Cashplus creditbuilder mastercard ripoff!

getbackup

Hi all
Following the advice on this brilliant site, last August I set up a creditbuilder account with Cashplus.


I rang today to cancel it as my 12 months is complete, to find they claim it took 8 weeks to set up the creditbuilder scheme, and so the first £4.95 payment I made didn't count! Instead it was taken as a standard monthly fee.
My creditbuilder wasn't started until 1st October.


I actually rang Customer Services the day I set it up to double check the total cost, and that I had completed everything correctly, and they confirmed the total cost would be £59.40, but that apparently counts for nothing.
If I don't give them another £4.95 my creditbuilder won't count for anything.


Im really cross, and don't want anyone else duped in this way, so BE CAREFUL!
Sigh.

mart3ndo

I have cashplus credit builder as well, and the agreement clearly states when the credit builder agreements starts, so it's not really a rip off is it?

wiseshark

Cashplus usually report to the CRA the £4.95 repayments every three months. It would be such a shame to pay £59.40 for credit builder, then miss one "late repayment" and have a red mark on your credit file. That would be such a slap in the face. I am not a fan of Cashplus. There are better, less costly ways to rebuild credit.

20aday

getbackup wrote: »

Hi all
Following the advice on this brilliant site, last August I set up a creditbuilder account with Cashplus.


I rang today to cancel it as my 12 months is complete, to find they claim it took 8 weeks to set up the creditbuilder scheme, and so the first £4.95 payment I made didn't count! Instead it was taken as a standard monthly fee.
My creditbuilder wasn't started until 1st October.


I actually rang Customer Services the day I set it up to double check the total cost, and that I had completed everything correctly, and they confirmed the total cost would be £59.40, but that apparently counts for nothing.
If I don't give them another £4.95 my creditbuilder won't count for anything.


Im really cross, and don't want anyone else duped in this way, so BE CAREFUL!
Sigh.

Re: CashPlus' Credit Builder... Why did you need to call to cancel? I've done it myself and once 12 months of payments have been paid it finishes automatically?

fluffy70

I've just signed up to a cashbuilder mastercard and having activated it have looked into the creditbuilder option - it's saying that it's £9.95 a month and not £4.95!!!! has it recently gone up?

owlet

fluffy70 wrote: »

I've just signed up to a cashbuilder mastercard and having activated it have looked into the creditbuilder option - it's saying that it's £9.95 a month and not £4.95!!!! has it recently gone up?

The Cash Plus website says the monthly fee is either £4.95 or £9.95 & check your terms & conditions to see which fee applies to you.