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Loan Broker Fees


Leo1
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I applied for a Loan with a broker, not realising that they were a broker at the time and paid a £49.95 'application fee'. I was turned down for a loan even though the broker had promised me that I had been 'accepted'.

 

Now where do I stand with getting my £49.95 back? Should I just write to the company and ask for it back? I still have a copy of their terms and conditions, and there is no mention of this fee anywhere in the T&C's, nor do they state that the fee is non-refundable.

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Well, if you still have their letter confirming that you were approved, I would send a letter before action demanding your fee back and then issue a moneyclaim if they don't pay up.

 

Companies this like one really shouldn't have consumer credit licences. If everyone they did thiis to sued them, they would mend their ways pretty quickly.

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  • 3 weeks later...
  • 1 month later...

My 19 year old daughter also fell for this [problem] with Walker and Hammond. She had a letter advising her that she had been accepted for a £3k loan repayments 'in the region of £89 monthly'. She duly sent her £40 and was contacted by Welcome Finance who declined the original amount but then offered her £2k at what she thought was 16%. She said she needed time to consider their offer, but decided to ring them back and asked for the offer in writing.

 

She was offered £2k at 60.5% over 2 years. There would have been a £75 acceptance fee to Welcome. Also the paperwork had to be returned by a certain date (the date was 1 month previous to the date of the agreement), and in view of this, they suggested that she used the enclosed plastic envelope, if she rang the number on the letter, they would arrange for a courier to collect to ensure the paperwork met the deadline....there would be an extra charge for this ..a further £50.

 

this is incredible to think she could have been charged £165 and not guaranteed the loan!

 

Obviously she did not take up the offer, but has been refused any refund by Walker and Hammond.

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  • 7 months later...

I am in a similar position to fillim's daughter, Just spoke to rachael at w&h, who refused to refund me as I was offered a loan but declined it due to the ridiculous intrest rate. :mad:

 

I am getting them to call me back so I am not paying for the phone call. It takes 20 mins to get through to customer services so they are paying for the call to a mobile :)

 

Has anyone had the fee refunded?

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  • 8 months later...

Leo1 and Comanche, Walker and Hammond are not actually a loan company they are a broker. A broker cannot guarentee a loan so its more than likely if you read your terms and conditions the loan isnt guarenteed only pre approved and if you contact them for a refund im sure they will respond. If you have any doubts about them not contacting you bck then send your letters recorded delivery so that you have the proof of postage

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