Magic Finance

dani26

Cermogs.....

can i just ask when you applied for the loan and paid magic??
i have done exactly the same as you yesterday in fact ( 3rd november 2009 ), i was redirected to them via a loan website and they then contacted me stating that the loan was approved, i paid them £69.99 and they said that the paper work will be with me within 3-5 days. Have you heard anything from them since etc??? or have we been well and truely had??

:mad:

Enfieldian

dani26 wrote: »

Cermogs.....

can i just ask when you applied for the loan and paid magic??
i have done exactly the same as you yesterday in fact ( 3rd november 2009 ), i was redirected to them via a loan website and they then contacted me stating that the loan was approved, i paid them £69.99 and they said that the paper work will be with me within 3-5 days. Have you heard anything from them since etc??? or have we been well and truely had??

:mad:

You have both been had. Please stop clutching at straws.

Sam_Wonne

yes don't bother their another scam I hung up on them. Ask for your money back fast

dani26

Never ever again........ wouldn't give our money back (£69.99 holding payment apparently) and also stated that if we didn't infact take up the loan the money was still unrefundable, they put us in touch with their under writers...... EVERYDAY FINANCE ( they are also a total joke!) they changed all of the terms and conditions and even changed the APR from 10.9 % to 69 %. (as if??)

We were certainly well and truely done.... but a valuable lesson learn't.

NEVER EVER DEAL WITH EITHER COMPANY THEY ARE BOTH MONEY GRABBING SO & SO's.
AND YOU'LL NEVER GET THE DEAL THAT THEY ORIGINALLY OFFER YOU .

Sam_Wonne

Their wrong. Look what I found on the OFT site that says so....

"The Consumer Credit Act limits a credit broker's charges to £5 if, following an introduction to a lender, an agreement is not signed within six months. If more than that has already been paid, brokers must refund the excess on request. This section of the Act ensures that brokers are only entitled to a nominal fee if they are unable to obtain credit or hire facilities at a price the consumer is prepared to pay".

You can go to the OFT site and download a document called 'right to recover brokerage fees'.

Sarah_Mc30

Just wanted to say thanks for the info about the Office of Fair Trading and recovering brokerage fees. I also (stupidly!) paid them £70 as a brokerage fee after being told that this money would be refunded once my loan was paid out. Needless to say, two weeks later I have had no paperwork and when I rang them to chase there was no answer from their phone number under the option of existing applications. I used another option and went through to the sales team who unsurprisingly did pick up their phone - I told them I wanted a refund of the fee, they said this was no problem but they needed it in writing at their head office. I'm going to do this and include the information about the Consumer Credit Act and point out that if I don't receive my refund within 7 days in line with this Act then I will report them to the Office of Fair Trading, pursue it through the Financial Ombudsman and report them to my credit card company as a fradulent transaction. I will also post messages on their Facebook and Twitter pages warning other people not to deal with this company.

Another thing they mentioned when I phoned them was that my loan was with Real Personal Finance whose interest rate is around 85% - this was not the deal that I was quoted and offered when they first contacted me as they offered me a rate of 10.9%.

Do not not use this company, they are con artists, but hopefully you will be able to claim your money back by using and quoting the legislation at them.

marky21

hi all i have also been stitched up by them i cant get hold of any one on there phone number and have left 5 messages as well

never-in-doubt

And since when did the UK populate so many thicko's - I mean, who in their right mind pays money to get a loan? It really beggars belief....

maybe i'll start charging for common sense lessons eh?

xraycoy

I had a call from a guy from the Magic Finance "team" called Matt ,I was looking to consolidate my credit, probably a lot of people are at the moment.

They offered to take me through a 2 minute Q&A session regarding outstanding loans, income and expenditure...straight away the came back with a "yes we have contacted a loan company who will lend you £12,500 over 5 years at £266 per month" this was apperently all sorted and agreed....if I paid their fee of £69,99 (which would be refunded by the loan company) all I need to provide was i/d, bank statement and utility bill to the loan company. The cheque would be with me virtually by return of post. I told them to ring me back on Monday when I had time to talk to my wife.

I then got another two calls today about financial management and another unheard of product...this got me feeling uneasy. So a quick search on google indicates this is a very (in my opinion) dodgy company.

I rang them back and asked them to cancel any loan paperwork etc, they kept on asking if I had paid the £69.99 fee..I kept repeating no I had not, then they told me they would contact the loan department and cancel any calls etc...I said do you want any of my details ? details naa..they just hung up !!!!!!!!!!

I then rang back again spoke to a guy called Martin, very helpfull who promised to take my details off their system.

BEWARE IN MY HUMBLE OPINION IT'S A SCAM TYPE OF COMPANY. I have written to the OFT about this.

pup101

Total cowboys.... stay away. Please, please please don't go through what i did. I feel pretty stupid now.

They still have my £69.99, 10 months later and no loan. I realised very quickly they weren't for real and started proceedings for a refund. I've threatened small claims, had citizens advice write me various letters and no joy.

I'm not giving up, purely on priciple. I call them on a weekly basis and get the same ridiculous excuse and a future date for a refund, then the date comes and surprisingly enough there is no refund... call them again and start the same cycle.

I secured a loan from my bank in the end, but take it from me... there is no such thing as a bad credit loan that is fair. If you do get one dont expect to pay anything less than 40% for it... an i'm sure even they are rare.