I want out of a fixed loan with Train4jobs

[Noway]

I signed up with Train4jobs in October 2017, hoping to do a plumbing course with them. They promised me lots of things and I felt like this is the only chance I've got and I have to take it. I was promised financial help despite mentioning several times that I don't work that it will be difficult for me to cough up £160 monthly but the salesman convinced me that I will manage because they have financial help for their students. Credit checks were not done, finances were done at my house on the second visit. Now am really struggling and am in arrears luckily they didn't request my bank for direct debit payments as I've come to find from other disgruntled students from other forums.
I was also told within weeks of starting the course that they will put me in touch with a former now self employed student of their's but that hasn't happened.
From opening the material I noticed that we still had to research on companies that had already dissolved months/year ago, I mean this makes you think. I was told all the materials are up to date. I know I made a huge mistake I should have known better. Am not trying to claim anything back I just want to stop the payments am using up the child tax benefits and left with nothing.
looking forward to your reply. Thanks

[Amethyst]

You need to write a letter of complaint to T4J and the finance company regarding the course, how you were misled, the course isn't up to date, and how the finance was hoisted upon you without any checks as to affordability. Once they have replied saying 'tough luck' you should take the complaint about the finance to the Financial Ombudsman. WIll give you a hand if you like, can you just say who the finance company are and do you have a copy of the agreement.

I noticed that we still had to research on companies that had already dissolved months/year ago

what kind of companies? like research plumbing companies to see how they operate ?

[Noway]

Thank you for

[Noway]

Hi yes I do have a copy of the contract and the financial company is Tradestech Ltd reg number 09594507.

[Amethyst]

Is there a FCA authorisation number on the agreement ? I can't find them on the register by name or postcode. A copy of the agreement ( finance and course ) would be useful ( blank out personal details). Thank you.

http://www.tradestech.co.uk/ - these ? ( poor effort at a website there!). Same address as ERR ( engineering real results - company linked to train4jobs who do the practical training part of the course )

[Noway]

Hi, they are Tradestech Ltd. Reg number 09594507. PO Box 6401, Basildon , SS14 0PF. Authorisation number D2014661.

[Noway]

The college address is
Metropolitan International Schools Ltd. T/ATrain4jobs
Hamilton House 80-88 Collingdon Street , Luton Bedfordshire LU1 1RX
REG NUMBER 2646404.

[Amethyst]

Where's the Authorisation Number from ( authorised for what? doesn't seem to be FCA )

Authorisation number D2014661.

Can you do a pic of the finance agreement please ( delete your personal info ).

Does it say fixed sum loan agreement or anywhere that it is regulated under the Consumer Credit Act 1974 ?

Metropolitan have authorisation by the FCA but Tradestech is not part of metropolitan and is not a trading name registered with the FCA.

This is Metropolitan's many guises...
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[Noway]

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[Amethyst]

Thank you. Seems they are using the 12 month interest / charge free exemption to keep them out of licencing issues with the FCA.

✘ A firm providing instalment credit doesn’t require authorisation.

✔ Only some types of instalment credit are exempt from authorisation. Your firm will only likely be exempt if the credit is interest-free and doesn’t carry any charges like administration fees. It must also be paid back within 12 months, across a maximum of 12 payments.

However they do still have to comply with the The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013

http://www.legislation.gov.uk/uksi/2...lation/10/made

[Noway]

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[Noway]

Do I still have a chance to get out without further payments ?

[gon116]

good evening, I am in similar situation with the same companies. The number that you provide is not recognized. It is everything all right? Thanks a lot

[Noway]

Hi GON116, am sorry I have been away so I didn't get to see your post. Which number is not recognised .

have you done anything to get out of the contract?, I have read that people have been successful through court. They have sent me letters demanding to pay but I haven't done so. The college has even refused to acknowledge my cancellation despite emailing them .