LoansDirect.con

Oscar · Post by **Oscar** » Wed Jan 29, 2014 1:58 pm

Hello everyone,

In the run up to Christmas I made a speculative enquiry online about some temporary finance, and signed up to Loans Direct, foolishly providing them with my bank details. I received some paperwork detailing a loan agreement which, having regained my sanity, threw straight in the bin. They began bombarding me with loan offers, via text and phone call. The phone calls usually started around 5 seconds after I had switched my phone on in the morning, they like to catch you when you've just woken up as they know in such a state you will be susceptible to coersion into a loan at a 'competitive' interest rate of 47894323% APR or whatever. Having replied STOP to several dozen text messages and told a similar number of organisations to stop ringing me things died down.

One call offering a loan even started with the word 'Congratulations'. I told him to 'fuck off'.

Time passed and my pre-yuletide financial woes went away as a new source of income presented itself, enabling me to earn a steady income, and fulfil my monthly contractual obligations etc.

Anyway today I recieved a text message from Loans Direct saying my account has been debited £69.75 as a membership fee for their brokering service. Checking on line I was somewhat incensed to discover that indeed, the cunts had raided my account. I was aware such a charge existed but it was only ever mentioned in conjunction with a loan so I assumed ( and had no reason to believe otherwise) that the charge only applied if you actually agreed to finance. I rang them up and was commendably restrained as I attempted to recover the money, saying as eloquently as possible that they were taking the piss taking money out of my account under such pretenses. The gentleman on the other end of the phone was helpful enough giving me a link cancel my 'membership' to Loans Direct, and 'apply' for a refund. He didn't actually say i'd get one, and when I asked him whether I would get one he was vague, so I hung up.

Now I consider myself to be a reasonably intelligent person, and I also realise that some people are going to read this and laugh to themselves whilst doing so, but i'm happy to make myself look stupid for two reasons. Firstly while many users of this board are financially secure from years of astute money management, there are many who aren't for whatever reason. Then there are the people who aren't particularly bright, and those who like to live beyond their means etc, and are tempted to apply for online finance. This post is for them.

The second reason is that by writing about it I am able to supress the urge to go out and gamble recklessly in an attempt to recover the money. Online reviews of the company aren't exactly favourable with literally every comment being from people 'duped out of £70'. I'm not saying I won't see some or even all of that money again, but i'm doubtful so I have written the money off. I'm not going to starve without the money, but i'm not exactly overburdened with liquid cash either, so i'm annoyed, but hopefully some people will read this and save themselves the hassle.

If i'm honest it serves me right.

My refund is being 'reviewed' and I am able to track it's progress online so if anything happens i'll update.

The moral of the story today kids is simply 'Don't apply for online finance with Loans Direct.com or any other organisation or broker as you are likely to be charged an exhorbitant membership fee without even realising it, just for the privilege of being plagued with texts and phone calls about loans where you are greeted in a congratulatory manner. And FOR FUCKS SAKES, DON'T give out personal details online especially bank details etc either'.

mr lugsy · Post by **mr lugsy** » Wed Jan 29, 2014 2:36 pm

was the 'charge' taken by direct debit or continous payment authority?

Scott · Post by **Scott** » Wed Jan 29, 2014 2:46 pm

The thread title is probably a typo, but much more apt, good luck getting your cash back.

trayhop123 · Post by **trayhop123** » Wed Jan 29, 2014 2:53 pm

ok , so in hindsight , you now know that you should have read the fine print terms and conditions with a magnifying glass etc,,,,,,,,, but they do make these terms and conditions extremely complicated to read and understand ,,,,, and im sure your not the first to have been conned in this manor .

their practices do seem very very unscrupulous , but i would wager what they have done is still legal and like my tripod chihuahua krypto , you simply dont have a leg to stand on.

a fine post though rich mate ,,,,,, and at the very least an educational eye opener and warning to us all

i wish you luck with your refund bud , but im 90/10 doubtful

mr lugsy · Post by **mr lugsy** » Wed Jan 29, 2014 3:19 pm

these cunts are based in america as are the vast majority of payday loan sharks who operate in the U.K, when the FCA fully takes over the sectors regulation from the OFT at the end of March there'll be a few changes to the way these companies are allowed to act.

as for those wonga twats and their stupid advert,s i'd love to see them burn.

Oscar · Post by **Oscar** » Wed Jan 29, 2014 3:23 pm

mr lugsy wrote:was the 'charge' taken by direct debit or continous payment authority?

I've no idea, but I don't recall setting up a direct debit, because by signing up I wasn't aware I would be charged and would have questioned it. It all happened in a blur and I never signed any paper work. No sooner had I signed up did I recieve a phone call from an excitable gentleman who was speaking very quickly about various loan products, I made my excuses and terminated the call. Continuous Payment Authority doesn't ring any bells with me at all..

Oscar · Post by **Oscar** » Wed Jan 29, 2014 3:28 pm

Scott wrote:The thread title is probably a typo, but much more apt, good luck getting your cash back.

