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Credit trust secured loan

Hi all,

I've been awarded a business unsecured loan from Credit trust(www.credittrust.co.ukl. As part of the application I paid for payment insurance as part of their requirements. Now I've been asked to pay pay a £549 tax before funds can be released.

Does anyone have any dealings with this company? Is it legitimately asking for this extra payment that they've agreed to refund as they never disclosed during the application process?

With thanks

Kenny Wright 

Comments

  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    edited 13 July 2021 at 4:48PM
    Any loan that asks for an upfront payment screams SCAM in a very loud voice indeed.  Avoid at all costs.
    Also, that site seems to be unavailable as of now.  I fear that any "insurance fee" you have paid so far will be long gone :-(  
  • Sorry its not credit trust its Central Trust. My apologies. Everything seems to be in order regards paperwork and documentation? Thanks
  • Www.centraltrust.co.uk
  • Sncjw
    Sncjw Posts: 3,614
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
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    Still anyone asking for money before you get a loan screams red flag. 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Starting balance £66,565.45

    Current balance £53,769

    Cc 1k at 0 percent

  • Sncjw
    Sncjw Posts: 3,614
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite
    One quick look at the website and it's a secure loa. Against your home too. 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Starting balance £66,565.45

    Current balance £53,769

    Cc 1k at 0 percent

  • bargainbetty
    bargainbetty Posts: 3,455
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite
    If they are willing to refund it, then they don't need it in the first place. You will find it very difficult to get your money back once you hand it over. 

    If you search on here you will find people who have had issues with variable rate loans from them, increased payments and charges - it is likely to be a bad idea to use them. Cut your losses now, perhaps? 
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • k12479
    k12479 Posts: 832
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Forumite
    I've been awarded a business unsecured loan... 
    Can't say I've ever heard of Central Trust, but one thing that raises an eyebrow is you mention an unsecured loan, yet they describe themselves as 'the UK's secured lending specialist' and don't appear to list unsecured lending on their website.
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