“I want to try and explain this as best I can so this may take a while.
My credit rating wasn't the best so opted for Money Barn.
Unfortunately after 5 months my car was stolen. I then rang Money Barn for a settlement figure. To my surprise the settlement figure was more than the original purchase price of the vehicle. "How can this possibly be the case when I had paid over £2k off the finance" I asked.
After a very long time on the phone we got to the bottom of it. Money Barn add 1 month and 28 days worth of interest on to the final price when you ask for a settlement figure. Not only this, the interest figure isn't calculated pro rata like you would expect but at the start of your loan the capital payments made are roughly 25% meaning that the money you pay only 25% of your payment actually comes off the original purchase price, the rest is taken from the interest. This is obviously designed to make it difficult for you to settle early.
Example
1st payment of £450.
Capital of £108
Interest of £342
This gradually manoeuvres so that midway through the term you are making payments that bring more from the capital than the interest so much so that the final payment only contains roughly £9 worth of interest.
Obviously if the interest was worked out over the term of the loan it would be roughly £209 per month.
When working out your early settlement they add the 1 month and 28 days worth of interest at their own "special rate" and not an average like you would expect. Having spent substantial time working this out it would take about 8 monthly payments before your early settlement figure would be below your initial purchase price.
This practice is disgusting and designed to prey on the desperate. At no point during the sales process is this explained. I have trawled through the contract and this isn't broken down or explained within the lengthy document.
I believe I was mis-sold and will be taking this up with the financial ombudsmen.
This isn't nothing short of loan sharking and should be banned. It only gets people that are already very vulnerable money wise in a worse situation. I only prey that this doesn't happen to anyone else and they don't have the misfortune of losing their vehicle through no fault of their own.”
“They sorted everything out for me and I was delighted with the car they found for me. Taking out all the hard of driving around till I could find one.”
“Handed car back to money barn but yet they still want me to make monthly payments, absolute joke of a company causing family heart ache and upset beyond belief”
“I would not use moneybarn for finance on cars as when a firm you get a car from refuses to contact you about a car you get on finance from moneybarn as there was so many problems with it and when you try to contact moneybarn they keep you on hold for over half an hour and then email about the problem to get them to help no one responds and you end up paying for something you don't own and can't get a refund so if I was you looking for finance go to the bank for a loan.”
“terrible company to deal with, i purchased a vehicle in 2022, never missed a payment, called to explain i had lost my job and asked for a payment break while i got myself in to a new job, i then stated i may need some extra time until i got paid from my new job.
Their customer service struggle to speak english making it very difficult to hold a serious conversation.
the first guy i spoke to informed me that they would be able to arrange a payment break but needed to call back the following week.
i called back the following week and spoke to a woman who didnt have a clue what i was saying, time and time again i called back in hope of getting someone who could speak decent english to get this matter resolved.
im now on the phone to then on hold as i write this review, ive been advised that they cannot offer me any payment breaks yet i start a new job today.
Avoid this company, their sales is great as your dealing with people in the uk, their aftersales is dealt with overseas and its near impossible to hold a conversation, i did ask where they were from and they said south africa, that was obviously not true i could head conversations in the background and they definately were not based in south africa
not helpfull at all, again ive got nowhere”
“Awful company, i don't have an account with them but a previous tenant does. They left my address nearly a year ago and i am still receiving letters in the post from them. these have been sent direct back to them stating NOT AT THIS ADDRESS but i am constantly receiving letters from them and have even had bailiffs turn up at my door looking for the car/money as it has become apparent the account holder has stopped paying. i have repeatedly rang them to try and get this stopped, told them they have left the address, where they are now, where they work ect. I was advised every time i call someone from the recovery team will contact me.. guess what THEY NEVER DO!! They refuse to remove my address from his account as i am not the account holder and they need them to authorise to change. errr WHAT it is your company you can change the address! i have told them the stress it is causing me with the bailiffs turning up but they don't care and will carry on sending them until they get what is owed!!! they have now been reported to trading standards as i physically don't know what to do now and they are not interested.”
