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Thread: Alliance and Leicester loans

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    Alliance and Leicester loans

    The Alliance and Leicester got me really angry the other day.

    They keep advertising a loan of 5.9%, so I applied.

    They said in the small print that the actual rate offered might vary slightly according to status. So I thought, fine, I might get 6.0 or 6.1%, and with interest rates about to rise, that might do just fine as its fixed for the term. I put in my application on-line and then I get an email telling me to call a number. Not only do I have to pay for the call, but the bloke on the other end makes out like he's doing me a huge favour in graciously allowing me to be his customer before offering me the money at 10.4%. Needless to say I told him to shove his loan. I only wanted the money to offset a chunk of my 6.05% mortgage and pocket the difference.

    What other businesses advertise a products at an attractive price, and then when you get interested, tell you that you actually have to pay two thirds more for it?

    I know the lending game is all about risk, but surely they ought to lay ought some criteria for what kind of person CAN get the loan at the advertised rate. . I suspect nobody. Its just an advertising ploy. Crooks.

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    Lovely Moderator ducasi's Avatar
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    Re: Alliance and Leicester loans

    Isn't there a bank or building society who advertise on the fact that they will not do this?

    Implies that a lot of lenders do.
    Let your mind go and your body will follow. Steve Martin, LA Story

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    Registered User TurboTomato's Avatar
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    Re: Alliance and Leicester loans

    Quote Originally Posted by ducasi View Post
    Isn't there a bank or building society who advertise on the fact that they will not do this?

    Implies that a lot of lenders do.
    I think it's Nationwide advertise the fact that the rate they show will be the one you get

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    Registered User stewart38's Avatar
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    Re: Alliance and Leicester loans

    Quote Originally Posted by TurboTomato View Post
    I think it's Nationwide advertise the fact that the rate they show will be the one you get
    In the small print it will say for majority etc

    sorry FSA have lost its teeth and this is a real bug bear, too much to go into on here

    Nat west for example promote with the Metro a safe borrowing /repayment campaign and had some of the highest penalties around

    Halifax again etc etc

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    Re: Alliance and Leicester loans

    Quote Originally Posted by Paulthetrainer View Post
    Its just an advertising ploy.
    No, really? That's scandalous! Fancy people not telling the whole truth in an advert.

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    Registered User DianaS's Avatar
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    Re: Alliance and Leicester loans

    Quote Originally Posted by Paulthetrainer View Post
    The Alliance and Leicester got me really angry the other day.

    They keep advertising a loan of 5.9%, so I applied.

    :

    How infuriating! They are absolute b*ggers!

    I had a similar issue with them they offered me a high rate and said that it was according to status. I explained that I'd had a mortgage with them for 10 years never defaulted and had an excellent behaviour rating with my bank.
    What else did they need?

    He responded there was nothing he could do so I explained that I thought their advert was misleading and possibly in breach of trading standards I didn't believe that any one could qualify if I didn't. However I accepted their expalnation and requested that the offer was put in writing to me along with an explanation as to why my status gave me a significantly higher interest rate than the advertised rate.

    I put the phone down heart beating and annoyed.
    Very
    But also quite determined...
    Very

    Within three minutes they phoned me back and withdrew the offer and offered me at the rate of 5.8%

    I now have a new bathroom and roof!

    Go man go! - don't take no for an answer!
    be very polite - its terribly frightening
    Last edited by DianaS; 17th-January-2007 at 12:19 AM.

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    Re: Alliance and Leicester loans

    Quote Originally Posted by DianaS View Post
    How infuriating! They are absolute b*ggers!

    I had a similar issue with them they offered me a high rate and said that it was according to status. I explained that I'd had a mortgage with them for 10 years never defaulted and had an excellent behaviour rating with my bank.
    What else did they need?

    He responded there was nothing he could do so I explained that I thought their advert was misleading and possibly in breach of trading standards I didn't believe that any one could qualify if I didn't. However I accepted their expalnation and requested that the offer was put in writing to me along with an explanation as to why my status gave me a significantly higher interest rate than the advertised rate.

    I put the phone down heart beating and annoyed.
    Very
    But also quite determined...
    Very

    Within three minutes they phoned me back and withdrew the offer and offered me at the rate of 5.8%

    I now have a new bathroom and roof!

    Go man go! - don't take no for an answer!
    be very polite - its terribly frightening
    Wow that's great news Diana, and well done for having the presence of mind to ask them for an explaqnation. I wonder if I'd get that. Possibly too late. I didn't exactly tell the A&L to stick their loan where the sun don't shine, but I was hardly what you'd call 'polite'!

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    Lovely Moderator ducasi's Avatar
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    Re: Alliance and Leicester loans

    Quote Originally Posted by TurboTomato View Post
    I think it's Nationwide advertise the fact that the rate they show will be the one you get
    Quote Originally Posted by stewart38 View Post
    In the small print it will say for majority etc

    sorry FSA have lost its teeth and this is a real bug bear, too much to go into on here
    On this web page, Nationwide say this...

    Quote Originally Posted by Nationwide
    The law says that the 'typical' rate for a personal loan must be given to at least two out of three customers. However at Nationwide, all our personal loan customers get the rate specified for that loan amount.
    Truth in advertising and all that...
    Let your mind go and your body will follow. Steve Martin, LA Story

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    Re: Alliance and Leicester loans

    Well would you believe it. The alliance and leicester only phoned me up!

    They asked if I'd had enough time to look at their loan offer.

    I said 'you must be joking I tore it up, but while you're here - don't take it personally but I want to have a go at you'. The woman on the other end said hold on I'll get my manager.....and the upshot is that they offered me 5.9%!!

    Just goes to show how desperate they REALLY are for business.

    Paul

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    Re: Alliance and Leicester loans

    Quote Originally Posted by Paulthetrainer View Post
    but while you're here - don't take it personally but I want to have a go at you'. The woman on the other end said hold on I'll get my manager
    Brilliant!
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    Re: Alliance and Leicester loans

    Quote Originally Posted by Paulthetrainer View Post
    Just goes to show how desperate they REALLY are for business.
    I think it also shows that there are some people out there who accept that higher offer

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