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  • Starting
    They claim to be using Yodlee, which is an account aggregation site widely used in the US and elsewhere.
    Originally posted by premierfella
    Really? I had visions of some random bloke sitting there going through your account transactions himself and logging into your banking whenever he felt like having a laugh
    • premierfella
    • By premierfella 12th Oct 12, 1:51 PM
    • 863 Posts
    • 475 Thanks
    premierfella
    I like the vision. Random bloke or blokess probably wouldn't want to do that for pennies an hour, which is what clearaccount will be getting if their customers sign up and really do only use it as a safety net buffer to avoid "once in a blue moon" forgetfulness.

    (In reality they will of course be hoping for Wonga-style customers from whom they can extract at a payday loan rate)
    • hillcats
    • By hillcats 12th Oct 12, 11:22 PM
    • 847 Posts
    • 646 Thanks
    hillcats
    I would suggest that people "steer well clear of this"
    If it looks like a scam..
    ORIGINAL MORTGAGE AMOUNT 106,454.00 (Started Sept 2007)
    MAY 2019 O/S AMOUNT 2,358.45 OUR DEBT REDUCED BY 104,095.55 By Std Regular, Over-Payments & Off-Setting.
    BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 2027
    • baggers02
    • By baggers02 2nd Jan 13, 2:38 PM
    • 146 Posts
    • 46 Thanks
    baggers02
    As soon as you pass on your login details to a 3rd party you lose all protection the bank may offer over fraudulent transactions - it's as simply as that.

    You have to ask yourself would you allow them to clone your card and then hand over the PIN number, of course not, by giving them your login details you are giving them more control than if they had a cloned card!
  • RAHJ
    I was looking at this and reading all your comments and have come to some conclusions.

    Giving them (or anyone) your bank login details would give them the authority to get whatever they want, whenever they want it. Even if it works well for you initially, cursed are the ones who would get in dispute with them. They would clean you out in no time! I am careful enough with DDs and also know that giving someone your Debit card details gives them full reign.

    There is a lot of talk about them being a cheap alternative to pay-day loans. But after a bit of digging I have found that over 30 days on 300 you would pay 90. This is pretty much the same as any payday loan provider I have looked at. Also, unlike what most people might realise, payday loans can be paid back whenever you want, whenever you decide it - the earlier you pay back, the less you pay. You are in control. Clearaccount, however, will take their money back whenever they decide you have enough money in the bank. You will not have control over your money. I can also imagine them bleeding you dry just enough so that you are forced to lend a bit more every time.

    I would say, do not get caught out of control of your own finances, because that is exactly what got you looking for Clearaccount in the first place!

    This is what I think and I know it's just an opinion but I will not be looking for this option again....
  • rbaxter80
    I was looking at this and reading all your comments and have come to some conclusions.

    Giving them (or anyone) your bank login details would give them the authority to get whatever they want, whenever they want it. Even if it works well for you initially, cursed are the ones who would get in dispute with them. They would clean you out in no time! I am careful enough with DDs and also know that giving someone your Debit card details gives them full reign.

    There is a lot of talk about them being a cheap alternative to pay-day loans. But after a bit of digging I have found that over 30 days on 300 you would pay 90. This is pretty much the same as any payday loan provider I have looked at. Also, unlike what most people might realise, payday loans can be paid back whenever you want, whenever you decide it - the earlier you pay back, the less you pay. You are in control. Clearaccount, however, will take their money back whenever they decide you have enough money in the bank. You will not have control over your money. I can also imagine them bleeding you dry just enough so that you are forced to lend a bit more every time.

    I would say, do not get caught out of control of your own finances, because that is exactly what got you looking for Clearaccount in the first place!

    This is what I think and I know it's just an opinion but I will not be looking for this option again....
    Originally posted by RAHJ
    Hi all,

    Just a little update here. I know the thread is old.

