Concept Loans

[Joanna Connolly Solicitors]

Hi Diana

Yes, 2 credit cards, a loan, a payday loan and a catalogue.

Okay, let's look at them one at a time because no two debts are the same.

Some may have problems with supplying a compliant credit agreement, others may have been assigned to a debt purchaser who is not FCA authorised to issue legal proceedings or have assignment problems. And the Pay Day Loan needs to be examined for potential Irresponsible Lending issues.

Make a separate post for each one on this thread and we'll take it from there.

This is the format used by forum members to give the basic background of a debt >

• Type of account (credit card/loan/overdraft)
• Date commenced (ideally before April 2007)
• Approx balance
• Date last paid (approximate date you last made a FULL contractual payment)
• Are you on arrangement or not paying
• Status (default/in arrears/up-to-date)
• Account owner (who is writing to you, a DCA or the lender or a debt purchaser)

I look forward to helping you

Di

[Coolio1981]

Okay, let's look at them one at a time because no two debts are the same.

Some may have problems with supplying a compliant credit agreement, others may have been assigned to a debt purchaser who is not FCA authorised to issue legal proceedings or have assignment problems. And the Pay Day Loan needs to be examined for potential Irresponsible Lending issues.

Make a separate post for each one on this thread and we'll take it from there.

This is the format used by forum members to give the basic background of a debt >

• Type of account (credit card/loan/overdraft)
• Date commenced (ideally before April 2007)
• Approx balance
• Date last paid (approximate date you last made a FULL contractual payment)
• Are you on arrangement or not paying
• Status (default/in arrears/up-to-date)
• Account owner (who is writing to you, a DCA or the lender or a debt purchaser)

I look forward to helping you

Di

Hi Diana

I am not in arrears with any of them, I am just getting fed up of paying all my money to all different people, if you get me? My credit rating is poor though as I have a few defaults from years ago on it.

I just wanted one payment going out rather than all diff ones.

[Joanna Connolly Solicitors]

Hi Diana

I am not in arrears with any of them, I am just getting fed up of paying all my money to all different people, if you get me? My credit rating is poor though as I have a few defaults from years ago on it.

If you have defaults on your CRA file then you may find it difficult to raise a loan from a mainstream lender so check the interest rate (APR) etc before commitment to a financial product from an unknown business.

I can't find Concept Loans on the FCA Regster which may imply they are not authorised to provide credit. There is no mention of the FCA on their website either >

FCA link www.conceptloans.co.uk

You can check with the FCA to see if they are registered under another name and/or report them if they aren't >

FCA link https://www.fca.org.uk/consumers/rep...uthorised-firm

Di

[nightwatch]

Hi I can see where your comming from with consolidation, I outgoing, instead of 5 or 6,

I am not doubting your intelligence, nor do I want to insult you, BUT:--

are you saving any money by doing this? ie; intrest charges, less paid out per month.
can you honestly say you will NOT use a Pay day lender again while repaying it,
will it mean you have more money than month till your next wage payment?

As for the 1st payment to be made to them, this is their fee for aranging the loan, was it explained to you that you get the money now, start payments in March, but intrest is from the day the loan is agreed?

many banks used to do this, made it look good

Take out a loan, no repayments for 3 months after loan is in your account, *see T&C the intrest on the loan is payable from loan acceptance


P.S. have they also included PPI in your repayments?

[Colin G Quinn]

Further to Di's post she is correct, the company does not appear to be authorised by the FCA. Furthermore, I'm unable to even locate them as a company at Companies House and I can't see a company number quoted anywhere on their website.

For those reasons, along with the suspicions of your own which you are correct to have, I would suggest avoiding any further contact with them.

[Coolio1981]

Hi I can see where your comming from with consolidation, I outgoing, instead of 5 or 6,

I am not doubting your intelligence, nor do I want to insult you, BUT:--

are you saving any money by doing this? ie; intrest charges, less paid out per month.
can you honestly say you will NOT use a Pay day lender again while repaying it,
will it mean you have more money than month till your next wage payment?

As for the 1st payment to be made to them, this is their fee for aranging the loan, was it explained to you that you get the money now, start payments in March, but intrest is from the day the loan is agreed?

many banks used to do this, made it look good

Take out a loan, no repayments for 3 months after loan is in your account, *see T&C the intrest on the loan is payable from loan acceptance


P.S. have they also included PPI in your repayments?

Hi

Yes I would be saving money and would be better off, they sent me an agreement stating that they promise to pay the money into the account within 30 mins when the first payment was made.

