Loan GoGo??

BugsyBrowne

harrycarlin wrote: »

I think try now other company like longtermloans4u.co.uk, samedaypaydayloans4u.co.uk

You are spamming everywhere

Apples2

harrycarlin wrote: »

I think try now other company like long:spam:loans4u.co.uk, sameday:spam:loans4u.co.uk

I think try now spam button.

MerryChristmas

I applied for a loan today at your-finance dot co dot uk

I was accepted online and was then asked for a fee of £79.99.

Anyone in the brokerage chain gets paid a generous commission by the eventual lender and has no need to take payment from the borrower, so something just didn't feel right and I left it.

Since then I've had 3 calls and messages from 3 different people from 3 different mobile numbers all claiming to be from "Right Financial" all stating I have been approved for a loan.

I called one of the numbers back and spoke to a chap who sounded like he was in a call centre.

He confirmed some details back to me, confirmed I had been approved for a loan and then stated this:

"We can only lend to people with a UK bank account, and the way we confirm that you have a bank account is by taking some details from you - What is the 16 digit long card number on your bank card".

I am a reasonably well seasoned adult, am blessed with a little grey matter (more of it the kind found in my head rather than on it thankfully) and I know that the only time I have and should EVER have been asked for my long card number is when a payment is about to be taken.

I asked the guy if that was indeed his actual intention. He stumbled and then said yes they would be taking a charge, but not until later.
How much would it be? £69.99.
So he'd lied initially....and at that point could have been accused of deception/fraud.

It took my questioning to confirm he wanted my details in fact to take nearly £70 from my account.

This fee business sounded rather like my experience online this morning, and when I asked he confirmed that Right Financial company were linked to Your-finance.co.uk.
So this was therefore yet another company linked to Davenport Black Limited.

I said that the only information I'd found on the net about their companies were comments left by people who had had fees taken from them upfront but had not had loans actually provided.

The guy said in reply that "loads of people have received loans from us. The reason why some people don't is because it can take up to two weeks to process an application, and as most people who have applied to us have also applied to loads of other lenders at the same time that can sometimes affect their credit rating. That means while we are processing their loan from us, their credit status changes and they are no longer eligible for the loan we offered them."

IF it is a scam, that's essentially how it appears to work - You apply for a loan, they take a fee from the "borrower" up front.
When the borrower fails to actually achieve a loan and wants their fee back, they tell the client "it's your fault. Your credit history has been adversely affected since you applied to us because of all the other applications you appear to have made elsewhere".

On at least one of Davenport Black Ltd's sites I did find a page stating that they will refund the £70 fee within 14 days of initial contact with them.

It doesn't actually state under what circumstances they will or won't refund.

I reckon they've only put this on their site because of the Distance Selling Regulations.

The DSR state that when you have bought something over the phone or online, you are entitled to a 14 day cooling off period during which time you can cancel a contract and the merchant is required by law to refund you what you have paid in full without penalty.

Two things:

1. The 0115 number (that's Nottingham, not Dorset or Berkshire by the way!) rings but no-one picks up.

2. A lot of people are saying that it can take more than 14 days to get a "no" out of this outfit, by which time of course you are no longer entitled to an automatic refund under the Distance Selling Regs.

Maybe it's just me being a cynic, but perhaps not; I've yet to find comment from one single person who either on this site or elsewhere on the net who had actually had money from a lender transferred into their account.

ALL comments everywhere are from people stating they've had money taken from them and a "No" in return....Eventually!

It's worth pointing out that all genuine brokers receive a share of a generous commission from lenders.

Here's what Which? Magazine online has to say about organisations who ask for upfront arrangement / introductory fees:

"Legitimate loan companies don't request money up front, so if you're asked for an advance fee for processing, application, repayment or insurance, YOU CAN BE SURE IT'S A SCAM."

I have to say some of the comments from some of the people on this thread are pretty appalling - Some of us wanting a loan who can't get help from our high street bank are not people who don't pay back our borrowings, or who live beyond our means.

My own situation is caused by two problems:

1. A local Council who have lost my electoral roll form twice in two years.
2. My crazy bank, who in spite of my having banked with them perfectly for 4 years without being overdrawn by a penny, consistently refuse to upgrade my cash card account to a proper current account for reasons they have never explained.....Meanwhile their motor finance department in the same building were quite happy to lease me a £20k car last week with only a few hundred pounds deposit.

Anyway.....Happy Christmas and "Humbug" to the scammers one and all!

Apples2

There mere fact that you decided to start calling them suggests you thought there may well be a loan waiting for you, even WHICH had informed you it was nothing more than a scam (as does this thread).

The 14 days is a standard time in which they must offer a full refund after which, they can retain £5 for their "service". The remainder must be refunded.

MerryChristmas wrote: »

2. My crazy bank, who in spite of my having banked with them perfectly for 4 years without being overdrawn by a penny, consistently refuse to upgrade my cash card account to a proper current account for reasons they have never explained.....Meanwhile their motor finance department in the same building were quite happy to lease me a £20k car last week with only a few hundred pounds deposit.

Car Finance comes with security for the lender. In fact, it is more profitable for them to lease to people who cannot afford it as they can repo the car, flog it for a song and chase the overstretched borrower for the remainder.

borrowing in general is living beyond ones means. It is widely acceptable to borrow for houses as secured loans but unsecured borrowing is unnecessary and expensive. You'll be surprised just how many people do not have any loans or credit card balances rolling over into the next month.

MerryChristmas

Apples: As i stated in my post, I had no idea who these people were until I telephoned them in response to the message they had left me.

When I realised I ended the call and told them why.

I actually said all that in my first post. Going by your reply you obviously missed that bit.

I actually sought out this and other threads after experiencing this scam this morning first hand and wanted to bring older threads up to date so that anyone stumbling across it wouldn't be tempted into thinking the people behind the outfit might have changed there ways in the past few months.

The Distance Selling Regulations most certainly do not allow the seller to keep any portion of what the buyer has paid if the buyer chooses to rescind the contract within the first 14 days. The most a seller might be able to keep is the actual cost of processing the initial card payment (debit cards cost around 35p to process - The amount is capped by EU law), but only if they clearly state that this is their policy prior to taking payment. This company have not do this.

To make any comprehensive comment about your claims re car leasing or your assertions, however loose that borrowing money in this country is the domain of a minority, would be to go way off-topic.

And that wouldn't be helpful or pertinent to anyone else, who like me, stumbles across this thread following a brush with this particular outfit.

Merry Christmas!

Aisha786

its all a big scam. Wentworth direct finance closed down, then loan go go closed down and now the same people have opened up Right financial! thats all they keep doing, just openeing up new company names. All these companies operte from bath road, slough.

DCFC79

Aisha786 wrote: »

its all a big scam. Wentworth direct finance closed down, then loan go go closed down and now the same people have opened up Right financial! thats all they keep doing, just openeing up new company names. All these companies operte from bath road, slough.

Yes that's great but no need to drag up an old thread.