Problem with yourpersonalloan.co.uk

skylight99

I just visted yourpersonalloan.co.uk to make an online application for a loan, having read about it on martins website.

I had no sooner got the email to say my application was being processed when the phone rang and it was freedom finance. The person I spoke with said that they were contacting me because my application had been refused and had been passed on to them. I ended the call quickly telling them I didn't want them to call again. I was told that in order to take my name off their system they needed my date of birth etc. and I refused to give this. She was saying that a refusal can be passed to them before they even reply. As she was talking I checked the email and there was no response. It came a few minutes later.

I have now got a loan elsewhere but I am really annoyed about what happened with this company :mad: (which is connected with the co-op bank). Of course the appn said they would share your details with other companies but I didnt expect a call from Freedom Finance within seconds of applying.

Anybody any views on this as it feels pretty unethical to me, I can imagine people going along with it and ending up with more expensive loans.

bye for now

skylight

Emma37

Usually, when applying they give you the option to tick saying you don't want them to share information with other companies. You'd be better doing that in future to save being bothered by other companies phoning you.

Phantom_Flan_Flinger

skylight99 wrote: »

I have now got a loan elsewhere but I am really annoyed about what happened with this company :mad: (which is connected with the co-op bank).

Freedom Finance aren't part of the Co-op.

It's because FF affiliate with the Co-op who pass on your details if you don't meet their loan criteria.

skylight99

Thank you both!

I think I needed to tick to sharing information as part of ticking the terms and conditions before I could apply.

I still feel very concerned at what happened, glad to have sorted myself out :j but I am shocked at getting that call so quickly and I would never have applied for the loan if I knew they could do that.

Skylight

shandypants5

have just applied myself..seconds ago...there was no tick box to say dont share info...(i looked hard too)....

I hope I dont get a load of cold calls now ,I hate that.

Phantom_Flan_Flinger

By agreeing to their T&C's, you allow them to pass on your details to their affinity partners as stated in the T&C's.

MORPH3US

Ditto the OP,

GF just applied to these con-men....

I knew the 6.3% typical was too good to be true and obviosuly this is how they subsidise it, by selling lots of loans on to companies charging massive APR's....

Am I right in thinking that 66% of the loans they give out should be at the typical APR? Well if thats the case, what better way to get around it by refusing loans and passing them onto someone else with an expensive APR rather than offering high APR's themselves and then going under the 66% rule...

Its very strange as there is no reason whatsoever that the g/f should be turned down for the loan. Experian check is clear, we own our house etc....

I feel a complaint to the FSA coming on....

M

shandypants5

I applied for and GOT a loan the other week with no problems... APR 6.3%.
So I am happy.
BUT.... I recomended them to a friend and he got turned down, and now gets plauged by loan companies calling him on his mobile....
It seems if your right for them they take you. if not they sell you on..:rolleyes:

Butlers1982

I feel a complaint to the FSA coming on....

On what grounds? that your GF didnt get a loan off them??

did the OP read the part right at the top of the application form headed "your information" its here if you cant find it

https://www.yourpersonalloan.co.uk/Popups/TermsPopup.aspx

read it and youll find that by applying, you agree to their T&C's which include the use of your information.
If you didnt like it you shouldnt have applied

Zcouse

There is an opt out for the call from Freedom Finance but it's not in the terms and conditions page......I know I found it...and because I opted out my online app came back with an email in about 20 secs saying I had been refused after careful consideration. !!!!!!!!.....there was no consideration cos the email came back as fast as it took me to log into hotmail. Opt out and they refuse you by automatic email