Loan application fees - beware!

scotslass123

I have recently applied for a loan and they charged me £49.99 admin fee, then 3 days later told me I was declined........I have unsuccessfully tried to reclaim this back! A few days later I tried another company, who after going through my application asked me for my bank details to debit £60.99 - I promtly said no. How can i claim my £49.99 back? And this really was taken from me on the understanding my loan would be processed. Are there companies out there who are really capitilising on people who are trying to sort themselves out! What a nightmare - beware!!

~Beanie~

I know it is no consolation now, but if you had come on here before appying to one of these companies, we would all have told you to steer well clear.

Plenty of people have been stung by these fees, a few have sucessfully reclaimed the money but they are in the minority unfortunately.

Burny_Sweetwater_Glasgow

Hi
If the company is a registered Credit Broker then when you write to them for a refund quote the following:-

It is my understanding that you are a Credit broker licensed under the Consumer Credit Act 1974. If you cannot find credit for a consumer once you have tried, then under section 155 of the Consumer Credit Act 1974 a broker must return all monies except the first £5 which you can retain for your administration costs.

I would also point out that if they fail to return your money(except the fiver) then you will be reporting them to the Trading Standards office.

Hopefully they will respond by returning your money.
Good Luck.