this amount from your salary directly. I guess that means they are much, much more likely to get full repayments and they will always be on time.

    I wondered if anyone had any extra information on them because I am seriously considering applying in a few months (I don't qualify for the benefit until the new year) and it seems like it could be a good way to get through my debt. I currently have £16k. By January I should be on about 14k, all forecasts correct.
Page 1
    • DCFC79
    • By DCFC79 3rd Oct 17, 3:57 PM
    • 30,395 Posts
    • 19,219 Thanks
    DCFC79
    • #2
    • 3rd Oct 17, 3:57 PM
    • #2
    • 3rd Oct 17, 3:57 PM
    It won't be based on your credit rating but credit history.

    Will the debt occur again ?
    Last edited by DCFC79; 03-10-2017 at 4:01 PM.
    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.
    • milobrulee
    • By milobrulee 3rd Oct 17, 4:16 PM
    • 44 Posts
    • 46 Thanks
    milobrulee
    • #3
    • 3rd Oct 17, 4:16 PM
    • #3
    • 3rd Oct 17, 4:16 PM
    Nope, I've been paying it down from £21k when it hit that point I realised what a fool I'd been and have paid it down to 16k. Slow but steady and I'm getting there, and I haven't spent a single penny that I don't have since I made that turn around last summer!
    • Kohl
    • By Kohl 3rd Oct 17, 5:32 PM
    • 27 Posts
    • 1,236 Thanks
    Kohl
    • #4
    • 3rd Oct 17, 5:32 PM
    • #4
    • 3rd Oct 17, 5:32 PM
    I've not personally used them before but I have heard of them and can confirm they are legit- they also partner with my workplace to offer a 'financial wellbeing' benefit (loans obviously forming a part of that).

    I think the appeal is as you say, they can offer a better rate than you would get from a high street lender because they take the payment directly from your salary via payroll.
    • Pixie5740
    • By Pixie5740 3rd Oct 17, 8:00 PM
    • 11,196 Posts
    • 15,643 Thanks
    Pixie5740
    • #5
    • 3rd Oct 17, 8:00 PM
    • #5
    • 3rd Oct 17, 8:00 PM
    Is taking a loan from Neyber less expensive than snowballing your debts?

    http://www.whatsthecost.com/login.aspx

    What happens should you wish to leave your current employer during the term of the loan?
    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.
    • Mobeer
    • By Mobeer 3rd Oct 17, 11:15 PM
    • 1,711 Posts
    • 4,393 Thanks
    Mobeer
    • #6
    • 3rd Oct 17, 11:15 PM
    • #6
    • 3rd Oct 17, 11:15 PM
    ...
    What happens should you wish to leave your current employer during the term of the loan?
    Originally posted by Pixie5740

    From the Neyber site:

    What happens if I leave my employer?
    If you leave your employer, we'll transfer any outstanding loan repayments onto Direct Debit. We may charge a £12 administrative fee at this time. If your new employer is partnered with Neyber, we will simply transfer the salary-deduction to your new payroll.

    For some loans we reserve the right to take the final repayment of the outstanding balance but we'll agree this with you at the time.
    • StopIt
    • By StopIt 4th Oct 17, 11:24 AM
    • 1,449 Posts
    • 1,237 Thanks
    StopIt
    • #7
    • 4th Oct 17, 11:24 AM
    • #7
    • 4th Oct 17, 11:24 AM
    Well, I've not heard of them, but surely your company would've have a vetting process when creating this benefit for their employees.


    Do you trust your employer? if so, then it's likely trustworthy!
    • jonesMUFCforever
    • By jonesMUFCforever 6th Oct 17, 8:15 PM
    • 24,251 Posts
    • 11,534 Thanks
    jonesMUFCforever
    • #8
    • 6th Oct 17, 8:15 PM
    • #8
    • 6th Oct 17, 8:15 PM
    Is it a 'benefit in kind' ?If it is then there could be tax implications.

    Does the repayment come from gross or net pay?
    What goes around - comes around
    give lots and you will always receive lots
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