Northern Rock - waste of time

Stonk

Ripping off the bank is fine; but ripping off old people, tsk tsk!

Only kidding. Sounds like you got a fantastic deal all round.

Dandirt

Cheers Stonk - I'm well chuffed with the deal.

Incidentally - these particular old people could probably buy and sell me several times over, he he.

Dan

mrcow

Glad that you got it all sorted. It sounds a good deal.

johnydeath

Thanks for the pointer - just checked out an unsecured unprotected loan for 7k from First Direct.

Total payback £7375.79 @ £307.32 a month over 24 months so thats costing me under £16 a month for the loan.

Northern Rock were £309.60

Was told if I am considering paying back early they would calculate whether I would be better off by losing the cashback or leaving to run full term.

Seems like a good deal to me.

Mamgu

Similar experience with Moneybank, I applied for a 5.6% loan on-line to save time. I have a very good credit rating, no debts, husband & I working full time etc etc. I then had to phone customer services, who interrogated me, what savings did I have?, why wasn't I using that to by my car? what was I going to use my savings for? It went on and on....... in the end I told them to forget it, I would go elsewhere.

mrcow

Mamgu wrote:

Similar experience with Moneybank, I applied for a 5.6% loan on-line to save time. I have a very good credit rating, no debts, husband & I working full time etc etc. I then had to phone customer services, who interrogated me, what savings did I have?, why wasn't I using that to by my car? what was I going to use my savings for? It went on and on....... in the end I told them to forget it, I would go elsewhere.

Who are Moneybank? I've never heard of them.

Why not try a reputable high street lender?

_Andy_

HSBC are only flogging the cashback deal because statistcally most people won't let the loan run its course (i.e. they'll reconsol in a year or two). Also bear in mind not that many people will get the 5.9.

rh41

mrcow wrote:

Who are Moneybank? I've never heard of them.

Why not try a reputable high street lender?

Moneyback loans are a subsidary of A and L plc. Just run over the net completely.

mrcow

rh41 wrote:

Moneyback loans are a subsidary of A and L plc. Just run over the net completely.

Thanks! That makes much more sense

Just looked at their website and it's quite funny (but somehow scary) reading. "We'll give you moneyback if you take out our loan protection"........erm okay then lets do the maths.......

£3000 over 60 months will cost you £4140 with Moneyback instead of the £3435 that it should do....but wait, we'll give you £10 per year money back! Great stuff....where so I sign? (not). What a silly gimmick. At least I guess you can quote without the protection too.

Turtle

It is a good deal, fd are doing the same, definatley equiv to 5.3% after cashback. If you take protection you get 25% of the interest charged on that as well. Bear in mind as well that under the consumer credit act amendments in 2005 66% of customers MUST be offered the typical APR.

As far as Northern Rock are concerned, I don't rate them either. My OH applied for a car loan with them, at a typical rate of 5.6%. He was accepted on line but when the docs arrived it was at 9.9% (there had been no indication of there being a different % offered on the acceptance email he got). He has never missed, or been late with a payment in his life and I found it hard to believe that 66% of the population have a better credit record than he does. So, we called them and they just gave some gubbins about not being able to disclose the information they use to decide on the APR. Fair enough in some respects (ie people could use that info to know what to lie about on the application) but I was annoyed that he had an unnecessary search on his credit file. There's loads of better deals than what they offered and he would not have progressed to full application if they'd said the rate would not be the typical.