Loan Companies [TEXT DELETED BY FORUM TEAM]

cakinwande

Stupidsallzz wrote: »

Hi
Has anyone heard of or encountered 'Everyday' loans,

I hadn't heard of them but seen there are mixed reviews for them. 50/50. Some have great experiences, some have awful ones.

Good Points

1. Will lend to those with bad credit
   
2. Professional appearance
3. Loan paid out quickly
   
4. Will only loan what people can afford to repay which means they aren't exploiting people already in debt (except for the APR of course!!)

Bad Points

1. High APR
   
2. Not enough offices
3. Disorganised office staff that dont communicate very well!!
4. It is very likely you will get less than half of the money you want
   

So its upto you I think. If you are desperate enough and think you can afford the repayments (they dont charge for early repayments) then go for it, but make sure you go into this with eyes open or you could end up worse off...

Good luck!

leehammond

i used Everyday loans. Found them really good, just had to make sure I was one step ahead of them and made overpayments where possible because the APR was ridiculous but I really needed the money.

cakinwande

Churchwood Finance

Cee

Dammit i think i've been done, I have just had a call from what i thought was Churchill finance, looking at the list here its highly probably it was chirchwood.

The call consisted on taking details of companies etc of who i wish to consolidate with and the application was run to be told that due to the government not wishing to give out loans to people who are "struggling to pay" at the moment I couldn't get one.

However....

They offered me a debt management plan, came to a sum of which I could be seen to pay them £150 pm which is the total i wanted to pay for a loan and they could clear my existing creditors.

I told them that i don't get paid until the end of the month but he took my banking details to take out £180 for the set up.

I asked about paperwork before this goes ahead and I'm to fill in the list of creditors i owe on one side, sign it and send it back and someone will be in charge of paying out the money to them.

I'm worried as i've £200 passed over to my credit card that is to pay for this months food that i overlooked, as the guy told me not to pay my creditors any more money from today, what about taking the money thats to feed my family!

I ask anyone, can this be stopped before i start it, I was with a debt management plan before that didn't cost me a thing and at the moment i'm not in a position where i'm absolutley desperate. The thing about this call was that they would wait until around sept before going about organising a loan for me then after i could be seen to be paying this figure out to them for a few months.

At the time of the call it seems ok after hanging up i'm not so sure....

Analytic_Annie

Hi
I'm desperate for a consolidation loan - I have around £26,000 of unsecured debt, am paying minimum repayments on credit cards each month, don't earn enough money to cover my monthly outgoings and subsequently end up living off credit cards. Churchwood have offered me a loan to cover everything and said I can repay £250 a month (compared to my current £800 per month in loan/credit card repayments.) It may seem bonkers but I'm hoping to start a professional training course this september which is costly (but would pay off long term with greater job prospects and healthier salary) I need to find another £500 per month for the fees which I would be able to do if I took out this loan with Churchwood and the money I paid them would be repaying the debt rather than interest, so in many ways I could live with paying them an initial fee as I can't get a loan or balance transfer on any of my credit cards anywhere. I do however feel quite ambivalent about signing up with them as have read some awful reviews online (though to be fare some v.positive ones too) and the prospect of having to sort out all 20 of my standing orders/direct debits scares the hell out of me.
Any comments/suggestions greatly appreciated.
Annie

Analytic_Annie

Hi Cee,
Sorry, I didn't read your message before writing mine. Not sure what to suggest, sounds both tricky and worrying that you handed over your bank details without seeing any paper work. Could you get in touch with your bank and inform them of this to stop any transaction/debit?
Hope it gets sorted
Annie

cakinwande

Cee, Your bank should be able to stop the payment before it happens, or your account may be covered for transactions like this. Its best to talk to them about it

Anne - Regarding your unsecured debt. Do you have property? I would think about getting a secured consolidation loan as the interest is lower but obviously the risk is higher if you fail to make payments. Speak to Norton Finance, Ocean Finance and Debtbuster Loans may be a good one to try if so.

If you don't have a property have to asked your bank about an outright loan? Do you have a good credit rating?

Analytic_Annie

Hi Cakinwande, thanks for this. No I don't have property and unfortunately my bank cannot increase my unsecured borrowing any further as already reached the £25,000 mark. I think my credit rating is pretty poor at the moment as I have been refused loans and 0% balance transfers on my credit cards.
Annie

Cee

The paperwork came yesterday - a day after the call - there was a 7 day cancellation clause in it that covered over the phone transactions, had i the money there and then and they would have took it, they would be obliged to refund it. However I told them the end of the month would have been ok for me so i've a bit of time, I cancelled the agreement in writing and sent it to their cancellation department.

I intend on calling the bank regarding this to stop any attempts at taking the money out of the bank account just in case.

The good thing that came out of this is I actually took a full look at my finances and think i can just pay off the debt as long as i'm not stupid enough to start adding to it. I've learnt my lesson and my intentions are debt free to start my 50 years -sooner if possible.

I'm lucky my debt is only 7500 and not any more, its enough like, but I have been in worse situations and am thankful I've hit some sense into my head once more...

mighty_rhinos

Stupidsallzz wrote: »

Hi
Has anyone heard of or encountered 'Everyday' loans, had them ring me up the other day claiming that they do not request an upfront admin fee, and you go into their office to pick up loan cheque.
I was wondering if they were woth going with????

I took out a loan from them in february when I was desperate due to family emergency. Agree with comments above that APR is/was high. I initially looked for £3K and they agreed to £2.5K over 3 years. I'm now over-paying where possible to clear it due to APR.

As a company I had no problem. Had to go to branch in neighbouring town, and produce all sorts of ID. They went through bank statements in detail checking for missed payments, etc. Historically I have bad history, but have improved over last 3 years so no missed payments at all. On the whole really professional process, but I was just relieved to get the money!

All processed in 3 days after a quick check with my employer.

Recommend if you're desperate and willing to pay the APR.