Pounds2Pocket 12 month loans

Supafly-Reen

Last year I took out a 12 month loan with pounds2pocket. I did this as I applied for a loan but was turned down. I have a bad credit rating but not due to being in debt, this is due to being new to obtaining credit so I had no history to obtain a loan from my bank.

I went on a few review websites and all the people posting reviews were singing the praises of pounds2pocket and how wonderful they were.....only now do I realise they had never posted before and have not posted since :rotfl:there's a lesson!

I now have 4 payments left and there is no sign of the loan on my credit file. I called them and asked and they said it can take a while, but should it really take 8 months.....
I have made all payments on time and it annoys me that I feel mislead, I'm sure they wouldn't wait 8 months to update my file if I missed payments.

After reading some of the posts here I'm wondering if the details could be with Equifax rather than Experian, who I use, but they got my details via Experian so that wouldn't make sense.

I now have a Capital One card and a mail order on my file along with my bank account which are having a positive but slow effect as there new and revolving, but I don’t need credit at the moment so that’s fine.

I have learned my lesson so this is just a warning to others, just be weary when the biggest selling point of the loan is the "this will improve your credit rating" line.

Apples2

Are you seriously suggesting you took out a 12 month loan just to improve your credit file??

Who are these guys anyway? Look what google throws up
http://www.google.co.uk/search?q=pounds2pocket&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-GB:official&client=firefox-a

It could be anyone!!

I just took a stab with random keyboard slapping but "of course" they want valid bank details before even giving a quote or APR.

A little more success, with random numbers (sorry anyone if I stumbled upon your bank details ) it redirected me to:

https://www.1ststoppayday.co.uk

The "I accept the T&C's" button is already clicked (aren't they nice??)

Looking at the T&C's anyway:

During the process of assessing your application, we will verify the debit card details given by you during your application. By eSigning this agreement you are giving us your authority to process a transaction on your debit card to up to £1. Please note, this pound is not refundable and transaction is only processed when all other checks have been completed and we are preparing to credit the loan to your bank account.

Okay, they take a quid, that's not bad even though it isn't refundable.

If You cancel this Agreement:
(a) As soon as possible and in any event within 30 calendar days from the date on which You notified Us of the cancellation, we will refund any sum paid by or on behalf of You.
(b) You must refund any sum paid by or on behalf of Us under or in relation to this Agreement.
(c) However, we can charge You for services actually provided by Us in accordance with the terms of this Agreement. This fee will be no more than £35.

Ah, so if you Cancel they charge you £35 !!:eek:

An Admirable statement on the next screen

Please be aware that we will not allow this loan to be entered into a Debt Management Plan. If you have any doubts over whether you’ll be able to repay on time, please don’t apply for this loan.

That's it, next screen is Pay up time, still no idea what interest rate they were suggesting or over what period.

Are you sure you got a loan from them??

KingElvis

They look a reputable firm to me Apples........secure, established with a long line of happy customers.

Supafly-Reen

It should be poundstopocket, and yes I'm sure I tok a loan with them.
I never took the loan JUST to make my credit file look good, I actually needed the money.

Apples2

Holy Moly!!

Representative 278% APR. Representative example: Borrow £500 and pay £79.09 per month for 12 months at a fixed interest rate of 140% per year.1 The total charge for credit is £449.01 (all interest). The Total Repayable is £949.01.

TwelveStopsThenHome

Does anyone ever think these companies are in bed with the coalition, especially after the proposal to scrap the Social Fund e.g. Crisis Loans?

tell_it_how_it_is

Supafly-Reen wrote: »

It should be poundstopocket

Most people would have known exactly what you meant without going to extraordinarily bizarre lengths to try and show you up.

Apples2

tell_it_how_it_is wrote: »

Most people would have known exactly what you meant without going to extraordinarily bizarre lengths to try and show you up.

Ahh, so anyone reading this with bad credit but desperate for a loan might read this and think "Hey, this guy got a loan with bad credit from pounds2pocket so I'll go there"

Still, let's not help those who think this way and try to steer them away from making a huge mistake though eh?

If my "extraordinarily bizarre lengths" prevents a single person making this mistake it was worth it.

I'm not sure why you say it was "obvious" the OP meant TO instead of 2.

dealer_wins

The best way to "improve" your credit rating is to never take out a loan IMO.

Do people realise it is still actually possible to get through life without loans and credit card debt?

KingElvis

dealer_wins wrote: »

The best way to "improve" your credit rating is to never take out a loan IMO.

Do people realise it is still actually possible to get through life without loans and credit card debt?

What planet did you just fly in from? not only is it popular to borrow your way through life, it's also the required form to then skulk out of it and not pay back :rotfl:

Blaming the banks, government, lenders is also quite popular for the financially baffled.

ihateyes

Poundstopocket is part of QuickQuid.

INstead of offering 1mth loans, they do 12mths.