Pay Day Loan Scam

Sabbathdei

Knows the plural of forum, that's quite impressive.
But that's all though....everything else is just total stupidity.

kittieworld

YorkshireBoy wrote: »

The poster whose mum got a police crime reference number after simply walking in off the street with an accusation regarding a civil matter, ie a contract, was the same poster who says their mum is/was receiving 100 phone calls a day from loan providers.

Takes some believing doesn't it? I mean, work it out...even if they're spread over 11 hours (9am to 8pm) that's 9 per hour...one every 6 minutes...every day?...for weeks?...I don't think so!

And as for my use of the word "irresponsible", what other word is appropriate for not reading information presented to you...but saying that you had?

lol ask anyone who has made a mistake in putting their details on loan broker sites and they will tell you how many calls they get a day any way apart from that we are all here to help not accuse people of lying but I'm not that bothered what u believe so its cool with me

nala_george

i too, have fallen for the £39.99 charge. could you advise what to put in a letter asking for this back ? apart from saying i,m stupid + your a robber i don,t know what to say !! mine is with 1loan also ! Thanks

YorkshireBoy

nala_george wrote: »

i too, have fallen for the £39.99 charge. could you advise what to put in a letter asking for this back ? apart from saying i,m stupid + your a robber i don,t know what to say !! mine is with 1loan also ! Thanks

From the T&Cs (that you did or didn't read but are referenced earlier in this thread)...

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.

...so just adapt the very first sentence of the cancellation section. Something along the lines of...

Under the Financial Services (Distance Marketing) Regulations 2004 you have a I wish to exercise my right to cancel your my application within 14 days of receiving the se terms and conditions and receive a refund.

rorysdad

Got my money back.

Apples2

rorysdad wrote: »

Got my money back.

Could you elaborate how you managed to get your refund (for the benefit of the wider audience)?

Was it due to a phone call, email, letter?
was it the first attempt, second, third?
did it go to formal complaint?
Did it get to the FOS?
How long did it take?
Did you get a full refund or minus £5?

Brains64

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?

Fruit_and_Nut_Case

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?

All they have to do is call it an Administration Fee instead. Hey Presto, no Registration Fee.

Brains64

Fruit_and_Nut_Case wrote: »

All they have to do is call it an Administration Fee instead. Hey Presto, no Registration Fee.

Yup, that would be one way around it I guess, reminds me of that TV ad where they were showing this guy making a complaint to a hotel manager because it said in the brochure that it was 'just a stones throw away from the beach', so the manager gets someone to fire a stone using a machine that can 'throw' it quite some distance away, a lot further than someone could throw it by hand, like the kind of throwing normally used for rifle practice etc, not quite the 'stones throw away' people would assume was meant, the art of lying without lying right?:rotfl:

ElkyElky

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 amount of people who don't read the T&Cs is staggering.

Even assuming 70% of customers claiming a refund, a 30% margin for very little costs. Stupidly easy money.

OP, I'll let you know when my loan brokerage company is up and running.

Oh and for future reference:

Scam - noun
1.
a confidence game or other fraudulent scheme, especially for making a quick profit; swindle.
verb (used with object), scammed, scamming.
2.
to cheat or defraud with a scam.

What this actually is, is a perfectly legal and legitimate charge to which you gave your permission. You told the company in question that you had read the terms and conditions when in fact you did not. You explicitly gave them permission to charge the amount from the card details you provided. If anything, I don't think they should offer refunds at all.