Wentworth Direct Finance - £59 fee for an unsecured loan - is it a scam or is it real?

Question

I have just been telephoned today after applying online to be told I have been accepted for a loan; the monthly payments of £102 on a 3k loan over 3 yrs.
It all happened very quickly which worries me, now they have taken my bank card details to take a £59 fee out on friday... I hadn't seen the company online; but haven't really looked much. I received an email from them, as I did apply for a loan with another company who may have given the email address to them. So on looking online I have seen 2 sides, many people saying its a scam and many people saying they've had good results they are happy with.... who do I believe? Or is it 50-50 and should I keep my fingers crossed that I could be part of the 50% happy customers?? Very confused and don't know if to cancel my card at the bank!!! Help - anyone had good or bad experiences with this company?

Answer 1

Looks rather scam-y to me. Only "the bad guys" charge up front fees for unsecured loans. It is almost always a clue that you are getting locked into a hugely expensive "payday loan" type agreement or a scam.



In addition, it is never a good idea to proceed with financial agreement with anyone who contacts you cold first, by mail, email, or phone.

Answer 2

All finance companies including banks charge a loan arrangement fee. As with any such product there is a 14 day cooling off period with Wentworth should have advised you of at time of application.



The £59 is not a scam, however if you are concerned about the firm in general, check their status with the Financial Services Authority.

Answer 3

Wentworth Direct

Answer 4

My firm is 'Wentworth Financial Services' and I have received a number of calls & complaints regarding 'Wentworth Direct Finance' Customers who have been charged £59 broker fee and have never received their loan I would steer away from this firm. My firm deals with loans without charging a fee you may visit our website at www.wentworthfs.co.uk and follow the loans link. Also 'Wentworth Direct Finance' are not regulated by the FSA but for loans they do not have to be, all they need is a Consumer Credit Licence. My Firm 'Wentworth Financial Services Ltd' is authorised and regulated by the FSA, we hold a Consumer Credit Licence and Data Protection Licence..

Answer 5

If they arent registered with the FSA youve probably been scammed

Answer 6

Any fee can be held out of the loan itself.

You NEVER pay up front.