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

jony_bravo

gb12345 wrote: »

Are you writing within 14 days of agreeing to their terms & conditions? And what exactly did your letter of 29/05 say and can you prove they received it or that you even sent it at all(I assume that one wasn't sent recorded)?

Hi.

Yes i'm within the 14 days.

My initial letter stated that they were not to take any money from my account as I wanted to cancel the service. Although it wasn't sent in by recorded delivery it was sent first class so should have been there the following day. I can (sort of) prove that I sent it as it was actually franked rather than stamped so it is on the company receipts.


Anyway it has been over an hour since I was text saying that an account manager would be calling me soon

jony_bravo

Just called them as I didn't receive a call in over 3 hours.

I have been told that "due to the costs incurred by them" I will only be eligible for £30 refunded into my account.

When I asked for a breakdown of costs I was told "credit checks, sourcing costs, texts, e-mails (I only received 2), and phone calls".

Under no circumstances do e-mails cost money, exept maybe hosting, credit checks are minimal when completed en masse, I haven't received a single phone call and I have received 2 texts.

Will i have a leg to stand on as the consumer credit act limits broker's fees to £5 so anything over that needs to be refunded if a customer hasn't received a loan after 60 days.

I have an e-mail address for complaints but as they don't class themselves as brokers I don't think they will pay any attention.

DCFC79

Jony what do the t&c's say about a refund ? Does it say a full refund or refund minus the £5 or whatever the amount is they can keep ?

How much is the difference between the £30 and what you paid ?

SnowTiger

jony_bravo wrote: »

I have an e-mail address for complaints but as they don't class themselves as brokers I don't think they will pay any attention.

They seem to promote themselves as some sort of club.

LOL. Pop off to http://www2.crw.gov.uk/pr/default.aspx and do a search on their Consumer Credit Licence number, which is 628451. Unfortunately the search doesn't seem to work in Chrome.

It's listed as 'Categories: Credit brokerage'.

Walks like a duck, quacks like a duck...

Threaten them with the Small Claims Court if they won't play ball. Apparently it's quite a cheap and easy process if you have to go through with it. I doubt a judge will give their we're not brokers line much weight.

SnowTiger

DCFC79 wrote: »

Jony what do the t&c's say about a refund ? Does it say a full refund or refund minus the £5 or whatever the amount is they can keep ?

Nothing. I think the refund minus £5 is a legal thing, so it doesn't matter what the T&Cs say.

The big question is are they a loan broker? They specifically don't mention the term at all, choosing to promote themselves as some sort of club.

According to their Consumer Credit Licence they are a loan broker, their website appears to offer a loan brokerage service. So, I'd say they are a loan broker.

gb12345

SnowTiger wrote: »

Nothing. I think the refund minus £5 is a legal thing, so it doesn't matter what the T&Cs say.

The big question is are they a loan broker? They specifically don't mention the term at all, choosing to promote themselves as some sort of club.

According to their Consumer Credit Licence they are a loan broker, their website appears to offer a loan brokerage service. So, I'd say they are a loan broker.

From their T&Cs

Services

2. We provide a variety of services by phone, internet, mail and other means. These may include acting as a loan and finance broker; insurance introducer*; introducer to debt and property possession adjusters/advisers, utility switching agents, compensation advisers, prepayment card and bank account providers, equity release arrangers and credit reference advisers. We are not responsible for tax or legal advice regarding the services and You must rely on your own expert advisers in those fields. By asking Us to provide You with services You authorise Us and any associate companies to act on Your behalf. [*this means introducer appointed representative for noninvestment insurance contracts]

Also from their T&Cs

Fees

10. We charge a fee for providing the service of acting as a finance broker. We specify the fee as part of our communications with You. If You do not enter into a loan offered by a lender or financier within 60 days 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 avoid repayments being sent to a wrong address. To facilitate Us processing payments and repayments You authorise Us to retain your charge, credit and debit card details. If a lender or financier makes You a loan or finance offer, in addition to the fee 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.

11. If We provide services other than acting as a loan or finance broker, We shall be entitled to charge a fee for those services.

12. Under Financial Services (Distance Marketing) Regulations 2004 you have a right to cancel your 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 Loan Spotter UK notifying us. In this event We will refund your fee within 30 days of the date on which You write to Us to cancel your application. Any such requests should be made to: Customer Service Department, Loan Spotter, 53 Fountain Street, Manchester, M2 2AN.

So, they do claim to operate as a broker and also promise a refund if you cancel within 14 days.

DCFC79

SnowTiger wrote: »

Nothing. I think the refund minus £5 is a legal thing, so it doesn't matter what the T&Cs say.

The big question is are they a loan broker? They specifically don't mention the term at all, choosing to promote themselves as some sort of club.

According to their Consumer Credit Licence they are a loan broker, their website appears to offer a loan brokerage service. So, I'd say they are a loan broker.

I was trying to determine whether it was worth not trying to get the full amount back or not bother.

SnowTiger

gb12345 wrote: »

So, they do claim to operate as a broker and also promise a refund if you cancel within 14 days.

Ah, I assumed we were talking about Loans Direct UK, whose T&C (well, Terms) are here: https://www.loansdirectuk.net/terms.aspx.

jony_bravo

gb12345 wrote: »

From their T&Cs



Also from their T&Cs



So, they do claim to operate as a broker and also promise a refund if you cancel within 14 days.

Is this from loansdirect for definite?

I can't seem to find this on their website and would love to call back and quote these if so.

jony_bravo

SnowTiger wrote: »

Ah, I assumed we were talking about Loans Direct UK, whose T&C (well, Terms) are here: QUOTE]


Hi Snoowtiger.

I am talking about LoansdirectUK.

I got so excited there too.

Thanks for the replies everyone.