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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."
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."
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