loan broker ripoff

colin_hudds

Why is it lawful for a loan broker to retain a £49 arrangement fee, when they failed to find me a lender, this is the second time ive been duped, is this in the same bracket as a bank charging £30 to send me a letter?

jopwo_87

Id say so..

They both prey on the vunerable... they're both lying dispicable people..:mad:

jonesMUFCforever

colin_hudds wrote: »

Why is it lawful for a loan broker to retain a £49 arrangement fee, when they failed to find me a lender, this is the second time ive been duped, is this in the same bracket as a bank charging £30 to send me a letter?

What were the terms and conditions to what you signed up for (or freely gave a card number to)?

dannynixon

I heard somehwre that if a broker cannot find you a lender, they can only legally keep £5 of the brokerage fee.

Apparently it is a massive fight to get the rest back but maybe something worth looking into

colin_hudds

The main letter says my fee will be returned in the unlikely event i dont get a loan offer, the small print says theyll keep £5 if they offer me debt councelling, and a further paragraph states they may keep the whole fee, i cant remember the exact text, it was all printed on the reverse of the application form which i had to return to them.

homer_j_3

make a formal complaint

spikescot2005

I am in a similar situation and wish to try and get my money back.

Yes Loans and Advantage loans are the company's. Is there a letter template on here that i could use to send to them?

Thanks for your help.

Graeme7777

I've heard the same as Dannynixon - that the amount the broker can keep is limited to £5 if they don't get you a loan.

spikescot2005

Is there a letter template on here that i could use to send to them?