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Thread: Loan-Options.net Getting a Refund

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  1. #1
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    Default Loan-Options.net Getting a Refund

    If you have a problem with Loan Options please register and start a thread on the forum about the issue.

    Loan Options Cancellation Rights

    Being as this contract is a service contract for a membership scheme We offer a 14 day ‘cooling off’ period during which time You may cancel the agreement: Services are provided immediately following signup meaning cancellation within 14 days will result in a reasonable service charge being applied. Refunds are calculated on a pro-rata basis depending on the number of days membership used

    If you wish to cancel your 30 day membership please login to your portal using the username and password from your welcome email and click My Account. Under My Account you will see a cancel account button, simply click this and follow the onscreen instructions.
    Refunds are usually processed within 7 days of request

    Loan Options
    3rd Floor Wyndham House
    1-3 Wyndham Street, Bridgend
    CF31 1EF

    If you wish to speak to their customer service team please call on 0203 642 7089 between 9am and 8pm, Monday to Friday or between 9am and 12pm on Saturdays.
    Email - info@loan-options.net

    Complaints
    Formal complaints must be sent in writing to: Loan Options Ltd, Wyndham House, 1-3 Wyndham Street, Bridgend, CF31 1EF. CCL Number 0640755. Company Number 07451501. DPA Z2466527. We will respond within 8 weeks of receipt of the complaint. If customers are not satisfied with the response or has not received a final response after 8 weeks then customers can refer their complaint to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.

    __________________________________________________ __________________________________________________ __





    Has anyone dealt with this company?


    A family friend signed up with Loan-Options.net recently and had £64.75 debited from his bank account.
    (£34.75 registration fee and £30 (£1 per day for 30 days) membership fees.


    They appear to offer access to payday loans and other services but deny they are Credit Brokers or intermediaries.


    Immediately this was discovered we emailed the company and cancelled the "membership" and asked for a refund.
    The company refused a full refund and only offered a refund of the 30 day membership fee.


    We phoned the company and spoke to "Megan".
    We stated that as we were cancelling within their 14 day cooling off period we wanted a full refund less the maximum £5 they were allowed to take under regulation 155 of the Consumer Credit Act.
    Megan denied that they offered a 14 day cooling off period and didn't comment when I pointed out that I had a copy of their T&C's in front of me which clearly states:-


    "Cancellation Rights
    Being as this contract is a service contract for a membership scheme We offer a 14 day ‘cooling off’ period during which time You may cancel the agreement: Services are provided immediately following signup meaning cancellation within 14 days will result in a reasonable service charge being applied.
    Refunds are calculated on a pro-rata basis depending on the number of days membership used - £34.76 Setup Fee plus £1.00 per day of membership".


    I asked to speak to someone higher up the tree and was put through to "Josh" an accounts manager.


    This account manager in response to my attempts to get a refund responded as follows,


    "We are not brokers and therefore not covered by the Consumer Credit act.
    Therefore we do not have to comply with Section 155 of the Act.
    Our refund policy is as stated in our T&C's."


    I pointed out that surely the point of a cooling off period is that the customer can change his mind within that period and receive a refund.
    He offered a further £5.


    I asked for his surname
    He replied that he doesn't divulge that information.


    I suggested that they may not be brokers but they were credit intermediaries and therefore must be covered by the CCA.
    (I think that they should have a least a Category C license)
    He replied "No"
    A search on the OFT register shows them listed in the Credit brokerage category for "provision of credit information services excluding credit repair"


    Any advice on how to proceed to get a full refund appreciated


    Finally what do you make of this extract from their T&C's?


    "In the event that any of these terms (each of which is severable) is for any reason illegal, invalid or unenforceable, such provision is to be deemed modified sufficiently to render it enforceable, legal and valid and of similar effect as We intended. Apart from provisions expressly covering associate companies, nothing in these terms is enforceable by anyone who is not a party to them."
    Last edited by Amethyst; 26th July 2014 at 11:33:AM.