    I have used clear account for about a year now and they work just like a bank overdraft facility. Yes, when you have available funds they will whisk them straight out, but you can re-borrow it at any time. 5 minutes later? No problem. And there isn't any reapplication process to go through either. It's just a quick click

    They link to your bank account, yes, however they give you an excellent breakdown of everything that goes out and comes in. They also have a nice protection facility that tops your account up should you go unexpectedly overdrawn. To be fair, these guys charge you just as much as an overdraft facility would cost you at the bank.

    Not being funny but banks aren't great at lending currently. This is really the only alternative lender that I have been to that doesn't wedge a bargepole up your !!! sideways.

    I'd say they are one of the best sub prime lenders out there, if not the best. I've never had a problem with them.

    Word of warning though - don't use them if you don't have regular earnings coming in! - you should ask yourself if you should be borrowing at all if that were the case

    Cheers!

    Raymond
    • le loup
    • By le loup 30th Apr 14, 9:40 PM
    • 3,907 Posts
    • 3,955 Thanks
    le loup
    Thank you Raymond
    Where are your previous 3 posts? Are you scamming? Are you a spokesman for this company? Are you a crook?
  • rbaxter80
    Thank you Raymond
    Where are your previous 3 posts? Are you scamming? Are you a spokesman for this company? Are you a crook?
    Originally posted by le loup
    Nah. Nothing like that. The last three posts were done around 2010/11 or so. A LONG time ago. I had one about Wonga which I dare say I was embarrassed about. In 2011 Wonga put a default on my credit file because of non-payment. I was asking if I could get it removed because they never notified me. Turns out they did, by email. I didn't post anything else after that because I received a few trolls here saying = "easy, don't get into debt" - hard to take when you were a previous saver and borrowed very little, if at all.

    I previously landed myself into a bad cycle of debt because I lost my job, spent my savings and landed in a ton of payday lender cycles. After all, my family needs to eat, right?

    Luckily I landed myself a better paying job two years later and I've been climbing my way out of it ever since. Still on the road though!

    As for the previous two, I am unsure? If I'm honest I can't even remember what they were about?

    Raymond
  • rbaxter80
    Nah. Nothing like that. The last three posts were done around 2010/11 or so. A LONG time ago. I had one about Wonga which I dare say I was embarrassed about. In 2011 Wonga put a default on my credit file because of non-payment. I was asking if I could get it removed because they never notified me. Turns out they did, by email. I didn't post anything else after that because I received a few trolls here saying = "easy, don't get into debt" - hard to take when you were a previous saver and borrowed very little, if at all.

    I previously landed myself into a bad cycle of debt because I lost my job, spent my savings and landed in a ton of payday lender cycles. After all, my family needs to eat, right?

    Luckily I landed myself a better paying job two years later and I've been climbing my way out of it ever since. Still on the road though!

    As for the previous two, I am unsure? If I'm honest I can't even remember what they were about?

    Raymond
    Originally posted by rbaxter80
    Actually, I've just noticed. I joined here in 2013. Must have been 2013 I posted then. That would have been the query about Wonga, when I had money again and was trying to remove that from my file. The other four were probably the answers to the other people.

    Raymond
    • camelot1971
    • By camelot1971 1st May 14, 9:22 AM
    • 1,101 Posts
    • 1,731 Thanks
    camelot1971
    I have an account with them as well and its been useful on occasion.
    • alanq
    • By alanq 1st May 14, 4:42 PM
    • 4,154 Posts
    • 2,733 Thanks
    alanq
    clearaccount was discussed in a 5 minute segment of BBC Radio 4's You And Yours on 30th April 2014. Not a scam but not recommended by the interviewees.

    http://www.bbc.co.uk/programmes/p01y85hr
    • Aquamania
    • By Aquamania 1st May 14, 5:48 PM
    • 2,041 Posts
    • 834 Thanks
    Aquamania
    Hi all,

    Just a little update here. I know the thread is old.

