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Pay Day Loan Scam

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ElkyElky wrote: »
    I would seriously consider starting a loan broking business if I had the time. Small start up costs (the licence, a website) and bingo, £40/80/1000 fee each time someone wants a loan.

    The cost of the licence has been driving lenders out of the market for some time now. As far from being a small cost.
  • Apples2
    Apples2 Posts: 6,442 Forumite
    If posts on this site is anything to go by, significantly less than 1% of people are prepared to write a letter for a refund, even after it is clearly pasted in the replies.

    If more people could be bothered to apply for a refund rather then simply venting, it would go some way to putting the brokers out of business.
  • ElkyElky
    ElkyElky Posts: 2,459 Forumite
    Apples2 wrote: »
    If posts on this site is anything to go by, significantly less than 1% of people are prepared to write a letter for a refund, even after it is clearly pasted in the replies.

    If more people could be bothered to apply for a refund rather then simply venting, it would go some way to putting the brokers out of business.

    But why should they be put out of business? I presume they'll have a number of employees who pay taxes and such in to the system. They're offering a service to which people (as demonstrated by the OP) will happily agree to pay for.

    No law is being broken, they aren't tricking or deceiving their customers. What more can they do to spell out their charges than clearly displaying them in the T&Cs? It's certainly not their responsibility or fault that their customers are.... foolish enough to sign their name on any old form without actually reading to see what it is they're signing.

    The anger is misdirected to the said company when in fact it needs to be directed at the individual themselves for being foolish enough not to read what they're signing. Yeah, they are probably desperate to resort to these ridiculously expensive loans but it takes mere seconds to glance over the T&Cs, or a few minutes to read in more detail.
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  • Apples2
    Apples2 Posts: 6,442 Forumite
    I don't disagree with any of your comments, however the same could be said for the PPI reclaim gang and the compo claiming ambulance chasers who pester my mobile phone.

    I've never suggested they act illegally but some businesses should simply not exist. A loan broker doing nothing more than fowarding details to high risk lenders is one of them.
  • ElkyElky wrote: »
    The anger is misdirected to the said company when in fact it needs to be directed at the individual themselves for being foolish enough not to read what they're signing.

    "Sorry you stood on my landmine and lost a leg, which was craftily hidden but not completely invisible. It's your own fault for not looking where you were going... I can't believe people are angry with ME for putting it there!"
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Brains64 wrote: »
    I know this is probably obvious but just to clarify, is it this company?, the reason I'm asking is because on there FAQ section, the second question is about fees charged and their answer is 'A: There are no registration or transfer fees, VeryMerryLoans.com will never charge a registration fee', so wouldn't that be classified as blatant misrepresentation if they're taking money from peoples accounts?

    "VeryMerryLoans.com will never charge a registration fee" is correct (I think).

    What Mr Merry does is pass punter's details on to one of his other companies that does charge a fee.

    VeryMerryLoans.com isn't the broker; it's just a gateway to a sister company that is.

    I think many customers think the second company is a lender.
  • Brains64
    Brains64 Posts: 210 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    SnowTiger wrote: »
    "VeryMerryLoans.com will never charge a registration fee" is correct (I think).

    What Mr Merry does is pass punter's details on to one of his other companies that does charge a fee.

    VeryMerryLoans.com isn't the broker; it's just a gateway to a sister company that is.

    I think many customers think the second company is a lender.

    That seems to make sense actually, from what others have said, that sounds like what is done, I mean this whole 'VeryMerryLoans.com' set up does seem rather odd but my guess from what they say on their website is that they are a lender themselves but if they decide that someone doesn't come under their criteria (whatever the heck that is considering they claim they don't do a credit score check) then they pass their application on to that sister broker company you mentioned, otherwise it would be completely pointless, the problem is they don't make it clear when they pass someone over and they get understandably confused into thinking that it's the same company, this is where the issue is I reckon.
  • hyubh
    hyubh Posts: 3,726 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Brains64 wrote: »
    my guess from what they say on their website is that they are a lender themselves

    Burried in the terms and conditions they admit the exact opposite:

    'We do not lend or provide loans or any form of finance to Clients.'

    See the 'Our Services' section at https://www.verymerryloans.com/terms-and-conditions/
    but if they decide that someone doesn't come under their criteria

    I fear you may be an overly-trusting sort of person...
  • SnowTiger
    SnowTiger Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    hyubh wrote: »
    Burried in the terms and conditions they admit the exact opposite:

    'We do not lend or provide loans or any form of finance to Clients.'

    See the 'Our Services' section at https://www.verymerryloans.com/terms-and-conditions/



    I fear you may be an overly-trusting sort of person...

    But their homepage tells a different story:
    VeryMerryLoans have approved 10,000 + loans in November.

    A loan broker approving loans?

    And
    If Approved, You Get Your Loan

    Our decision should now be shown on your screen, if approved the loan can be arranged within 60 minutes depending on who you bank with. You will have the chance to make any small adjustments before you then sign your loan contract.

    There are no hidden fees and the loan is free of cost.

    "If Approved, You Get Your Loan... Our decision..."

    These things STRONGLY suggest Very Merry Loans is a/the lender.

    Their FAQ https://www.verymerryloans.com/faqs/:
    Q: How do I repay my loan?

    A: Please contact our customer service to make a partial or full payment for your loan before your due date.

    Q: What if I cannot pay it on time?

    A: It is your responsibility to pay back the loan according to our terms. However, if in any case you are unable to repay the loan on time, please contact us as soon as possible.

    Why would anyone need to contact a loan broker to make a payment towards their loan or if they couldn't afford repayments?

    Odd.
  • hyubh wrote: »
    I fear you may be an overly-trusting sort of person...

    'Trust' isn't quite the word, I'm just trying to make sense of what appears to be a lot of contradictions, for the record, no I don't trust this company for the very reason that they're not making sense, what you say is right but they then contradict that in other parts of their website, that's the point I was getting at.
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