Discretionary Commission Arrangements - Compaints and refunds

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1+1 Loans

Or

1 plus 1 Loans

1 +1 Refunds

1+1 Loans has a very bright and cheerful website. They proudly display an “as seen on TV” picture, so I guess they do advertising on TV.

They seem to only offer Guarantor Loans and they charge an industry average 47.8% APR fixed. You can borrow up to £10,000 if you have a guarantor. They have a nice little calculator so you can work out how much a loan is going to cost you. 

When I tried out the calculator, I said I wanted to borrow £5,000 over 60 months (5 years). It told me that my monthly payments would be £190.63 and that means that I would pay £6,437.80 in interest and fees. So in total, I would repay £11,437.80 over 5 years.

It is a very high-interest rate considering they have the loan guaranteed by someone other than the borrower.

They use a company called FeeFo for its reviews and on this site, they have a feedback rating of 4.8/5. Having read the reviews I have to say that the only review they have that is a 1 out of 5 was an unfair review. The borrower was being questioned by a 1 plus 1 agent who was just doing their job. That review should be ignored.

 

Illustration of Fees: 

From 1st March 2022 fees charged by Redbridge Finance will be capped as per the table below. Further examples are shown below the table.

The figures quoted are only calculated on actual money sent to you. If you get a balance reduction, we do not charge any fees on the balance reduction element, just on money sent to you by the lender.

Band

Redress awarded for a claim (£)

The maximum percentage rate of charge

The maximum total charge (£)

1

£1-£1,499

30% plus vat

£420

2

£1,500 - £9,999

28% plus vat

£2,500

3

£10,000-£24,999

25% plus vat

£5,000

4

25,000-£49,999

20% plus vat

£7,500

5

£50,000 or above

15% plus vat

£10,000

These are some examples:

Band 1

Compensation amount £1,000. Our Fee £300 + VAT (£360 inc VAT). You get £640

Compensation amount £1,499. Our Fee £350 + VAT (£420 inc VAT). You get £1,079

Band 2

Compensation amount £5,000. Our Fee £1,400 + VAT (£1,680 inc VAT). You get £3,320 

Compensation amount £9,999. Our Fee £2,083.33 + VAT (£2,500 inc VAT). You get £7,499 

Band 3

Compensation amount £15,000. Our Fee £3,750 + VAT (£4,500 inc VAT). You get £10,500

Compensation amount £24,999. Our Fee £4,166.67 + VAT (£5,000 inc VAT). You get £19,999

Band 4

Compensation amount £30,000. Our Fee £6,000 + VAT (£7,200 inc VAT). You get £22,800

Compensation amount £49,999. Our Fee £6,250 + VAT (£7,500 inc VAT). You get £42,499

Band 5

Compensation amount £50,000. Our Fee £7,500 + VAT (£9,000 inc VAT). You get £41,000

 

Redbridge Finance is Registered in England & Wales with Company Number 10625599. Registered Office: Highfield, Crossing Lane, Claydon, Banbury, OX17 1EX. Redbridge Finance is a Claims Management Company that is Authorised and Regulated by the Financial Conduct Authority. Firm Reference Number: 836097. VAT Number 270 5830 08. ICO Registration Number ZA533663

 

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