moneyback bank loan? (merged)

never_again_2

Even better is to apply for the loan via internet - then you never have to speak to anyone!!!!

paulengland

all your debt should be cover by life insurance and also your income .in case of anything happened .

there is only 1 thing It will for sure happened in your life ....

is you are going to die ,,, but you don't know when and you don't want to leave your family and children suffer !

proper financial education is what we all needed from school but none of the school is doing it that is why we learn our personal finance from our parents friends and family members but most of the time there are not financial expert or even financial educated. and that is why we come down to the point of having 1.1 Trillion pounds in debt !

Bernard_Coleslaw

dave318 wrote:

It may be the best rate going, but just a warning to watch out for very underhand practices.
David

Thanks for the heads up. I guess this bunch are doing this whilst they still can. Once the OFT get moving on personal loan PPI sales practices and unbundling PPI from lending, they'll not be able to get away from this.

BTW I believe PPI can have a place, but only where customers have a defined need for it.

BC

regularsaver1

Its a bit odd that they can do it - seeing as all insurance has been regulated by the FSA since January 2005. Should be sold to a need

Bernard_Coleslaw

Should be - but isn't sold to a need in all cases at the moment.

As I say, it's a shame as it can be a useful product for some people, as long as it's priced reasonably, has adequate, easy to understand cover, and has no hidden surprises when you come to cancel it.

BC

claireyfairy_2

I too applied for a loan online, good rate of interest. Received an e amil to say the loan decision was ready, on phoning as directed, spent 20 minutes with some jerk trying to tell me that the end of the world was nigh if I didn't take loan protection. The guy on the phone was rude and not helpful. I pointed out it was my right not to take loan protection and then I got down to the nitty gritty, 'can you lend me the money at 5.5% without loan protection' - It seems not. I wouldn't touch moneyback bank with a bargepole and may well make complaints about them to FSA if that'll annoy them, as they have annoyed me! Go elsewhere unless you feel the need to have loan protection.

lard69

I joined the forums specifically to see if anyone had had the same experience as me with these jokers.

I ended up putting the phone down on them today after 15 minutes of fun about payment protection "for me and my loved ones". I'd like to think it was just some idiot having a bad day in a call centre but usually this kind of nonsense is company policy, being regurgitated from a script.

Bye-bye and thanks for nothing, Alliance & Leicester.

jusrad

When I took out a large loan with Halifax about 18 months ago, I was also told that if I didn't take out the ppi I wouldn't be able to get the loan.
Unfortunatly I didn't have the gumption to say no as I thought that would have been it. I am now in the process of trying to get my money back from them after reading a few of the articles in here, I'll let everyone know how I get on.

justin

cal97

We have had major problems getting a loan to refinance an overdraft despite near perfect credit record over 10 years. I went to my bank of 23 years (RBS) who offered me 9.2% and said my overdraft limit would go down to 100 because 'you might just withdraw up to your limit again'. What an insult as I am 47 with good credit record! I went to Moneyback bank and decided not to accept the rate they offered as I believed that I should be eligible for their 'typical' rate. Started to worry then re several credit searches being made against my name. Eventually decided to go to northern rock in husband's name (no recent searches). Got 5.8 %, without PPI, no tricks, money within one week. Wish we'd gone to them first. Can't wait to get out of debt so don't have to deal with these people anymore!

mastermo

Hi Guys,

I was looking for a personal loan at a competitive rate and after failing to get accepted for one of the low rate credit cards for the duration of a debt I followed Martin's links to competitive personal loans.

I ended up at the Moneyback bank web link and filled all my details in and apparently got accepted for a loan of 5K at APR 5.5% over 3 years which I was fairly happy with. I went for the unprotected loan as I didn't want to pay the extortionate insurance cosst

One week later I receive a letter from the Alliance and Leicester on behalf of the Moneyback Bank with all the loan forms but in the detail the load in at a rate of 8.9%.

Is this all a scam? Why bother saying one thing and then doing another. Do they truly believe people don't read the small print.

Has anybody had a similar experience or can then direct me to where I can actually get a truly competitive loan.


mastermo