  2. #2
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    Default Re: Loan-Options.net Getting a Refund

    I also phoned them after finding they had charged £67.76 to my debit card. I spoke to megan and explained that i have depression with psychosis so i do not have full mental capacity to make such decisions. She then proceeded to try and sell me more products such as debt management plans which i am already in one with step change due to the debt i am in from my lapses in capacity. basically my carer next to me was very shocked that someone would try and sell more to someone who has just said they are not able to always make decisions due to lack of capacity. anyway, she told me to write to their head office to get a refund. Anyway my carer sent an email on my behalf as this is stressing me out and she believes they where just fobbing me off.

    oh and she added these parts of the mental capacity act to the email:
    Mental Capacity Act 2005 section 2 People who lack capacity (1)For the purposes of this Act, a person lacks capacity in relation to a matter if at the material time he is unable to make a decision for himself in relation to the matter because of an impairment of, or a disturbance in the functioning of, the mind or brain. (2)It does not matter whether the impairment or disturbance is permanent or temporary. 3 Inability to make decisions (1)For the purposes of section 2, a person is unable to make a decision for himself if he is unable— (a)to understand the information relevant to the decision, (b)to retain that information, (c)to use or weigh that information as part of the process of making the decision, or (d)to communicate his decision (whether by talking, using sign language or any other means

  3. #3
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    Default Re: Loan-Options.net Getting a Refund

    just had a reply saying i shall be getting a refund in the next 5 working days

  4. #4
    Join Date
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    Default Re: Loan-Options.net Getting a Refund

    Cancellation Rights
    Being as this contract is a service contract for a membership scheme We offer a 14 day ‘cooling off’ period during which time You may cancel the agreement: Services are provided immediately following signup meaning cancellation within 14 days will result in a reasonable service charge being applied. Refunds are calculated on a pro-rata basis depending on the number of days membership used

    If you wish to cancel your 30 day membership please login to your portal using the username and password from your welcome email and click My Account. Under My Account you will see a cancel account button, simply click this and follow the onscreen instructions.
    Refunds are usually processed within 7 days of request
    Loan Options
    3rd Floor Wyndham House
    1-3 Wyndham Street, Bridgend
    CF31 1EF
    If you wish to speak to our customer service team please call on 0203 642 7089 between 9am and 8pm, Monday to Friday or between 9am and 12pm on Saturdays.
    Email - info@loan-options.net

    Complaints
    Formal complaints must be sent in writing to: Loan Options Ltd, Wyndham House, 1-3 Wyndham Street, Bridgend, CF31 1EF. CCL Number 0640755. Company Number 07451501. DPA Z2466527. We will respond within 8 weeks of receipt of the complaint. If customers are not satisfied with the response or has not received a final response after 8 weeks then customers can refer their complaint to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    ****If you upload documents to your thread, please ensure you have redacted any personal data FIRST***

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

    Find Solicitors and Legal Services Providers offering fixed fees on our sister site - LBcompare.co.uk

  5. #5
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    Default Re: Loan-Options.net Getting a Refund

    Attached Thumbnails Attached Thumbnails 2014-10-08 12_20_16-Loan Options.jpg  
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    ****If you upload documents to your thread, please ensure you have redacted any personal data FIRST***

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

    Find Solicitors and Legal Services Providers offering fixed fees on our sister site - LBcompare.co.uk

  6. #6
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    Angry Re: Loan-Options.net Getting a Refund

    So I stupidly joined Loan-options without full knowledge that they would be charging me £67.99, so I immediately requested a refund after I found out they took the money from my account

    They cancelled my account but I received no refund
    I received emails about how to claim my refund so I need to ring up and set up my account again to find out how to claim my refund. This was all fine until I clicked that little 'claim my refund' button.

    I waited the usual 5 days, and longer. clicked that button again... nothing
    After a good month I wrote them a letter
    emailed them via 2 email addresses I was given
    and finally called more than 8 times to claim this refund

    nothing but excuses and 'we'll email you in the next 5 days'
    I first claimed my refund 6 months ago.


    I haven't received a SINGLE email from them about my refund. I'm getting less and less bothered about MY money and more frustrated that I haven't received any response from them

    And of course now any number I try to call them on simply directs me to emailing them... no ringing, no one on the other line
    and I know emailing won't work!!

    Please help!

  7. #7
    Join Date
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    Default Re: Loan-Options.net Getting a Refund

    Just for reference - Loan Options is now dissolved.
    https://beta.companieshouse.gov.uk/c...filing-history
    “We may not win by protesting, but if we don’t protest we will lose. If we stand up to them, there is always a chance we will win.” Hetty Bower

    ****If you upload documents to your thread, please ensure you have redacted any personal data FIRST***

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

    Find Solicitors and Legal Services Providers offering fixed fees on our sister site - LBcompare.co.uk

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