118118 Changed contract agreement
Hi all,
After some advice here, will try and keep it to the point.
I was shown a successful Pre-approved loan on Clearscore for a loan with 118118.
The loan was for £2100 over a 24 month period, I continued with the application and it took me directly to the 118118 website to just finish a few bank details etc.
It clearly stated the monthly repayments/apr breakdown so I continued filling my bank details in.
I was then shown the pre-contract agreement which also stayed the repayment plan which was all as displayed to me during the process so I signed to complete the application.
I was then told it was successful and I should accept a call from them to just validate a few things.
During the process I received an email showing me completely different figures with a £35pm added difference!
How can this be if I had signed an agreement which is a binding contract? They had even pasted my digital signature onto their new made up agreement!
I telephoned for help but was just shrugged off and asked if I still wanted the loan, I am desperate as need my car fixed and some money for Xmas, I telephoned several times asking for an explanation before cancelling my application.
I tried everywhere else but no one would accept me so I had to apply again hoping I missed something the 1st time, I recorded the whole application process and read everything, nowhere did it state they would or could change the credit agreement after i sign it!
How can a company do this?
Am I right in thinking that legally I only need to pay what I have originally signed for? I have video evidence supporting my statement.
After some advice here, will try and keep it to the point.
I was shown a successful Pre-approved loan on Clearscore for a loan with 118118.
The loan was for £2100 over a 24 month period, I continued with the application and it took me directly to the 118118 website to just finish a few bank details etc.
It clearly stated the monthly repayments/apr breakdown so I continued filling my bank details in.
I was then shown the pre-contract agreement which also stayed the repayment plan which was all as displayed to me during the process so I signed to complete the application.
I was then told it was successful and I should accept a call from them to just validate a few things.
During the process I received an email showing me completely different figures with a £35pm added difference!
How can this be if I had signed an agreement which is a binding contract? They had even pasted my digital signature onto their new made up agreement!
I telephoned for help but was just shrugged off and asked if I still wanted the loan, I am desperate as need my car fixed and some money for Xmas, I telephoned several times asking for an explanation before cancelling my application.
I tried everywhere else but no one would accept me so I had to apply again hoping I missed something the 1st time, I recorded the whole application process and read everything, nowhere did it state they would or could change the credit agreement after i sign it!
How can a company do this?
Am I right in thinking that legally I only need to pay what I have originally signed for? I have video evidence supporting my statement.
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Comments
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Hi all,
After some advice here, will try and keep it to the point.
I was shown a successful Pre-approved loan on Clearscore for a loan with 118118.
The loan was for £2100 over a 24 month period, I continued with the application and it took me directly to the 118118 website to just finish a few bank details etc.
It clearly stated the monthly repayments/apr breakdown so I continued filling my bank details in.
I was then shown the pre-contract agreement which also stayed the repayment plan which was all as displayed to me during the process so I signed to complete the application.
I was then told it was successful and I should accept a call from them to just validate a few things.
During the process I received an email showing me completely different figures with a £35pm added difference!
How can this be if I had signed an agreement which is a binding contract? They had even pasted my digital signature onto their new made up agreement!
I telephoned for help but was just shrugged off and asked if I still wanted the loan, I am desperate as need my car fixed and some money for Xmas, I telephoned several times asking for an explanation before cancelling my application.
I tried everywhere else but no one would accept me so I had to apply again hoping I missed something the 1st time, I recorded the whole application process and read everything, nowhere did it state they would or could change the credit agreement after i sign it!
How can a company do this?
Am I right in thinking that legally I only need to pay what I have originally signed for? I have video evidence supporting my statement.
It sounds as if you have applied for a loan with a representative APR which is the rate offered to at least 51% of successful applicants. Now that 118118 have credit checked you they are still willing to lend you the money, just now at the representative rate. 118118 don't have to lend you money so it is down to you, do you want to borrow the money at the rate offered or not?
Do you really need to borrow the money? Could you use alternative transportation until you can save the money to get your car fixed or sell some things to raise the cash instead? You don't need to go wild at Christmas especially if it means resorting to credit to fund it.0 -
Not worth borrowing money for xmas, its just another day not a reason to get into expensive debt!0
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dealer_wins wrote: »Not worth borrowing money for xmas, its just another day not a reason to get into expensive debt!
The loan company has done the OP a favour, although he may not see it like that.
It's stopped him borrowing to pay for christmas."There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0 -
I am desperate as need my car fixed and some money for Xmas,.
I believe you that you need your car fixed.
You dont need money for Christmas.
You'd be borrowing money to buy other people stuff they likely dont want or need.
Lumping the two together shows a pretty lackadaisical attitude to budgeting.
If you tell people the truth, you cant afford to give shop bought gifts at Christmas this year, maybe that admittance will get you to start on the road to fixing your debt problems. Any true friend or relative would be horrified to think you borrowed money to give them stuff.0 -
I was shown a successful Pre-approved loan on Clearscore for a loan with 118118.
'Pre-approved' is a fairly meaningless expression. It merely means you have been approved to make an application. Your application was successful, but it did not meet the threshold for the 51% of successful applicants who are offered the headline rate.I used to think that good grammar is important, but now I know that good wine is importanter.0 -
The pre-approved status basically means that you should get a loan,not that you should be offered the APR.
Look at other loan providers yo will see representative APR's quoted, its what they offer 51% of successful candidates. Others may be offered higher APR once they've done a credit search.
You signed a pre-contractual agreement, which probably still said representative APR rather tan the APR you would get, and was then emailed the contract with your personal APR on, which you rejected.
That you found difficulty getting a loan elsewhere probably is indicative of why you got a higher APR. Some companies will offer a slightly higher APR or reject you, others will have even higher APR's rather than rejecting.
They all use representative APR's and that it only applies to 51% is in the smallprint of the adverts, easily missed as they want you to look at the headline rate.0 -
AnotherJoe wrote: »I believe you that you need your car fixed.
You dont need money for Christmas.
You'd be borrowing money to buy other people stuff they likely dont want or need.
Lumping the two together shows a pretty lackadaisical attitude to budgeting.
If you tell people the truth, you cant afford to give shop bought gifts at Christmas this year, maybe that admittance will get you to start on the road to fixing your debt problems. Any true friend or relative would be horrified to think you borrowed money to give them stuff.
I've saved hundreds of pounds doing this...all females get a full body massage (i draw the line at nanna) and all males get a Card with a heart felt note stating "Happy Xmas".
What more could they ask for...:D0
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