Wild Goose Chase

djrenegade_2

I applied for a zopa loan, got declined, but in the email they suggested completing an application with freedom finance, I did so who said Aspire Money can help, aspire money called me and took some details, they said they had found a lender for me and passed me through to their acceptance team who then passed me to the "lender" which was a company I had not heard of, I asked him to confirm the name of the company but it was a bad line so still didn't hear, but sounds like one of those small independant companies (ie. bloggs and jones). He then took more details about debts and passed me to his specialist who I have then just told that my ears burning after being on the phone half an hour, i'm at work and call me back at 5.

Get off the phone and i've got a text from amigo loans saying aspire money have passed my details on and they can offer me money.

a) Do I wait for my call at 5pm and go through with what she has to say because she told me it would take 20 mins?
b) who are amigo loans and are they genuine?

DCFC79

First question did you give any of you bank details over ?

Do a google search for amigo loans, they are genuine but i guess you have bad credit ?

Whats your debt to income ratio like ?

timbo58

Sounds to me they are turning you down one by one and passing you on to the 'next worse lender' every time.
I rather suspect each new lender is just another associated company with a worse APR and more stringent conditions of payment each time.

If you can possibly do it I'd avoid, avoid, avoid.

I am genuinely unsure why these short term loan companys exist: do banks not have agreed overdrafts any longer?
I can't see the point of 1500% apr loans for a month or less when most banks will do this on an agreed O/D far cheaper, but I suspect I'm missing some vital information somewhere?

redsaxon

Im jumping to a conclusion here but sounds like you may have used a broker...did you give any bank details?

djrenegade_2

redsaxon wrote: »

Im jumping to a conclusion here but sounds like you may have used a broker...did you give any bank details?

Aspire money are a broker but assured me there are no fees and they get commission from the lender once approved.

The only bank details were my sort code and account number for the credit checks, they asked what type of card I had but did not want the card number, which they wouldnt have got anyway.

The fella from the aspire money acceptance team who said they had found me a lender wished me luck and sent me on my way to the company, who then wanted more details, and this is the one who wants 20 mins of my time later on tonight.

Tixy

Nobody needs your bank details and sort code to do a credit check - they need your name, address and date of birth.

Given how far you have been passed around I'd think the chance of you being accepted by a lender is low, except possibly a payday lender for a few hundred quid at a massive APR. Given that you originally approached zopa I would assume this isn't what you are after.

djrenegade_2

DCFC79 wrote: »

Do a google search for amigo loans, they are genuine but i guess you have bad credit ?

Have done, I remember their TV advert now, genuine company but the website is a bit... "informal"... trustworthy?

DCFC79 wrote: »

Whats your debt to income ratio like ?

Including overdraft, credit card, catalogue and store card, debt is about 4k, and income is just over 1.1k monthly after tax.

bargainbetty

Amigo is a loan company that usually require a guarantor. Unless you could get someone to stand for you, you won't be approved by this lot either.

Check your bank account closely - you may find that some money is deducted as a fee from the broker, regardless of what was said.

Can you find the money another way/ Cut back, take a second job, sell stuff etc? All these declinations will everntually have an effect on your credit file.

djrenegade_2

bargainbetty wrote: »

Amigo is a loan company that usually require a guarantor. Unless you could get someone to stand for you, you won't be approved by this lot either.

Check your bank account closely - you may find that some money is deducted as a fee from the broker, regardless of what was said.

Can you find the money another way/ Cut back, take a second job, sell stuff etc? All these declinations will everntually have an effect on your credit file.

Aspire money state this on their website:
Unlike many other companies we will not charge you the consumer a fee, our service is completely free. If you take a product from 1 of our panel providers they will pay us a commission for introducing you to them.

Cutting back is not possible as there is nothing to cut back on, we dont buy anything But after my partner and I have been paid, put the required amount in to our "house account", paid our minimum payments and phone bills, there's just nothing left.

We did previously get £40 a week tax credits too which for some reason 2 weeks ago got cut down to £10 per week which has left our house account £100 short this month, HMRC are looking in to this though.

DCFC79

djrenegade wrote: »

Aspire money state this on their website:
Unlike many other companies we will not charge you the consumer a fee, our service is completely free. If you take a product from 1 of our panel providers they will pay us a commission for introducing you to them.

Cutting back is not possible as there is nothing to cut back on, we dont buy anything But after my partner and I have been paid, put the required amount in to our "house account", paid our minimum payments and phone bills, there's just nothing left.

We did previously get £40 a week tax credits too which for some reason 2 weeks ago got cut down to £10 per week which has left our house account £100 short this month, HMRC are looking in to this though.

So if you have nothing left once bills are paid then how would you pay back the loan ?

djrenegade_2

DCFC79 wrote: »

So if you have nothing left once bills are paid then how would you pay back the loan ?

Because the minimum payments are on store cards and catalogues from 12 months ago which will be paid in full with the loan, and then the 1 monthly payment from the loan will be less that the total of the minimum payments, hence leaving us with a bit of cash to play with.