Thedelldays Posted 23 October, 2008 Share Posted 23 October, 2008 jesus... i was thinking of trying to consolidate my credit card bill and the rest of my car finance into a personal loan (a relatively smallish amount)... all i did was input a few detail on money supermarket two days ago...and since then I have been bombarded with calls and emails from companies (none of whom are mainstream banks) offering me money etc... some of which said that they had lenders who have approved my amount wanted and they require a small admin fee to finalise it...also, some gave me an 0906 number to call to complete the loan should I want to.. where the feck have these companies got their money from if the banks are holding fire for the moment? I think I will give this idea a wide berth for a while... Link to comment Share on other sites More sharing options...
OLYMPIC Posted 23 October, 2008 Share Posted 23 October, 2008 On watchdog last night i think was a segment about these companies that take an admin fee normally about £49 what they then do is pass you details on to another lender who may offer you a loan but most times you required someone else to guarantee the loan incase you defaulted. Link to comment Share on other sites More sharing options...
Guest Dark Sotonic Mills Posted 23 October, 2008 Share Posted 23 October, 2008 I'd prefer a Cadbury's Apricot Crunch. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 23 October, 2008 Share Posted 23 October, 2008 jesus... i was thinking of trying to consolidate my credit card bill and the rest of my car finance into a personal loan (a relatively smallish amount)... all i did was input a few detail on money supermarket two days ago...and since then I have been bombarded with calls and emails from companies (none of whom are mainstream banks) offering me money etc... some of which said that they had lenders who have approved my amount wanted and they require a small admin fee to finalise it...also, some gave me an 0906 number to call to complete the loan should I want to.. where the feck have these companies got their money from if the banks are holding fire for the moment? I think I will give this idea a wide berth for a while... They make a lot of their money from people less fortunate than us who ring the 0906 number (very costly, premium rate) and then cough up £49 for a referral. Link to comment Share on other sites More sharing options...
Crouchie's Lawyer Posted 23 October, 2008 Share Posted 23 October, 2008 Putting your details on Moneysupermarket.com is worse than leaving a message saying 'I will bugger you senseless, call (enter your number)' in the toilets of a gay club. Brokers for mortgages, loans, insurance all buy the leads from that site, and more often than not, the lead is sold to multiple companies, hence all the calls. Its not that the banks have moeny to lend (although since the injection of £god knows how much there maybe a little more money), basically what these firms have is a crude criteria for loans of a number of banks. Providing you fit the general criteria (you're breathing, you have 2 arms and 2 feet and can spell 'the') they will tell you to call x company as they can help. Essentially all they are doing is looking at the criteria for a loan and seeing if you fit and charging you for that priviledge. Although there is no garuntee the lender will actually accept you (they have to do a credit search etc) Best advice when these companies call you (and they will continue to call, a lot of them) is to be polite and explain you are not interested, moneysupermarket.com has just flogged your details without your consent to do so. Ask them nicely and I emphasise the point of being polite. If you tell them to f*ck off and do one, expect calls at 3am, pizza's and taxi's ordered to your address. I have seen what 'brokers' do when people are not polite, especially the pirate ones! Link to comment Share on other sites More sharing options...
Saint Keith Posted 23 October, 2008 Share Posted 23 October, 2008 Putting your details on Moneysupermarket.com is worse than leaving a message saying 'I will bugger you senseless, call (enter your number)' in the toilets of a gay club. Brokers for mortgages, loans, insurance all buy the leads from that site, and more often than not, the lead is sold to multiple companies, hence all the calls. Its not that the banks have moeny to lend (although since the injection of £god knows how much there maybe a little more money), basically what these firms have is a crude criteria for loans of a number of banks. Providing you fit the general criteria (you're breathing, you have 2 arms and 2 feet and can spell 'the') they will tell you to call x company as they can help. Essentially all they are doing is looking at the criteria for a loan and seeing if you fit and charging you for that priviledge. Although there is no garuntee the lender will actually accept you (they have to do a credit search etc) Best advice when these companies call you (and they will continue to call, a lot of them) is to be polite and explain you are not interested, moneysupermarket.com has just flogged your details without your consent to do so. Ask them nicely and I emphasise the point of being polite. If you tell them to f*ck off and do one, expect calls at 3am, pizza's and taxi's ordered to your address. I have seen what 'brokers' do when people are not polite, especially the pirate ones! we did some work for one of the price comparison websites earlier in the year, and it is truly staggering the amount of times they flog your details on. they call it "moneytising the lead" basicaly sell it on to ,loads of companies, and then also get a fat commision on any business that is written the main thing to say on this though, is that whilst it has annoyed the tits of you, it clearly works for the brokers, or they woudnt spend on it, and this particular company was grossing £18m a month Link to comment Share on other sites More sharing options...
Crouchie's Lawyer Posted 24 October, 2008 Share Posted 24 October, 2008 the main thing to say on this though, is that whilst it has annoyed the tits of you, it clearly works for the brokers, or they woudnt spend on it, and this particular company was grossing £18m a month If you are a competative broker with reasonable prices then yes. However with the lead being sold to numerous brokers, if you are not the cheapest broker, then its essentially just toilet paper. The only people it is garunteed to make money for is Moneysupermarket.com or any other price comparrison site. A prime example being the above. TDD is not interested in speaking with these brokers, so the £30 or £40 or however much it is they have spunked on that lead is worthless. Is MSM.com has sold that lead onto 10 brokers, they have made a nice sum out of what is in affect, a cr*ppy lead. You get the odd few gems, but a lot of people who go to MSM.com, and fill in their details are doing so as they want to arrange things themselves, which is why they are not interested when a broker calls. Link to comment Share on other sites More sharing options...
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