www. loan-solutions. co. uk

DCFC79

Scoudny wrote: »

I have recently accrued some debts and although they are just about manageable i was considering getting a consolidation loan to lower my monthly outgoings with one affordable bill, around the same time i received an advertising email from Loan Solutions and after a quick read thought they looked ideal, there was even a 'apply now' button on the email.

What you need to do is look at your spending and cut back, reduce the shopping bill etc etc.

toby107

Loan Solutions are a broker with up to 16 lenders that they have on file. After asking me some questions they told me that I would be accepted for a loan by one or more of their lenders. I was then told that I had to pay them a fee of £79.99. I asked them if I would get a refund if I was not successful in getting a loan, OR if I didn't take out the loans offered if I thought that they were too expensive. I was told that in such a case I would get a FULL refund, so I aid the fee.
After I paid the fee I was emailed the terms and conditions, which are not entirely clear. Anyway I received three loan offers, however they were asking for me to supply a guarantor which I did not have and so could not proceed with the loan application.
I then spoke to customer services asking for the full refund that I was promised and was told that they would only offer me a 50% refund as a gesture of good will. They told me that I had agreed to the T&Cs. Now I know i have only lost out by £40 but it is the principle. I was deceived into thinking that I would get a full refund and I didn't receive the T&Cs until after I had paid the fee. So the moral of the story is; if you want to use their services be prepared to lose the up-front fee and also to get loan offers that are very expensive, in effect like legal loan sharks. It isn't worth it!

Apples2

toby107 wrote: »

I was deceived into thinking that I would get a full refund!

No, you were deceived into thinking you would only get a 50% refund.

If you admit you have the T&C's, have you tried reading them?

3.6 In line with Section 155 of the Consumer Credit Act 1974 you are entitled to a refund of your fee, less a deduction of £5 should we not introduce you to a lender who can provide you a loan or you do not enter into an agreement within 6 months of your introduction to your lender. All requests must be made in writing to our address.

Loan Solutions,
10 Roseberry Court,
Stokesley Business Park,
Stokesley,
TS9 5QT

I'm sure they have more than 16 Lenders on file, they have Google.

Aedhasdad

I applied for finance with these clowns last week, was contacted with a guaranteed line of credit for £3500, 34.9% APR, 36 x £157.93 - all good.

So i asked what was next step - they said pay an £84.99 admin fee and the money was mine... i thought it sounded off so i questioned it, they said they were a small broker, they don't get kickbacks from the lenders, this is how they make their money.

I said i needed to think about it, went to a couple of dealerships to see if i could get a better deal than 34.9%

Couldn't, so reluctantly called them back, told them i was skeptical, asked to to confirm there was a solid offer of £3500 at 34.9% on the table, for motorcycle finance, they said yes.

I then said clearly, i cant get anyone to be a guarantor so its not one of those loans is it? They said no, there is a solid line of credit waiting.

so i paid.

as soon as the payment cleared he said, ok, in the next 24-48 hours you will get offers from finance companies....

ALARM BELLS RINGING

So i said what happened to my guaranteed line of motorbike finance?

he replied, oh, erm... waht happens is we put your details out to our panel of carefully selected lenders, just give it 48 hours....

i got bombarded with texts from Payday lenders
i got bombarded with texts from amigo loans and another guarantor loan company.
i was contacted by a single broker who said i was declined Car finance.

CAR FINANCE? i ask, yes, you have been forwarded to us to look at car finance....

I said it was motorcycle finance i was after, she asked me if I had used Loan-Solutions, i said yes, she took pity on me and told me i should try to get my money back.

So, i called them back after 48 hours, they refused to refund telling me they provided a service, its not their fault i don't like the service.

So, last night i wrote to them, quoting part IV, section 155 of the consumer credit act 1974

and

Section 14(3) of the sales of good act 1979, stating that as i had made known the purpose of the loan and the conditions i couldnt satisfy (with regard to a guarantor) the service provided by them was not "fit for purpose".

End result: refunding me £79.99 (keeping £5 as a processing fee).

Please don't use them, and if you have and didn't get any help, feel free to PM me, i will happily share my letter for you to use as a template.

Good luck.

Apples2

Aedhasdad wrote: »

I applied for finance with these clowns last week, was contacted with a guaranteed line of credit for £3500, 34.9% APR, 36 x £157.93 - all good.

In what way is swapping £5,685.48 of your money for only £3,500 of theirs in any way good?

Aedhasdad

Apples2 wrote: »

In what way is swapping £5,685.48 of your money for only £3,500 of theirs in any way good?

When you cant get credit anywhere else and a guarantor loan is 49% APR, it seemed very good, as a means to an end.

John1993_2

Aedhasdad wrote: »

When you cant get credit anywhere else and a guarantor loan is 49% APR, it seemed very good, as a means to an end.

What possible end justifies such a trade, though?

You really need to learn to budget better. Getting to a state where you'd even need to consider taking out a loan like this means that your problems are far deeper than not being able to source cheap credit.

Raf37

Did you claim for refund?

gb12345

Raf37 wrote: »

Did you claim for refund?

Is this question aimed at anyone in particular or are you asking all of us (hint - it helps if you quote the post you are replying to).

Personally I haven't bothered requesting a refund from them, but that is because I'm not stupid enough to go around randomly entering my card details on websites.

Raf37

That thief send me a letter to my house and it looked pretty good, profesional. I called them and stupidly paid 84.99 for the service, which never has been delivered. Now my financial situation is even worse. I need to claim a refund by writing, any ideas how the letter should look like, what information should be included to force them for instant decision? I couldm't find any samples in the net,
Thanks to all in advance!!

Aedhasdad wrote: »

I applied for finance with these clowns last week, was contacted with a guaranteed line of credit for £3500, 34.9% APR, 36 x £157.93 - all good.

So i asked what was next step - they said pay an £84.99 admin fee and the money was mine... i thought it sounded off so i questioned it, they said they were a small broker, they don't get kickbacks from the lenders, this is how they make their money.

I said i needed to think about it, went to a couple of dealerships to see if i could get a better deal than 34.9%

Couldn't, so reluctantly called them back, told them i was skeptical, asked to to confirm there was a solid offer of £3500 at 34.9% on the table, for motorcycle finance, they said yes.

I then said clearly, i cant get anyone to be a guarantor so its not one of those loans is it? They said no, there is a solid line of credit waiting.

so i paid.

as soon as the payment cleared he said, ok, in the next 24-48 hours you will get offers from finance companies....

ALARM BELLS RINGING

So i said what happened to my guaranteed line of motorbike finance?

he replied, oh, erm... waht happens is we put your details out to our panel of carefully selected lenders, just give it 48 hours....

i got bombarded with texts from Payday lenders
i got bombarded with texts from amigo loans and another guarantor loan company.
i was contacted by a single broker who said i was declined Car finance.

CAR FINANCE? i ask, yes, you have been forwarded to us to look at car finance....

I said it was motorcycle finance i was after, she asked me if I had used Loan-Solutions, i said yes, she took pity on me and told me i should try to get my money back.

So, i called them back after 48 hours, they refused to refund telling me they provided a service, its not their fault i don't like the service.

So, last night i wrote to them, quoting part IV, section 155 of the consumer credit act 1974

and

Section 14(3) of the sales of good act 1979, stating that as i had made known the purpose of the loan and the conditions i couldnt satisfy (with regard to a guarantor) the service provided by them was not "fit for purpose".

End result: refunding me £79.99 (keeping £5 as a processing fee).

Please don't use them, and if you have and didn't get any help, feel free to PM me, i will happily share my letter for you to use as a template.

Good luck.