For many people recent months have brought about the financial meltdown of their personal finances. Individuals who have previously been welcomed by banks, credit card companies and other financial institutions have found that their credit ratings have plummeted because they have suffered difficulties keeping up previously agreed repayments through becoming unemployed, put on short time or some personal misfortune. Others may have just got used to managing their finances by borrowing more when 借錢 .
Whatever the reason for the person’s fall from favour with the credit rating companies, the result is a resounding No from their usually compliant bank, mortgage company or credit card company.
So purchasing a car needed to get to work to take up what will hopefully be a job offer is out of the question, or is it?
A quick search on the internet will bring up a plethora of loan and finance companies who claim that the worst credit rating coupled with court judgements is not a bar to getting the loan you require, apparently from them.
So anyone desperately needing to get a loan (for whatever purpose, these companies are not fussy) is likely to be persuaded by the positive advertisements. What happens then?
There will probably be a free phone number which will be answered by someone trained to say yes to your request for a loan, but there the positive experience will end. You will give all your personal and financial details together with a ‘refundable administration fee’ usually around £60 and be told that your loan documents will be with you in a few days.
Now at this point you may have become aware that you are not dealing with a loan company, but with a broker, someone who will try to find a loan company to lend you the money you require. However from the complaints about these companies it appears that it is not always made clear before you part with your administration fee.
It is probable that you will hear nothing for several days, so you will call the customer services department, probably using a premium rate line and be kept hanging on at real cost to you. You will be told that your loan is being processed, but wait a few days….and so it goes on.