Loans Direct UK [text removed by MSE Forum Team] Processing Fee

Bryan1983

I applied for loans with numerous loan companies a couple of months ago. I didn't manage to get a loan. Anyway, two weeks ago one company took £67.74 out of my account. It comes up as 'CASH LOCATOR CD 4819' on my account.

Is there any way you can claim this back?

I'm also worried that more processing fees will be taken out of my account.

imoneyop

Bryan1983 wrote: »

Is there any way you can claim this back?

That depends on if you know who you applied to and what their T&Cs say about cancelling your agreement with them and getting a refund.

Bryan1983 wrote: »

I'm also worried that more processing fees will be taken out of my account.

Thats a distinct possibility, especially if you entered your card details on a number of sites.

DCFC79

Bryan1983 wrote: »

I applied for loans with numerous loan companies a couple of months ago. I didn't manage to get a loan. Anyway, two weeks ago one company took £67.74 out of my account. It comes up as 'CASH LOCATOR CD 4819' on my account.

Is there any way you can claim this back?

I'm also worried that more processing fees will be taken out of my account.

Have you stopped giving your card details out willy nilly ?

Bryan1983

DCFC79 wrote: »

Have you stopped giving your card details out willy nilly ?

I certainly won't be doing it again.

DCFC79

Bryan1983 wrote: »

I certainly won't be doing it again.

Its not the way you find a loan, thats what banks are for.

MissyTheCat

Just wanted to share my story! Out of desperation last week I applied for what I thought was a payday loan online, turned out I was applying to loans direct. Yes I know I'm stupid for inputting my card details but I was panicking and desperate, and didn't read the small print. Anyway when I realised they weren't a lender but a membership service that were going to take £69 from me, I called them immediately and asked for them not to take the funds from my bank. I was told this had to be done in writing, so I sent a letter recorded delivery. I called my bank to see if I could stop the fee from being taken in the meantime, but they said they needed to know the date the fee would be taken, and as loans direct say the fee will be taken up to 60 days after joining they manage to get out of this method of cancelling. A week later they still deducted the fee from my account so I called, and was told I could only get a refund if I spoke to an account manager. They put me through, and after going through all the spiel again I was told they could refund me all but £29, as they needed to retain this for a setting up fee. He said it was all legit and in the t &c's, but when I checked it said no such thing. When questioned about this he said this was because customers wouldn't take out the service if they knew they couldn't get a full refund!!!!!!! Anyway I said surely I was entitled to a full refund as per the distance selling as I was in the 14 day cooling off period but they said it didn't apply to them as they were a membership service and the service is therefore available to me from the word go. I called the citizens advice bureau who said if they were acting as a Loan broker they could hold only £5, so I called loans direct uk back who again said this didn't apply to them as they were a membership service. I was getting really angry by this point, as there was no way I was going to let them keep £29 for a service I hadn't used (incidentally all of the info they provide is free to access online anyway). In the end I called the Financial Ombudsman who were really great, so helpful, and they wrote a letter to Loans Direct Uk on my behalf. Lo and behold I have just checked my bank and the remaining £29 has been refunded today. Please do not give up and let these shysters keep your money, call the Financial Ombudsman on their free phone number and get them to write, it worked for me ��

heyjuno

I wanted to also chip in.

I was stupid enough to enter my card details. This was a month ago. They took £69.75 from me a week or so ago, the day I got my JSA (I have just moved house and had to sign on benefits as I was jobless - luckily I'm not now though)

Anyway, I digress. I instantly came here to MSE and followed the advice of the guys on here. I sent off a letter recorded and rang my bank. Changed my account number, stopped the CPA and re-ordered a debit card. I then asked the bank could they do a chargeback, they couldn't (or wouldn't...) until I had an answer from the company.

I received a text today, informing me I would be receiving a refund of £40.75. £29.24 less than what I had taken. This wasn't good enough. I contacted my bank and explained, the company had taken the £29.24 for "a set up fee and text messages" (Loans Direct were willing to "waive" my £1.49 per day subscription fee)
The lady on the phone agreed it is unjust as the website - as what the guy says above - makes NO mention of a set up fee, nor fees for texts/emails/phone calls/biscuits for the office.

I was immediately given a chargeback, and I have the full fee. I have contacted LoansDirectUK and have informed them. Needless to say, all of a sudden, they were oh so nice and forthcoming.

Aside from my stupidity, and others who have entered card details, the problem with this company is that they don't exactly know who they are. One minute they are a Loan Broker, then they are a Membership Club, and now they are saying they offer discounts on other products and shops etc, despite the fact their Credit Licence does indeed say they are of Credit Brokerage status.

Oh and one last thing, after I entered my card details.... in those 30 days, I recieved NO emails, NO calls, NO texts and NO paper communication, regarding Loans. So I actually didn't get my "service" I was originally expecting.

My advice to anyone and their dog would be to never enter card details for loans/brokers. If you do fall into the trap, then follow the recorded letter route, and make use of your banks fraud and unauthorised transaction team. Do not let the other company make you believe they have a right to keep the "set up fee" as let's be honest.... it doesn't exist.

DCFC79

heyjuno wrote: »

Oh and one last thing, after I entered my card details.... in those 30 days, I recieved NO emails, NO calls, NO texts and NO paper communication, regarding Loans. So I actually didn't get my "service" I was originally expecting.

Thats nothing new, its easy to work out, paying someone to find a loan for you just doesn't work.

heyjuno wrote: »

My advice to anyone and their dog would be to never enter card details for loans/brokers. If you do fall into the trap, then follow the recorded letter route, and make use of your banks fraud and unauthorised transaction team. Do not let the other company make you believe they have a right to keep the "set up fee" as let's be honest.... it doesn't exist.

Again its what has been said in the thread and other threads, just dont enter your details into a website.

Smcn70

To all those who have had money taken firstly phone your bank tell them your card has been stolen that way no more money can be taken ,then phone the financial ombudsman service tell them these companies would only take the money if a loan was approved and you didn't get a loan worst 2are loans direct and cash locator trading as we approve you will get your money back believe me I did, phoned financial ombudsmen on the fri got a check the next Friday .

DCFC79

Smcn70 wrote: »

To all those who have had money taken firstly phone your bank tell them your card has been stolen that way no more money can be taken ,then phone the financial ombudsman service tell them these companies would only take the money if a loan was approved and you didn't get a loan worst 2are loans direct and cash locator trading as we approve you will get your money back believe me I did, phoned financial ombudsmen on the fri got a check the next Friday .

Doesn't solve the problem if you or anyone else still enters the card details into a website.

Why report it as stolen, report it as lost.