It wasn't a typo....

To be honest i'm not too bothered about the money, it'll teach me a lesson, and I was just hoping to increase awareness of how these companies operate so that other people don't make the same mistake as me!

mr lugsy · Post by **mr lugsy** » Wed Jan 29, 2014 3:47 pm

Oscar wrote:I've no idea, but I don't recall setting up a direct debit, because by signing up I wasn't aware I would be charged and would have questioned it. It all happened in a blur and I never signed any paper work. No sooner had I signed up did I recieve a phone call from an excitable gentleman who was speaking very quickly about various loan products, I made my excuses and terminated the call. Continuous Payment Authority doesn't ring any bells with me at all..

your bank will be able to tell you if it was dd or cpa.
if it was dd they would have asked for your sortcode and 8 digit account number and you could be covered by the banks dd guarantee.
i suspect it was probably cpa, it's the main way these companies like to operate as they can just keep trying to take a payment whenever the funds are there, and it's more aggro fo you to cancel it....but surely they can't take a payment without you having given them the last 3 digits of the cv2 on the back of the card in the first place.

i'd wager you get a refund after a long drawn out process designed to frustrate you into giving up

JG · Post by JG » Wed Jan 29, 2014 6:43 pm

An honest and prostate post. The way these companies try to seize every opportunity puts your average seaside underage fruit machine shark to shame. Not really an eye opener for me, I just hope for your sake it's not a subscription service and you don't get stung again. Best of luck with the whole shenanigans anyhow.

harry2 · Post by **harry2** » Wed Jan 29, 2014 8:47 pm

http://forums.moneysavingexpert.com/sho ... ?t=4033005

6) Loans Direct operates a scam

Official reply:
"We absolutely do not operate a scam and it is slanderous and libellous to suggest otherwise. We hold a consumer credit license that was issued by the Office of Fair Trading, we have a no quibble refund policy and we deliver a highly valued service to our large base of customer, many of whom come back to us many times to meet their financial needs. If a customer is not completely satisfied with the service they've received they simply need to contact us via phone or email to discuss. Queries of this nature will be dealt within 24 hours and response will be issued over the phone and confirmed in writing."

7) It is difficult to obtain a refund from Loan Direct.

Official reply:
"We have a 100% refund policy for any customers who are unhappy with the service they have received. To discuss a refund with us you are simply required to contact us via phone (08443091936) or email (support@loansdirectuk.net). Our call centre is open Monday to Friday from 8am to 9pm and Saturday 10am to 2pm, we do our best to deal with all refund requests on the same day."

streakseims · Post by **streakseims** » Wed Jan 29, 2014 9:30 pm

It says nothing about a refund though, it says you can ask.......if you want to

Cunts!

Roll_With_It_Russ · Post by **Roll_With_It_Russ** » Wed Jan 29, 2014 9:43 pm

There was a multimillionaire that went on secret millionaire that owned numerous loan brokers that charged 49.95 or simular on the basis you could get a loan, when the reality was any offer would be a a silly high interest rate for considerable smaller sum.

basically they charged the fee if they could find a loan for you whether you took it or not.

I've never had a credit agreement loan since so don't know the ins and outs... most sensible thing if ever been short of cash it to just use a credit card and pay it back asap, its relatively cheap and flexible way, though it looks very bad on credit rating. Costing a few pounds interest and a 1.5% fee so like 4.50 plus a couple of quid interest for a couple of weeks to borrow 300 quid.

I used to do loans for aquaitences 50 for 70 next week etc, you would habe thought it was good business, the reality is the hassle rarely made it a viable revenue stream and work while.... esp those in the bookies who would usually not be seen straight away once a week was up.

brownld · Post by **brownld** » Wed Jan 29, 2014 10:01 pm

Oscar. Ring your bank up and dispute the transaction saying you hadn't authorised it. What you'll bank will do is do a charge back to the company and the funds credited into your bank. I'll guarantee you they won't refund the money back. This is from someone who used to work for a bank and a loan company

Oscar · Post by **Oscar** » Wed Jan 29, 2014 10:08 pm

brownld wrote:Oscar. Ring your bank up and dispute the transaction saying you hadn't authorised it. What you'll bank will do is do a charge back to the company and the funds credited into your bank. I'll guarantee you they won't refund the money back. This is from someone who used to work for a bank and a loan company

Thanks for the advice, i'll be popping down the bank tomorrow.

titchno1 · Post by **titchno1** » Wed Jan 29, 2014 10:57 pm

An Intresting topic. I started my own loaning Buisness 0% intrest. I loan it and I get it back in installments or in lump but they should be satisfied due to the favour. Never again am I borrowing money to anyone. you do some one a Favour but they abuse it and don't appreciate it.

Due to not receiving any payment never mind break even and make a mate happy, instead I'm out of pocket and one mate short and I'm the cunt.

Enough of my ramblings, you see true colours when money is involved.