advice about wentwood finance

[sprout]

hi. anyone had dealings with wentwood finance.thanks for ur help

[Finance Guy]

I know of them. What is the problem / question?

[sprout]

would like to apply for a loan with them wondered what they were like do you have to pay a fee upfront, are they legal or do they rip ou off, are they very helpful

[Finance Guy]

Like any broker / lender, they will have a legal obligation to treat you in an ethical way. Is it a secured (homeowner) or unsecured loan that you are seeking?

If unsecured, no upfront fees and completion period of around 2 weeks - if accepted. Min. loan is �500, Max. loan is usually �25k

If secured, again no upfront fees and a completion period of around 2-3 weeks, depending on the amount. Min. loan �3k, max. loan 125% of your home value (less your mortgage balance).

Do not take Payment protection (unless you feel that you need it) and feel free to haggle any fee then shop around for the best deal for YOU, not them.

It is unlawful to charge upfront fees of more than �5 on loans, so most brokers do not bother.

If you are seeking a homeowner loan, try Refinance UK on 0800 8349 1000 - they are very good!

I find service levels are one of the most important aspect of any transaction of this nature and that is usually down to the mood of the person who takes your call. If you are not happy at any point, make the Manager / Director politely aware of your unhappiness and then withdraw your custom - thats what I would do.

You will be amazed how much effort they may make to win you back. If they dont, then you made the right move!

Hope that helps, good luck

[Finance Guy]

Sorry, the number for Refinance UK is 0800 849 1000

[sprout]

thanks, looking for an unsecured loan, do they contact employer, as do not want employer to know, are they ok with people who have had problems in the past or not.

[bertiebear]

Wentworth Finance - here is a quote from a letter received this week; 'Our broker's fee for processing your loan will be �49. Please send your fee by cheque or postal orders together with the loan approval form below and we shall process your loan details immediately.'

I shall not be sending any fee!!

[Finance Guy]

Hi there, was trying to avoid saying they charge upfront fees (for legal reasons) but, yes, they do - �49 to 'process your application' that is refundable if they place your loan - success rate is very low and they make most of their cash via the �49 upfront fee's.

People in a negative credit situation are their target market, much like YES loans in cardiff.

Stay well clear!

If you are working, Black horse of Welcome may be able to help, but decline Payment protection at all costs, your loan acceptance will not be hinged on you taking it and the cost is disproprtionate to the benefits. Look for a stand alone cover that is cheaperand not interest bearing.

Good luck

[bertiebear]

Hi Finance Guy, I hope I haven't broken any rules by quoting WF upfront fees! After speaking with my own bank they have now approved an unsecured loan. So all's well in the end for me. Good luck to sprout.