Pay Day Loan Scam

rorysdad

Hi

This morning I decided I had an email from https://www.verymerryloans.co.uk inviting me to apply for a payday loan. I completed an application online and at some point received a message saying I had been accepted and seemed to then be automatically transferred to a site called https://www.the1loan.co.uk which seemed to have logged me in to an account and suggested that they could find me a loan - but I thought I had already been approved for a loan from merryloans.

Happened to check my Bank a few minutes later - £39.99 has been taken by the1loan - that is what my Bank told me when I called them. The Bank's Fraud Team suggested that I call the1loan as they might refund the £39.99. They seem closed today. I doubt they will refund.

The Bank say that these loan companies are clever and that they will say the £39.99 is an admin fee for finding me a loan!?

Now, the Bank (Nat West) has told me to call their retail debit card department in the morning (not open Sundays) and that as the debit card payment to the1loan is 'pending' I should:

1. Get the money credited back to my account as they will stop the payment going through. This should be an immediate credit back to my account, and;
2. The Bank will stop the1loan getting more money from my debit card

Anyone know if the above is correct?

Also, in case my card details have now been shared with other companies on the web am I not better off just having it cancelled and get another one?

The real issue of the above is that it left me with £5 in my bank until next week!

Thanks,

RD

DCFC79

rorysdad wrote: »

Hi

This morning I decided I had an email from www.merryloans.co.uk inviting me to apply for a payday loan. I completed an application online and at some point received a message saying I had been accepted and seemed to then be automatically transferred to a site called www.the1loan.co.uk which seemed to have logged me in to an account and suggested that they could find me a loan - but I thought I had already been approved for a loan from merryloans.

Happened to check my Bank a few minutes later - £39.99 has been taken by the1loan - that is what my Bank told me when I called them. The Bank's Fraud Team suggested that I call the1loan as they might refund the £39.99. They seem closed today. I doubt they will refund.

The Bank say that these loan companies are clever and that they will say the £39.99 is an admin fee for finding me a loan!?

Now, the Bank (Nat West) has told me to call their retail debit card department in the morning (not open Sundays) and that as the debit card payment to the1loan is 'pending' I should:

1. Get the money credited back to my account as they will stop the payment going through. This should be an immediate credit back to my account, and;
2. The Bank will stop the1loan getting more money from my debit card

Anyone know if the above is correct?

Also, in case my card details have now been shared with other companies on the web am I not better off just having it cancelled and get another one?

The real issue of the above is that it left me with £5 in my bank until next week!

Thanks,

RD

Why oh why did you do this ?

No getting a new card wont stop this, what will stop it is not going to these sites and a new account with a different bank.

Did you not see the £40 was to be taken from your account ?

molerat

Your next move

Cancellations and Refunds

Cancellation of Membership
We charge a fee up to £39.99 for providing the service of acting as a finance broker. By proceeding with your application you are agreeing to pay our processing fee. 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 the 3 months We act for You, We will refund your full administration fee minus £5 as stated in the Consumer Credit Act 1974. Refunds must be requested in writing at [EMAIL="customerservices@the1loan.co.uk"]customerservices@the1loan.co.uk[/EMAIL] to avoid repayments being sent to a wrong address. In the event that your card is declined, we will attempt take payment on that same card as many times as we desire for up to and including 60 days after you made your application. If you wish us to stop trying your card please inform us by post or email.

Cancellation
Under the 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 us. In this event We will refund your fee within 30 days of the date on which We receive your written request to cancel your application. Any such requests should be made to: The1loan, Beechfield House, Winterton Way, Lyme Green Business Park, Macclesfield, Cheshire, SK11 0LP

rorysdad

I did not see any of that. As I said I started at verymerryloans and their site said I was getting a loan. Next thing I am at 1loan - and I did not see any terms flagged up.

The real question is will the Bank in the morning be able to reverse the payment and credit my account Bank with the £39.99?

I am going to cancel the card and get a new one anyhow.

RD

YorkshireBoy

rorysdad wrote: »

Next thing I am at 1loan - and I did not see any terms flagged up.

You wouldn't do.


That's because you blindly ticked the box to say you agreed to their "terms of use", one of which is the £39.99 fee.


Never, ever, tick a box to say you agree to something when you haven't even read it, let alone understood it!

You will get your money back, but not from your bank. You'll get it back from the 'the1loan' up to 30 days after they receive your letter...as per the aforementioned T&Cs.


And changing your card won't solve anything (as you've already been told)!

Fishingtime

Another person that does not bothe rto read the T&C

Apples2

Random email out of the blue turned out to be a scam?
Whatever next?

They don't need to be at all clever, they rely on people who aren't.

Are you going to follow the instruction in reply #3 or not bother?

DCFC79

rorysdad wrote: »

I did not see any of that. As I said I started at verymerryloans and their site said I was getting a loan. Next thing I am at 1loan - and I did not see any terms flagged up.

The real question is will the Bank in the morning be able to reverse the payment and credit my account Bank with the £39.99?

I am going to cancel the card and get a new one anyhow.

RD

Yes it sounds like very merry loans are a broker (they may even be a lender but direct you to another lender who can help) and directed you to 1loan, as to whether the bank will reverse the payment I cant say but you can ask, yes cancel the card if you wish and good luck getting your money back.

DCFC79

Fishingtime wrote: »

Another person that does not bothe rto read the T&C

I would have thought people would take time to read things since they are wanting to part with they're own money.

YorkshireBoy

DCFC79 wrote: »

...as to whether the bank will reverse the payment I cant say but you can ask

In order to reverse the payment, ie perform a chargeback, there needs to be a valid reason code assigned...and "changed my mind", "didn't bother to read what I was signing up to", etc, are not valid chargeback reason codes!

rorysdad

I am sure that there are plenty of people out there that don't read terms and conditions - but in my case I did not see anything to read. I am usually very careful when accessing anything on the web - not careful enough this time as I now know!

I have written to the1loan and in truth have written off the money. I doubt I will see a refund and I doubt my Bank will reverse the payment as it is not 'fraud' (having said that they did once reverse a direct debit payment for me on the back of one 'phone call to them)

People who apply for paydayloans usually do so in desperation as they have no money - and need the loan now - not to be paying out money speculating that they may get a loan, and in my case, although I had £39.99 in the Bank, I now have nothing (well, £5, actually!).

These people are unscrupulous.

I was misled and I only logged into my Bank as I had been told on a previous site that I had been given a loan and would be paid out to my Bank account.

the1loan may not find anyone a loan but I expect that they get thousands, unwittingly, paying £39.99

I am not stupid, not unintelligent and have been using the web since 1992 - they have caught me hook, line and sinker and it was 'cleverly' done.

Having logged in to the 1loan site the only company that they seem to be offering is Wonga - all of the other adverts presented are for bad credit cards etc. so it would appear that they don't even live up to their claims as a 'broker' and I will not be using them or any of the companies they refer to, again.

RD