Avant Credit, stay away

craighudson

I have just had the most terrible experience with this putrid attempt at a company. they approved my loan fairly quickly then failed to pay the funds they had approved and promised to be paid in to our account. we emailed back and forth for over 2 weeks constantly being told it was being escalated and managers are dealing with it only to be eventually asked for the contract to be signed again by their resolutions team. this was apparently to allow them to deposit the funds quickly. what they actually done was cancel the application, keep the information we had inputed, adjust the figures and decline it. all of this including the fresh application while we slept as they asked for the contract at about 11.30 pm, UK time. By the time we woke in the morning they had declined the application. we did not give them consent to apply again. they have screwed up my credit file for years as it looks like we made 2 applications in a short time with a decline.
DO NOT USE BY ANY MEANS, look elsewhere.:mad::mad::mad::mad:

[Deleted User]

craighudson wrote: »

they have screwed up my credit file for years as it looks like we made 2 applications in a short time with a decline.

They haven't.

But looking at their interest rates, you've had a very lucky escape.

StopIt

They haven't screwed up your credit history, but they have put an effective block on further applications for a while because of multiple credit searches.


The effects lessen over time, and you're free to complain to them and the ICO about it to remove the searches.


However, if you're looking for credit that desperately from a sub prime lender? It may be better to visit the DFW boards for alternatives.

System

craighudson wrote: »

they have screwed up my credit file for years as it looks like we made 2 applications in a short time with a decline.

No Craig they didn't. What screwed up your credit file was the already existing late payments, defaults, CCJs, payday loans or whatever other negatives that were already in your credit record which meant you had to use a sub-prime lender with a representative 42.5% APR because nobody else would touch you.

Your credit file was trash before you applied to Avant. Even if nothing had gone wrong, you'd got the loan with no issues and didn't miss a payment the fact you've used a sub-prime lender like Avant or Amigo Loans would be a red flag to any mainstream lender or mortgage company.

They did you a favour. Whatever you borrow over 5 years, at 42.5% APR you'd repay over twice what you borrowed. Borrow £10,000 and you'd repay £21,658 so you'd pay more in interest than you borrowed. That is absolute lunacy given that at any reputable lender you'd pay less than £2000 in interest on the same amount.

DCFC79

craighudson wrote: »

I have just had the most terrible experience with this putrid attempt at a company. they approved my loan fairly quickly then failed to pay the funds they had approved and promised to be paid in to our account. we emailed back and forth for over 2 weeks constantly being told it was being escalated and managers are dealing with it only to be eventually asked for the contract to be signed again by their resolutions team. this was apparently to allow them to deposit the funds quickly. what they actually done was cancel the application, keep the information we had inputed, adjust the figures and decline it. all of this including the fresh application while we slept as they asked for the contract at about 11.30 pm, UK time. By the time we woke in the morning they had declined the application. we did not give them consent to apply again. they have screwed up my credit file for years as it looks like we made 2 applications in a short time with a decline.
DO NOT USE BY ANY MEANS, look elsewhere.:mad::mad::mad::mad:

Your credit file hasn't been screwed up for years nor will the declines be listed, just the searches are noted, go and have a look if you like.

Not sure why you chose Avant Credit but it isn't a lender I would use even before your negative review.

PeacefulWaters

Avant Credit, stay away

Good advice. I'll avoid them.

Nebulous2

PeacefulWaters wrote: »

Good advice. I'll avoid them.

I already do.

sourcrates

Avant credit (formally springcoin) are an American company who were in dire straights financially.

They have been accepting ridiculously small settlement offers on bad debt portfolios, just to rake in some cash.

This cash injection appears to be what’s keeping them in business.

Dandytf

I have Avant loan due to complete March 2018.
I have to mention Avant helped me with a small loan when I know others wouldn’t help at all.
Avant have never been a problem-high interest rate yes-though deemed acceptable when I needed the loan.
Hope Avant aren’t in trouble as I was maybe considering a new loan 2018.
Online payments schedule and debits are recorded accurately and all cra’s record the loan which means once my dmp finishes in a few years, I’ll have some regular on time payments recorded, whilst I aim to return to a decent rating since 2011.
4stars trustpilot reviews.

System

Dandytf wrote: »

Hope Avant aren’t in trouble as I was maybe considering a new loan 2018.

Words fail me.

Online payments schedule and debits are recorded accurately and all cra’s record the loan which means once my dmp finishes in a few years, I’ll have some regular on time payments recorded, whilst I aim to return to a decent rating since 2011.
4stars trustpilot reviews.

And you'll be back in another DMP in no time seeing as you clearly haven't learnt any lessons. What kind of muppet borrows just to get a credit score number up, a number that no lender uses, let alone at an APR which means they repay over twice what they borrow? 4 star trustpilot reviews? I can believe it given they're likely to have their own staff posting them plus idiots who think that borrowing £10,000 and repaying not £11500 like anywhere decent but £21,500 is a perfectly fine thing to do.

sourcrates

Dandytf wrote: »

Online payments schedule and debits are recorded accurately and all cra’s record the loan which means once my dmp finishes in a few years, I’ll have some regular on time payments recorded, whilst I aim to return to a decent rating since 2011.
4stars trustpilot reviews.

Yes, but they are a sub prime lender, they come with a similar stigma to payday lenders, any high street lender who views your credit file will see you have been using sub prime credit, which will likely trigger a rejection.

Credit scores are largely guess work, and bare no relation to real life decisions, you would be best advised to avoid such lenders in the future, especially after the words of warning, as to there viability, in my previous post.