MR MONEY -any experiences?

strangedays

So then MR MONEY REPRESENTATIVE.....Can you confirm i'll get a refund straight away if i ring up and not have to write a letter which will prolong things even further??

Also i would appriacte your comments on why several of your employees are 100% guarenteeing loans when this clearly isnt the case as people on this forum can confirm. Becasue by doing this your compnay is clearly lying to potential customers to obtain money up front for your service. I was even told your compnay is different to other compnaies as you do a credit check first before taking any money and thats why i was guarenteed a loan.

MrMoney_company_representative

Thanks for your feedback, it is appreciated.

If I just briefly explain our service and how we consider ourselves to be different from other brokers.

Firstly we only ever charge a fee to a customer who we believe we can help find a loan for (based on the details given to us by the customer at the point of application)

Secondly we don’t take commission form lenders (hence the need to charge a fee), we work as an independent finance broker and search the whole of the UK market in order to find the best possible option for the customer. I believe that brokers who work with lenders directly can give the customer the option that will provide them with the most commission, and not the best option for the customer, by being independent it means we are able to offer the best possible service.

Thirdly, we are the first to accept if we have been unable to help a customer. As we don’t credit check the customer prior to processing the application (because as with any credit check this would reduce your credit score) we work purely on the information given by the customer. Sometimes it may turn out that the customer has a bit more adverse credit than they told us in the first place (simply because they were not aware of it) and we then cant help them. In this case we will be happy to refund the fee paid as soon as possible (typically we have a 48 hour turnaround on refunds) where as some other brokers keep hold of a processing fee for 6 months before refunding.

I have seen that there have been several posts in this forum where customers are reporting issues when it comes to getting their loan details quickly. As a result of this feedback we are currently developing an online customer log in facility, which will allow our clients to get access to everything online rather than through the post, so will speed up the process. (I hope this will be ready in the next few weeks)

Were quite a new company and I am really keen to take on any feedback and use it to improve our service, and I would like to know what you think about our business model and the development of the online log in facility.

Strangedays. I understand that you called in today and we have already processed your refund and got it out in the post to you, I am sorry that you didn’t have a good experience with us, and hope that my comments above have answered your questions, as for you being told we perform a credit check prior to accepting your application – this is completely against to our scripts and process and I will be reviewing your case to find out what has broken down in our process.

And Muppet150, if you also contact our financial solutions team we will make sure that your refund is processed. As for lender back logs? Not too sure what this could be but once again we will look into this. Going forwards our new online log in facility should resolve the issues you have experienced with time delays.

I hope this helps explain a bit more who we are and what were all about. As I say we really are committed to proving the best possible service and I hope that we don’t get any more customers who have the sort of experience that your reporting.

Many thanks once again,

strangedays

to be fair to Mr money, when i rang yesterdau they did agree to send me a check out straight away for a refund. I was expecting more hassle to get this, but they did agree to send me a refund asap., which is better than most companies from what ive heard.

pip.kits

As many of the other people who have talked about their experiences with Mr Money I can echo them all. I WOULD RECOMMEND THAT NO ONE USES THIS COMPANY!!!! I applied or should I say they contacted me after I was looking for a loan to consolidate some outstanding credit. I was a little dubious at first after having bad experiences with broker companies but after speaking to them on at least 4 occasions I was reassured that they were different?! I was told after completing the process I was successful and I would be awarded the loan amount of £3000 I was seeking, and that this had been accepted by an in-house lender. I quote ‘I was 100% guaranteed the loan’, not ‘provisionally accepted’ but guaranteed and that I would need a guarantor t o support my application (as with previous brokers firms). I was told the money would be in my account within 10 days but before this could happen I need to pay the administration charge of £58.50.

At the time I didn’t have the money to pay the charge and due to getting paid monthly wouldn’t have the fee for a number of weeks. I was encouraged by the representative to pay the payment ASAP and was advised to speak to friends and family to ask them to make the payment as this would speed up the process. As I had been looking for a loan for sometime and after the numerous conversations I had had and told that I was guaranteed the loan amount, I asked a friend to make the payment. This was at the beginning on May 2009 and it is now Aug and I have not seen or heard anything about this loan.

