Discretionary Commission Arrangements - Compaints and refunds

You do not need to use a Claims Management Company. You can make the claim directly to the lender and if they reject your complaint you can take it to the Financial Ombudsman Service free of charge, but you must do this within 6 months of the lenders Final Decision Letter.



Who are 118 118 Money?

118 118 Money is the trading name for Madison CF UK Limited, a loans company offering personal loans to those with a lower credit score. These customers are those who may not be able to borrow money with other money lending companies. 118 118 Money is unique, in that unlike some other low-credit lenders, they don’t require their customers to provide a guarantor, or security. What this means is that loans are easier to get if you’re looking for a quick cash injection; without involving someone who can pick up payment for you, and without the security of a high value item too repay the loan. These loans can seem appealing to some, however these loans typically come with a much higher price tag attached.

What are some problems with 118 118 money?

The short-term low credit score lender has been criticised for offering small loans at questionable high interest rates, to customers unable to repay their loans. Customers often claim they felt “shocked” and “extremely disappointed” with the cost of their final loan repayment, and felt the companies approach to lending was “unethical” and “unfair”, blindly leading them into thousands of pounds of dept.

118 118 Money prides itself on lending to those with a lower credit score, without a guarantor or security. This means the company will often overlook indicators that a customer is not an appropriate applicant for a loan, and will struggle to pay it back, and can lead customers into thousands of pounds of dept. Overlooking poor credit history as a matter of course can mean previously unpaid loans, missed pay dates, and worrying spending habits are ignored, meaning that financially vulnerable customers could find themselves in even deeper financial trouble

At Redbridge Finance, we look at loans 118 118 Money have arranged with their customers and ascertain if any of their lending offered to you was irresponsible lending, or unaffordable lending.

The Financial Ombudsman Service states that lenders must undertake full due diligence when assessing whether a customer should be offered a personal loan. In cases where 118 118 Money has not been compliant with these standards, we step in to take the next step towards a dept free future.

How does guarantor free lending work?

A guarantor is a great way for loans companies to assure they receive payments at the end of the month, whether it be from a customer, or someone they trust financially. Having guarantor and security free loans can be attractive to customers as it means quicker, “easier loans”, a sure plus in times of fast financial aid. This could be a massive red flag however, as guarantor free loans can mean big interest rates.

With a massive representative APR of 99.9% (this is the interest rate 118 118 Money expect most customers to receive), 118 118 Money customers can expect to double, and almost triple the repayment of their loan, if borrowing for two years. With climbing repayments, and monthly deadlines, many customers feel they are left repaying more money than their loan was worth.

Who is likely to use 118 118 Money?

Customers of 118 118 Money tend to those who are running low on cash, perhaps approaching their overdraft limit, and wanting to stay out of trouble with their bank and avoid incurring bank fees or penalties. Borrowing some money to avoid these fees may seem to many like a quick fix, however in reality often the repayment of loans can spell even more trouble.

Many customers of 118 118 Money often don’t realise ahead of time that 118 118’s interest charges are often much larger than overdraft charges from their bank, meaning a quick fix loan could lead to even larger payments in the long run.

Can 118 118 Money affect my credit rating negatively?

In short, yes, 118 118 Money can negatively affect your credit score.

118 118 Money acts as a lender, this means they will provide details of your loan and loan repayments to credit reference agencies when requested. Any late or missed repayments of your loan will affect your credit score.

Many customers claim that 118 118 Money caused their credit score to lower considerably as a result of unclear communication between them and the lender.

Issues faced by customers of 118 118 money, and why you should avoid them.

  • Customers claim to face harassing and threatening emails, calls and letters regarding repayment of dept from 118 118 money.
  • Customers face high interest rates that out way value of loan given.
  • Credit score affected after starting a loan with 118 118 money.
  • Customers end up in a cycle of owing money to 118 118 Money, and re-borrowing money to pay depts.
  • Early settlement fees meaning dept repayment must be strung out over full repayment term. This can lead to poor credit score lasting up to three years.

Does 118 118 have the right to chase me for my loan repayments?

Yes, 118 118 Money do have the right to chase you for repayments of their loan. They cannot, however, send you intimidating or harassing emails, calls, or letters.

If you are currently in dept to 118 118 money, they can legally take action against you towards loan repayment if you ignore their correspondences, so it is important to always take action as soon as possible if you find yourself unable to repay your loan.

How can Redbridge finance help me with my loan?

We can help assess whether you have a claim against 118 118 money. If you feel that 118 118 Money lent you money when it was clear that you were not in a financial position to repay them, then we can see if they have mis-sold you the service they offer.

Our team of claims experts can take on your mis-sold loan case and claim for a full refund of all interest and charges charged to you by 118 118 money. To make a claim against 118 118 Money is simple. All you need to do is sign up on the Redbridge finance site and let us know which lender you want to claim against. Provide us with some information about your loan, and we do the rest. We make a claim on your behalf, and deal with all responses from 118 118 money. We take the stress and confusion out of your claim, while keeping you updated on your cases progression every step of the way.

If you think you have been mis-sold your loan, or you are struggling to repay your growing dept, you could be entitled to a refund. Contact us by signing up on www.redbridgefinance.co.uk, and we will assess for you if you could be entitled to a refund.