Sainsburys loans misleading

DCFC79

cmd1980 wrote: »

Hi

I am a financial adviser and wanted a cheap loan for a car for my wife. I applied for the 5.1% Sainsbury's loan. I know given my job my credit rating is extremely high.

What I received is an offer at 9.1% which I think is pretty disgraceful given the online indication was 5.1%

Equally this was very much in the 'small print' of the documentation. I have since been offered a loan at 4.8% with another lender.

I do not think Money Supermarket should be promoting loans that have no intention of honouring advertised rates.

Chris Dixon

Nothing wrong with that, you just didnt fit the criteris for the loan from Sainsburys. They dont have to lend to you.

cmd1980 wrote: »

I understand clearly how loans work and I am saying with my credit score that there is no genuine reason for Sainsburys to offer a rate that it 4% higher.

I highlight this as an issue as as I say it is not clear within the documentation sent to me that the loan rate has changed from the online application which I believe to be misleading.

Highlighting this issue is therefore something I wanted to do for others applying for the same loan.

Not quite sure why people wish to 'troll' at this when this could potentially stop someone signing for something without reading the small print.

Also surprised how so many people are willing to 'jump' to Sainsbury's defense as I thought this was a forum to champion people dealing fairly with organisations.

C Dixon

Im not sure you do know how loans work. Yes this forum is set up or 1 of its aims was to get advice/help on various matters but Sainsburys have done no wrong in this case.

cmd1980 wrote: »

No such thing as a credit score? Wow I am clearly wasting my time :-)

Yes thats right, no such thing as a credit score.

DCFC79

infinity9 wrote: »

Not one to jump on the band wagon normally, and being a very new newbie here, not wanting to get my big old wooden spoon out and have a stir.I really only have one question in this whole fiasco. Why would a financial adviser even come to this site and embarrass him self with any kind of monetary question.

Lol, i like the "get my big old wooden spoon out and have a stir"

Yes Im unsure why a financial adviser would come on here and embarrass himself with this kind of monetary question.

opinions4u

I'm an analyst and once got a loan for 6.4%.

I've no idea why my job title is relevant. But just thought I'd tell you.

27col

I've always been suspicious of the "financial adviser" industry and this has confirmed my suspicions.

John1993_2

infinity9 wrote: »

Not one to jump on the band wagon normally, and being a very new newbie here, not wanting to get my big old wooden spoon out and have a stir.I really only have one question in this whole fiasco. Why would a financial adviser even come to this site and embarrass him self with any kind of monetary question.

I can only assume he lost a drinking fame at Financial Advisor High School, and his forfeit was to come on here and humiliate himself.

Kudos to the young lad for going through with it.

mrpsmith

imoneyop wrote: »

• they don't like the colour underwear you were wearing when you applied.

Which is why I always apply for credit whilst naked.

Although that's slightly awkward when applying in-branch.

gb12345

John1993 wrote: »

I can only assume he lost a drinking fame at Financial Advisor High School, and his forfeit was to come on here and humiliate himself.

Kudos to the young lad for going through with it.

The crap he's posted here is only slightly less embarrassing than if they had made him run through the centre of town in his wife's undies.

ILW

opinions4u wrote: »

I'm an analyst and once got a loan for 6.4%.

I've no idea why my job title is relevant. But just thought I'd tell you.

Is that something to do with bottoms?

Clive_Woody

27col wrote: »

I've always been suspicious of the "financial adviser" industry and this has confirmed my suspicions.

Hallo, I am finnanciall adviser, 2 yrs ago I took out loans for £10,000 i have more than paid this back but they still want more payyments. I have cancel my direct debit but now they phone me and ask for more money.

Why they no go away and stop bothering me?!?!

Yours sincerely
Martin Lewis

Hanky_Panky

DCFC79 wrote: »

Yes thats right, no such thing as a credit score.

Whilst I agree that there is no general credit score (the sort punted by Experian etc) there almost certainly will be a score at Sainsbury, for this particular application, based on all his details and job type is one factor that makes up the score (ironically his job type is more likely to get him a lower score!). The OP however is highly unlikely to know what the score is (or the range of accept/decline) but he may have been told by them(small chance). It's also completely irrelevant to any other application he makes.