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Posted: Fri Nov 02, 2007 12:18 am
by e.h
Sorry, I posted this on last month's postings.
Following on from Whichwaynow's post about Loans.Co.uk and the possible on-selling of our information to third parties, is this something we should be alerting our IPs about? Do our IPs ever carry out credit checks against people in IVAs because surely "enquiies" about loans will show up on credit searches? Can anyone answer this for me please as I would have for my IVA to fail because my IP looked at my credit file and saw that I had been "applying" for loans.
Kind regards
Liz
Posted: Fri Nov 02, 2007 7:32 am
by mikebdomain
Loan.co.uk is no different from any other product comparison site. If you apply for a loan or a mortgage with most comparison websites you are signing away the right for them to 'pass' (sell) your information onto other companies. And they will do so, as long as they can get away with it, for as much as they can.
Most comparison sites will say in their terms and conditions that they will;
- pass on your details to another broker, if your broker is not able to arrange finance for you;
- write to you in the future with a view to offering you products they feel may be of interest to you.
- pass your details to another broker in the future with a view to them offering you products they feel may be of interest to you.
If you do not agree with any of these terms, you should say so in any space provided when you fill in the form online. The problem with most of these terms and conditions is that, no one actually reads them, before clicking ‘I Agree’.
No one should credit check you without your permission.
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see feedback and testimonials at:
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Posted: Fri Nov 02, 2007 2:27 pm
by whichwaynow
My main are of concern was that the loan (cant spell)[:)] company (sharks) that called me the other night said that they had my application which they were ready to pass. Now for starters I dont want a loan ever again but it could also have damaged my IVA if it had been reported to my IP that I was still trying to get credit.
Posted: Fri Nov 02, 2007 3:06 pm
by ray_a
In fairness to the original poster it may be that Loans Uk have got the name from a number of sites they sponsor.
Loans Uk was a company once owned by Steve Hayes who is a director of Wycombe Wanderers Football Club and he used the Wycombe and Watford data bases to send out letters which I often get!
I believe he is involved with Wasps Rugby Club who play at Wycombe Wanderers ground so it could be were they got the information from!
Posted: Fri Nov 02, 2007 3:38 pm
by kah
2 of my significant debts were with MBNA. Since entering my IVA they've sold these debts. I am now being plagued by phone calls from MBNA wanting to lend me money ...
Posted: Fri Nov 02, 2007 3:41 pm
by whichwaynow
Yes MBNA were unable to offer me a loan but they passed my details on to Loans.co.uk.
I have no problems with my details being passed on as long as its done legally.
Posted: Fri Nov 02, 2007 3:47 pm
by bigpete
Loans.co.uk are not doing themselves any favours, I'm still getting 'offers' from them in large envelopes with 'LOANS.CO.UK' embossed in bold stamped right across them, very bad business practice - especially when the postman hands them over at the front gate.. amateurish, spring to mind (have they caught their employee who was nicking our details yet?)