Personal bank loans aren’t personal

Nicknacknoo1

I’ve been struggling for 12 years in a relationship that has my husband paying council tax, gas and electric. I’ve had to pay everything else, so I’ve taken out credit cards over the years to pay for the shortfalls. So I’m trapped and can’t get out. My credit rating is extremely low. I applied online for a personal loan from my bank for the amount owing on the credit cards, so I’d only have one payment each month instead of 8. The loan was going to be for 5 years @ £250 per month instead of what I’m paying now which is £700 per month. I got declined for the loan. I went into the bank with the details of all my outstanding amounts and the difference I would be paying with he loan etc, and they said that even though they could see the benefit to me for having the loan, they couldn’t approve it because they have to use the information hey get from the credit reference agencies. She said if they could they would, but can’t. I saw something on face book, which was someone who gives loans with no credit check. It worked out a similar monthly payment and term as my bank. The thing is, I have to pay a registration fee of £205 via western union before they can transfer the money. Has anyone heard of this before - paying a registration fee before being given money for a loan? Thanks, with hope of being free one day. 

sparelogin

You never pay upfront for a loan and never by Western Union. 

Avoid, along with anything else advertised on Facebook 

Go to the DFW boards for advice on getting rid of the debt.

Shakin_Steve

This is a con, one that's been around for a while.

cymruchris

Absolutely a con - never pay a 'fee' for anything that you've found in facebook - no matter how plausible it sounds. 

Ebe_Scrooge

I've got to echo the above - no genuine loan company will ever ask you for an upfront fee (with the possible exception of a mortgage arrangement fee).  Any other loan that asks for an upfront fee is absolutely, definitely, guaranteed 100% SCAM - you'll pay the fee and never hear from them again.  The fact they they want Western Union is really the icing on the cake.  Really, honestly - please don't touch this with the proverbial barge pole.

And in general, be very wary of anything you see advertised on Facebook.  Yes, the small ads on your local group where folk are offering bits 'n' bobs for sale are usually fine, but adverts for financial or investment products from "large and respected" companies need to be taken with an extremely large bucketful of salt.

[Deleted User]

consolidation loans rarely, if ever, work because they don't address the underlying issue of why you got so much debt. Even if you did use the loan to pay off the cards, would you cut them up and stop using them? You'd just be in the same situation of needing to run up card debt again = 2x the debt.

DCFC79

Never ever pay money for a loan, whether its called a registration fee or similar.
You were increasing your debt, yes you were going to use the loan to pay the cards off BUT that might not happen, banks are wise to these tricks/promises applicants provide.

DCFC79

Nicknacknoo1 said:

I’ve been struggling for 12 years in a relationship that has my husband paying council tax, gas and electric. I’ve had to pay everything else, so I’ve taken out credit cards over the years to pay for the shortfalls. So I’m trapped and can’t get out. My credit rating is extremely low. I applied online for a personal loan from my bank for the amount owing on the credit cards, so I’d only have one payment each month instead of 8. The loan was going to be for 5 years @ £250 per month instead of what I’m paying now which is £700 per month. I got declined for the loan. I went into the bank with the details of all my outstanding amounts and the difference I would be paying with he loan etc, and they said that even though they could see the benefit to me for having the loan, they couldn’t approve it because they have to use the information hey get from the credit reference agencies. She said if they could they would, but can’t. I saw something on face book, which was someone who gives loans with no credit check. It worked out a similar monthly payment and term as my bank. The thing is, I have to pay a registration fee of £205 via western union before they can transfer the money. Has anyone heard of this before - paying a registration fee before being given money for a loan? Thanks, with hope of being free one day. 

I think you wasted a journey to ask the bank as I dont think the branches could overide a decline for a loan. 

Maybe you should post an soa over on the debt free wannabe board, theres a link in sourcrates signature.

sourcrates

Oh my, I got to the end of your post and nearly choked when I read the last paragraph.

Desperate people do desperate things, and that allows these con artists to make their illicit gains, never, ever trust the advertising on any social media platform, this one in particular has CON written all over it, normally I would expect you to realise that, but when your desperately trying to sort out your debt, common sense can go out of the window.

Someone posted on here only the other week about a similar company that kept on asking him for money, which he kept on paying, thinking he was going to get the loan, unfortunately all he got was egg on his face and a bank account a few hundred pounds lighter.

These adverts are scams, avoid them at all costs, in your situation I would suggest a visit to the DFW board to get advice on how to control your debt the right way.

tizerbelle

Why is your husband not helping with these bills? Why aren't you both sharing all the bills?  Is there anyway this can change? 

MEM62

OP The loan refusal has done you a favour.  You are living beyond your means and you cannot borrow your way out of it.  Unless you you get to the route of the problem - your spending - you are only going to dig a deeper and deeper hole.  The financial arrangement with your husband seems a little strange - unless your overall living expenses are that low that this constitutes a 50/50 split - which I doubt.  You need to look at this as a couple.