Contract Law - avoiding the main price verbally

Hello,
After having a quick squint on their terms, it does in fact state this fee will apply once a loan from a lender had been accepted. This is a one off payment, and gives you subscription for 6 months to the brokerage service.
You should read T's&C's , the financial information is always prominent and clearly displayed so that you can actually see any fees and/or payments.

With all due respect, if you state to an agent that you have read the T's & C's, they are not obliged to then repeat them. If you had said no, they would have to literally read it all out to you. You've agreed to the terms by going ahead with the contract, seems like it's gone.

Found this in their terms: If you do not take any loan within 6 months of your application you may be entitled to a refund of your application fee. In this event we will refund your fee (less an admin charge of £5.00) within 21 days of the date on which we receive your written request for a refund of your application fee. However, you cannot cancel your application and expect a refund if you have accepted a loan during our exclusive 6 month relationship period, even if, in your opinion it was not directly brokered by us, as any such loan will be deemed that it has been brokered by us for you within the 6 months from the date of your application. Prior to issuing any refund, we may instigate a Credit Check to confirm this. Any requests for a refund must be made in writing to: The Refunds Department, The Finance Facility, P.O. Box 215, Prescot, L35 1WA. You must enclose a stamped and addressed envelop for our reply, which will be within 21 days.

If however (and I suppose you do), think that the manner of the broker was unfair, you can take a complaint to your local Trading Standards, or to a Citizens Advice Bureaux.
Alternatively you could complain to THEIR TS, which is Merseyside.

The Finance Facility Is A Trading Name Of Secret Eye Limited. Registered In The Uk No.6543919
The Finance Facility, Po Box 215, Prescot, Merseyside L35 1WA • Data Protection Number Pz1967153
Consumer Credit License Number: 632721

Sorry, we're not really helpful for this, you need to speak to those in the job, we can't decide if something is unfair or not, whereas they can advise

You don't mention in your post any timeframe for this application, what Adam says below clearly states you will receive a refund if you don't take out a loan so you should get this back but not sure if you are still within the 6 months.

Granted this is a long time to wait and if you don't get your money back after the 6 months, it may well be too late for the bank to do anything but given their t&c's, the bank may not be able to do anything anyway.

If they have a consumer credit licence, you can also complain to the FOS but again, I think you'll have to wait until the 6 months has passed.

stevehoot said:

Hi guys,

I filled out an application online for a loan broker to go and search out some loans for me. As per usual, I never read the mutliple pages of T's&C's, instead opting to ask the person that will call me for any questions I have.

A few minutes later, I had a call and the call centre operative asked if I read the Terms, to which I grunted a yes. When he asked for my bank account and card details I challanged him and asked why these were required. He replied that there is a 50p pre-authorisation (will be refunded, won't appear on the statement etc.) to check the card works and the account details are for lenders in case I proceed.

The following day I check my bank statement and see that £69 was removed by the loan broker. At this point, and as I write this, I have not proceeded with any loan offers (all offers are for guarentor loans or stupid APR's!).

I complained verbally three times on the day I found out and was informed that I agreed to the terms and conditions on the website when the agent asked me therefore I must have known about the fee. My response is that I clearly asked the agent what my financial information will be used for and he did not mention any fee whatsoever. If I ask someone what they want my bank details for, and they say 50p, and I see you've taken out £70.... I think that's just not on.

My three complaints fell on deaf ears (was promised two call backs... obviously nothing). I sent an email on the same day in the evening and three days later I called back (as I outlined in my email, along with my full reasons for requiring a refund and that I with to make a formal complaint). Eventually I was promised yet another call back as they can't find my email. The call happened - from a private number and there was no voice at the other end... so I hung up after 40 seconds.

Thankfull the manager sent me an email, and said exactly what I said above - that I said I read the Terms to the agent when he asked me therefore it doesn't matter that they never explicitly mentioned a fee when I asked what they wanted my card details for.

I've told my bank who are sending me out a dispute form to see if they can claim the fee back that way. I'm going to reply back to the manager but does anyone have any guidance for me? Am I screwed? Is there nothing that means that if I ask "why do you want my bank information" that the reply from the company must be truthful, honest and transparent? Or is that too logical?!

Any advice appreciated.

Thanks - Steve

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Did you achieve the much promised refund, I know it happened months ago but we have a panel that have experienced the same situation

fit45you said:

Did you achieve the much promised refund, I know it happened months ago but we have a panel that have experienced the same situation

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Have you ever known a broker who can seal the deal, form a relationship of a business nature without once mentioning the price you must pay in return for his
Services??? His part of the agreement was to broker you a loan. You will find he never completed his side of the contractual promise, which was to act as your broker, he was contractually employed by you. You probably received a loan company email you minutes after you put the phone down. The broker probably advised you that you will probably be contacted by a loan company in the next few minutes. That's because you will, not because he's assessed your details and thought your details meant you were perfect loan material, or that he was efficient and committed, But because the very same company that took your details especially your bank details and 3 digit security number, are that very same company. What you and hundreds of others have not realised is not just the art of deception, manipulation and contract law but that trait that exsists in human nature called assumption and habit.
The company was after your bank card details and the security number on the back, plain and simple. That debit card number once given takes priority to your standing orders direct debits which already exsist on your account. You gave these details thinking along the lines of well it sounds right as you've been told its to check out you are who you say you are. You think we'll I am being sent details of loan company's who are trusting me with a loan and other company's like paypal put an odd amount of money like 8p and its used to verify your identity, so must be safe to supply this info about my card details. When you ask why do you need my details you are told for verification reason, but just to make you feel totally secure they add, do not worry you do not pay a penny unless you accept a loan.
And the call ends soon after they have the information about you especially your bank details. The other main thing besides your bank and personal details was the question said in a tone that arouses the least suspicion .. Have you read the terms and conditions.....it's become habit and common knowledge in England especially, but worldwide, that we all say yes ....in this situation the way in which the questions were put and the tone used led you into a false sense of security. With these pieces of information they have you. That's what this company was and is all about to scam you.
When you ask why are you wanting my details they reply its ok no fee will be take until YOU accept a loan.
But in terns and conditions it states that the fee is taken after the loan COMPANY have accept you. Difference being the control passes from you in first instance to the loan company. The first loan company that email you is them so they can now take their fee as they can say that the loan company emailed you because his job was to put you in touch with loan company's that suit your situation and in a twisted way he did. If you did take a loan from this company the same company would 1. Get your fee for brokerage
2. Get to charge you commission
3. Get to charge you the loan interest rate
Because there all the same company they think they have the perfect scam but my panel who I helped see how they were led into a scam have been trained well
Bye for now let our games begin, the next candidate to call them is John smith who own a brewery but can not read so need terms in Braille up to now their employee is avoiding our calls....