refund from myloan.co.uk??

Dawnmarie1979

I bloody signed up for this thinking I was getting a payday loan they not took any money yet as I don't have any in the bank am now worried they goin take money I don't have I have emailed them to say cancel it I should really read things first hopefully they wil only take the 5.00

Dawnmarie1979

DCFC79 wrote: »

Do the t&c's state to email them to get a refund.

Did you expect to get a loan ?

Yes I did but they haven't took any money yet I moved it into my Savings so only have 1.00 in bank

DCFC79

Dawnmarie1979 wrote: »

Yes I did but they haven't took any money yet I moved it into my Savings so only have 1.00 in bank

So you were expecting a loan if you parted with some money ? I wish people would think about this before parting with money.

Apples2

Dawnmarie1979 wrote: »

Yes I did but they haven't took any money yet I moved it into my Savings so only have 1.00 in bank

Do you have an overdraft facility on that account? They may still take it leaving you with either authorised or even unauthorised overdraft charges.

If you really did need a payday loan, why on earth didn't you use the high profile ones, wonga et al?
Why use some weird murky site?

I'm not suggesting you should use one though, it nearly always ends badly. If you have nothing today, why will you have so much next month you will be able to pay the loan off?

ch114275

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!

Apples2

ch114275 wrote: »

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

Welcome to MSE.

I took a punt filling in random boxes with keyboard slapping, including bank account No and sort code.

At the next screen, before entering debit card details I was greeted with:

We charge a one off processing fee of £69.99 which will be debited within 62 days

This page also includes the T&C's link, which doesn't seem to be visible prior to that screen.

The T&C's are the Industry standard fare of waffle, copied and pasted between these bottom feeders with a few Brucie Bonuses thrown in.

5. Fees
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 62 days has passed. Should the £1 validation payment accept at any stage during the 62 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 62 days has passed.
Under the Financial Services (Distance Marketing) Regulations 2004 you have the right to cancel your agreement with us within 14 days of receiving these terms and conditions, you will be entitled to a full refund which will be made within 30 days of receiving your request. If you would like to cancel You must Inform us in writing by email to [EMAIL="customerservices@myloan.co.uk"]customerservices@myloan.co.uk[/EMAIL] or by writing to My Loan, 5300 Lakeside, Cheadle Royal Business Park, Manchester, SK83GP.

All in all, most of us will remain completely perplexed how anyone could look at that site and see anything other than a scam.

DCFC79

Apples2 wrote: »

Welcome to MSE.

I took a punt filling in random boxes with keyboard slapping, including bank account No and sort code.

At the next screen, before entering debit card details I was greeted with:

"We charge a one off processing fee of £69.99 which will be debited within 62 days "

All in all, most of us will remain completely perplexed how anyone could look at that site and see anything other than a scam.

Im totally perplexed how the message you get before you enter your card details doesn't put people off, surely this would turn any sane person away form entering card details.

Forgot to say that they have a nice setup charging £69 mutiply that by all those who enter card details and your on to a winner.

gb12345

Apples2 wrote: »

All in all, most of us will remain completely perplexed how anyone could look at that site and see anything other than a scam.

Forget "most of us", I would say anyone with an IQ higher than that of an amoeba.

ChristinaRed

I applied for a loan and was informed the fees would only be taken from my account when a loan application was successful. I was declined a loan and am fuming the fees were still taken from my account. I have sent an email to the address supplied and am awaiting a response.

Apples2

ChristinaRed wrote: »

I applied for a loan and was informed the fees would only be taken from my account when a loan application was successful. I was declined a loan and am fuming the fees were still taken from my account. I have sent an email to the address supplied and am awaiting a response.

Your application was succusful in as much as you submitted it and they received it.

Forget emailing, get your refund request sent in writing, if you don't, then don't expect a refund:

by writing to My Loan, 5300 Lakeside, Cheadle Royal Business Park, Manchester, SK83GP.