SGE LOANS - Prepare to be scammed

AlanClark1

I know how hard it is to get finance, I have 2 loans and a car on HP. While never missing a payment this pushes my ability to get more credit into difficulty. I fully understand this, and shopped around to see what was out there. After a week I opted for SGE Loans because their APR seemed lowish and repayment affordable. Below is the events which have occured:

28th May 2012: I approach SGE. After 20mins discussing why I needed the £2000 I was informed I SGE could help and they would take my details including bank to assess what APR I could be offered. I was then told I was beyond their help without a guarentor. I thanked them and said I would leave it. They asked did I want anything further. This is CRITICAL: I said NO AND HUNG UP.

29th May 2012: SGE remove £79.99 from my bank account putting me over my overdraft.

29th May 2012: I phoned them and was told ring their customer services. They blanked me and said 'get your banks fraud dept to ring us, but this will complicate getting you the money back. I said I wanted it sorting now and they committed fraud in having NO authorisation. The same day I emailed SGE and was told the following (direct from their email):

29th May:
"If they would like to contact us on 0871 711 55 00 we will be more than happy to talk to them"

1st June:
"A refund is in being precessed by our refunds and payments coordinator and will be sent to you as soon as possible"

I RANG EVERYDAY AND WAS FOBBED OFF FOR A MONTH

4th July: Good afternoon,

"At the moment there is a slight backlog that has prevented us sending refunds out as swiftly as we would like. We do not have tracking numbers for refunds"

ANOTHER 2 WEEKS OF CALLS

"A e-mail was sent answering this query previously"

"The below is a subject access request and this must be made in written form to:

SGE House
Burley Hill Trading Estate
Burley Road
Leeds
LS4 2PU

This must also have a cheque for £9.95 for the administrative fee on the Subject Access Request"

So 2 months on I'm still £79.99 down. What a scam, they must make a mint out of people that say "NO I DON'T WANT YOUR SERVICE".

Apples2

AlanClark1 wrote: »

I have 2 loans and a car on HP. While never missing a payment this pushes my ability to get more credit into difficulty.

MORE credit??
Is obtaining even more credit a good idea?
http://www.sgeloans.com/documents/Terms.pdf

SGE Loans is a UK broker of loans

They do not offer loans of any description.

OUR SERVICES
2.1 We act as a loan and finance broker. By asking Us to provide You with services You authorise Us to act on Your behalf.
2.2 We act as your broker for 6 months in order to maximise your chances of getting a lender or financier to make you a loan or finance offer.
2.3 We seek to get a lender or financier to make You a loan or finance offer. We seek to match your loan or finance application with one or more of the lenders or financiers.

so they are offering to try to find you a loan based on your individual circumstances.

PAYMENT
3.1 A broker fee is charged for the provision of Our Service specified herein.
3.1.1 The broker fee includes the provision of Our 'Premium Service' product to You. The terms and conditions of 'Premium Service' are provided following completion of your loan application.

Clearly states a payment is required from you, in order for them to attempt to match you with a loan.

6.2 Under the Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days in relation to the provision of Our Services commencing on the day which You receive these terms and conditions; and receive a refund. To cancel Your application You must inform Us in writing to SGE Loans, Switch House, Burley Road, Leeds, LS4 2PX

This is how you cancel your application and request a refund.

If you are not offered a loan by a lender within the 6 months We act for You, We will refund the fee less the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing to SGE Loans, SGE House, Burley Hill Trading Estate, Burley Road, Leeds, LS4 2PU

they keep a fiver if you delay your request for a refund longer than 14 days.

Stop wasting time on phonecalls, do it in writing and send it recorded (through the post, not email)

You do not require an SAR so save your tenner.

Tixy

Definitely the best way to deal with this is in writing by post, not by phone/email. They will fob you off by the phone and even by email so writing with a formal complaint and a request for a refund is the best tactic. You do not need to do a SAR to make a complaint.

