Applied for a loan of £2000 to pay off overdraft. They said that we had been approved for a loan, not in princple, but approved. They asked for a fee of £69, which we stated that we would not pay unless we were definitely receiving the loan. They definitely stated that we had got the loan and went through how much we would pay for a 5 year term. We signed the form in the post and paid the fee the following week. We phoned them to find out our status of the loan and to find out how long before it would be in the bank. The ignore us and put us through to moneyworries (a debt management agency) to say that our application for a loan had not been successful and that the only way forward was to do this debt management plan as it was our only option. They asked for another fee upfront and a payment plan. We argued that the amount of income they had for us was less than stated and that our living expenses was so unrealistic that there was no chance we were going to get the loan anyway. It is as though they fixed it to their needs and not ours. We have received their documentation through the post and as suspected our income and living expenses were wrong. We feel silly for being the flies that got caught in a spiders web, fortunately for us we escaped when we came to our senses. Luckily they havent taken their upfront fee for the management plan, otherwise we would be stuffed. We also feel as though we were railroaded and pressured into doing this because they made us feel that there was no other option. Companies like these should not be allowed to exist. It causes so much stress, we were sick for 2 days.
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