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Have you used Loqbox?

13»

Comments

  • ldhme
    ldhme Posts: 79 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    Seeing as this has been revived I'll ask for an opinion.
    My partner is 2 months out of her moratorium period for a DRO. We are currently going through file clean up etc but she obviously cant (and doesn't want to yet) get a credit card yet.
    In these circumstances is anything like Loqbox or similar worth considering?
  • cymruchris
    cymruchris Posts: 5,551 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    ldhme said:
    Seeing as this has been revived I'll ask for an opinion.
    My partner is 2 months out of her moratorium period for a DRO. We are currently going through file clean up etc but she obviously cant (and doesn't want to yet) get a credit card yet.
    In these circumstances is anything like Loqbox or similar worth considering?
    You will get people telling you that it's all a load of rubbish, a waste of time and energy, a silly marketing ploy, and then you'll get people like me that have actually used it, and found a benefit. It is clearly NOT for everybody, and in fact it's NOT for the majority of people. But there is a small slice of the population where I believe it does help demonstrate better financial management, which in turn opens up the market for better products. It's additionally something that should be a part of the overall plan, rather than the plan itself. The usual things apply, are you on the electoral roll, do you have a mobile phone contract (even a sim-only) reporting monthly, do you have any existing credit card, if so, ensure it's paid in full each and every month without fail, all that kind of stuff in addition to a loqbox. 

    Before the Loqbox I had only sub-prime cards, Vanquis, Aqua and Capital One. I signed up for the maximum monthly payment as I could afford it, and then each month my £200 was debited, and at the end of the year I made the decision to pay the £30 and get my funds back rather than go for the range of accounts they had on offer.  The whole process was painless, and it left me with a fully paid off 'settled loan' showing regular monthly payments over the period of a year. This contributed to my credit history (not my credit score). 

    Since completing the Loqbox, shortly after I applied for a mainstream Virgin credit card, and got that. A little later I applied for a Sainsburys credit card, and got that too. I've recently applied for a HSBC advance current account as they have a decent offer on, and as people say they are notoriously picky as to who they take on as their customers, and got that too with an included arranged overdraft (that I'll never use - but it's a good thing to have as part of your 'history').

    If I hadn't had the Loqbox - maybe I'd have still gotten the above, but it might have taken longer. There are plenty here that don't agree with it, and I respect their opinions, but always happy to share mine. For those with a very limited or damaged history, it can be a plus point on the file for future lenders to see. I would say that I don't think those that take out the £10 a month plan get as much benefit though, if you're going to do it, better to make it a decent monthly payment to demonstrate your reliability with a reasonable sum of money. After 12 months - you'll have a fully settled loan account on your record which can only be a positive factor. Read the responses from those that don't agree with it, have a think yourself, and decide which is the best option for you, but I know if I was in the same position as before, I'd certainly do it over again. 
  • SebSai
    SebSai Posts: 37 Forumite
    Third Anniversary 10 Posts Name Dropper
    You have absolutely no proof that this outfit was the difference between acceptance or not. Time was clearly the main factor.
    If you are reffering to my post.. u r wrong.

    what really happened is .. 

    half way through.. i couldnt not make one of the payment on time. So i decided to email them and cancel it. And to unloq my fund for free of charge i had to move the money to one of the accounts they suggest. Tsb classic account plus was there in the list. ( i got rejected for the same account a month ago ). 

    I chose to open tab account anyway through loqbox to move my fund.  The bank accepted my application and asked me to submit my id docs through the mobile app. i opened a current account with them. 
    Only reason is LOQBOX. 

    then i got an email from loqbox saying that i have few more days to make the missed payment before they report it to the CRA. So i made the payment and kept the loqbox account live. 

    I do not know if it had made any difference to my credit history or score. But i am greatful that they helped me to get a current account. 


  • DCFC79
    DCFC79 Posts: 40,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    SebSai said:
    You have absolutely no proof that this outfit was the difference between acceptance or not. Time was clearly the main factor.
    If you are reffering to my post.. u r wrong.

    what really happened is .. 

    half way through.. i couldnt not make one of the payment on time. So i decided to email them and cancel it. And to unloq my fund for free of charge i had to move the money to one of the accounts they suggest. Tsb classic account plus was there in the list. ( i got rejected for the same account a month ago ). 

    I chose to open tab account anyway through loqbox to move my fund.  The bank accepted my application and asked me to submit my id docs through the mobile app. i opened a current account with them. 
    Only reason is LOQBOX. 

    then i got an email from loqbox saying that i have few more days to make the missed payment before they report it to the CRA. So i made the payment and kept the loqbox account live. 

    I do not know if it had made any difference to my credit history or score. But i am greatful that they helped me to get a current account. 


    I know fpr a fact it had zero impact on your score since no one except you can see your score, lenders see your history.
  • SebSai
    SebSai Posts: 37 Forumite
    Third Anniversary 10 Posts Name Dropper
    DCFC79 said:
    SebSai said:
    You have absolutely no proof that this outfit was the difference between acceptance or not. Time was clearly the main factor.
    If you are reffering to my post.. u r wrong.

    what really happened is .. 

    half way through.. i couldnt not make one of the payment on time. So i decided to email them and cancel it. And to unloq my fund for free of charge i had to move the money to one of the accounts they suggest. Tsb classic account plus was there in the list. ( i got rejected for the same account a month ago ). 

