Unfair Credit Direct

Unfair_Credit_Direct

Originally Posted by ILW
So what you are saying is that your company does not have the capital or financing in hand to run its day to day operations without taking up front payments from customers. Is this not a case of your clients being expected to put their money where your mouth is?

We are running a business offering advice and assistance to people who have been mis-sold mortgages. As a financial advisor yourself you charge people for financial advice so it is assumed that you are comfortable with the ethicacy of charging for financial advice, just not financial advice which offers redress to the unfair business practices of some financial advisors.

Originally Posted by ILW
Can you post any proven, documented successes on this thread

The facts and figures you have asked for concerning our business is sensitive information which we do not feel appropriate to release onto an internet blog site. However we are in the process of contacting some of our clients to invite them to review our business and their dealings with us. Without prior consent we cannot reveal the specific details of the claim packages which we have brokered for our clients.

Originally Posted by ILW
As you will know, many companies in your line of business have gone into administration owing refunds to clients. Are all pre paid amounts held in a third party holding account or are they used to pay day to day expenses including directors remunerations?

Originally Posted by dunstonh
Its not a very good business model if your income is relying on capital advances which are going to be mostly repaid due to lack of success. Lets assume you are holding the money in a client account (which you probably are not), how are you funding your day to day expenses?

All of the money that is paid to us by our clients is used to finance the work required to process their claim. Furthermore we begin work on the claim before our clients have paid their first installment and take seriously the accusation that we are attempting to defraud our clients by taking money from them for work that we have no intention of undertaking. We cannot be held accountable for the business practices of other companies in this sector, just as you cannot be held accountable for the mis-selling of mortgages by other financial advisers – the very reason why companies such as ours exist in the first place.

Originally Posted by tinkerbell4791
You should never pay upfront for services such as these. That is the advice that Martin Lewis has given in reference to debt management companies.
I've been scammed by a company called Buy Bye Credit who offer the same services as Unfair Credit Direct. Coincidentally, [TEXT DELETED] who was the 'introducer' now works on behalf Unfair Credit Direct. I've been advised that Buy Bye Credit have just ceased trading & their new company name is Unfair Credit Direct!!
On that basis I would say don't touch them with a barge pole! They get your fee upfront then you never hear from them again. They're all con-artists!
There is a a forum on this website all about Buy Bye Credit which you may find interesting. They are currently being investigated by the Ministry of Justice & Trading Standards.
Any company that has [TEXT DELETED] or a member of the [TEXT DELETED] family working for them should be avoided at all costs.
I cannot add a link to this message but if you type Buy Bye Credit into Google you will get access to the forum.

It is completely untrue to say that Unfair Credit Direct has traded as Buy Bye Credit or that we have any links to their directorship. If this claim is repeated we will seek legal advice in pursuing the originator of the libellous claim. Again, we cannot be expected to be accountable for the business practices of other companies within this sector.

ILW

Thanks for the reply.
The question remains though that if for any reason the success rate is much lower than hoped, where is the money for the refunds going to come from if it has already been spent.
It seems a very questionable practice to offer a refundable prepayment and then use it for the day to day running costs of a business.

dunstonh

We are running a business offering financial advice and assistance to people who have been mis-sold mortgages.

You are not on the FSA register. Therefore, giving financial advice is breaking the law.

All of the money that is paid to us by our clients is used to finance the work required to process their claim. Furthermore we begin work on the claim before our clients have paid their first installment and take seriously the accusation that we are attempting to defraud our clients by taking money from them for work that we have no intention of undertaking. We cannot be held accountable for the business practices of other companies in this sector, just as you cannot be held accountable for the mis-selling of mortgages by other financial advisers – the very reason why companies such as ours exist in the first place.

The problem with this model is that it is totally reliant on gaining new people to pay up front. When the money coming on slows down or stops, the business will collapse as you will need to refund more money than you have got in pot. Something that other claims companies are starting to see. If the bank charges and unenforceable loans had not gone in the favour of the banks (so far) then your model would have been fine as there would have been enough cases to take the percentage from (as well as less refunds). However, with unfair credit being virtually dead in the water now then unless something else comes along, you are going to run out of cash.

Unfair_Credit_Direct

Originally Posted by dunstonh
You are not on the FSA register. Therefore, giving financial advice is breaking the law.

