MR MONEY -any experiences?

MrMoney_company_representative

Hi Everyone, This issue of missing documents is really worrying for us as a company, and we can certainly understand your concerns. We process applications within 24 hours of you making your payment to us and send out your docs straight away, so I really can’t understand why you have had this problem.

The very best we can do is resend and chase things up. If you feel that this is not good enough (which I can certainly understand) tell our customer service agents that you have had contact with us through this forum and we will process a refund for you.

missk249

This still does not answer the fact about the lies that are obviously being spouted down the phone to customers.

Yes, **** ******* you are guaranteed this loan, no guarantor required, and the £3000 you are looking for will be in your bank account in no later than ten 10days................. (20 days later and I still haven't even received the documents!!!!!)

And can you answer why, if you take payment by card, why you can't refund to card? - Most places wont refund you unless it is to the same method of payment........ so why does Mr Money refuse to do this?

My money was paid/taken/stolen whatever you want to call it, over a fortnight ago, and I am still no further forward, no refund and keep being told that the forms are sent, problems sending etc. - which is it? have they been sent or is there a problem sending them to me?

Why can't you just tell me who my lender is when I call? :mad:

I think a report to watchdog and the financial ombudsman might be in order seen as it is not just me who has been given broken promises. Its just lie after lie with this place!

MrMoney_company_representative

Well we never guarantee any loan amount - as this is between you and the lender.

We will always point out that our customers have been accepted for our service based on the details the customer has provided (so in some cases - if the customer has not been fully aware of their own financial position or if they have misled us in order to obtain finance) we are un able to help them.

Our scripts say that we aim for 10 working days for payout via your lender but it can take longer. Some payouts are within 24 hours or even same day - it depends on your lender -there process ect.

Our company policy is to refund by cheque. Even when we refund a customer we are entitled to retain a £5 fee so we cannot simply reverse the transaction on the card. A cheque is the best way for us to manage refunds as a company - it’s an internal policy. That said I think you will find that when we issues refunds (which were happy to do if a customer isn’t happy) we are properly one of the fastest brokers around to return the money. Some brokers hang on to money for 6 months but we issues refunds same day.

Our customer service agents cant tell you who your lender is when you call at the moment because our system wont display that information - this is something that we are fixing with the development of our online log in facility that will show you all the information we have, and overcome the delay you seem to have experienced with getting your docs.

We want to be a very transparent company. I have no issues with openly talking about our process, scripts and procedures with you on this forum as it is only by getting your feedback that we can improve our service.

It sounds like our scripts and procedures have not been followed in your case, so I would like you to e-mail me your details so I can personally review your case and see what we can do better in the future. Also, once I get your e-mail we will process your refund. You can e-mail at:

[EMAIL="directors@mrmoneyuk.com"]directors@mrmoneyuk.com[/EMAIL]

Many thanks once again.

psoley

After reading this thread I have a couple of points / questions:

1. You say you search the market for loans, put a person in touch with a lender, then the person has to make their own application, and you do not get a fee from the lender... That sounds the same as going to google and searching loans!

2. Out of all the posts here, there is not a single person with a positive word to say... with all the people looking for loans on here, if Mr Money, was as good as he says there must be at least one member who has been sucessful!!! (or not)!

3. How come the only people who seem to be able to get refunds are the ones who complain here... seems they only get the refund to please the viewing public....

<steps off soap box>

MrMoney_company_representative

Hi Psoley.

Good questions.
Firstly, It is not the same as going to Google. We have lenders on our panel that you would struggle to find online if you didn’t know who they were already. The largest benefit of our service is that if you were to go online, find a lender then apply - you would be credit checked - which will reduce your credit score. If you are then not accepted you will have to try else where and so on....each time reducing your credit score.

Most of our customers have low credit scores already so this will make it even harder to get them finance. With our service we match the customer based on the customers credit profile (not credit rating) and have a much higher chance of getting them the best solution first time round - protecting their credit score. Moreover, a lot of people are unsure when it comes to financial products, it can be very confusing - some people prefer to seek help from a broker like us. The same thing happens in other industries, mortgages, car insurance, and various sectors where people are looking for the best price.

We handle over 5000 finance applications a week, yet there are only a handful of people on this site - I would like to think that this is because other customers are happy. As with all things people are much less likely to seek out somewhere to give positive feedback than negative. I know that I personally would only really go online and review something if I wasn’t happy. That said we get messages directly to us on a daily basis from customer thanking us for our service and help.

I’m not really sure why you think that the customer has to come on here to get a refund? What makes you think this? - We process refunds for other customers when they are required.

I am trying to be open and honest about our product, service and process, and reading through the forum I cant really see any posts that criticise what I have explained our process to be - despite actively asking for feedback from customers about the comments I have made. We are trying to improve.

I have listened to the feedback on this site, and we are making improvements to combat the important issues that customers have mentioned. Those customers who are not happy I have said they can contact me via e-mail to get a refund.

ILW

Why not take the fee after the loan has actually been received?
This would save any mistrust.

psoley

Thanks for the reply but I would like to know:

1. You say 'We have lenders on our panel that you would struggle to find online' maybe there is a reason for this.

2. You then say 'We handle over 5000 finance applications a week' what is the percentage of acceptance? and do everyone who don't get accepted get a refund?

3. If the answer to the second part of the question abouve is 'Yes' maybe it would be more efficient to only charge a fee when someone takes out a product?? You state 'The same thing happens in other industries, mortgages, car insurance, and various sectors where people are looking for the best price' this is usually with an invoice and fee after the work has been carried out, I have never been asked to pay a fee for someone to look for car insurance for me.

4. My question 2. from before still stands.

Sorry to keep on, but there seems to be some fundamental floors in the whole pay up front for no gaurantee of a loan.

MrMoney_company_representative

Don’t be sorry. I joined this forum so I could lay out our business processes and get this kind of feedback. It really is good to look at how we can develop what we do.

As I mentioned in a previous post - we are a new business and want to build something that really works for our clients.

1 - the reason is: They are great options that not everyone knows about because they are not big enough to compete on marketing spend with large financial institutions. Also - mainstream brands often cant help people with week credit ratings so privately funded organisations are great options for the consumer in some circumstances. Also, having worked in the industry for several years I can assure you that the business model for some lenders is simply to work through brokers and they don’t really advertise anywhere themselves.

2 - the vast majority of our customers are happy, and those that are not happy can have a refund if requested - we are a business and as such I am not willing to put our business % on this site.

4 - I believe have answered this above. We do get positive customer feedback, and not many people go online to leave positive feedback - it is much more likely they will leave negative feedback.

3 - I not sure you cant really do this. Very few people would pay us and we would not be able to work as a business.

Some brokers do work in this way - however they will work with a limited number of lenders (I don’t think this gives customers a very good selection of options) and will make money by taking commissions and selling client data. Not only do i not want to work in this way - I don’t actually believe it to be in the best interest of the consumer.

Having said that, while I’m writing this I’m thinking about ways that something like this might work. We would need people to actually pay for the service after they have their loan. How do you think this could work?

kelloggs36

There was a company on Watchdog who did exactly the same thing - this is definately a scam, steer well clear and approach a broker who won't charge you an upfront fee.

missk249

Just got off phone from Mr Money AGAIN....... still a problem with documents being sent out. should be with me in a couple of days.................... how many times have I heard this before?