Loans For You

Twinkle81

Hi everyone.

After reading this forum I have a feeling I've fallen into the same trap as many others.

Do any of you know anything about this company "Loans for You"? I applied for a loan with them (I didn't realise they were brokers at first), it all seemed genuine. I was approved for a £6,000 loan with monthly repayments of £115 a month for 10 years. It was definintely "approved" and not "provisinally approved" too. The guy I spoke to (who did give me his name) said and I quote "nothing can go wrong with this now"

HA!!!!!!!! Turned out they're brokers, they charged me a £59 processing fee (which I agreed to but only on the terms of the loan I was told was approved) and referred to me a "lender" called Express Finance - who have also turned out to be brokers. Now they tell me that I need a Guarantor with an excellent credit rating to be able to get my loan. and they said they also can't promise I'll be allowed as much as £6k. At no point before I paid my fee and filled out my forms was a Guarantor ever mentioned.

So I've got no loan and been charged 60 quid for my trouble. I've sent an email to Loans for You today complaining but is there anything I can do to get this loan? Or if not will I be able to get my money back? The way I see it is I've been mis-sold a product that wasn't what it claimed to be so I should be able to but reading other people's stories it seems I've merely fallen into a common trap that loads of you have before?

Helllp?????

malkyh

Taken from another thread:


Ring them and also write to them recorded delivery telling them that you require full repayment as they have deceived you. Also tell them that unless you receive FULL REPAYMENT you will take the matter to the FSA and the OFT.

Apples2

Twinkle81 wrote: »

they charged me a £59 processing fee (which I agreed to but only on the terms of the loan I was told was approved)

Is that what it said or what you decided to change it to yourself?

If you want help, tell us exactly who it was, Loans for You, Loans4you. loans4u etc.

Twinkle81

I've just looked at their website and they're Loans 4 u. Am I allowed to post the website link?

When I paid the £59, there was only a verbal contract. The guy told me that I was approved for the £6k etc and I paid the money. They said the don't release the forms to be signed until they have the processing fee. The forms also said nothing about a Gaurantor (once I got them). I thought it was a lot of money to pay them but also thought that is obviously how they are able to give people with bad credit scores loans - that's how they make their money out of it. So it seemed to make sense. I feel a bit stupid now.

Malky

Twinkle81 wrote: »

a £6,000 loan with monthly repayments of £115 a month for 10 years.

I reckon you got off lightly with losing just £60. Far better than getting done to the tune of £7800 in interest. How desperate are you for a loan because that one quoted has one high interest rate. And 10 years to pay £6000 is madness. Either revise how much you need to borrow or find a loan with a lower interest rate. The latter will not be easy if you're already looking at brokers rather than mainstream lenders.

EDIT
Just read your post above. Bad credit + guarantor = bad news if you can get a loan

Twinkle81

I tried to usual people first - Sainsburys, Tescos ect. Apparently I have an appalling credit score now because of a couple of later payments on a catalogue resulting in a Default Notice. I fall into the "very poor" catogory. So none of the mainstream want to know.

I have an exisiting loan with Barclays but I have been off sick from work for a few months and have found the payments (and affording other things) a struggle. So I wanted the loan to pay off Barclays and have some left over to basically tide me over until I'm getting paid properly from work again.

I knew the interest was mad, but I will be coming into some money in the next year or so. Not loads and loads but certainly enough to have paid that 6k off in full.

So on balance it seemed to be worth it.

malkyh

Twinkle81 wrote: »

I knew the interest was mad, but I will be coming into some money in the next year or so. Not loads and loads but certainly enough to have paid that 6k off in full.

So on balance it seemed to be worth it.

It would have been a hell of a lot more than 6k to pay off. These dodgy companies stack the interest on at the start. You'd probably get a settlement of double that when you come into the cash you are getting.

Can't you speak to your current lender and see if they can reduce your payments for a while? Once you get the cash you expect then pay them off in full.

Twinkle81

Really???? You know, after reading this website I am kind of relieved this hasn't worked out. I think you might be right that I'm lucky to have only lost £60.

It hadn't occured to me Barclays might do that? I guess it's worth a try though. I had thought of asking them to lend me some more and reduce the payments but I'm thinking that might be asking a bit much.

malkyh

Twinkle81 wrote: »

Really???? You know, after reading this website I am kind of relieved this hasn't worked out. I think you might be right that I'm lucky to have only lost £60.

It hadn't occured to me Barclays might do that? I guess it's worth a try though. I had thought of asking them to lend me some more and reduce the payments but I'm thinking that might be asking a bit much.

I think you should think about dealing with your current loan before thinking about borrowing more. Call them to discuss. No harm in asking.

Please do not try to borrow money from elsewhere.

Twinkle81

Don't worry Malky, I'm done with that.

Apples, that's not the people. It's these people - {edit] it won't let me post the link because I'm new but try Bad-Credit-Loans-4-You with a co.uk address

I call them Loans 4 You because that's what the call themselves when they call. I checked they had a real address and phone number etc before I went forward with it. Lol those others do look bad though!

Saints2011

Twinkle81 wrote: »

I was approved for a £6,000 loan with monthly repayments of £115 a month for 10 years.

You could look at the other perspective and say you've had a lucky escape.