Loan whilst in IVA - bemused...

Get expert opinion. This is the place for new questions to be posted.
21 posts Page 2 of 2


User avatar
Posts: 2171
Joined: Sat Mar 17, 2007 8:32 pm
Location: United Kingdom

Post by TheMatrix » Thu Aug 19, 2010 7:53 am
Pay Day Loans 1,355% APR, I've seen worse on TV, somewhere approaching 3,000% APR.

So I borrow £1,000 in 1 Year I would have to pay back nearly £30,000.

Stay well clear
We're willing to wipe the slate clean, give you a fresh start. All that we're asking in return is your cooperation.


User avatar
Posts: 566
Joined: Sun Jun 13, 2010 5:09 pm
Location: United Kingdom

Post by carole2662 » Thu Aug 19, 2010 8:05 am
We also tried Welcom Finance and paid the setup fee and then were told we were not elegable for the loan. Pure con artists I think.


User avatar
Posts: 542
Joined: Thu Jun 12, 2008 4:34 pm
Location: United Kingdom

Post by Jan01 » Thu Aug 19, 2010 8:30 am
I had permission to look for credit to pay for my car that I had leased.I too paid the set up fee that I could no afford and did not get the loan that I was led to beleive was available, having been giving the repayment amount. I was lucky that my mum loaned me the money to buy the car.

Nothing you can buy feels as good as not being in debt.


User avatar
Posts: 165
Joined: Wed Sep 17, 2008 7:45 pm
Location: United Kingdom

Post by pavel33 » Thu Aug 19, 2010 2:26 pm
Surely this practice is illegal ?. If someone verbally tells you that your repayments will be 'x' amount over a period of time in addition to a one-off admin fee which will be refunded if you decide not to proceed then if you then find out you are either being offered a different loan or not entitled to a loan at all then that's not misleading, it's a complete lie.

I was sufficiently bemused by the phone call that I asked them to confirm it in writing (so that I can forward to my IP who are interested in this) so I am intrigued to see if the figures two of their staff verbally told me tally with what I get in writing.

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm

Post by Adam Davies » Thu Aug 19, 2010 4:22 pm
Interesting article about a similar company ... 052580.stm

Andam Davies


User avatar
Forum Expert
Posts: 76942
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Thu Aug 19, 2010 6:57 pm
I get tons of emails offering me loans, I always delete them as I know they are con merchants.

Pavel - unless there is a recording of the conversation, how will you prove what you have been told is different to what you get?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
21 posts Page 2 of 2
Return to “Ask IVA Forum and Industry experts”