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Likely Loans

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  • Likely Loans

    Interesting but potentially scary situation

    Each month I get my call credit and noddle credit reports and they often have 'offers' of available credit.

    This month Likely loans came up so i thought hell why not have a laugh and see if they would lend me any money

    I completed a few very basic details, name address phone number

    I then got an email saying you are approved we will do some more checks - had that type of thing before and they come back and say no thanks

    I did not provide my bank details nor did i sign anything

    Anyway today when checking my emails I found one saying here is your loan agreement and the money will be paid into your account by the end of the day . I checked and found £4K - yes £4K in my bank account.

    The loan agreement was supposedly signed at 22.12 on 3/5/2017 by me typing my name . It is signed in my sunday name which i almost never use, what little credit i have is in my daily name

    I am kind of angry
    With me for applying although i was just curious
    With them for forging my digital signature
    With them for paying £4K into my bank account
    How did they get my bank details- must be from clearscore

    I have arranged to transfer the money back but it means going home to get the card reader so I can set up the payment,

    They have promised they will remove all trace from my credit file

    It is odd that this month clearscore have removed all defaults from my credit file although at least 2 are still valid

    Not really expecting a response, just ranting

    Anyone who knows me will know the lengths i go to so that i do not have large sums of money in my bank account - I could quite easily right now be spending spending spending. I would love a new Mac , Ipad, Iphone
    Any advice or opinions I offer are based on my experience dealing with personal debt as well as other life events.
    I have no formal legal training
    Any advice is offered without liability
    If in doubt take professional legal advice or contact the CAB
    Tags: None

  • #2
    Re: Likely Loans

    :o ... is it REALLY that easy ffs?!?!
    Debt is like any other trap, easy enough to get into, but hard enough to get out of.

    It doesn't matter where your journey begins, so long as you begin it...

    recte agens confido

    ~~~~~

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

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    Comment


    • #3
      Re: Likely Loans

      It was really that easy

      I wouldn't lend me money and they paid 4K into my bank account.

      They didn't even seem shocked when I said I hadn't signed the agreement
      Any advice or opinions I offer are based on my experience dealing with personal debt as well as other life events.
      I have no formal legal training
      Any advice is offered without liability
      If in doubt take professional legal advice or contact the CAB

      Comment


      • #4
        Re: Likely Loans

        gosh

        what was the interest rate out of curiosity - they quote a representative APR of 59.9%

        were you asked for any details about income? expenditure?

        Comment


        • #5
          Re: Likely Loans

          A whopping 65.9% APR

          The only info asked was my monthly expenditure and my rent

          It seems , after having gone back through I did have to put my bank details in

          i have repaid the money by direct payment and it has now left my bank , I also have an email saying the agreement has been cancelled.

          To be honest for a moment or 5 I did think about a 3500 spending spree then BR = until my rational head kicked in.
          Any advice or opinions I offer are based on my experience dealing with personal debt as well as other life events.
          I have no formal legal training
          Any advice is offered without liability
          If in doubt take professional legal advice or contact the CAB

          Comment


          • #6
            Re: Likely Loans

            Originally posted by warwick65 View Post

            I wouldn't lend me money........
            No worries, Warwick.
            You can lend it to me instead!
            CAVEAT LECTOR

            This is only my opinion - "
            Opinions are made to be changed --or how is truth to be got at?" (Byron)

            You and I do not see things as they are. We see things as we are.
            Cohen, Herb

            There is danger when a man throws his tongue into high gear before he
            gets his brain a-going.
            Phelps, C. C.

            "They couldn't hit an elephant at this distance!"
            The last words of John Sedgwick

            Comment


            • #7
              Re: Likely Loans

              My only comment is what would have happened if your bank account had exceeded the overdraft limit so you weren't in a position to return the funds if your bank 'helped themselves ' to some or all of the credit paid in.

              I'm not suggesting you are overdrawn - I was referring to the principle. Maybe that's why they do it so consumers can't return the unasked for loan

              Di
              I am a Litigation Executive at Joanna Connolly Solicitors a firm which specialises in consumer credit.

              This forumís site rules donít allow me to give advice by PM but if you need to contact me please email di@joannaconnollysolicitors.co.uk. Our initial advice is always free.


              Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

              Comment


              • #8
                Re: Likely Loans

                [MENTION=87380]Diana M[/MENTION]
                That was my line of thinking .
                Also they said they have set up a DD which I will have to keep an eye on, additionally the 'agreement' said I had a right to cancel but interest would be charged on a daily basis of nearly £6 from when the money arrived to when it was returned. However, Stu on the phone- I have a recording- said there was no interest to pay

                As these loans are targetted at people with a poor to rubbish credit rating - how tempting would it be to have used it
                Any advice or opinions I offer are based on my experience dealing with personal debt as well as other life events.
                I have no formal legal training
                Any advice is offered without liability
                If in doubt take professional legal advice or contact the CAB

                Comment

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