    I chose to open tab account anyway through loqbox to move my fund.  The bank accepted my application and asked me to submit my id docs through the mobile app. i opened a current account with them. 
    Only reason is LOQBOX. 

    then i got an email from loqbox saying that i have few more days to make the missed payment before they report it to the CRA. So i made the payment and kept the loqbox account live. 

    I do not know if it had made any difference to my credit history or score. But i am greatful that they helped me to get a current account. 


    I know fpr a fact it had zero impact on your score since no one except you can see your score, lenders see your history.
    You are right about the score. I have not seen much difference. But i am more than happy with them so far just for that current account and i only meant to refer to that. Not score.. 

    there must be a lot of people out there like me who are not able to get a current account. This might help..
  • SebSai
    SebSai Posts: 37 Forumite
    Third Anniversary 10 Posts Name Dropper
    ldhme said:
    Seeing as this has been revived I'll ask for an opinion.
    My partner is 2 months out of her moratorium period for a DRO. We are currently going through file clean up etc but she obviously cant (and doesn't want to yet) get a credit card yet.
    In these circumstances is anything like Loqbox or similar worth considering?
    You will get people telling you that it's all a load of rubbish, a waste of time and energy, a silly marketing ploy, and then you'll get people like me that have actually used it, and found a benefit. It is clearly NOT for everybody, and in fact it's NOT for the majority of people. But there is a small slice of the population where I believe it does help demonstrate better financial management, which in turn opens up the market for better products. It's additionally something that should be a part of the overall plan, rather than the plan itself. The usual things apply, are you on the electoral roll, do you have a mobile phone contract (even a sim-only) reporting monthly, do you have any existing credit card, if so, ensure it's paid in full each and every month without fail, all that kind of stuff in addition to a loqbox. 

    Before the Loqbox I had only sub-prime cards, Vanquis, Aqua and Capital One. I signed up for the maximum monthly payment as I could afford it, and then each month my £200 was debited, and at the end of the year I made the decision to pay the £30 and get my funds back rather than go for the range of accounts they had on offer.  The whole process was painless, and it left me with a fully paid off 'settled loan' showing regular monthly payments over the period of a year. This contributed to my credit history (not my credit score). 

    Since completing the Loqbox, shortly after I applied for a mainstream Virgin credit card, and got that. A little later I applied for a Sainsburys credit card, and got that too. I've recently applied for a HSBC advance current account as they have a decent offer on, and as people say they are notoriously picky as to who they take on as their customers, and got that too with an included arranged overdraft (that I'll never use - but it's a good thing to have as part of your 'history').

    If I hadn't had the Loqbox - maybe I'd have still gotten the above, but it might have taken longer. There are plenty here that don't agree with it, and I respect their opinions, but always happy to share mine. For those with a very limited or damaged history, it can be a plus point on the file for future lenders to see. I would say that I don't think those that take out the £10 a month plan get as much benefit though, if you're going to do it, better to make it a decent monthly payment to demonstrate your reliability with a reasonable sum of money. After 12 months - you'll have a fully settled loan account on your record which can only be a positive factor. Read the responses from those that don't agree with it, have a think yourself, and decide which is the best option for you, but I know if I was in the same position as before, I'd certainly do it over again. 
    Exactly..
    it will be a useful for a lot of people. But not for everyone..

    I saw a credit card version of this as well.. BITS
    There is a subscription fee that put me off

  • For gods sake
    https://www.getbits.app/
    Look at the reviews! Mugs!  "
    “Results? In less than 2 months, my credit score went up by 44 points - 4£/m."

    A score that means NOTHING and you paid for it!!!!




  • SebSai
    SebSai Posts: 37 Forumite
    Third Anniversary 10 Posts Name Dropper
    For gods sake
    https://www.getbits.app/
    Look at the reviews! Mugs!  "“Results? In less than 2 months, my credit score went up by 44 points - 4£/m."

    A score that means NOTHING and you paid for it!!!!




    That one is waste of money. 
    at least you get your money back with loqbox. 
  • I agree BITS doesn't make sense - why throw money away in the hope of increasing a fake score?
    I can see the appeal of trying LOQBOX if you have bad credit though, as long as you know for sure you'll always be able to pay that money in. At least you get it back at the end, and it's not as if standard savings accounts pay out good rates these days.
    I suppose if you're in the process of clearing your file and have defaults or CCJs due to drop off in the next year LOQBOX could possibly help a tiny bit - in that when the defaults drop off you'll have "no bad history plus a little bit of good history".
    But how many people is that really applicable for? I'm in the process of repairing my file right now. I have two CCJs and a bunch of defaults. They're from a while back and I'm paying everything off. I've got three years of clear history now as my broadband and mobile providers report to CRAs.
    Last month a default dropped off (I still have several others though). I just got accepted for an Aqua card with a £300 limit. I'll be putting my grocery shopping on that every week and paying it off in full to start building even more positiv history.
    Back in the summer I wasn't eligible for anything at all.
    Maybe LOQBOX is useful for someone that even a mobile phone provider won't touch, but for most people it's just 'a psychological trick to make them feel like they're doing something'. Time is, unfortunately, the most important thing.
    Start Debt Jun 2020 = £10,036 - Current £5,894 | #324 £1,000 Emergency Fund Member - £205
  • Logbox has attempted to take my money out on the 21st October.  My DD is set up on the 1st of each month. The next DD due date is on 1st November.  

    My DD on 1st of October cleared with no issues

    Due to their error, my account is arrears and failed to meet the payment on time.  

    It's so frustrating as they do not have a contact number to talk to a person.  

    Has anyone else had similar issues?

    Not happy with this service at all.
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