Wentworth finance

flossi01 · 6 January 2011 at 10:02AM

I need a loan for £7000 I dont have the greatest credit history (nothing to bad just high credit card bills and a small overdraft from 5years ago no defaults, ccj`s or late payments etc) which has made it very difficult for me to get a loan my bank refused me so I applied with a couple of companies online.

Wentworth rang me yesterday to say that I had been approved (definatly approved and not pre-approved I asked 3 times for clarification) the apr was good and I was told that there would be an admin fee added to the loan which I was fine about, they covered the repayment amounts and discussed that I could make higher payments as and when I wanted without a fee and how much I would have to pay if I paid back early plus the final loan amount including interest and that they would send paperwork out if I was happy to proceed it all sounded above board to me and I was happy with the deal I was offered so said ok, At no point did they ask for an upfront payment or bank details and I would have refused to give them if I had been asked.

I decided to check them out online and have come across some really bad reviews and to be honest very few good ones BUT most complaints are about the upfront fees which I havent been asked for, Im now worried that I dont actually have the loan after all or that I am about to be scammed, Like I said Im happy to pay an admin fee which was included in my final loan amount but not a fee to find me a loan when I have been told I have one.

Im really confused and would be grateful for any comments, advice or opinions.

speedwaycat · 6 January 2011 at 10:20AM

:mad:
I've been in a very similar situation, and I'm afraid my experience of Wentworth was far from good. Because I too had a not too great credit rating, I went to Wentworth for a £2000 loan because our boiler had broken. I explained that I have two small children, the house was freezing and we had no hot water so I was desperate to get this sorted. I paid my fee and was assured the loan was so small and my credit rating not as bad as many so it would be no problem and on my second call, was told I could have the loan and given all the rates, repayment details etc. and advised that the agreement just needed to be signed and returned so the money could be put in my bank. What a relief! After a few days however, I hadn't received the agreement and when I rang I was told that the lender wasn't going to lend after all, but Wentworth had put me back with a team of lenders who would definitely help. There followed a number of phone calls - a few with me in tears reiterating how I had to sort this out because of the children if nothing else - and each time something would be done, there was no reason they could see for the delay etc etc. After a couple of months, I could see I was getting nowhere and told Wentworth not to bother. Every time I phoned, regardless of time or day, I seemed to be about 30 in the queue, and it took anything up to an hour on average to get through - on a premium rate number. I wrote and complained asking for my fee to be returned, without any admin fee being taken because I didn't feel they had done anything, and for my calls to be refunded. I sent a printout of the calls made, which were approximately £33 worth. In return I got a cheque, less £5 admin fee and that was it. No reply, not even an acknowledgement of my complaint. I wrote again, in case they didn't get the original complaint and still nothing. They clearly don't care, and get their money from the fees and the call costs. I am so sorry to have to tell you this, but I went through hell with them over this and I would hate for you to do the same.

BackOnTrack · 6 January 2011 at 10:22AM

Every company will have good and bad reviews when you look them up. Ask them directly about the fee and see what they say and ask them to send out the loan acceptance in writing. you are already being cautious which is good and as long as they don't have your bank or card details you are safe. If you have any doubts after asking a few more questions then I would suggest you walk away.

flossi01 · 6 January 2011 at 10:44AM

Thank you speedwaycat im sorry you had such a bad experience and I hope you managed to get everything sorted in the end. Again you are saying you had trouble with an upfront payment which is what others have said but I havent been asked for one and thats what has confused me perhaps it will say something about it in the paperwork

flossi01 · 6 January 2011 at 10:52AM

BackOnTrack wrote: »

Every company will have good and bad reviews when you look them up. Ask them directly about the fee and see what they say and ask them to send out the loan acceptance in writing. you are already being cautious which is good and as long as they don't have your bank or card details you are safe. If you have any doubts after asking a few more questions then I would suggest you walk away.

I rang them and after a 7min wait was put through to the advisor that rang me yesterday I asked if they required any other payment other than what is in the loan documents such as an upfront payment to process it and he said no that the only fee I pay is the admin fee we have already discussed. He sent the paperwork on Tuesday so I should recieve it today. I have to say so far my experience with them has been really good but I am still concerned about all the negative comments about them I really wish I hadnt googled them, but as you said every company will have bad reviews and I suppose people that have good experiences dont often bother to write reviews

BackOnTrack · 6 January 2011 at 11:03AM

flossi01 wrote: »

I rang them and after a 7min wait was put through to the advisor that rang me yesterday I asked if they required any other payment other than what is in the loan documents such as an upfront payment to process it and he said no that the only fee I pay is the admin fee we have already discussed. He sent the paperwork on Tuesday so I should recieve it today. I have to say so far my experience with them has been really good but I am still concerned about all the negative comments about them I really wish I hadnt googled them, but as you said every company will have bad reviews and I suppose people that have good experiences dont often bother to write reviews

Yep people with good experiences are less likely to post about it. Just keep your wits about you and at least you know to be on your guard when dealing with these guys thanks to the bad reviews. Nothing sounds "to good to be true" so hopefully all will go well for you, and from what you have said so far I probably don't need to to tell you this, but read all the small print etc. several times so nothing unexpected suddenly appears. Good luck.