01202373428

I recently received a rather dubious call from a loan firm named NATIONWIDE LOANS 4 U. They claimed I had been approved for a £900 loan, and quite elaborately outlined that my monthly repayments would be £44 for a period of two years. They contacted me from the number *01202 373428*, insisting on a £49 upfront fee, which, I regret to say, I foolishly paid. They assured me that the loan would be deposited into my account shortly thereafter. Red flags began to appear when I didn't get the promised loan application in the post for me to sign. I took the initiative to reach out to their customer service to inquire about the missing document, expecting a timely response within three days. Instead, I received an email with a form that shockingly lacked my name, address, or any loan agreement details. When I followed up, they told me I needed to fill out the details myself, despite my previous phone conversation with their broker where I had specified everything. I complied, adding all relevant personal information, yet after four more days of radio silence, I called them again, curious as to where my agreed £900 had gone. Turns out, I was directed to ring yet another company, Express Finance, at 08455190969. Upon contacting them, I learned they weren't even my lender; rather, they were just another broker attempting to offer me a payday loan! I was utterly astonished to realise I had been duped by Nationwide Loans 4 U, who were now refusing to refund my initial investment of £49. I urge everyone to be extremely careful not to share your bank details with these sorts of businesses, as you'll likely end up in a financial bind like I did. Such unscrupulous companies need to be shut down for good. Thank you for taking the time to read my experience.

Beware of Loan Sharks The Office of Fair Trading (OFT) has issued a stark warning for individuals to keep their distance from dodgy loan companies like Nationwide Loans 4 U, who demand upfront charges yet deliver no actual credit or present subpar alternatives. This cautionary note follows a staggering 50% surge in complaints regarding such fraudulent activities, as highlighted by the regulator. The OFT's consumer guidance service, Consumer Direct, reported an increase in grievances, rising from 2,059 in the year ending June 2010 to 3,167 in June 2011. As of June, the OFT estimated that around 270,000 individuals had fallen prey to these misleading credit brokers and parted with upfront fees over the prior year. These shady loan scammers are exploiting the tight financial circumstances many are facing, claiming to provide loans to those with checkered financial backgrounds. It was just five months prior that Citizens Advice released a study revealing that approximately 110,000 people are affected by loan fee scams each year, collectively costing UK consumers a jaw-dropping £190 million. Alarmingly, it's also been reported that debt management firms made a whopping 840 million unsolicited phone calls in 2009. Steer Clear of Trouble In light of this alarming trend, the OFT has laid out a helpful list of dos and don’ts for consumers to discern loan scams: - Be vigilant when dealing with loan firms that insist on upfront payments. - Exercise caution if you receive unsolicited calls from loan companies. - Conduct thorough research on the lending business; check for legitimate contact numbers and physical locations. - Verify that the company holds a credit licence on the Consumer Credit Register at www.oft.gov.uk/consumercreditregister. - Avoid being duped by advertisements that claim a loan is ‘guaranteed’. - Never share your card details under the guise of 'security', as doing so may allow the company to siphon funds from your bank account without your consent. - Don’t send money to loan companies via money transfer services while applying for loans. - Refrain from proceeding with a loan agreement if the lender insists on a fee prior to disbursing the funds.