Unfortunate phrasing from ourselves to clarify we mean advice in the sense of advising people of opportunities to reclaim mis-sold financial products.

Originally Posted by dunstonh
The problem with this model is that it is totally reliant on gaining new people to pay up front. When the money coming on slows down or stops, the business will collapse as you will need to refund more money than you have got in pot. Something that other claims companies are starting to see. If the bank charges and unenforceable loans had not gone in the favour of the banks (so far) then your model would have been fine as there would have been enough cases to take the percentage from (as well as less refunds). However, with unfair credit being virtually dead in the water now then unless something else comes along, you are going to run out of cash.

Originally Posted by ILW
Thanks for the reply.
The question remains though that if for any reason the success rate is much lower than hoped, where is the money for the refunds going to come from if it has already been spent.
It seems a very questionable practice to offer a refundable prepayment and then use it for the day to day running costs of a business.

Firstly we would like to point out that we do not deal with bank charges and we have nothing further to say on that matter.
We deal mainly with mortgage deals and products and we are well aware of the pitfalls of this kind of industry as has been exemplified by the collapse of a number of businesses. However we would like to stress that we have no intentions of operating or failing our customers in this way. Our business model, designed with the aid and advice from barristers and the design of software which enables us to identify the most likely cases for success, has been structured to avoid these pitfalls. In practice this means the majority of people who approach us we decline to work with and we endeavour to keep the number of pending cases within respectable limits. Furthermore we would like to stress the close working relationships we have with our barristers who we can assure you are as keen as yourselves to ensure that this work is legally and morally fair.
We have answered these questions as fully as we can from the perspective of our business and our business practices but feel we need to bow out of these discussions about the poor business practice of other companies with whom we do not share business practices.

~Brock~

I take it that you have the permission of the site administrators to promote your questionable services on this forum?

BFGNCP

I have read everything that as been posted and I have paid money to unfair credit in relation to a credit card, but the question I want answered is as any credit card debts ever been writen off or been classed as unenforceable be it with the said company or any other ?



The problem with this model is that it is totally reliant on gaining new people to pay up front. When the money coming on slows down or stops, the business will collapse as you will need to refund more money than you have got in pot. Something that other claims companies are starting to see. If the bank charges and unenforceable loans had not gone in the favour of the banks (so far) then your model would have been fine as there would have been enough cases to take the percentage from (as well as less refunds). However, with unfair credit being virtually dead in the water now then unless something else comes along, you are going to run out of cash.[/QUOTE]

ILW

BFGNCP wrote: »

I have read everything that as been posted and I have paid money to unfair credit in relation to a credit card, but the question I want answered is as any credit card debts ever been writen off or been classed as unenforceable be it with the said company or any other ?



.

[/QUOTE]

Are you sure it is the same company, they one above seems to saying they only deal with mortgages?

noh

Are you sure it is the same company, they one above seems to saying they only deal with mortgages?[/QUOTE]

Their website indicates they deal with mortgage and creditcard/loan claims.

ILW

It appears their spokesman may have been a little economical with the truth.

marshallka

BFGNCP wrote: »

I have read everything that as been posted and I have paid money to unfair credit in relation to a credit card, but the question I want answered is as any credit card debts ever been writen off or been classed as unenforceable be it with the said company or any other ?



The problem with this model is that it is totally reliant on gaining new people to pay up front. When the money coming on slows down or stops, the business will collapse as you will need to refund more money than you have got in pot. Something that other claims companies are starting to see. If the bank charges and unenforceable loans had not gone in the favour of the banks (so far) then your model would have been fine as there would have been enough cases to take the percentage from (as well as less refunds). However, with unfair credit being virtually dead in the water now then unless something else comes along, you are going to run out of cash.

[/QUOTE]
I know that most of these type companies are cons and they just keep hold of your money and also you could get a threat of charges for legal fees if they pass to solicitors and solicitors have not set up insurance (which most of them did not!!). I would ask for your money back and if they do not send it then report them to MOJ maybe.

Have a look at other threads about Claims management Companies and judge for yourself.

There is an MSE article here that may be worthy of a read
http://www.moneysavingexpert.com/news/reclaim/2010/05/financial-ombudsman-warning-over-expensive-claims-management-firms