refund from myloan.co.uk??

SetMiner

I stupidly used this site without reading through things properly and was charged the £69.99 fee. I called them (some months after the cancellation period) and was told that a refund would be processed within 30 days. I was skeptical about this but today was the 30th day and the full £69.99 has been refunded to my account.

To be fair to this company, the refund process was easy. The adviser i spoke to was very polite and emailed me the cancellation questionnaire straight away. If anyone wants his email address let me know and i'll give it to you as I'm not sure if I'm allowed to post it here.

They took the money from me when i most needed it and i hated them for it but myloan.co.uk have redeemed themselves in my eyes. I should have been more careful but they have forgiven my stupidity by refunding the cash to me with a minimum of fuss.

mattydee_2

krisdorey wrote: »

You'd think people would read the thread, see the T&C's they agreed to and then realise they gave their consent and didn't post as such.

Well, you'd hope so.

In my case the reason for wanting a refund is not that i did not give my consent but I never went ahead with any loan that they apparently found me.
noone should have to pay for a "product" they have not ever received and as with any "broker" money should only be taken when the offer has been taken up.

its rediculous that anyone should have to wait so long to be refunded when they have not used the service they have been charged for.

mattydee_2

ch114275 wrote: »

Hello all,

After reading CAREFULLY the entire thread I have reached a rather unusual conclusion.

Like another poster, I applied for a payday loan through Honey Bee.

As part of most payday loan application processes they ask for your debit card details once they know that they can POSSIBLY help you with a loan. It is NOT stupid people giving out their card details without reading the terms and conditions properly!

The terms and conditions that you agree to state that your details may be passed to other companies in order for them to process your application. However, they DO NOT state that this company will DEFINITELY take the application fee regardless of whether your application proceeds. They simply say that you MAY be liable to pay a fee. However, they still pass your details on as they have already collected them.

To my mind, they are not making their terms and conditions clear enough and I am certain that trading standards would have an issue with the modus operandii of such companies, as such a manifest disregard for clear terms and conditions should not be allowed by any company.

In simple terms, the following happened to me:

1) I apply to a broker who then refers me to Honey Bee.

2) I provide Honey Bee with further details to process my application, including giving my debit card details for verification purposes only.

3) My application is referred to MyLoan who have already debited my card for £1

4) MyLoan say that they can get me a loan with a lender but I do not proceed with this application

5) MyLoan then debit a further £68.99 in fees, even though I have not agreed to anything at all on their website (they can do this as they have my debit card and other personal details provided to them by the third-party, Honey Bee)

6) I then request a full refund and wait while they profit from my £69.99 in their bank account for at least 30 days

The moral of the story is this, in my humble opinion:

1) NEVER give your card details out without an agreement in principal IN WRITING from any lender

2) Reading the terms and conditions means sweet fanny adams in this instance, as MyLoan are using the fact that you MUST agree to your details being passed around by Honey Bee and by the time you read MyLoan terms and conditions it will be too late to disagree with them

3) You will get nowhere disputing these transactions with your bank through the VISA/Mastercard dispute schemes, as you have provided the details and agreed to them being used in such a fashion

4) Bear in mind that no reputable lender will charge you such a substantial fee if you are asking for a payday loan, as their commission and fees probably already amount to this so they know they can get your money anyways

5) MOST IMPORTANT
YOU are your own best bank! If you need cash that desperately then you probably shouldn't be borrowing any money and should cut your cloth accordingly for the next 30 days or so. I was recently quoted 1,000,000% APR for a payday loan. I still have the quote as proof if needed, as I have been doing some research into this for another campaign forum

It is my firm belief that payday loan agreements are not worth the paper that they are written on, as such high APR's if ever tested in a court of law would surely be classed as unfair contract terms.

I sincerely hope that some of this helps people to steer well clear of these companies.

Have a car boot sale, dig that stuff out the loft and put it on e-bay or just economise for a month and see how much more is in your pocket rather than in the bank account of MyLoan!

Did you get your refund in the end? I'm having trouble getting them to reply to any one of 5 emails and 3 telephone calls?

[Deleted User]

mattydee wrote: »

Did you get your refund in the end? I'm having trouble getting them to reply to any one of 5 emails and 3 telephone calls?

If only someone would invent another medium that's not emails or phone calls.

They could call it 'non-electronic-pen-and-ink-mail'.

Apples2

mattydee wrote: »

Did you get your refund in the end? I'm having trouble getting them to reply to any one of 5 emails and 3 telephone calls?

Can you read what it says in reply #91 at all?

Peelerfart

Apples2 wrote: »

Can you read what it says in reply #91 at all?

Or would it be fair to assume that if one can't read,then one cannot write?

DCFC79

Deleted_User wrote: »

If only someone would invent another medium that's not emails or phone calls.

They could call it 'non-electronic-pen-and-ink-mail'.

That would be just out of this world, how have we survived without it.

Mrs.Tayz

BugsyBrowne wrote: »

Not theft as you agreed to their T&C's

We charge a fee for providing a service of acting as a finance broker. We specify the fee as part of our communications with You. If You do not enter into a loan offered by lender or financier within the 6 months that we act for You. We will refund the fee less than the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing to avoid repayments being sent to a wrong address. To facilitate Us processing payments and repayments You authorise Us to retain your charge, credit and debit card details. With regards to payments set up by debit or credit card we will attempt to take £69.99 when you make your application. If this payment declines we will immediately attempt to take a payment of £1 in order to validate your card details, should both of these attempts fail we will continue this process until You notify Us in writing that you wish Us to cancel such attempts or a period of 60 days has passed. Should the £1 validation payment accept at any stage during the 60 days then we will attempt to take £68.99 once per day until you notify us in writing that you wish Us to cancel such attempts or a period of 60 days has passed.

I can not believe some people on here that think they have the right to judge others when seeking out financial help!!
I too was caught in this SCAM... Yes you read correctly, SCAM!!
I did not give my consent, authorization nor did I confirm my completion of the application form in order for them 'MyLoan' to take monies from my bank account!!
It's fraud, stealing from another... But their excuse is that you must have completed a form & entered your card details!! Hmmmm that maybe so... But as one woman mentioned, I too cancelled the application.... Once I saw the charge. Yes cancelled, not completed, therefore any monies taken from my bank account were Fraudulent!! I received numerous Txt's to complete the form in order for the loan to be processed, but I just ignored them. That was until a £1 debit was made... This apparently is an 'acceptance' fee! Ok... Acceptance? I never requested any loan!! Within a period of 5 working days I had £68.99 debited from my Account, without my CONSENT!!
Oh &I did not read the T&C's.... Does that make me Liable?!
An incomplete application form is not giving consent to another to withdraw funds from one's Bank Account.

Apples2

Mrs.Tayz wrote: »

Oh &I did not read the T&C's.... Does that make me Liable?!

Well you did sign agreeing to the T&C's so yes of course it makes you liable.
Do you honestly think you can go around signing any old document and never be held acountable?

what if someone simply turned up and threw you out of your house? after all the documents you signed agreeing to the sale are all pointless after all 'aint they?

In reply #87 I linked to the T&C's which also clearly state how you go about cancelling the agreement you signed and get a refund.

gb12345

Mrs.Tayz wrote: »

Within a period of 5 working days I had £68.99 debited from my Account, [STRIKE]without my CONSENT!![/STRIKE] after I stupidly entered my card details on a random website without bothering to check what I was signing up for.

Fixed that for you.