I have followed this up with a number of conversations only to be told that my paper work has been lost in the post not once or twice but four times. I have spent most of my time and money calling these people to be told the same thing that the paper work has been lost in the post???! I have had to explain the situation over and over again and each time I was told that it will be resent the information and I should be patient?! How patient can one person be?!. I have since also been told that they do not have any in-house lenders and that I must have been mistaken? And that there is no manager or supervisor who I could speak to and make a formal compliant. I was told that if I want to cancel I would have to put it in writing and then I would receive my charge back???

I have received only 3 letters from the company in this time from lenders none of which are anywhere near my original agreement. I have had a shop a check, FLM and other loan company needing guarantors and that do not offer my agreed amount?

This is surely unlawful not only have I being miss sold a product purposely and that this experience has caused me further stress, inconveniences and money/charges, as I was told 100% that I had been awarded the loan. Who should I contact with regards to this as I feel that this company is not trading fairly. I am in the process of writing a letter and wondered if anyone was aware of any legal roots I could take as to ensure the company are reprimanded for this.

pip.kits

Why have i been told that i have to apply in wrioting when it is clear that you have not offered what you promised? I have called you about 15 tiems to sort out this?

myothercarisaferrari

Mr Money text me today :rolleyes:

MrMoney_company_representative

Hi pip.kits Sorry to read your post.

Quite simply if your not happy we can process your refund for you. We always try to get things right but sometimes we get it wrong. Your case will be investigated to try and make sure we improve our service going forward. As you may have read above we are developing an online system to try and make sure we get our customers what they need as quickly as possible.

I would like to stress that we always do our very best to make sure that our scripts and processes are always a fair reflection of our service. In your cases it sounds like you have received 3 options. FLM – You state in your post that you were told about the need for a guarantor so this should have been a good option. (Have I misunderstood?) You were also sent two other options (not needing a guarantor) that could not offer you the amount you were looking for – Is that right?

We can never promise any particular loan amount to any customer – as ultimately this is down to the lender. We ask for your loan amount your looking for and then try and get you your ideal loan amount, if not we get the next best thing for you from the whole of the UK loan market, this is a real focus of our scripts and so you should not have been under the impression that we can definitely get you your ideal amount. It may be the case that we can get you £500.00 for now – This is based on your personal circumstances. (I’m talking generally, without knowing the details of your personal case)

I want to be really transparent with all elements of our service, there is no reason why any of our customers should feel mislead – our service is simple. If we can accept you we will find you the best loan options available to you in the UK market in exchange for a fee. If your not happy we will refund you.

Hope that helps.

karla70

missk249 wrote: »

Hi, I have been offered a loan through the broker, Mr Money, but cant seem to find any feedback for them, but I am probably looking in the wrong places as usual!

Has anyone here had any experience with them, good or bad, as I would like to know before I go ahead and pay brokerage fee. Many Thanks in advance!

I have paid out £58 on the promise of my loan paperwork coming in the post, I have received nothing. So have lost my money. I would steer well clear of any loan broker.

karla70

MrMoney_company_representative wrote: »

Hi pip.kits Sorry to read your post.

Quite simply if your not happy we can process your refund for you. We always try to get things right but sometimes we get it wrong. Your case will be investigated to try and make sure we improve our service going forward. As you may have read above we are developing an online system to try and make sure we get our customers what they need as quickly as possible.

I would like to stress that we always do our very best to make sure that our scripts and processes are always a fair reflection of our service. In your cases it sounds like you have received 3 options. FLM – You state in your post that you were told about the need for a guarantor so this should have been a good option. (Have I misunderstood?) You were also sent two other options (not needing a guarantor) that could not offer you the amount you were looking for – Is that right?

