Stanhope Financial Solutions

DHinde83 · 2 September 2011 at 10:58AM

Hi all. I'm posting on behalf of a friend, she's trying to consolidate her debts and has had an offer from a company called Stanhope Financial Solutions who claim to be goverment backed. On the face of it they seem genuine and promised a lot on the phone (freezing interest for example), but the offer they've come back with doesn't seem all that benificial and the details are sketchy.

I'm struggling to find information about this company online, I found one site with 3 glowing reviews that sounded like they had been written by the company, and one scathing review by someone saying they'd given them over £1000 and hadn't seen any benefit.

She hasn't actually signed anything yet, but the paperwork they have sent came with a request for a payment of £80. I'm no expert but this doesn't seem right.

Has anyone here dealt with the company, or know anything more about them?

Grumpelstiltskin · 2 September 2011 at 11:05AM

Two words come to mind barge and pole.

Never ever use a fee charging company

Get your friend to read this.

https://forums.moneysavingexpert.com/discussion/2077631

fermi · 2 September 2011 at 11:06AM

DHinde83 wrote: »

has had an offer from a company called Stanhope Financial Solutions who claim to be goverment backed.

Well, the fact that they have lied to her by telling her porkies like that, should warn you off immediately.

Even if a genuine company, they are not government backed, and their only interest in her will be to see how much money in fees they can extract from her.

If she needs help to deal with her debts then please get her to contact one or more of the organisations in this link.

https://forums.moneysavingexpert.com/discussion/2077631

DHinde83 · 2 September 2011 at 11:09AM

I thought as much. She said the loan she is repaying only has 2 years left at the current repayment rate, the plan they have offered her combines this loan with a credit card and will take 5 years to repay.

Thanks for your advice and the helpful links.

Stowmartian · 9 April 2013 at 6:41PM

Just in case anyone is tempted to use this company who flout the Financial Ombudsman's rules regarding cold calling, I thought I would advise of the following.

Crane Bank of Uganda takes over Stanhope Financial Solutions

The Crane Bank of Uganda has purchased all assets of the Stanhope Finance Company and assumed all its liabilities following an approval by the Bank of Uganda.

In a recent statement, Crane Bank chairman, Samson Muwanguzi, said that the shareholders of Crane Bank Limited and the shareholders of Stanhope have approved the terms of an agreement for the sale of assets and assumption of liabilities excluding tax and NSSF dues if any of Stanhope Finance Company Limited by Crane Bank Limited. The statement said that all Stanhope's offices and branches will remain open and continue to serve customers as branches of Crane Bank. Crane Bank applied to the BOU in April to take over the Stanhope Finance Company and Forex Bureau.

Stanhope has in the past one year been dogged by a series of financial difficulties which started with the irregular transfer of large sums of foreign exchange from the company.:eek:

Stanhope Financial Solutions

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