Think ive been a bit stupid.......

iolanthe07

You've paid them nigh on 60 quid to do what you could do yourself - search the internet. Never, ever, pay an upfront fee - no decent broker will ask for one as they get commission when a loan is granted from the lender. Please let us know the result after you have sent the paperwork back, but if you have quite a bad credit history you will not get a £4000 unsecured loan on anything but horrible terms. Think about it - would you lend to you?

kaley6989

iolanthe07 wrote: »

You've paid them nigh on 60 quid to do what you could do yourself - search the internet. Never, ever, pay an upfront fee - no decent broker will ask for one as they get commission when a loan is granted from the lender. Please let us know the result after you have sent the paperwork back, but if you have quite a bad credit history you will not get a £4000 unsecured loan on anything but horrible terms. Think about it - would you lend to you?

yeah, the more im thinking about it the more worried im getting.....i will send off paperwork, and see what the outcome is. there are a fair few threads on here about sites like this but nobody ever tells the outcome......

Gareth19

Thats because I think everyone already knows the outcome and it ain't good. These cowboy firms prey on the vulnerable. Don't even think about doing business with them.

KingElvis

The outcome will be an offer of a loan which needs to be stood by a person with a decent credit history and at an obscene APR and payday loans.

You'll be plauged by text, mobile call and email from these lenders until you're conned out of more money.

fozmcfc

As Bargainbetty says and KingElvis say.

1/ You won't be offer any such loan, but the £59.99 will be taken out of your account.

2/ Any loan offerred will be something like £500 for a payday loan or £4000 with someone needing to guarantee it for you and the payments back in total £8000 +.

3/ You'll get more companies texting/emailing/phoning you, all wanting their slice of a brokers fee.

So you need to.

1/ Start following the refund procedure. Leave it too late and they will be entitled to keep £5 of it.

2/ Expect a fight to get your money back, you may even have to threaten them with the authorities.

NO ONE ever ends up with the loan they have been promised on the phone.

Carry on waiting for paperwork etc if you want, but you are deluding yourself, if you really think someone with bad credit is going to get a decent loan offer.

There are 1000's and 1000's of posts here from people who continue to be misled/conned by these type of companies.

Apples2

Come on kayley, you know it was a mistake hence the thread title.

You have been scammed, forget all this "waiting for paperwork" nonsense.

Follow the advice and WRITE A CANCELLATION LETTER.
You must do this today and post it recorded delivery tomorrow.

Don't make another mistake and believe you are getting a loan.

Bravehearted_2

Whats the loan for?

Macca83_2

Bravehearted wrote: »

Whats the loan for?

Debt consolidation... Its in the original post

AlexLeigh

You get lots of fee charging brokers in the UK, who will take your money an then pretty much do nothing. Take "Yes Loans" who recently had their licence taken away - they did a similar thing.

You could try phoning and chasing them regarding the paper work, but I reckon you're probably wasting your time. You don't need to pay a fee to get a loan, there's always a provider who will give you the same without the fee.

Legally they are only allowed to retain a £5 admin charge if they don't provide you with a loan. Write to them and request a refund (there's a decent blog post here on it https://www.guarantorloanscompany.co.uk/blog/how-to-reclaim-loan-fees/) - if they don't answer, which is likely then report them to the Financial Ombudsman.

Hope you get it sorted

roh999

kaley6989 wrote: »

as ive already paid it, surely it makes sense to just wait and see what happens once i receive/sign/send paperwork off?

i can tell you what happens,nothing ,ddidly dit,zilch,zero,your money has gone,as many before you have been told and many that follow you will,why have you not done the reasearch BEFORE you applied,not one bit of sympathy for ya,welcome to the forum btw.oh and you aint getting any paperwork neither so dont waste your time,i know someone else who did this recently they even phoned the bank to tell them this company had frauded their money,but of course they hadnt,they will be the first to tell you its in the smallprint.