CASHPLUS Pre Paid Card with credit builder isnt what it says on the TIN!! **BUYER BEWARE**
I have signed up to the Cash Plus Credit Builder, and they say this:
You pay an initial set up fee of £4.95. I did that in Novemeber 2010.
They will then supply what is considered a loan of £59.40. This will cover 12 equal debits of £4.95 over a 12 month period. As if you do the math 12 x 4.95 = 59.40.
Something said to me just Credit the account with some funds, so i put in a round £100.00 in December 2010.
Well to my horror, they Credited £59.40 in January 2011, and immediately debited the whole £59.40.
At this stage i still have my £100.
They still take £4.95 each month which is now coming out of my £100.00.
What i was told at the beginning was, Mr Smith you pay the initial set up of the card at £4.95, great, i understood this, we (cashplus) will then credit your card with a loan (if you will call it what you like) of £59.40, this will sit on your card and as long as you don't spend it, we'll debit £4.95 each month, that made sense, so i thought, i'll not use the card for 12 months and build my poor credit rating.
Anyone with a POOR credit rating DOOOO NOTTTTT taking this as if you miss a payment they will report you and you are worse off that when you started!!! I'm ok as my £100.00 is covering me!
So technically, which they try and blind you with confusion when you call them, they say you don't pay anything per month as the £59.40 loan covers the fee or monthly payment of £4.95, THIS IS NOT THE CASE!! If you don't load the card which they DO NOT TELL YOU.... you'll be up the Creek without a paddle my friends i can tell you!!
I now, to come out of it have to PAY them the remainder of £39.00 odd quid.... which YOU have to PAY..... they say initially you dont pay anything..... OH YOU DO... and this is HOW these Pre Paid Cards make their Money.....
YES, i know they have to, but NOT at the expense of LIES.... which is downright deceitful and there are people who are very very badly worse off than me.... i got into difficulties by trying to set up my own firm and it went pear shaped and BURNED my credit.... I earn very well per month so £100 on the card wasnt a great deal... BUT to others that can be a massive amount!
This company is to be STEERED clear of, as i did not have it in writing that this was the case..... I have no leg to stand on!
SO GUYS.... STEER CLEAR OF CASH PLUS...... they aren't all that they are cracked up to be!!!
Also quite rude on the phone, as in... very curt... short with you and can be blunt.... yes its an oversea's call centre the english is relatively good... but they do not put up with your complaints and then tend to be very short with you and don't actually hear what YOU ARE saying... they then spin back what they THINK you need to hear!!
I hope this can help others... please please BEWARE!!!!