Loan solutions

mezzanine1890

I got a loan offer from Loan Solutions, which is a trading name of loan & finance solutions ltd offering me a £3000 loan for 3 years with a 15.2% APR, which considering I have defaults on my credit score I was expecting to pay they do require a fee but unlike most other companies I've dealt with that require you to pay £40-70 to do a loan they have sent me an email I requested the text of which reads

Further to our earlier conversation, I can confirm that you have been accepted as a client of Loan Solutions for your loan of £3,000 repayable over a period of 36 months. The repayments would therefore be £104.29 per month, with the total amount repayable being £3,754.44 over the 3 year term. This loan would not require you to have a guarantor, nor would you be required to send in any further documentation. In order to release the application to your designated lender, our one-off processing fee of £59.99 is now applicable. If you did choose to go ahead, it would be possible for us to email you the necessary documents instead of posting them in order to reduce the time it takes to process the loan through into your bank account.
To continue with your application, or if you have any further questions regarding this loan, please contact us at your convenience.
It is now 100% guaranteed that you will receive a £3,000 loan.

It's from a company email not one of those yahoo account emails, and when I queried as to why they wouldn't tell me the loan provider beforehand to be fair they were honest and said well then you'd run off and apply directly with them and we wouldn't get the fee.
Normally I'm very skeptical but they have confirmed in writing now that it is guaranteed and won't be a useless guarantor loan which is something other companies like wentworth failed to be willing to do.
I also haven't found them mentioned online which generally I've found to be a good thing?
Just wanted some advice really.

Tixy

Steer clear, that email is worth nothing to you once they've got your fee.

From their own website -
2. Service provided
2.2 We cannot guarantee that you will be successful in receiving an offer of finance.

mezzanine1890

No I was being careful I wouldn't give them card information for a payment until I required confirmation that I'd been accepted in writing and surely as they have stated this in writing if that doesn't happen then you would be able to get a refund, and they wouldn't be able to scam me?
Is the fact that they have confirmed it in writing and in plain english and not in jargon not a protection against being charged and having them suddenly 'be unable to help'.

Peeky

If you have wave goodbye to your £59.99 and be prepared for a whole lot of hassle trying to get it back

Firefox1975

Tixy wrote: »

Steer clear, that email is worth nothing to you once they've got your fee.

From their own website -
2. Service provided
2.2 We cannot guarantee that you will be successful in receiving an offer of finance.

Quote the above T&C back to them and ask them for their confirmation on what it means? (NB - i know what it means - but im curious how they will wriggle out of that one!)

Tixy

The thing is - they have state in their terms you can have a refund of all but £5 if they don't obtain an offer of finance. Very nice of them it would seem.

However a payday loan of £200 at an APR of 2000% counts as an offer of finance.

Yes you might be able to fight them and argue and eventually get your £54.99 of your fee back - but is it really worth the hassle and the effort when its clear from their own terms that are not actually agreeing that they can find you the loan you want.

Apples2

I can confirm that you have been accepted as a client of Loan Solutions

That's what you have been accepted for. You have been accepted to join their Loan Finding Service in your quest for £3k.
You have NOT been accepted for a £3k loan.

If the OP makes one more post refuting our claims, I will call spam.

mezzanine1890

Charming apples2 I'm looking for advice and the only reason I replied was that I wanted clarification on the fact that I was under the impression that if you have a statement in writing not an unconfirmable phone call that if that does not happen then surely you have recourse for compaint.

Peeky

Please give up on this idea.

Emmzi

they have guaranteed a loan they haven't guaranteed an interest rate.

honestly. wake up!

RichGold

mezzanine1890 wrote: »

Charming apples2 I'm looking for advice and the only reason I replied was that I wanted clarification on the fact that I was under the impression that if you have a statement in writing not an unconfirmable phone call that if that does not happen then surely you have recourse for compaint.