Is this a bare-faced scam?

premierfella

I like the vision. Random bloke or blokess probably wouldn't want to do that for pennies an hour, which is what clearaccount will be getting if their customers sign up and really do only use it as a safety net buffer to avoid "once in a blue moon" forgetfulness.

(In reality they will of course be hoping for Wonga-style customers from whom they can extract £££ at a payday loan rate)

hillcats

I would suggest that people "steer well clear of this"
If it looks like a scam..

baggers02

As soon as you pass on your login details to a 3rd party you lose all protection the bank may offer over fraudulent transactions - it's as simply as that.

You have to ask yourself would you allow them to clone your card and then hand over the PIN number, of course not, by giving them your login details you are giving them more control than if they had a cloned card!

RAHJ

I was looking at this and reading all your comments and have come to some conclusions.

Giving them (or anyone) your bank login details would give them the authority to get whatever they want, whenever they want it. Even if it works well for you initially, cursed are the ones who would get in dispute with them. They would clean you out in no time! I am careful enough with DDs and also know that giving someone your Debit card details gives them full reign.

There is a lot of talk about them being a cheap alternative to pay-day loans. But after a bit of digging I have found that over 30 days on £300 you would pay £90. This is pretty much the same as any payday loan provider I have looked at. Also, unlike what most people might realise, payday loans can be paid back whenever you want, whenever you decide it - the earlier you pay back, the less you pay. You are in control. Clearaccount, however, will take their money back whenever they decide you have enough money in the bank. You will not have control over your money. I can also imagine them bleeding you dry just enough so that you are forced to lend a bit more every time.

I would say, do not get caught out of control of your own finances, because that is exactly what got you looking for Clearaccount in the first place!

This is what I think and I know it's just an opinion but I will not be looking for this option again....

rbaxter80

RAHJ wrote: »

I was looking at this and reading all your comments and have come to some conclusions.

Giving them (or anyone) your bank login details would give them the authority to get whatever they want, whenever they want it. Even if it works well for you initially, cursed are the ones who would get in dispute with them. They would clean you out in no time! I am careful enough with DDs and also know that giving someone your Debit card details gives them full reign.

There is a lot of talk about them being a cheap alternative to pay-day loans. But after a bit of digging I have found that over 30 days on £300 you would pay £90. This is pretty much the same as any payday loan provider I have looked at. Also, unlike what most people might realise, payday loans can be paid back whenever you want, whenever you decide it - the earlier you pay back, the less you pay. You are in control. Clearaccount, however, will take their money back whenever they decide you have enough money in the bank. You will not have control over your money. I can also imagine them bleeding you dry just enough so that you are forced to lend a bit more every time.

I would say, do not get caught out of control of your own finances, because that is exactly what got you looking for Clearaccount in the first place!

This is what I think and I know it's just an opinion but I will not be looking for this option again....

Hi all,

Just a little update here. I know the thread is old.

I have used clear account for about a year now and they work just like a bank overdraft facility. Yes, when you have available funds they will whisk them straight out, but you can re-borrow it at any time. 5 minutes later? No problem. And there isn't any reapplication process to go through either. It's just a quick click

They link to your bank account, yes, however they give you an excellent breakdown of everything that goes out and comes in. They also have a nice protection facility that tops your account up should you go unexpectedly overdrawn. To be fair, these guys charge you just as much as an overdraft facility would cost you at the bank.

Not being funny but banks aren't great at lending currently. This is really the only alternative lender that I have been to that doesn't wedge a bargepole up your !!! sideways.

I'd say they are one of the best sub prime lenders out there, if not the best. I've never had a problem with them.

Word of warning though - don't use them if you don't have regular earnings coming in! - you should ask yourself if you should be borrowing at all if that were the case

Cheers!

Raymond

le_loup

Thank you Raymond
Where are your previous 3 posts? Are you scamming? Are you a spokesman for this company? Are you a crook?

rbaxter80

le_loup wrote: »

Thank you Raymond
Where are your previous 3 posts? Are you scamming? Are you a spokesman for this company? Are you a crook?

Nah. Nothing like that. The last three posts were done around 2010/11 or so. A LONG time ago. I had one about Wonga which I dare say I was embarrassed about. In 2011 Wonga put a default on my credit file because of non-payment. I was asking if I could get it removed because they never notified me. Turns out they did, by email. I didn't post anything else after that because I received a few trolls here saying = "easy, don't get into debt" - hard to take when you were a previous saver and borrowed very little, if at all.

I previously landed myself into a bad cycle of debt because I lost my job, spent my savings and landed in a ton of payday lender cycles. After all, my family needs to eat, right?

Luckily I landed myself a better paying job two years later and I've been climbing my way out of it ever since. Still on the road though!

As for the previous two, I am unsure? If I'm honest I can't even remember what they were about?

Raymond

rbaxter80

rbaxter80 wrote: »

Nah. Nothing like that. The last three posts were done around 2010/11 or so. A LONG time ago. I had one about Wonga which I dare say I was embarrassed about. In 2011 Wonga put a default on my credit file because of non-payment. I was asking if I could get it removed because they never notified me. Turns out they did, by email. I didn't post anything else after that because I received a few trolls here saying = "easy, don't get into debt" - hard to take when you were a previous saver and borrowed very little, if at all.

I previously landed myself into a bad cycle of debt because I lost my job, spent my savings and landed in a ton of payday lender cycles. After all, my family needs to eat, right?

Luckily I landed myself a better paying job two years later and I've been climbing my way out of it ever since. Still on the road though!

As for the previous two, I am unsure? If I'm honest I can't even remember what they were about?

Raymond

Actually, I've just noticed. I joined here in 2013. Must have been 2013 I posted then. That would have been the query about Wonga, when I had money again and was trying to remove that from my file. The other four were probably the answers to the other people.

Raymond

[Deleted User]

I have an account with them as well and its been useful on occasion.

alanq

clearaccount was discussed in a 5 minute segment of BBC Radio 4's You And Yours on 30th April 2014. Not a scam but not recommended by the interviewees.

http://www.bbc.co.uk/programmes/p01y85hr