Any experiences of Unsecured Loan Company.net?

Sagittarius

I'm so p*ssed off with this company (but fully accept that I was a bit of an idiot for falling for it in the first place...retrospect is a fine thing)

Basically they called me after I sent an online enquiry and they said I'd been pre-approved for a loan of the exact amount I wanted (12k) despite having a poor credit rating because "they specialise in finding loans for people in my situation" - [TEXT DELETED BY FORUM TEAM] it was honestly really convincing at the time.

She then said she'd just need to take a one-off subscription fee from me of £59.99 - to finalise the loan and enable me to manage my account online etc. Alarm bells did ring then and I said no, mainly because I didn't have the money but she said she would send me my online account details and I could have a read of the T&Cs and then pay my fee on payday if I wanted to instead.

After looking at the website it said my status was "pre approved for a loan of 12k" bla bla bla so when pay day came I rang them again just to double check and asked "is there any way I won't get accepted on this loan, because if so I won't pay the fee - I really haven't got £60 to throw away?" the girl told me - "well no, you've been pre-approved for this loan so you shouldn't have anything to worry about at all." She was really reassuring and made me feel I'd worried about nothing.

So I stupidly paid the fee then gradually started to feel worse and worse about it. My status was getting updated with things like "S, we are now contacting x different lenders" and had a list of the ones I was likely to get accepted on or not. I sent several messages saying, if I have been pre approved for one particular loan, why have you got to contact x amounts of different lenders? The answers I was getting were just not helpful at all, they kept repeating themselves and just saying variations of "usually the loan application takes 3-5 days to get approved, and as long as you have provided honest information in your application you should have no problems." Not exactly explaining to me who this pre approved loan was with or why they had to contact lots of other lenders. [TEXT DELETED BY FORUM TEAM] Basically I got my final decision a few days later - unfortunately due to your credit rating the original lender has declined you, however we can offer you a 5k guarantor loan (and looking at the APR on this, you pretty much pay back double what you borrow!).

So basically I've said no that is not going to help my situation whatsoever, I only subscribed to this because you convinced me on 3 seperate occasions I would get the loan you supposedly found for me, so please cancel my subscription and refund me in full.

Do you think there is any chance of me actually getting my money back? I can't believe I've been such an idiot but I'm really angry with them too [TEXT DELETED BY FORUM TEAM].

(sorry this turned out so long!!)

poppasmurf_bewdley

Getting your money back depends if the company is registered in the UK, and subject to FSA rules, or is situated in the back streets of some Indian or Pakistani city.

You need to write to them recorded delivery demanding your money back as the company have deceived you. Tell tham that you will complain to the FSA and OFT if you do not get your money refunded, which will cost them far more than the money they owe you.

Good luck.

Sagittarius

poppasmurf_bewdley wrote: »

Getting your money back depends if the company is registered in the UK, and subject to FSA rules, or is situated in the back streets of some Indian or Pakistani city.

You need to write to them recorded delivery demanding your money back as the company have deceived you. Tell tham that you will complain to the FSA and OFT if you do not get your money refunded, which will cost them far more than the money they owe you.

Good luck.

Thanks so much! I will do this now. They've unsurprisingly not responded to my email asking for a full refund and I'm reluctant to do it over the phone (due to no paper trail [TEXT DELETED BY FORUM TEAM]) so that makes sense.

scouserncc

Hi Sagittarius

I cannot believe how your story rings so true with mine. i contacted this company on saturday to take out a 1.5k loan and she said i had been approved , we agreed repayments term time , everything! She originally told me £59.99 to sort it out but i said no , then she bought it down to £40 so i subscribed to the porta. then i went and put a deposit on my new car and even took out car insurance last night for it , i have liaised with kate on the portal for the last 4 days and she kept saying by wednesday it will be sorted out and i'll have my money thursday , i cannot believe i logged on yesterday and she said 'we need to explore every eventuality' i said why? you had told me saturday i was accepted!!!! !!!!!!!!! anyway i got the bad news a few hours ago, yes i've been declined , everything you put in your post is everything that happened to me :-(

thankfully my mum is gonna sort me out and over a shorted period of time and no interest to pay :-) [TEXT DELETED BY FORUM TEAM]

basically they cannot approve loans as they are only a broker , alarm bells rang on monday when one of the 100 odd companies they've put me in touch with and the woman told me unsecuredloans.net cannot offer loans as they are only a broker , i thought.. !!!!!!??? you pay them £59.99 for the privilege to be rung text or emailed every 2 minutes by their clients offering you a possible loan. disgusting!

i've just written a strong worded letter to them. i've been in finance employment for years and know of all the options available to the likes of me and you , tell them you will contact the fsa (they could get fined) followed by the fos (financial ombudsmen service) coz they will charge unsecuredloans.net £500 just because you have raised a case, either way i fully expect unsecured loans.net will refund our money.

good luck!