Totally-shocking!

fhansall

Last night with my son (who has been pretty careless at university and need to start to rebuild his credit score) I was on-line looking at credit cards for bad credit. I'm came across a website called Totally-Money on Google. They claimed to "Compare EVERY Card for Bad Credit" so we went to check them out.

Now, I've always used Money-Supermarket (and MSE) myself so I couldn't figure why they would have more than them. And after hearing on the Money Programme (Radio 4) about how Compare-The-Market and Confused.Com are actually owned by insurance companies I thought I'd do some investigating.

What I found I think is shocking. The reason they supposedly have more products is that 2 of the cards on their site are actually THEIR products! The Luma card and the Granite card are basically Totally-Money products. The cards are supplied by MI MONEY LIMITED (06967012), EASTCASTLE HOUSE 27-28, LONDON. Whereas Totally-Money is owned by MEDIA INGENUITY LIMITED (06205695), EASTCASTLE HOUSE 27-28, LONDON.

Basically the same company!

They don't tell us that the products are THEIR own. So they are effectively pushing people to get THEIR inferior products using their "socalled" comparison tables. They have THEIR Luma card at the top of their bad credit table with the message "Compare the UK’s Top Credit Building Cards" - Implying the Luma is the best product even though the interest rate is 6% HIGHER than the Barclay Card Initial Card! What's worse is that CAPITAL ONE and VANQUIS BANK also seem to be in on the deception as they are running the cards for MI.

Surely abusing peoples trust like this is illegal - or at least it should be. My son has me to watch out for him, but what about those individuals would aren't financial literate?

Is this something for Watchdog or the FSA - because I for one think it is disgusting?

BugsyBrowne

fhansall wrote: »

Last night with my son (who has been pretty careless at university and need to start to rebuild his credit score) I was on-line looking at credit cards for bad credit. I'm came across a website called Totally-Money on Google. They claimed to "Compare EVERY Card for Bad Credit" so we went to check them out.

Now, I've always used Money-Supermarket (and MSE) myself so I couldn't figure why they would have more than them. And after hearing on the Money Programme (Radio 4) about how Compare-The-Market and Confused.Com are actually owned by insurance companies I thought I'd do some investigating.

What I found I think is shocking. The reason they supposedly have more products is that 2 of the cards on their site are actually THEIR products! The Luma card and the Granite card are basically Totally-Money products. The cards are supplied by MI MONEY LIMITED (06967012), EASTCASTLE HOUSE 27-28, LONDON. Whereas Totally-Money is owned by MEDIA INGENUITY LIMITED (06205695), EASTCASTLE HOUSE 27-28, LONDON.

Basically the same company!

They don't tell us that the products are THEIR own. So they are effectively pushing people to get THEIR inferior products using their "socalled" comparison tables. They have THEIR Luma card at the top of their bad credit table with the message "Compare the UK’s Top Credit Building Cards" - Implying the Luma is the best product even though the interest rate is 6% HIGHER than the Barclay Card Initial Card! What's worse is that CAPITAL ONE and VANQUIS BANK also seem to be in on the deception as they are running the cards for MI.

Surely abusing peoples trust like this is illegal - or at least it should be. My son has me to watch out for him, but what about those individuals would aren't financial literate?

Is this something for Watchdog or the FSA - because I for one think it is disgusting?

I know it's totally shocking I am not sure how you sleep at night this is damn right outrageous and extremely out of order behaviour:p

[Deleted User]

I dont think you'll find a comparison site out there which is genuinely impartial.

opinions4u

You're so totally shocked you're hashtag epically over-reacting!

Daddy-Spendless

i wouldnt pay too much attention to the comparison sites, (money supermarket) i was recommended a bunch of sub prime cards two of which ive already had for a couple of years. Unimpressed, i went off to the natwest site and was accepted for a 0% spend/transfer card and the same again the next day with a nationwide card.

_Andy_

I think you should bold some more of the text.

Hooloovoo

I find it more shocking that a graduate needs his Dad to financially "watch out for him".

blitzboy

All these sites do is bring together all of the cards in a list to make it easier. It is up to the user to compare deals etc closely. And the APR for all of the cards will only be 'typical' anyway. It is impossible for these sites to judge exactly which card will be best/cheapest for each user.

exel1966

I get the distinct feeling that people here are taking the P i s s !!!

I can't think why

trikidy

Epic thread.

meer53

fhansall wrote: »

Last night with my son (who has been pretty careless at university and need to start to rebuild his credit score) I was on-line looking at credit cards for bad credit. I'm came across a website called Totally-Money on Google. They claimed to "Compare EVERY Card for Bad Credit" so we went to check them out.

Now, I've always used Money-Supermarket (and MSE) myself so I couldn't figure why they would have more than them. And after hearing on the Money Programme (Radio 4) about how Compare-The-Market and Confused.Com are actually owned by insurance companies I thought I'd do some investigating.

What I found I think is shocking. The reason they supposedly have more products is that 2 of the cards on their site are actually THEIR products! The Luma card and the Granite card are basically Totally-Money products. The cards are supplied by MI MONEY LIMITED (06967012), EASTCASTLE HOUSE 27-28, LONDON. Whereas Totally-Money is owned by MEDIA INGENUITY LIMITED (06205695), EASTCASTLE HOUSE 27-28, LONDON.

Basically the same company!

They don't tell us that the products are THEIR own. So they are effectively pushing people to get THEIR inferior products using their "socalled" comparison tables. They have THEIR Luma card at the top of their bad credit table with the message "Compare the UK’s Top Credit Building Cards" - Implying the Luma is the best product even though the interest rate is 6% HIGHER than the Barclay Card Initial Card! What's worse is that CAPITAL ONE and VANQUIS BANK also seem to be in on the deception as they are running the cards for MI.

Surely abusing peoples trust like this is illegal - or at least it should be. My son has me to watch out for him, but what about those individuals would aren't financial literate?

Is this something for Watchdog or the FSA - because I for one think it is disgusting?

Why do you find it shocking that a company promotes their own products ? I'm sure it's called "marketing" ?

Can't see what the problem is myself.