We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Very Naive...not sure what to do?

Hi,
I've been very naive...please don't respond to this if you're going to judge me...I just need some helpful advice.

I have been looking for a loan, and this morning I spoke to a company over the phone...they took the relevant details they needed for the application (at this point everything seemed fine). They said that the loan application had been approved and gave me monthly repayments etc.
They told me that there was a charge of around £59 to pay for the service, and at the time I thought it was fine, so gave them my bank details. They said that they would send me all the contracts to sign, and in the mean time they would email me an information pack about their company etc.
I have since had an email from this company...stating that my loan is nearly available and that I just need to put my employer details and bank details (again) so they can pass it to other lenders!!
It was never explained to me that the loan didn't come straight from them and that they would pass my details on to other people.
They're now going to take money from my bank at the end of the month (I agreed the end of the month with them instead of straight away) and I don't want them to.
The service was never properly explained to me...the way the guy explained it on the phone, sounded so legitimate and like THEY were the loan company!!

What can I do? I know I was naive to give them my bank details and I feel like a complete idiot!!

Comments

  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    These people are brokers, and you should never, ever, give your bank details to them. They only do what you could do yourself by searching the internet. If you follow their terms and conditions carefully you should get your money back, less a £5 fee they are allowed to keep. It may take a while, though.

    Decent brokers will not ask for an upfront fee - they get their commission from the lender when a loan is taken out.
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • vickynleon
    vickynleon Posts: 493 Forumite
    to be honest with you you will probally never recieve the loan amount, someone in work with my partner done the same and different people kept ringing him and he paid around £300 my partner trying telling him it was a con but he wouldnt listen, this was a couple of months ago and again someone rung yesterday asking for more money, its a complete con, the reason people take out loans is because they need money so why would you want to pay money to have a loan? please don't pay anymore money because chances are its the same con that happened to my partners work mate, i hope for your sake it isnt and it goes through ok but just wanted to worn you incase. good luck and hope you get it sorted.
  • DCFC79
    DCFC79 Posts: 40,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 11 July 2012 at 2:30PM
    Should have asked yourself 1 thing, Is paying a fee to get a loan OK ? Answer is no its not ok.

    You need to contact them asap requesting the refund,
  • oldhand
    oldhand Posts: 3,748 Forumite
    Part of the Furniture
    Sorry your in difficulty but have to agree with other posters re giving out bank details,one other thing although they "agreed" to take the money from your account at the end of the month I would be very surprised indeed if they wait that long,it may even be gone already.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    Whatever you do, don't tell us which company you dealt with in order for anyone to help you out!

    it might even prevent someone else falling for it after you.

    Read the terms and conditions about cancelling. It WILL NOT tell you to ring or email. You must write a letter and post it.
  • barbarawright
    barbarawright Posts: 1,846 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Please don't ignore the excellent advice given on this thread and your previous one.

    https://forums.moneysavingexpert.com/discussion/3938861
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.3K Spending & Discounts
  • 240.7K Work, Benefits & Business
  • 617K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 253.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.