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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
    • 14,049 Posts
    • 14,745 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
    • 22 Posts
    • 6 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
    • 2,472 Posts
    • 1,848 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
    • 1,371 Posts
    • 1,167 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
    • 30,269 Posts
    • 19,148 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
    • 1,036 Posts
    • 759 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
    • 11,435 Posts
    • 15,025 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.
    Always ask yourself one question: What would Gibbs do?
    Married to an immigrant.
    Even my PC is nicknamed "GIBBS".
    • Somerset La La La
    • By Somerset La La La 11th Nov 17, 10:23 AM
    • 439 Posts
    • 122 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
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    Rebuild for Mortgage (10/2018)
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