MR MONEY -any experiences?

MrMoney_company_representative

Hi Chr15

Since I put my e-mail on here I have only had 2 e-mails and both those customers have had refunds issued stright away.

There seems to be quite alot of people on this thread who are not and never have been customers of our company but seem to assume that we are not offering a good service. I can count about 10 actual customers on here, out of the 35000 we have had since we opened in Febuary.

As i have previously mentioned we are a new company and we are always looking to improve. I wanted to join this forum so I could get some constructive feedback from our customers and see how we could improve our service, but all anyone seems to want is to say that we are just the same as every other broker and that were a scam.

As I say only 2 e-mails have come through this forum - responce to your post CHR15.

ILW

MrMoney_company_representative wrote: »

Hi Chr15

Since I put my e-mail on here I have only had 2 e-mails and both those customers have had refunds issued stright away.

There seems to be quite alot of people on this thread who are not and never have been customers of our company but seem to assume that we are not offering a good service. I can count about 10 actual customers on here, out of the 35000 we have had since we opened in Febuary.

As i have previously mentioned we are a new company and we are always looking to improve. I wanted to join this forum so I could get some constructive feedback from our customers and see how we could improve our service, but all anyone seems to want is to say that we are just the same as every other broker and that were a scam.

As I say only 2 e-mails have come through this forum - responce to your post CHR15.

The bit that I don't get is this:

If you are prepared to refund the payment to anyone who does not get a loan through you. Why not just take payment when the actual loan is credited to the borrower? It would save you a fortune in admin. Or is it a matter that it is very difficult to get the fee back and this is your true business model?

MrMoney_company_representative

It would be much better to take the fee once the loan goes into the account. But once the customer gets the loan they would not pay us.

This has been tried and the coimpany that did it lost money as a business!

I really wish it could work like that not only to save admin costs but to make it better for customers - but the reality is that it wouldnt work.

cavework

It would be much better to take the fee once the loan goes into the account. But once the customer gets the loan they would not pay us.

This has been tried and the company that did it lost money as a business!
Rubish :mad:..Companies like yours make money by telling people that they have the loan at a low APR .. usually by phone call 10 mins after the on line application , then ask for an admin fee £50 'we are processing the paperwork and once signed the money will be with you by ** and by the way, don't respond to any other loan companies that contact you' .
My son has just been taken in by this .. he tracked his loan on line ..
strangely 3 days later the loan was no longer avaliable , but they were still looking , so hang on in there sucker and we will come back with an APR of 80%
Strangely when he wanted to pull out , he than had to send a letter cancelling the agreement ..phone call would not do when it comes to refunds
Perhaps instead of the upfront charge to your customers it would make sense to have an agreement with the loan companies, which would give you the admin charge once the loan has been paid out?;)

MrMoney_company_representative

Hi Cavework, You make some interesting points. I would firstly like to point out that this does not sound like our company, was this a different company?

None the less, we make it clear that were offering a loan brokerage service and that we will try to find the best APR for the individual customer. We never tell the customer what their APR will be as we don’t know this, it is always down to the lender.

Regarding your suggested change to revenue streams, there are some companies who do have agreements with loan companies and take a commission from them rather than a fee from the customer. When we first started our company we looked at this option. I felt the problem with it was that there are only about 3 lenders in the UK who will follow this structure of paying out commissions, and so the brokers that do only work with lenders who pay commission often give you a very narrow selection of lenders, and usually you will end up paying a higher APR than you would of done had you come to an independent loan broker like ourselves. We work on your behalf and not the lenders so we try to get you the best options.

Also, you may not know this but most lenders who pay out commissions will actually charge you (the customer) for this anyway, by making your loan more expensive - and this extra amount will almost always be considerably more than the fee we charge for our independent loan finding service.

Hope that helps explain why our processes are what they are.

cavework

Mr Money Company Representative..
Thanks for replying
I think my son and maybe a few more would be far happier paying a little more for a product they receive, than being charged for a promise and a prayer.
If the loan companies want business perhaps the ones not interested in the idea of paying you the admin after the loan has been agreed really do not have a great deal to offer in the first place?
Can I ask if you get an introductory fee?

MrMoney_company_representative

If by Introductory fee you mean a commission from the lender then no we don’t.

Also, as I said it sounds to me like your son paid a different broker? If this is the case don’t see how you can suggest that our service is "A promise and a prayer"

Also, there are quite a few great lending options out there that offer great solutions to people with poor or no credit history that you wouldn’t get access to by going to a broker who works with lenders – you can never be sure that you have the best option using a broker who works direct with lenders.

We never Promise anything other than to find the best possible loan. We make it clear that the APR, Loan Amount, and repayments are down to the lender. We then search the whole of the UK market to find the best option for our customers (a process that would be near impossible for an average consumer to do) and if they’re not happy they can have their money back.

Now sometimes this process can fall down, late paper work ect - That is when people come on this forum, these are the things were working on.

viz007

Mr Money,

You say and i quote " We never Promise anything other than to find the best possible loan"

How do you explain that i your sales process you say that you GUARANTEE a loan at least 4 times? Is this not a form of promise?

Firstly, you can not gurantee this as you have no relationships with the lenders?

Secondly, you have no underwritting authority on behalf of the lenders so how can you say this?

Thirdly, i am sure the OFT would be interested that you are saying this to customers?

From a dissatified customer

MrMoney_company_representative

Hi Viz007 We don’t guarantee a loan. What we do say is that the customer has been accepted for our guaranteed loan finding service and that we guarantee to find them the best loan available to them in the UK. AND let me point out that this is only for people who meet the criteria for at least one of the lenders on our panel. We may not work directly with lenders but that doesn’t mean that we don’t have their lending criteria.

We will then not stop working for you until we have found an option your happy with, or will refund you your money. So unless it was an agent breaking our process you would not have been guaranteed a loan at any point.

In fact we have been thinking about changing our script in the section you mention, not because its misleading but because customers who don’t actually listen to what's being said feel that they have been misled.

We have an in-depth compliance and training programme, and review our process on a weekly basis. We do loads of call auditing and development to make sure that we are not misleading people, and operating a service that complies with and OFT regulations.

Enfieldian

Hmm....

What we do say is that the customer has been accepted for our guaranteed loan finding service and that we guarantee to find them the best loan available to them in the UK.

Then becomes......

What we do say is that the customer has been accepted for our guaranteed loan finding service and that we guarantee to find them the best loan available to them in the UK.