Warning - finance facility

Apples2

Reading terms and conditions before thrashing out direct access into your bank account helps.

iolanthe07

but where else do you go for a loan if you have poor credit?

The best place to start is your own bank. If you apply on line the computer is more likely to say no, so go in a see your bank's loans manager.

pheonixrising21

And how do you know which of the many companies who reply when you put in an online inquiry are actual lenders rather than just more brokers?

Here is the way to tell who is a lender or a genuine broker and who is a scam broker:

A genuine lender will never charge a fee and will never ask for you bank details until the loan is approved. Once it is approved they will ask for your account details for payment of the loan amount and DD details for repayments. Always AFTER approval.

A genuine broker will not charge you a fee. They usually make their money from the lenders themselves when they provide leads. If they do charge you a fee, they will ask for payment (and bank details) when they have provided the service they say they are going to do and have actually secured you a loan.

A scam broker will ask for your bank details BEFORE you have a loan approved.

Think of brokers like estate agents. Would you pay an estate agent their 1.5% commission for selling your house before its actually sold and you know how much for? Lets say the estate agent says your house can be sold for £100k and ask for their commission upfront, i.e. £1500. Then they either never sell your house or, if they do sell it they sell it for, say, £85k. Would they deserve the full £1500 in that case? No, so thats why you pay them after its sold and as a percentage of the price they sell it for!

Think of it another way, would you give a store £30 for a pair of jeans as soon as you walk in, on the off chance that they have a pair in a style you like and in your size? No, you look in the store, find one you like, check the size, maybe try them on and THEN you pay.

poppasmurf_bewdley

No genuine loan company will ask for your credit or debit card details. They may ask for bank details but not card details.

Only scam companies will request card details, as they want your money.

DCFC79

worried48 wrote: »

You say never apply to a broker again, but where else do you go for a loan if you have poor credit? And how do you know which of the many companies who reply when you put in an online inquiry are actual lenders rather than just more brokers?

Any genuine lender/high street wont ask for bank account details until your accepted for the loan.

Bargainhunter1984

Hi,
I'm new so hope I've posted in the right place etc.
My partner stupidly got scammed by "finance facility" at the beginning of December he was offered a loan but never took as a family member managed to help us out so we haven't entered into any loan agreement.
Unfortunately when my partner realised he'd been scammed and also presumed he was never gonna get that money back had a bit of a rant at the manager at finance facility and was somewhat abusive!
Anyway I got home from work and wrote a letter requesting the refund minus the £5 admin fee which I sent recorded delivery and I tracked it and it has been received and it's now been 21 days so I emailed them from my partners email address and they replied with this

Normally, you would need to write to refunds directly only once the term has expired, not before. However in view of what we can see you said to a young female member of our staff, our senior Management are still considering reporting you and sending a copy of the recording over to the Police.

We will not tolerate such comments and we will take whatever action we deem fit. We are not obliged or will we in the future correspond with any customer who abuses verbally or otherwise, any member of our staff. You have caused great anguish to the particular girl concerned, as her mother is currently suffering from terminal cancer, I hope that makes you happy!

Personally, I regard your comments as derived entirely from the mind of a cretin and as such will be treated with the contempt you deserve.

Any further comments either by email, in writing or verbally direct or indirectly, will result in us contacting the authorities to take action.

In accordance with our T&C's that you have agreed too, once an application has been processed, it cannot be cancelled. However, we do operate a refund policy, this is stated in our T&C's, namely in the event you do not take a financial solution in the period of the 6 months we act for you and only once this term has expired, we will refund the fee less a £5.00 admin charge. This is in full compliance with the Consumer credit Act 1974, section 155. In accordance with our T&C's you have to write (they do not accept emails, faxes or telephone calls) to the refunds department when the term has expired to: The Refunds Department, P.O. Box 215, Prescot, L35 1WA. They can take up to 21 days to refund any money due. In the event you have taken a financial solution (loan, credit card, other, etc) during our exclusive 6 month period with anyone, they are not then obliged to refund anything.

We may or may not consider your request at the due time.

Customer Care
The Finance Facility

Can they actually withhold the refund on the basis of an angry rant from my partner?
Any help would be gratefully received.
Many thanks in advance.

MEM62

Read the email again. They are not refusing a refund on the basis of your partners rant - they are saying that it is not yet due as per the time scales in their T's and C's.


Apply again at the end of the six-month 'membership' period as they have advised.

27col

It sounds as if your partner needs to do three things.
1) Control his mouth.
2) Learn to read the T&C's
3) Stop putting his CC details randomly into web sites.

Ranting at call centre operators, while satisfying at the time, doesn't actually get to the person who should be on the receiving end. He obviously did a good job of offending a call centre operator, and as a result will probably not get his money back until the very last minute.
If he had read the T&C's he would have known exactly how to go about getting his money back and the rant would have been unnecessary.

Apples2

Bargainhunter1984 wrote: »

My partner stupidly got scammed by "finance facility" at the beginning of December he was offered a loan but never took as a family member managed to help us out so we haven't entered into any loan agreement.
Unfortunately when my partner realised he'd been scammed .

How exactly was he scammed?

He paid this company money for them to locate a loan for him. It sounds like they did exactly what he paid them to do and found one (doesn't usually happen to be fair).

There is a mechanism to get a refund all clearly explained in the T&C's. I'm not convinced it states you need to phone them and rant like a petulant child hurling insults at the minimum wage call centre staff.

Their letter in response seems little more than quid pro quo, they are giving a little of your own back to you. You could take it forward of course but is it really worth it?

Refunds will always be a struggle, you paid for something, they delivered but you changed your minds. You haven't helped yourselves.

andrewpg

Deleted_User wrote: »

Read their T&Cs and get your fee back -

If you do not take any loan within 6 months of your application you may be entitled to a refund of your application fee. In this event we will refund your fee (less an admin charge of £5.00) within 21 days of the date on which we receive your written request for a refund of your application fee. However, you cannot cancel your application and expect a refund if you have accepted a loan during our exclusive 6 month relationship period, even if, in your opinion it was not directly brokered by us, as any such loan will be deemed that it has been brokered by us for you within the 6 months from the date of your application. Prior to issuing any refund, we may instigate a Credit Check to confirm this. Any requests for a refund must be made in writing to: The Refunds Department, The Finance Facility, P.O. Box 215, Prescot, L35 1WA. You must enclose a stamped and addressed envelop for our reply, which will be within 21 days.

And never apply to a broker again.

I have today rang finance facilility trying to get my money back. I waited the required 6 months then sent the S.A.E. as required, I've now sent Three Of these and today they asked me to send another as they did nor receive the first three...Customer care is disgraceful all I get is @we haven't got it send another@ when I asked for complaints dept I was told the person I was talking to was also to deal with complaints..unbelievable... I will investigate the complaint about me myserlf what a joke.
I have contacted the website several times all to no avail and no response. I will be in touch with trading standards and the finance ombudsman next week after I'm sure another excuse from the company.
Please people do not trust anmd do not use this company they are the worst I have ever had dealings with and are only concerned with making themselves money without thought for customers