Loan company taking money from us for no reason please help!!!!!!

sumo22

PLEASE PLEASE HELP!!!!

We were in a lot of financial trouble last month with both the wife and I of from work due to illness so therefore not getting paid a lot plus we had our little girls birthday to buy for.
As we both have bad credit the only option was a loan with high interest so we were looking on the Internet for this and rang a company up called priority money who said that they would send some forms out for us to look at and sign and send back to get the money. We did not recieve the letters but found another loan anyway but when we woke this morning we found that they took out nearly £70 from our account.

We wanted to know why they took this money when we have got nothing from them not even any letters. We read through there terms and it says if we want a refund then we have to do it in writing which will take weeks and is no good to us as we need the money now.

Yes I know it's not a lot but it's not the point why have they taken the money when we didn't buy nothing from them and can we demand the money back right now or do we need to do it in writing?


PLEASE PLEASE HELP US!!!!!!

stephane_2

You gave your debit card details....which you should never have done...which provider do you know who would charge you to find a loan? Only a loan shark.....it was probably in their terms & conditions and you will have to follow the process of doing it in writing....that is if you ever recover the money.

callistris

The company you rang were a broker and have charged you a fee to find you a loan by the sounds of it.

To get the refund on this money you'll have to follow their T&C's regarding refunds.

Have a good look around the loans forum, lots of people in the same position having money taken from their accounts for loans by brokers, did alarm bells not ring when you gave them your debit card or bank details?

Have you a link to the website?

sumo22

http://prioritymoneyclub.com/

This is the link

Also we thought giving them our bank details was for them to do a credit check that was plus we thought that they would not take any money from us unroll we had agreed a loan from them but we didn't

All help is well appreciated and any reccomadations for future references also very welcome

callistris

Priority Money Club Ltd will collect and process your personal data in order to provide you with a loan broker service. As a credit broker we will use your personal data provided on your completed application form to carry out the following functions:

I did find the above listed in their T&C's so it does confirm they are a broker and not the lender.

[Deleted User]

Learn from this and never give card or bank details out.

Come on write that letter and get it sent - recorded delivery as quick as you can - you maybe able to get it in to today's post

You may need to open a new bank account and get new phone numbers as once 1 broker has your details there usually passed around, sorry to be extreme but this is what happens

callistris

Fees

11. We charge a fee for providing our services. We specify the fee as part of our communications with You. If We provide You with no services other than acting as a loan or finance broker and You do not effect a loan or debt related solution offered by a lender or finance related company within the 10 weeks 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 by completing our Refund Request Form to avoid refunds being sent incorrectly. Our refund request form can be requested by logging in to https://www.prioritymoneyclub.co.uk. To facilitate Us processing payments and post dated payments You authorise Us to retain your charge, credit or debit card details.

12. If We provide services other than acting as a loan or finance broker, We shall be entitled to the entire fee for those services. If We introduce You to a lender or financier that makes You a loan or finance offer, in addition to the fee you pay us We may also receive a variable commission from the lender or financier (more detail is available on request) and You agree that We may retain it. If after we enter into this agreement you commission us to perform another service for you then you agree that the initial broker fee you paid us will be transferred over by us to cover our charges for this separate service. You understand that even if we are unsuccessful in finding you an acceptable loan but you commission us to perform an additional service then this will forfeit your right to a refund for your brokerage fee.

13. Under Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your membership application within 14 days of receiving these terms and conditions and receive a refund. If You wish to cancel your application, You must write to Priority Money Club Limited notifying us. In this event We will refund your fee within 14 days of the date on which You write to Us to cancel your application. Any such requests should be made to: Customer Service Department, Priority Money Club Limited, Customer Service Dept, PO Box 304, Leeds, LS16 0FE.

Explained here, about the charge and what you can do to get it back.

YorkshireBoy

sumo22 wrote: »

we thought giving them our bank details was for them to do a credit check that was plus we thought that they would not take any money from us unroll we had agreed a loan from them but we didn't

The fees section of their T&Cs states the following...

11. We charge a fee for providing our services. We specify the fee as part of our communications with You.

Are you saying they didn't do this during the initial phone call?

RobertoMoir

sumo22 wrote: »

All help is well appreciated and any reccomadations for future references also very welcome

References? You mean for other lenders?

If you have credit problems already, it is highly unlikely that any reputable lender would touch you with a barge pole. Your only options are Pay Day Loan companies, and those lenders that "specialise" in lending to people with bad credit. All of these are awful, terrible options and I wouldn't 'recommend' either of them, and I'd be surprised if any sensible regular here did.

I appreciate that you're finding life tough at the moment and the last thing you think you need is a lecture from the likes of me, but the solution to credit problems is not "get more credit".

If you step over to the debt free wannabe part of the forum and look through the links and sticky threads there (and if you want, post and ask for help there with sorting stuff out) then I am sure you will be able to get some ideas for getting things back on track without getting taken for a ride by dodgy brokers or having to borrow from disreputable lenders.

sumo22

Thank you again for all help

We did read all the t&cs and have sent them an email as they are shut today and as for them telling us they will charge in the initial phone call I can saftley say they did not do this otherwise it wouldn't have had happened.

I will just wait till Monday to ring them asking them if they have received our email

Please keep all help coming

[Deleted User]

sumo22 wrote: »

Thank you again for all help

We did read all the t&cs and have sent them an email as they are shut today and as for them telling us they will charge in the initial phone call I can saftley say they did not do this otherwise it wouldn't have had happened.

I will just wait till Monday to ring them asking them if they have received our email

Please keep all help coming

To which all they will say on Monday is PUT it in writing, "we can't do anything until we receive a letter with the details we've already asked for" or you'll play email ping pong still not getting very far with the shameless, after all the refund will probably be a cheque posted (if your lucky) and does that not come through your letterbox?

You can try ring the bank for a chargeback but they will also tell you it won't stop any future payments and to keep a good eye on your account

There is no more help then this I would of thought, ignore advice at your perill obviously