Note: As you understand we have approved your loan application of £5,000 for 4 years. However, as you do not have a guarantor for your loan therefore we need to prepare Nonguarantor paperwork for you. This paperwork will act like a guarantor for your loan for the whole loan period. Before we provide this money to you we need to make sure that after you receive this loan we will not lose this money. As your credit scores are not up to the mark so we have to show to the financial conduct authority that you can easily pay your repayments on time and for your credibility and affordability check you have to pay the first installment of this loan in advance. In this case you are required to pay the first installment of £150 which is just a one-time payment and after this you only have to pay 47 more installments starting from the month of March. Once you cleared this installment we will be able to transfer your funds to your bank account within 30 minutes.

That is what is said?

[Joanna Connolly Solicitors]

I would be saving money and would be better off, they sent me an agreement stating that they promise to pay the money into the account within 30 mins when the first payment was made.

I would listen to Colin's advice in post #21 here >

Further to Di's post she is correct, the company does not appear to be authorised by the FCA. Furthermore, I'm unable to even locate them as a company at Companies House and I can't see a company number quoted anywhere on their website.

For those reasons, along with the suspicions of your own which you are correct to have, I would suggest avoiding any further contact with them.

Di

[Coolio1981]

Yes I think I will steer clear. Doesn't sound legit to me.

[nightwatch]

I think that is a wise choice,

[nightwatch]

Quote"
as you do not have a guarantor for your loan therefore we need to prepare Nonguarantor paperwork for you. This paperwork will act like a guarantor for your loan for the whole loan period. Before we provide this money to you we need to make sure that after you receive this loan we will not lose this money. As your credit scores are not up to the mark so we have to show to the financial conduct authority that you can easily pay your repayments on timeand for your credibility and affordability check you have to pay the first installment of this loan in advance. In this case you are required to pay the first installment of £150 which is just a one-time payment and after this you only have to pay 47 more installments starting from the month of March. Once you cleared this installment we will be able to transfer your funds to your bank account within 30 minutes.


The highlighted points in your post would worry me;
Nonguarantor paperwork, never heard of it, it's just normal paperwork.
This paperwork will act like a guarantor for your loan, this is an insurance for them should you stop payments.OR they will act as guarantor
we have to show to the financial conduct authority that you can easily pay your repayments on time, they don't have to show The FCA that you can make payment's, the FCA is not giving you the loan
credibility and affordability check, that should have already have been done, BEFORE the loan is approved.

This sounds like a company that applys for loans and passes your name on they take that £150 as a fee for giving other companys your name, so you pay the money and may not get the loan.or not the ammount or APR that they said.

[Coolio1981]

Thanks everyone, alarm bells where ringing!

I emailed them today and advised it didn't seem above board and I would not be going ahead. That was hours ago and no one ha replied.

[nightwatch]

just a thought check your Credit report in a few days to see if they have done a credit search, see what name is on the search,
would you mind popping back in and letting us know?

Thanks NW

[Coolio1981]

Of course I will, I doubt they done one tho as the offer did seem too good to be true.

[Joanna Connolly Solicitors]

I emailed them today and advised it didn't seem above board and I would not be going ahead. That was hours ago and no one ha replied.

May I ask whether you gave Concept any personal financial details when you made the loan application which they accepted?

For example, did you reveal your bank sort code and account number for them to pay the money into your account?

I'm doing a little more research and it may be appropriate for you to contact Action Fraud about this > https://www.actionfraud.police.uk/wh...ligence-bureau

Di

[nightwatch]

May I ask whether you gave Concept any personal financial details when you made the loan application which they accepted?

For example, did you reveal your bank sort code and account number for them to pay the money into your account?

I'm doing a little more research and it may be appropriate for you to contact Action Fraud about this > https://www.actionfraud.police.uk/wh...ligence-bureau

Di

i was thinking more along the line of,don't ask up front for bank detail, but then spin a yarn about why they need money up front, get Coolio to pay them 150, then they have his bank details.
but you may well be right in that it is a fraud company.

Loan scams happen when a victim is asked to pay an upfront fee for a loan.

A person will typically reply to an advert for a fast loan and will have their application approved regardless of their credit history. Before they receive the loan, they are told them must pay an upfront fee to cover insurance for the loan.

Once this fee is paid, the victim does not hear from the company again and the loan is never received.

Loan scams are a type of advance fee fraud.

Fraud has been committed when money has been lost.

If fraud has been committed, report it to Action Fraud.