    I have used clear account for about a year now and they work just like a bank overdraft facility. Yes, when you have available funds they will whisk them straight out, but you can re-borrow it at any time. 5 minutes later? No problem. And there isn't any reapplication process to go through either. It's just a quick click

    They link to your bank account, yes, however they give you an excellent breakdown of everything that goes out and comes in. They also have a nice protection facility that tops your account up should you go unexpectedly overdrawn. To be fair, these guys charge you just as much as an overdraft facility would cost you at the bank.

    Not being funny but banks aren't great at lending currently. This is really the only alternative lender that I have been to that doesn't wedge a bargepole up your !!! sideways.

    I'd say they are one of the best sub prime lenders out there, if not the best. I've never had a problem with them.

    Word of warning though - don't use them if you don't have regular earnings coming in! - you should ask yourself if you should be borrowing at all if that were the case

    Cheers!

    Raymond
    Originally posted by rbaxter80
    Representative APR 430%

    What's the BOE rate? 0.5%?

    HSBC overdraft rate is typically 19.9% EAR

    Typical credit card rate is usually in the region of 18%-49%


    But then I suppose Wonga do charge a Representative 5853% APR

    I think it all depends how big a bargepole you wish to have inserted into you.
  • rbaxter80
    Representative APR 430%

    What's the BOE rate? 0.5%?

    HSBC overdraft rate is typically 19.9% EAR

    Typical credit card rate is usually in the region of 18%-49%


    But then I suppose Wonga do charge a Representative 5853% APR

    I think it all depends how big a bargepole you wish to have inserted into you.
    Originally posted by Aquamania
    Exactly No reputable lender will agree to lending with me. It doesn't matter that my file has been clean for a few years. I see very few lenders that assess the restoration of a file. Only what they see for 6 years, which is sad really. All because of redundancy.

    So basically I think that these people are the best that I can go to with my record when I need short term money that I plan to pay back

    My longest borrowing term with these guys is about a week so I end up paying at most 10 or so in charges; which isn't much when at times I've taken out 300. Wonga will take you to the cleaners with 300.

    Raymond
  • tezaz
    I have just started using Safetynet Credit and it is ok, if you can keep to some control, charged at 80p per day interest per 100 borrowed, so on 300 borrowing, the interest will be 16.80 for 7 days. not too bad really, Obviously if left it can spiral out of control so be careful.
    p.s they only operate a 'read only' service and you don;t have to have the payments set to automatic, can be manual giving you more control.
    • SnowTiger
    • By SnowTiger 16th Mar 15, 10:13 AM
    • 3,910 Posts
    • 2,894 Thanks
    SnowTiger
    I have just started using Safetynet Credit and it is ok, if you can keep to some control, charged at 80p per day interest per 100 borrowed, so on 300 borrowing, the interest will be 16.80 for 7 days. not too bad really, Obviously if left it can spiral out of control so be careful.
    p.s they only operate a 'read only' service and you don;t have to have the payments set to automatic, can be manual giving you more control.
    Originally posted by tezaz
    I'm aware of only one bank that offers read-only access to accounts: Santander. And you have to specifically set your account as such.

    So, in reality, you've probably given SafteyNet Credit complete access to your bank account(s).

    I wish banks did offer read-only access to accounts, perhaps via an RSS feed. Once that happened, all sorts of useful third-party services could be developed.
    • Kurgan2015
    • By Kurgan2015 20th Apr 16, 1:39 AM
    • 1 Posts
    • 0 Thanks
    Kurgan2015
    Box clever
    Empty your money into another account . Give them log in details once you have the funds from them in your account . Change login and then then let your bank know they had access to your online account and they will issue you with a new account free of charge . If you dnt get money within 24 hours follow the same procedures as above . Most companies ask for a copy of your last 3 months statements so this sounds dodgy and I shall not be using them as even if they dnt get money they have your personal credentials to commit further fraud under your name . Example credit cards . Store cards ect
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