Beware of of first money direct

kirki

A further example for you...

Cold Call and Loan Application

I recently paid a separate broker for a loan application then was called earlier today by First Money Direct.

After a 5 minute chat with one of their underwriters I was offered a sizeable loan at 7.2% which with my current credit rating seems surprisingly good.

I was further surprised however when they:

1. Only asked for details of my current account overdraft but none of my other lending.
2. Asked me to pay £250 before they would send out the paperwork to me.
3. Then told me that the money would be provided by a "lending partner", despite the first person telling me that they do not deal with a third party company.
4. They would not give me details, or even the name of, the lending partner.

This all seems suspicious to me (pay £250 up front as an extra admin fee for a loan which would then be passed to another lending partner who remains anonymous...!?!) so I said I would not have the £250 in my account (true today as it happens) so please call back in a fortnight. I also asked for their address and was told it was Manchester; on asking for the full address details I was told to look at their website, then the guy hung up, making me even more suspicious at this point...

Checking

I then looked at their website and can see the following address registered with Companies House:

274 Chorley Old Road, Bolton BL1 4JE

However the following address was given to me over the phone (and is listed on the website's contact page):

First Money Direct Limited
Unit B2
Mansion House
Wellington Road South
SK1 3UA

So the phone number and address I was given over the phone check out although it seems odd that they're listed by Companies House at another address, and I find it very strange that they're asking for £250 up front. Especially in light of earlier posts in this thread.

Note that although they mentioned the £250 fee at the beginning of the phone call, it wasn't stated until the end of the call that they would want that cash up front before sending the paperwork. Throughout the conversation I was expecting to pay that once the loan arrives in my account. This is unlike any other loan I've had in the past!

Decision

So, having checked their website and discovered this thread, I phoned them back and asked if they would provide the loan on the understanding that I would pay the £250 fee after I received the loan. They refused and tried to persuade me pay part of the fee, then the full amount later but again, it would have to be paid before they provide the loan.

I then explained up front that I was concerned that this could be a scam and that I'd had loans in the past for which I'd never been asked to pay such a sum up front. The underwriter said this is how they handle loan applications for people with a poor credit rating who are unable to get a high street bank loan and restated that they will not provide the loan paperwork without the fee up front. This was at least an up front answer to my up front concern about the possibility that this was a scam.

Finally I asked him to end my loan application as although I want the loan, I do not actually need the loan and am uncomfortable with First Money Direct. He agreed to terminate my application and ensure that I was removed from their database, so will not be contacted by them again.

Thanks!

Thanks to everyone who has posted in this thread - it helped me make my mind up to not pay this admin fee and possibly get caught up in the problems some of you are experiencing. I can't say for sure that these guys are scammers, only that I was uncomfortable with their approach and, given this thread, their reputation.

I wish you all well in recovering the fees you've paid and will work on improving my credit rating in order to become eligible for high street bank loans once more!

antony_b

It seems that i have joined what appears to be an ever growing long list of people that have been scammed by first money direct. I was contacted by them after long periods of searching for a loan and thought to myself that i would never get a loan, until this company showed up. I couldnt believe my luck and after the phone calls and all the reassurance from the so-called underwriting team, they managed to get their claws on £250 of mine promising me a loan and unbeliveable rates. I was a little unsure when the paperwork came through anyway as it was the worst paperwork i had ever seen in my life, it came in black and white, well i say black and white it was grey. They obviously had a lot to send out as the ink on the printer must of been low and he must of been in a rush as the page was missing half of one side and on the paperwork it never actually stated that i had a loan. So i managed to get through to them and questioned it, where i was met by a woman who abruptly told me that this form was an old one and that my money was definitely guaranteed so i hung up still slightly confused but i did not know any better. Me and my partner both joked how it could be a scam but i remained possitive that i would get the money i need right now, until this morning where i found this forum about this so called company and my heart sank. How are so many people being allowed to get conned by these people and no one do anything thing about it. Is there not anyone who has had a loan through them or anyone have a good word to say about them and if so why has this not been made public knowledge so that unsuspecting novices like myself can affoid people like this. It all seems so easy for them to just create this so called company, snatch the hard earned money from our fingers and promise things which they are clearly not able or willing to deliver to us. Needless to say i will now be in the process of trying to get my money back but remain doubtful and rather annoyed that i could let myself be fooled into thinking i was actually going to get a loan and feel scared and unsure to try anywhere else now after this escapade with these clowns.

chris.d123

harrison_neil wrote: »

I used to work for this company and currently have a high court fast track summons to collect unpaid wages. I also have a meeting with national tabloid to have a story published about the company.
If anyone needs any information on how to get their money back quicker pm me. Also any other people that have had a similar situation as nanof6 then please contact myself. The more people that come forward about this shady operation the better.

niz took £250 from my account and have followed all proceedures to try and re claim money but to na avail. i recieved malicious phone calls some even threatening my life!! i have a list of names that they used and an email from them saying my refund is being proccesed this was back in march. i have recently been recieving calls from first money direct and they have sliped up by not with holding there number and using the same names as they did when trading as niz financial

pluciorx

HI All,
I have been on the same trolley - charged £300 for nothing!
I have phoned them thousands of times without any reply,
Finnally i have phoned my Lloyds cards service at: 08456004868 asking for visa charge back option for this payment, and after explaining that I think thats a fraud and they charged me for nothing a nice guy on the other end finally said that this will be returned as unrecognised within 5 working days.
btw if i will ever be somewhere close to where 1st money direct has office, I will pop up in person to see the guy who charged my bank account and show him what we do with such a persons.

Keeping fingers crossed !

shanipisces2002

hi there unfortunately i also became a victim of this scam and from my account £99.99 was deducted and now i want the money back please can you help me i tried contacting them they dont bother to pick my call now i will be appreciated if you can assist me in this issue thanks

shanipisces2002

looks like i have to call my bank and tell em about this unrecognised payment taken from my account now as i have no other choice

glynno2006

hi looks like i have been done as well and looks like im not the only one just want to know wot i can do now?

michelle1982

I have just had an incidence with First money direct. They called me on mymobile and said they needed my card details to confirm my ID. I gave this to them and they debited £200 from my account.

I have tried to get hold of them since Thursday and no one picks up. I am a single mother and cant pay my bills or feed my little ones all because I was trying to get a loan in the first place to pay for my husbands funeral costs.

I am devistated and need help urgently. I have £30 to last me the end of the week the £200 was what I live off.

Please help me my bank say I have to wait 15 days. I just need to speak to someone urgenyl to refund this money as they have not got me a loan and I certainly would never ever have even given my details if I knew they would take this ammount. Please help me I am desperate.

harrison_neil wrote: »

I used to work for this company and currently have a high court fast track summons to collect unpaid wages. I also have a meeting with national tabloid to have a story published about the company.
If anyone needs any information on how to get their money back quicker pm me. Also any other people that have had a similar situation as nanof6 then please contact myself. The more people that come forward about this shady operation the better.

elise-perkins

I too got scammed from First Money direct £250. applied for a loan on the 7th July and wanted to confirm a few things after i made a payment and now i cant get through to them. Send emails and called but the phone just rings. I knew that something was not right but i still went ahead i feel such a fool. How can i got my money back.

50quidonRED

_pale_ sigh..............its happened again