Loan rip off - How to get my money back?

fionajeanne

I applied for a loan with Advantage Loans for £200. I was sent a letter in the post confirming my application had been accepted and I must call to arrange a payout. They then sent me a letter saying I must Pay £49.95 which they took out of my account Direct Debit and said I would receive a loan within a few days. i was then sent another letterr saying I must apply to another company which I later found out I didn't qualify for so the agreement I had with them was not delivered. I did not receive the £200 loan as promised and they basically ripped me off by taking my £50 and not completing their end of the bargain. What do I do?

fionajeanne

fionajeanne wrote:

I applied for a loan with Advantage Loans for £200. I was sent a letter in the post confirming my application had been accepted and I must call to arrange a payout. They then sent me a letter saying I must Pay £49.95 which they took out of my account Direct Debit and said I would receive a loan within a few days. i was then sent another letterr saying I must apply to another company which I later found out I didn't qualify for so the agreement I had with them was not delivered. I did not receive the £200 loan as promised and they basically ripped me off by taking my £50 and not completing their end of the bargain. What do I do? How do I get my money back and find another loan company? Please help...

Laurenbelle

I work for a call centre selling personal loans and we get a lot of these calls and need to tell the cutomers that would be more than happy to take them through a loan application but that it would be subject to the same rues and standards as anyone else tht calls in and then offer them the Poole Trading Standards number. Our bank has no affiliation with Advantage (or Tennant) loans at all and we do not pre approve loans for them. Wht did you pay £50 to get a £200 loan? What is the reason you didn't call the regular mainstream banks in the first place? I would call the Poole Trading Standards to complain and maybe see if they can give you an idea on how to get your money back! I am sure i have seen a similar thread here about it too. Good Luck!

Astaroth

The "problem" is that you havent read the terms and conditions properly and fallen foul of what does sound a fairly underhanded trick that some of these companies use (I have never spoken to one of them personally so can only go by the complaints you read from others)

Many of these companies (brokers) will take you through an application process for which they charge you £50 and then tell you you have been accepted. Customers assume they mean that they have been accepted by a lender but what the broker actually means is they have been accepted by the broker themselves and that they broker will then go on to try and find the loan for them for which their is no assurance that they will be able to.

movingforward2010

my mum fell in to this trap a few yrs back, i really dont think there is much you can do, all i can say is be grateful you were not accepted for a loan the intrest rates are awful some as much as 58% APR:eek: :eek: :eek:

fionajeanne

thank you for that info

Chrysalis

yeah seems to be one of those companies preying on the vulnerable. it sucks been excluded from mainstream financial products.