moneyback bank loan? (merged)

Hazzanet

I applied to this company, and I got the e-mail asking me to call, which I did. Talk about a hard sell, and a whopping 8.9%! I declined their offer of a loan, and hung up. Two days later, all the loan documents came through, so I returned them crossed through with a scathing letter re their Loan protection selling techniques. I received a response today, and here are selected highlights:

... Having listened to a copy of the call recording, I can only apologise for the manner in which it was conducted. I do fully appreciate the upset that has been caused and I profusely apologise for this...

... You are under no obligation to purchase Loan protection, but as a responsible lender, A&L are obligated to inform you whether or not cover is available and, if so, that it is suitable. Having listened to the call I do agree that our Advisor applied unnecessary pressure with regards to the Protection Policies available and this again will be fed back to the relevant Manager...

A result, albeit only a minor one.

Hazzanet

MarkyMarkD

Well done, Hazza. It's always worth setting out your concerns in writing and it's good to hear that they have been properly acknowledged.

thomasbentley_2

Filled in the form ,
told to ring 0845 number to get descision,
put on the line to some who sounded about 16 years old (Jamie)
who kept on repeating the questions that i had already answered,
had no understanding of my occupation or self employed status,
spent some time harping on about my income, if I was sick,
i knew this was going to lead to trying to sell me protection ( he denied this)
Clearly i would warn anyone about this company if you want to be treated like an imbecile,
cancelled my application and went elsewhere,
Tb

sarahmoo

Already taken a loand out with them last oct £4000 at 5.7% APR...only £600 to pay off now. Decided i needed a top up for home improvements so rang them up.
Long rigmarole, long application process. and pushy sale on protection which I refused. Guy then suddenly gave me an apr of 13.something % for the loan

I felt convinced he was being hard on me for not taking the protection. I asked why and he rambled on about personal circumstances blah blah, changes of rate

Felt I was being conned BIG TIME!

Anyone else had this?

ps.....aint taking it out with them.......

oggy

Online quote with them was 5.6% apr after ringing them up rate went up to about 6.9% I got the impression that because I refused their protection plans that was why it went up,not very happy as they come out top of the list when comparing the loan rates online till you ring them..........

zandralapoi

Tried to get their 5.6% offer myself. I only wanted 6K. as I am in the Army I didn't need all their insurance protection nonsense so as a result I got a fantastic rate of 7.9%!! Told the 'foreign lady' no thanks and still got an offer of the loan in the post!

I then got turned down by Intelligent Finance who I am already with and have never missed a payment with them! Wonder if the 2 situations are linked in some way!

Zandra

bunyarra

civicwalker wrote:

I subsequently managed to get 5.6% from Cahoot with no problem so my credit rating is fine.

However after originally requesting 5.5% 5 year £5000 fixed loan and being requested to ring MoneyBack [Alliance & Leicester] . . . . . . all I get offered was 6.9% and the insuarance hard sell. Sorry but my personal recomendation is go elsewhere and don't waste a credit search.

First time post here .. long time lurker

Like many, I can only recommend people stay well clear of this lot. With a rather excellent credit rating, no loans and enough insurance to cover all possible outcomes, I kind of assumed getting a loan off Moneyback would be a formality.

Oh boy - it was the most pressured sales call I have been subjected to in years. 20 mins later, like many of you, they were still trying to sell me products I was obviously not in need of. During parts of the call, I was almost feeling they were trying to scare me into life insurance - most unprofessional.

The result, an offer of 6.7% - farcicle.

The definite feeling is that you are only ever going to get a decent rate if you accept their high priced PPI etc. Their selling practices really should be subject to an investigation.

The AA - no problem, 5.8% after 5 mins.

OMAR

The problem with Moneyback is basically........your never going to get the typical unless you take out protection (hence reason called moneyback) If I was drawn between Moneyback and A and L.....I would apply with A and L as you get the typical rate guaranteed if your a premier holder and apply in branch...the only reason to apply to Moneyback is to increase the term from 5years to 7.

nidje

I compared loan rates on the internet and Moneyback were the cheapest advertised APR so I applied. I had the hard sell regarding loan protection which I refused and subsequently the APR was up by almost 2%. Needless to say I told them I wasn't interested and I applied to Northern Rock who offered me a loan at 5.7% with no hard sell of the protection plan.

Sim_2

oggy wrote:

Online quote with them was 5.6% apr after ringing them up rate went up to about 6.9% I got the impression that because I refused their protection plans that was why it went up,not very happy as they come out top of the list when comparing the loan rates online till you ring them..........

I applied on-line the other day, wish I had found this thread first. I would consider my credit rating to be very good - Lloyds TSB gave a £13500 limit on a credit card a couple of years ago ! I too came back with 6.9% but this was before insurance was even discussed, so blows that theory out of the water. They rang me BTY.

Sim