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Loqbox 1% on money if CR is not 10 points higher.
LeslieAlan42
Posts: 11 Forumite
My Loqbox had £240 in it and 1 year ago my CR was 484, I have sent screen shot of my CR and have now had the £240 back, but CR now is 471. How and will I get the £2.40?
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Please read the sticky at the top of this forum “what your credit score really means” that will explain everything.
What £2.40 ?I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
LOL what a scam.0
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Totally agree, @D3xt3r5L4b that's awful 😣😣😣0
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Am I the only person who has absolutely no idea what the opening post is on about?1
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People sign up to it to improve their credit score and give the company money to do it 🙄🤣
The company return some of it when the credit score reaches a certain point.🙄🤣
Or some similar cr*p anyway.0 -
Seriously? Oh dear.0
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OP - Spend a bit of time formulating your posts rather than just typing what comes in your head. Both this post and your other one about solar panels are unintelligible.0
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From what I can decipher based on the thread title and opening post I'm guessing that Loqbox gave a guarantee to the OP (others too maybe) that if their credit score was not ten points higher (by some as yet unmentioned time frame) then they would give them 1% of their cash balance as a bonus/cashback/interest/somethingelse (delete as appropriate)
What they appear to be asking is how can they get that 1% or £2.40.
If that is what is happening here then the advice is simple, speak to the company and ask them about it.1 -
Catsacor said:People sign up to it to improve their credit score and give the company money to do it 🙄🤣
The company return some of it when the credit score reaches a certain point.🙄🤣
Or some similar cr*p anyway.
They return you 100% of your money if you open some new account , for example TSB, from which then Loqbox earns a commission. If you don't want to open any account (at the end of the 12 month period), only then you pay £30 which is deducted from the amount you have paid them over the last 12 months. The rest will be credited back into your bank account.
If nothing else, you have an additional direct debit each month for 1 year. As we all know, more DD can be useful for people with multiple current accounts who want to earn rewards/interest/switch bonuses. In addition to that, it appears on all your 3 credit files as a regular loan, with "OK payment" every single month. That's how it's supposed to improve your credit history. I personally would go for the largest amount possible, which is, I think £200 per month. So on your credit files it looks like you took out a £2400 loan and paying it back over 12 months.
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A £2400 loan just screams PDL.
Plus the whole point is to build up your (fictitious) score which will likely drop again after opening a bank account.
Which just puts more unnecessary fear into people.0
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