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Hi Everyone
I run a training school and thought that it would be advantageous to offer students the opportunity to spread the cost of their training. I'm not sure if I'm allowed to name the company so at this stage I wont. I researched and thought that I was contacting a reputable company. During the telephone call (which they refuse to send me a copy of) I was assured 1-4% interest rate with an expected average of 1% for my industry (not sure how they could back up that claim). I needed to pay almost £900 deposit to become a finance partner and avoid the legal red tape of applying for FSA status followed by £50 a month. They made it sound attractive and stated that they had a lot of experience with my industry. They asked for payment over the phone so that they could start working immediately on the marketing side for me. Once paid I had to wait almost 3 months for the marketing images; they said that there was a back log. I have put through almost a dozen students and none have been approved. One had a small ccj for £35 dating back a few years and they quoted 45% interest rate.
I've cancelled the direct debit of £50 a month. I've explained that I feel my expectations were not managed correctly and that I wish to have a refund. They have refused to pay back the deposit and agreed to stop applying for the monthly payment. I've contacted my bank and they can not help.
Please advise if you think there is any merit in me pursuing this matter. I'm only a small business and this is a lot of money for me to lose.
Many Thanks in advance
I run a training school and thought that it would be advantageous to offer students the opportunity to spread the cost of their training. I'm not sure if I'm allowed to name the company so at this stage I wont. I researched and thought that I was contacting a reputable company. During the telephone call (which they refuse to send me a copy of) I was assured 1-4% interest rate with an expected average of 1% for my industry (not sure how they could back up that claim). I needed to pay almost £900 deposit to become a finance partner and avoid the legal red tape of applying for FSA status followed by £50 a month. They made it sound attractive and stated that they had a lot of experience with my industry. They asked for payment over the phone so that they could start working immediately on the marketing side for me. Once paid I had to wait almost 3 months for the marketing images; they said that there was a back log. I have put through almost a dozen students and none have been approved. One had a small ccj for £35 dating back a few years and they quoted 45% interest rate.
I've cancelled the direct debit of £50 a month. I've explained that I feel my expectations were not managed correctly and that I wish to have a refund. They have refused to pay back the deposit and agreed to stop applying for the monthly payment. I've contacted my bank and they can not help.
Please advise if you think there is any merit in me pursuing this matter. I'm only a small business and this is a lot of money for me to lose.
Many Thanks in advance