“Did not apply to moneybarn or concept cars yet they managed to get hold of my details from a "secure" site?? Which i only found out AFTER i signed! Concept "lost" my spare key & service book in the post & moneybarn rejected my claim for loss & supported Concept cars even though i had proof! Financial Ombudsman ruled in MY FAVOUR yet moneybarn refuse to uphold the findings & expect me to pay upfront for spare key & service book! Dont think so! Now car is leaking rainwater into the drivers footwell yet car apparantley had only done 26k on a 2016 plate?? Lying, robbing thieves that thrive on peoples past! Avoid at all costs!”
“If I could give a minus 10 I would terrible company they state 39% apr on a loan it's a lie try 200% interest also they mess up your monthly payments so makes you in arrears also set up payment plan to pay back arrears get to my last payment then add 180 pounds onto it thinking I wouldn't notice it when I only owed 151 pound but sent later stating 331 pounds I have both after I rang to make a payment asked them to resend the original letter from 17th October and they send me a total different letter dating 23rd October to try and cover themselves ripping me off stay well away from these criminals all they want is your monet I got a 6500 loan supposed to be at 39% interest and I'm paying back 15000 these are a joke Stay well away from these they should be in jail shocking”
“currently in dispute with Moneybarn over my agreement 923923, which they mysteriously cannot access when i ask for a settlement figure. have been promised multiple callbacks and resolutions within 48 hours over the past 6 weeks but as a company they seem insistent on refusing to allow me to settle early to continue reaping interest on an agreement i want to clear off. utterly reprehensible company i would advise anyone looking to finance a car to avoid like the plague”
“The worst experience of mi life.
I got a figure statement on 30-04-2023 missing 6503 pounds, on on 1st July i send them 6503 pounds thinking that all my loan will be paid, but… No!! Now they say tbis figure statement is expired and still missing 1700pound!! And i need to still pay monthly.
This company Only want is you pay your loans 3 times, i do a claim and they say tbat have 6 weeks to think about it, but i need to still Overpaying each month.
Really Only They want is try to fraud you with small letters, etc.
Really a nightmare.
Please give me back the overpayment.”
“I would give 0 stars if I could! Awful, awful, awful! Extremely greedy! They don’t care at all. Don’t go with them! They are horrendous money grabbers who do not care about your situation at all unless they are getting their money! Not good. Heartless people.”
“Avoid Like the Plague !
This is the worst company out there. They will lend you money if you have credit issues but the second you sign that contract say bye bye to anything you have.
They have 0 customer service, 0 idea about anything. All they do is wait for you to go to work and steal your car off you without telling you they have taken it back THIEVES.
I paid over 20k interest in 25k borrowed which is absolutly ridiculous.
Staff 0
service 0
friendlyness 0
Avoid i am reporting them to everyone and to the news”
“Well what can I say what an absolute joke this company is. The turbo went on my vehicle along with several other faults within the first six months. My vehicle has been parked up deemed unsafe to drive for over 6 weeks now! Moneybarn are ignoring every call and email I have been unable to work for 6 weeks now and still getting nowhere. AVOID at all costs.”
“They are sharks , borrowed £14,999 in Nov 2022 and I am about to settle , total cost in interest since then , you won’t be surprised , around £5800 in interest , dont think taking a loan and paying it back quick works out as I thought , lesson here is , don’t trust lenders and check the company thoroughly, how can a £14,999 loan attract £5800 in interest over 7 months , if you see this and are thinking it’s wrong ,apparently it’s not”
“Moneybarn incorrectly reported to the credit file agency that I had missed payments and even though they acknowledged this was incorrect they refused to send me documentation to verify this or put a notice of correction on my credit report. This resulted in me being refused a mortgage .”
“This company should be shut down they create fake accounts to produce reviews as the true reviews are awful yet trueful.
Their customer service is abysmal and they make up charges 🙄”
