madison finance?? has anyboby heard of this loan company ?? help

mdes

i got a phone call today from madison finance about a loan.

i have got a bad credit rating with 2 defaults almost 6 years ago and was applying to get finance for a car loan.

i was refused by several companies but now this company has said i have, after going through my details, that i have a guaranteed loan for 15k over 5 years at 10.9% apr .
all i have to do is pay 69 pounds and they will send my agreement to sign and return and then they will deposit my loan and the original 69 pounds into my bank account.

does anybody know if this is right??

please help

regret70

its of no help, but i have had the same thing, as i am so deperate i have agreed to do this! will let you know how it goes

clarence83_2

Just don't go there. you will end up with no loan and £69 out of pocket with little to no chance of getting the fee back ever!

Don't ever go to a lender that charges you for their service. If you have bad credit you either have the choice of going with a sub prime lender direct such as Approved car finance (but you will pay stupid APR on it) or just waiting a few months til those defaults drop off. 6 year after the default date they will come off your credit file meaning you will find it easier to get normal credit.

OR, just save up and buy something when you can pay for it outright (the ideal option!)

Enfieldian

Oh, for goodness sake...

Every day it's "Has anyone heard of XYZ company? They told me I had been approved for a loan and all I have to do is pay them £40 or £50 or £60 and the money will be in my account within a few days....."

How many dozens of threads are there on this forum about this already?

clarence83_2

There are lots but its because they all run under different names and their phone calls can be so convincing. I mean... look at the OP- being told they have got £15k at 10.9% apr guaranteed! It's shocking.

ILW

The sad thing is that someone who is obviously in financial difficulties thinks they need and deserve a £15,000 car.

clarence83_2

True, but if they are willing to pay over the odds for a car that'll be worth peanuts (or possibly even written off!) by the time they finish paying for the loan, it's their stupid faults!

bbelt

ILW wrote: »

The sad thing is that someone who is obviously in financial difficulties thinks they need and deserve a £15,000 car.

how do you know the OP doesnt need it or deserve it?

its only a couple of defaults, the OP can spend their money as they wish.

if you havent got anything useful to add, why bother?

bbelt

clarence83 wrote: »

True, but if they are willing to pay over the odds for a car that'll be worth peanuts (or possibly even written off!) by the time they finish paying for the loan, it's their stupid faults!

no need my friend!

as before, if you havent got anything useful to add then why bother?

ILW

bbelt wrote: »

how do you know the OP doesnt need it or deserve it?

Nobody needs a £15k car.
If they deserve it they would have the money to pay for it, and would not be scrabbling around looking for a sub prime loan.

elfen

Nononononono don't give them the money.

Not until you've run proper checks, such as Companies House, seeing if they're registered with the FSA, asking them why they need the money and can't just take it out of the loan.

I always think it's a bit funny when companies say "oh yes, if you pay us we'll get you more money at a better rate" Why do YOU need to pay THEM when they get commission on the loan in the first place?