Payday loan - myloannow refund help

JonnyEnglish_2

Hi,
Yesterday I mistakenly agreed to become a member of a loan comparison website called myloannow which incurred a membership fee of £67.88 - I’d like to cancel this membership and request a refund but I’m struggling and would really appreciate some help with writing a letter to accomplish these goals.
Thanks

Ps below is a copy of their T & C’s with regards to cancellations and refunds.

Fees, Cancellations and Refunds
We will charge you a fee to act as your specialised finance broker. This fee is specified as part of our communications with You. If you are not offered a loan by a lender or financier within the 1 month that we act for you then we will refund the fee less than the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing to avoid repayments being sent to a wrong address and/or getting lost. To facilitate us processing payments and repayments you authorise us to retain your charge, credit and debit card details. With regards to payments set up by debit or credit card we will attempt to take a fee when you make your application. Under the Financial Services (Distance Marketing) Regulations 2004 you have the right to cancel your agreement with us within 14 days of receiving these terms and conditions, you will be entitled to a full refund which will be made within 14 days of receiving your request. If you would like to cancel You must Inform us by writing to us at Katsea Financial Solutions Ltd, Unit 5, Brenton Business Centre, Bond Street, Bury, BL97BE

Tixy

Dear Sirs

Cancellation of membership myloannow
XXXXXXXXX (Reference Number or membership number)

In accordance with the Financial Service (Distance Marketing) Regulations 2004 and your terms & conditions I am writing to cancel my membership. My request is made within 14 days of receiving the terms & conditions.

Please arrange a full refund of the membership fee paid to the debit card used to take payment.

Yours.......

ConsumerWizkid

Hmm it does say about the membership fee on every page very clearly at the top of the site, an unfortunate mistake.

However, write to this address:

My Loan Now
Katsea Financial Solutions Ltd,
Unit 5, Brenton Business Centre
Bond Street
Bury
BL9 7B

Dear Sir/s,

I'd like to cancel my membership and be refunded as per your terms & conditionas, our service was not able to locate a suitable loan for me as intended.

My account number is: 123456

Kind regards,

John Smith

ConsumerWizkid

Aw beaten to it xD

JonnyEnglish_2

Thanks guys, that’s a massive help!

Nobodi

Unfortunately, my partner found her way onto the myloan-now website. She believes she left without confirming the application but we were nevertheless charged their fee. She did not recieve any login details or any offer of a loan, which supports her belief that she did not complete the application.

I note there has been a significant change to the T&Cs from those listed above in this thread. These now read:

Cancellations and Refunds

We charge the Fee in relation to the Service we provide. The Fee is specified in our communications with You. If you are not offered a loan by any Participating Lender on the first instance we provide our Service to you, then we will, upon request by you, refund the Fee less £5 which we are permitted by law to retain. Please note, if you are offered a loan which is not of the same category of product for which you applied but are offered another loan of a different type but for which you qualify and which is appropriate for you based on the information which you provided during your application, you will not be eligible for a refund of the Fee.
Requests for refunds of the Fee must be requested in writing either by post to Katsea Financial Solutions, Unit 5, Brenton Business Centre, Bond Street, Bury, BL9 7BE or email by contacting (note: I have removed email as it had a hyperlink). To facilitate us processing payments and repayments you authorise us to retain your charge, credit and debit card details. With regards to payments set up by debit or credit card we will attempt to take a fee when you make your application.
As we provide the Service immediately upon you confirming your application, once you have confirmed your application on the Website you will have no right to cancel this credit brokerage agreement with us. This is because we provide the Service immediately and will have completed our search and provided the Service before you can give us notice of your wish to cancel."


This is seemingly contradictory, and, as it no longer makes reference to the rights granted under the Financial Services (Distance Marketing) Regulations 2004, I believe it may now be contrary to OFT guidelines (I am in no way sure of this!).

However, the key to these words is that there is a difference between a refund and a cancellation. If you ask for a cancellation, it may be difficult to obtain due to the new terms. If on the other hand, you ask for a refund minus the £5 they are entitled to as a broker, it should be provided.


I intend to attempt to recover the fee charged but would be very interested to know if anyone else has been successful in this?

DCFC79

Nobodi your partner needs to claim the refund back. If she was looking for a loan try 1 of the high street banks or other lenders, what was the purpose of the loan ?

JonnyEnglish_2

Hi guys
Good news, I received a full refund six days ago!

poppasmurf_bewdley

The company cannot circumvent the law on customers having a 14 day cooling off period, no matter how they attempt to get around it by altering their terms and conditions.

MillerTron101

JonnyEnglish wrote: »

Hi,
Yesterday I mistakenly agreed to become a member of a loan comparison website called myloannow which incurred a membership fee of £67.88 - I’d like to cancel this membership and request a refund but I’m struggling and would really appreciate some help with writing a letter to accomplish these goals.
Thanks

Ps below is a copy of their T & C’s with regards to cancellations and refunds.

Fees, Cancellations and Refunds
We will charge you a fee to act as your specialised finance broker. This fee is specified as part of our communications with You. If you are not offered a loan by a lender or financier within the 1 month that we act for you then we will refund the fee less than the £5 brokerage fee provided for by the Consumer Credit Act 1974. Refunds must be requested in writing to avoid repayments being sent to a wrong address and/or getting lost. To facilitate us processing payments and repayments you authorise us to retain your charge, credit and debit card details. With regards to payments set up by debit or credit card we will attempt to take a fee when you make your application. Under the Financial Services (Distance Marketing) Regulations 2004 you have the right to cancel your agreement with us within 14 days of receiving these terms and conditions, you will be entitled to a full refund which will be made within 14 days of receiving your request. If you would like to cancel You must Inform us by writing to us at Katsea Financial Solutions Ltd, Unit 5, Brenton Business Centre, Bond Street, Bury, BL97BE

I have been too suscumb to these blood dealers, i am young and naive but am head strong, how to be brunt i no in writing i will get a refund but how do i draft a letter to them said company Katsea Financial Solutions Ltd, Unit 5, Brenton Business Centre, Bond Street, Bury, BL97BE, I never got a loan near did i, i got transferred onto myloan-now and before i no it completely bombared, all i ask is how do i request a refund in writing politely, before i shut my account down, my original request was with another company(Satsuma Ltd.)that was on the 4th of this month, i haven't used any off the 200 companies i get plagued with, so no loan, i have right to cancel just need a draft letter of wording to the company i will happily pay the post, just to get these brokers off my back, they live on peoples weakness and can see how easy it can get into serious debt without actually seeing any hard currency, just bigger holes ever month

MillerTron101

There are many factors in life, lots can go against you but might have poor credit just my advice was one simple overlook, make sure your postcode matches where you are staying, i forgot and am now been raped, to put it bluntly £67.88 for a loan broker that i never had, but hey you might have poor credit, or !!!! credit just make sure your on the electrol & the postcodes match, that is all.