Loan Companies [TEXT DELETED BY FORUM TEAM]

mf25

I did an experian credit check, where they claim to put you into contact with legitimate companies matching your credit history. One of the companies on the search was QDL (Quick Decision Loans). I got a call literally 5 minutes after doing the search. They confirmed all my details which took around 15 minutes and congratulated me on qualifying for a £3000 loan costing £150 a month for 2 years. After confirming more details they advised there was an application fee charge of £69.95 which I paid. Two days later I received my paperwork from them which stated I only qualified for a loan if a guarantor signed the papers on my behalf. The guarantor had to be someone owning property in the UK with clean credit history. I do not know anyone who owns property in the UK and with the current economic climate who has a clean credit history!

Its now more than a week, they have promised to call me back from the refunds dept. I am still waiting!!! Everytime I call the refunds dept. I am on hold for at least 30-40 minutes. I have called five times today already! They also said it would be no problem to get my money back less there admin fee of £5. I think this is how they make their money; imagine all the poor people being conned out of goodness knows how many fiver's a day!!!! I feel totally conned, and have never done anything this stupid and can't believe I actually fell for it! Clearly I was desperate, having big plans to pay off debts, and having a better credit record. I am now also £69 shorter than I was a week ago. And the worst part is that its not like I have the money to waste. I am so dissapointed that people out there have the audacity to con innocent people who already have a little, out of the little they have!:mad:

scopey

Thanks for the tips guys. I'm getting many unsolicited calls - at least once a week. These guys are like vultures. I bet they loved it when they heard a recession was coming. - Everyone take extra care.

intheclub

cakinwande wrote: »

I think this would be a good place for people to mention any loan companies that charge £40-£70 to process your application knowing full well they will not find a suitable lender for you.

I for example have been looking for a loan and stumbled across lots of these companies. Here are a few to avoid!


Churchwood Finance

I got a loan with this company and they didnt charge me an upfront fee at all you are mistaken

in the club

intheclub

mf25 wrote: »

I do not know anyone who owns property in the UK and with the current economic climate who has a clean credit history!

Clearly I was desperate, having big plans to pay off debts, and having a better credit record. I am now also £69 shorter than I was a week ago. And the worst part is that its not like I have the money to waste. I am so dissapointed that people out there have the audacity to con innocent people who already have a little, out of the little they have!:mad:

If you knew you had a not so perfect credit history what made you think you could get a loan from this company in the 1st place?
BUT They did get you a loan ; there were conditions, not set by them but the lender obviously surely its not their fault you dont know someone to guarantee your loan?

Have you found a loan yet from a high street lender? and not be charged fees?

intheclub

Tassotti wrote: »

As said before



Legally, these companies can only charge £5.00, so all those who have paid the £50, get it back.

Actually you are wrong they can charge what they like and if you are daft enough to give your card details they will take payment.
The law states that if they have not introduced you to a lender and you have not taken that loan they have to refund all your upfront fee except £5.
Not the same as you explained it

They also have 6 months to find a loan if you dont cancel.

If you do find a loan you will be charged "admin fee" "set up fee" probably £125 or thereabouts. Not seen any complaints about that yet

intheclub

Cee wrote: »

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....

lets look at what you've said, "not in a position where I'm desperate" but you were looking for a loan? and you cant buy food because you have to pay acredit card bill?

Bit confusing. If you said you had £150 for a loan repayment then you had £150, you had a debt managment plan that didnt cost you anything but you are actively looking for more debt.
In debt management you're not meant to be looking for more debt until you've paid off what you owe? surely and if you had £150 for a loan whilst on a debt managment plan with a charity then you obvioulsy wasn't paying all your disposable income to your creditors.

can you see why I question your statement or have you just not explained it very well!!!

Suggest you stick with CCCS pay all your disposable income to it and NOT look for a loan till youv'e paid off what you owe.

dotstar24

Welcome finance = shisters.

tracier

mf25 wrote: »

I did an experian credit check, where they claim to put you into contact with legitimate companies matching your credit history. One of the companies on the search was QDL (Quick Decision Loans). I got a call literally 5 minutes after doing the search. They confirmed all my details which took around 15 minutes and congratulated me on qualifying for a £3000 loan costing £150 a month for 2 years. After confirming more details they advised there was an application fee charge of £69.95 which I paid. Two days later I received my paperwork from them which stated I only qualified for a loan if a guarantor signed the papers on my behalf. The guarantor had to be someone owning property in the UK with clean credit history. I do not know anyone who owns property in the UK and with the current economic climate who has a clean credit history!

:mad:

I have been through similar today, was told the underwriters had accepted me for £3500 at £106 over 4 years. My call came seconds after an application through Experian. I too paid the £69.95. I became suspicious after being put through to an insurance company. After declining the policy I checked them out on the net. After reading posts like this I called for a refund. I couldn't get through on the refund line so called and threatened to report them to everybody from watchdog to the police for mis selling. I was then immediatly put through to complaints and was told I would get a refund within 10 days.... Try asking for the complaints department instead.... hope it works and everybofy gets their money back!!!

tracier

intheclub wrote: »

If you knew you had a not so perfect credit history what made you think you could get a loan from this company in the 1st place?
BUT They did get you a loan ; there were conditions, not set by them but the lender obviously surely its not their fault you dont know someone to guarantee your loan?

Have you found a loan yet from a high street lender? and not be charged fees?

To a degree you are right, however they talk about helping you. The problem is they deliberatly mislead you into believing you have been accepted for a loan when you haven't. They quote repayment amounts that have come from an underwriter in order to get you to pay £69.95. At no point do they make it clear that they are a broker and that the amounts quoted are examples. If they were above board it would not be a problem. In my opinion they are fraudulenty making money from people with less than perfect credit. Even after a refund they still keep £5 (can't comment on if the refund arrives as I requested it today). They need reporting, it is a scam as you are holding for over half an hour for the refund department. If you call the processing dept it barely rings!!!!

Cee

intheclub wrote: »

lets look at what you've said, "not in a position where I'm desperate" but you were looking for a loan? and you cant buy food because you have to pay acredit card bill?

Bit confusing. If you said you had £150 for a loan repayment then you had £150, you had a debt managment plan that didnt cost you anything but you are actively looking for more debt.
In debt management you're not meant to be looking for more debt until you've paid off what you owe? surely and if you had £150 for a loan whilst on a debt managment plan with a charity then you obvioulsy wasn't paying all your disposable income to your creditors.

can you see why I question your statement or have you just not explained it very well!!!

Suggest you stick with CCCS pay all your disposable income to it and NOT look for a loan till youv'e paid off what you owe.

I'm not on a DMP I was with cccs years ago. I can manage this debt as its a lot less than what i owed back then. I just thought at the time it was a better option for me to get a loan. I was just lazy to check...