We can never promise any particular loan amount to any customer – as ultimately this is down to the lender. We ask for your loan amount your looking for and then try and get you your ideal loan amount, if not we get the next best thing for you from the whole of the UK loan market, this is a real focus of our scripts and so you should not have been under the impression that we can definitely get you your ideal amount. It may be the case that we can get you £500.00 for now – This is based on your personal circumstances. (I’m talking generally, without knowing the details of your personal case)

I want to be really transparent with all elements of our service, there is no reason why any of our customers should feel mislead – our service is simple. If we can accept you we will find you the best loan options available to you in the UK market in exchange for a fee. If your not happy we will refund you.

Hope that helps.

Can you please tell me where my paper work is then for my loan for 1500 pound which was promised to me on paying £58. Has that got lost in the post as well. ha ha!!!!!!!!!!!!!!

missk249

pip.kits wrote: »

As many of the other people who have talked about their experiences with Mr Money I can echo them all. I WOULD RECOMMEND THAT NO ONE USES THIS COMPANY!!!! I applied or should I say they contacted me after I was looking for a loan to consolidate some outstanding credit. I was a little dubious at first after having bad experiences with broker companies but after speaking to them on at least 4 occasions I was reassured that they were different?! I was told after completing the process I was successful and I would be awarded the loan amount of £3000 I was seeking, and that this had been accepted by an in-house lender. I quote ‘I was 100% guaranteed the loan’, not ‘provisionally accepted’ but guaranteed and that I would need a guarantor t o support my application (as with previous brokers firms). I was told the money would be in my account within 10 days but before this could happen I need to pay the administration charge of £58.50.

At the time I didn’t have the money to pay the charge and due to getting paid monthly wouldn’t have the fee for a number of weeks. I was encouraged by the representative to pay the payment ASAP and was advised to speak to friends and family to ask them to make the payment as this would speed up the process. As I had been looking for a loan for sometime and after the numerous conversations I had had and told that I was guaranteed the loan amount, I asked a friend to make the payment. This was at the beginning on May 2009 and it is now Aug and I have not seen or heard anything about this loan.

I have followed this up with a number of conversations only to be told that my paper work has been lost in the post not once or twice but four times. I have spent most of my time and money calling these people to be told the same thing that the paper work has been lost in the post???! I have had to explain the situation over and over again and each time I was told that it will be resent the information and I should be patient?! How patient can one person be?!. I have since also been told that they do not have any in-house lenders and that I must have been mistaken? And that there is no manager or supervisor who I could speak to and make a formal compliant. I was told that if I want to cancel I would have to put it in writing and then I would receive my charge back???

I have received only 3 letters from the company in this time from lenders none of which are anywhere near my original agreement. I have had a shop a check, FLM and other loan company needing guarantors and that do not offer my agreed amount?

This is surely unlawful not only have I being miss sold a product purposely and that this experience has caused me further stress, inconveniences and money/charges, as I was told 100% that I had been awarded the loan. Who should I contact with regards to this as I feel that this company is not trading fairly. I am in the process of writing a letter and wondered if anyone was aware of any legal roots I could take as to ensure the company are reprimanded for this.

I am in exactly the same situation.. Ok I didnt follow the advice on here, but I got desperate, and had to go down that line (my own fault, i know)

Mr Money has promised me on no less than 6 ocassions that my paperwork has been sent out, but has been lost in post, they now also say they cannot tell me who the lender is because they do not know who the lender is (something fishy here?) Also been told no managers/supervisors is call centre either, and they cannot get anyone to call me back regarding my concerns. Getting a bit annoyed now.
Plus the fact that they took 58.50 instead of 25.50 therefor over charging me 33.00, and saying they can only refund by cheque, which was no use to me as they had left me over drawn and incurring charges for the privilege!!!!!!!
Why can't they refund to the card instead of sending cheque, surely if they can take the payment, they can refund it the same way?
Still waiting from start of August, and last call yesterday, I was informed only 2 people to send out loan details, and there was a backlog as only so much 2 people can do....... again confused, as if they have 2 people sending info out, surely they no who my lender is going to be. Seriously peeved off with this company now, and I am now in a worse situation than I was before contacting them!
If I do not receive my loan offer by the end of this week, I am considering taking legal action for wasting my time, financial hardship caused and for the distress this company has caused me.