moneyback bank loan? (merged)

gingerjasper

We just applied for the Moneyback loan and got accepted, but at 8.9%. So we told them we'd think about it and in the mean time applied to a couple of other places and have been accepted at 6.9 with the Skipton building society. What are the chances of getting the Moneyback people to better this if we let them see the agreements with Skipton? And, no, we won't be taking out their PPI either ;-)

apcorbett

Yes, and I've just had the most aggressive sales patter I've ever heard - she asked loads of questions, then at the end tried over and over again to use the answers to the questions to convince me that I needed their PPI. How many times do you have to say NO!

Anyway, finally they agreed the loan, and I got 6.1% so not too bad anyway...

Rafter

I think next time I will tick the PPI box, probably get accepted at the advertised rate, then cancel the PPI in the cooling off period. If they try and change my rate I will tell them about being able to buy the same cover for 20% of the price and that they are breaking the law by making the loan conditional on the insurance.

R

Judep_2

I just got a loan from these - I was expecting the hard sell on PPI when I called to get the decision, so just kept saying "no thank you". I was expecting the APR to go up as a result (and was ready to walk away!), but at the end she just said that I was approved, and at 5.5%!

That was yesterday afternoon - the loan agreement arrived this morning! So I have to say that (so far), things have been ok.

Re cancelling PPI - under the list of charges, they say there's a £10 charge for cancelling the PPI.

bryan28

I too applied yesterday. I am considering complaining on 2 counts

- they say you will get a decision within minutes, then tell you check your email, then tell you you have to call a customer advisor

- the advisor was beyond agressive. Despite telling him I had 3 x OTE life assurance & 75% PHI until retirement and no dependents and him agreeing that my employer covers me very well, he haranged me for over 10 minutes.

Even though I ticked on the website that I didn't want PPI, he tried the old trick of talking through everything as if I wanted it and rushing into "so shall I sign you up for that?" without properly qualifying.

Once he realised I wouldn't take the full PPI he then tried to sell me life assurance only. He even had the ghall to tell me that once I was dead would 200K really be enough to leave to my estate once they've taken their <16k out of it! I told him I would be dead and therefore wouldn't care.

He also assured me that their policy would pay on top of any other polices I might have, which I doubt, I can imagine it being a fight between the insurers about who paid out first and the other saying they'll deduct that before paying theirs.

They claim that all this is for FSA rules and they are only doing their duty and looking out for you, that they "can't lie else they will be struck off" and that "it's OK I'm a qualified FA".

It is telesales at its worst and some people will easily be scared into paying for their expensive PPI, which is plain wrong.

I was offered 6.7%, which was better than my current 8.9% but disappointing but with PPI, it was only £20 cheaper than current! I explained to him that it wouldn't be worth my while changing for that.

I'm pretty sure the lack of PPI didn't affect the APR because of the order of the script.

I can only hope that he didn't get any commission for processing the loan becasue I didn't take PPI.

If anybody you know is thinking of applying make sure they know to stand by their guns and not to be intimidated by their agressive sales tactics.

billozz

hey guys hope you can help,
looked at moneyback loans for a loan of £10000 they have a rate of 5.5%
when i put in the ammount i want to borrow and the term i want it over the repayments came back at £229.00per month thought this was quite good...and i dont think i am going to beat that rate. just out of curiosity and on suggestion from the missus i went to tesco finance, they have a rate of 6.3% buttttttt.... when i put the same ammount in and the same term ....the payments per month are £199...cant work this outsame loan same term different monthly payments.
i am sure there's a simple answer but cant think what.
just one other point i am thinking of purchasing the item i want and then transferring to a life of balance c/c with a rate of 4.9%, the minimum repayment on that is 3%pm i assume that i will save money if i do it like that ...or will i
thanks again
Bill

fatboyonadiet

Think the card option is the cheapest, the moneyback loans might include payment protection

Wibbly_2

Don`t waste your time with this company. They advertise 5.5% apr, but the best rate they offered me was 7% on an unsecured loan of £7000.00 over 5 years, which I suspect was because I don`t currently have any of their products and wouldn`t take their insurance. I can do far better in the highstreet and without having insurance forced upon me.

I find it puzzling, to say the least, that 7% was their best, given that my credit rating is monitored regularly to satisfy my terms of employment - I have ticks in all the right boxes and couldn`t possibly better my credit rating.

I would advise anyone contemplating a loan to go elswhere.

snowman_2

would agree with this, my GF recently tried only to be told 7% but would have to take out compulsory insurance!!!

told them where to stick their insurance!!!

gomez_2

Hi all,

I apologise if this isn't the right place to post this!

I'm in the process of getting my debts under control. This involves moving a credit card balance off my Egg card (15.9%) to a HSBC 0% interest card (9 months), and more importantly, moving my Cahoot Flexible Loan to a lower interest fixed loan.

So, I applied for a Moneyback Bank Loan at 5.5% APR , however, I received the paperwork and they have only given me a rate of 8.9% (same as my existing Cahoot flexible loan).

I don't want to accept this rate, so I am considering going elsewhere (probably Cahoot Fixed Loan at 5.6%?). However, as I said, I've also applied for (and been accepted, but yet to receive the paperwork) for the HSBC credit card.

My question is, if I reject the Moneyback Bank Loan and apply for a Cahoot Loan, will this affect my credit rating seeing as I've also applied for the HSBC card?

I suppose my question really is when does a company make a "credit enquiry" and when do they make a "full credit check"? I assume it's more likely that Moneyback Bank and HSBC have both made full credit checks on my rating rather than just enquirys? And therefore, a further search by Cahoot will impact my rating?

Thanks for your help...