These broker fee issues are common with online applications and in those instances the best way to get your money back is to write to them in accordance with their T&Cs - see this from their website -

6.2 Under the Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your application within 14 days in relation to the provision of Our Services commencing on the day which You receive these terms and conditions; and receive a refund. To cancel Your application You must inform Us in writing to SGE Loans, Switch House, Burley Road, Leeds, LS4 2PX or to Our email address at customerservices@sgeloans.com, or by fax to 0871 711 4908. In this event we will refund your fee within 30 days of the date on which we receive your written request to cancel your application.
6.3 If you choose to begin to use Our Services within the 14 days cancellation period then you will be unable to cancel your application or receive a refund.
6.4 We have no responsibility or liability in relation to the termination or cancellation of any contract between You and a Lender, either by You or by the Lender.
6.5 If you are not offered a loan by a lender within the 6 months We act for You, We will refund the fee less the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing to SGE Loans, SGE House, Burley Hill Trading Estate, Burley Road, Leeds, LS4 2PU or to Our email address at customerservices@sgeloans.com, or by fax to 0871 711 4908.

Your situation sounds different in that your only contact appears to have been by phone and presumably they did not inform you of the broker fee on the call.
And you could continue to fight for your refund in full if you were never informed of it, but you might find it easier to cut your £5 loss and get the remainder of your money back by writing to them using the clause above.

edit - too slow typing......

Apples2

Woop Woop - I beat Tixy :j:j

DCFC79

Lol Apples2,

Mr_Anon

I used to work for this company and left because of the immoral things they do.

You can do business with them if you wish but here are a few VERY important things to note:

1. UNDER NO CIRCUMSTANCES GIVE THEM YOUR CREDIT CARD OR BANK DETAILS. The ONLY reason they need those is to take payment of their "Service Charge" for which you pay between £10-£80 quid and get in return... an email... thrilling huh? !!!THEY DO NOT USE THIS INFORMATION FOR ANY KIND OF CHECK!!!

2. They do not match you to the best loan available for you, they match you to the best loan you MIGHT be able to get that will earn them the most commission!

3. They will try and sell you credit cards with very high interest rates and also will try and switch your gas and electric... DO NOT DO THIS... they currently can't sell any gas or electric products other than "Spark Energy"... but they WILL try switch you to it even if it costs you more. You only need to look at the results page of their energy switching company to see this is true.

4. Both of the Directors of the company, Sally Hill and Stuart Hicks, are the main pushers of ALL the other staff, sales agents, customer services etc. They tell them EXACTLY what to say and how to handle all your "Objections"... they call it "Objection Handling"

It's your choice to use them but my advice is to steer well clear.

[Deleted User]

Mr_Anon wrote: »

how to handle all your "Objections"... they call it "Objection Handling"
.

That's a good name for it, I reckon.

gazzagnjen

what a disaster, gave them everything like an internet idiot newbie lol now im fu**ed 80 quid down with 6 kids to feed, thanks sge - enjoy your champers haha cheers we need to do something about them (legaly) and quickly before they rip off any more vunerable people good luck everyone with their refunds looks like its gonna be the long haul for me too!! lol:):(:):(

Lea1977

Hi All,
unfortunately i too have been sucked in by this scamming company, but not through direct application. I applied for a loan in february with CFD holdings who are a broker, i informed them that i did not want my information passed on to third parties, anyway my loan application was rejected so i left it at that. Then i started to notice that every week at least 3 payments of 0.10p was been debited by SGE loans who i have never applied to, as well as another company CT Trakkit.com these guys having been taking 9.99 and 15.99 payments every month. I've tried to find out who they are but to no avail. Has anyone else had experience with this, if so i would appreciate the help as it seriously starting to affect my finances.
Leonie

DCFC79

First only go to reputable lenders.

Lea1977 what company is listed on your bank statement as taking the money out ?

Google said company and write to them requesting a refund.

CHR15

Lea1977 wrote: »

Hi All,
unfortunately i too have been sucked in by this scamming company, but not through direct application. I applied for a loan in february with CFD holdings who are a broker, i informed them that i did not want my information passed on to third parties, anyway my loan application was rejected so i left it at that. Then i started to notice that every week at least 3 payments of 0.10p was been debited by SGE loans who i have never applied to, as well as another company CT Trakkit.com these guys having been taking 9.99 and 15.99 payments every month. I've tried to find out who they are but to no avail. Has anyone else had experience with this, if so i would appreciate the help as it seriously starting to affect my finances.
Leonie

The first part of your problem has been discussed and solved in the first reply to this thread, everyone can use it, you don't need your own.

The second part is easy enough too, a quick google reveals all.
Tip: Look for thr part titled CANCELLATION

https://www.trakkit.co.uk/terms-and-conditions