“Please avoid Moneybarn at all costs, teach you children and everyone in your community to not engage with these exploitative predators that rely on vulnerable hard working people to get richer and richer. Their loans are extortionate and they do not allow any flexibility when facing hardship. My car was stolen and despite paying £23,622.00 when my loan was only £21,000 they still seek £23,000. They want me to voluntarily return the car and I will still owe £13,000-£14,000. I have referred it to the Ombudsman as I paid more than what I borrowed and way more than the value of the vehicle. The vehicle has numerous issues post theft and ongoing repairs totalling to £7000-£8000. Moneybarn refuses to agree a plan to pay remaining interest and charges on a £21,000 loan £41,700. This is outrageous and no regulator scrutinising this ex-door to door loan provider.
My fight continues and hopefully court will review this if the Ombudsman fails to agree in my favour as I've paid over the amount borrowed, more than 50%. Despite falling in arrears post theft and developing a disability due to facing severe stress which left me with brain lesions. Moneybarn disregards this and passes me from pillar to post and ignores emails. Rejects every single complaint raised.”
“Had car for a year before they told me my excess was over £500
I can't get it any lower than £700
So they have now told me as I have broken the contract they are seizing my car
Also they have said that I have to pay for the car to be collected
No customer service help at all
They have also taken another months payment so I am not surrending my car for another month
I could possibly loose my job as I have no way of getting there
Absolutely joke of a company
AVOID THIS COMPANY”
“After going through a difficult three months with this company, I sent emails to them several times asking for a refund of twenty thousand pounds, but I never heard back until I hired a lawyer named John Goodwin. With Goodwin's assistance, I was able to file a case against this company and successfully recover my money. Many people have given up on ever getting their money back, but with John Goodwin's assistance, there is still hope. YOU CAN CONTACT HIM USING THE LINK BELOW.
((((((((_____ https://linktr.ee/johngoodwin11 ____ )))))”
“Please please don't use this company! They are crooks and feed on desperate people
Paid them off early with a settlement figure they have me then they decided that according to them I had an arrears
Shocking and rude customer service
Please stay away from Money barn”
“I beg you please do not use this company . I used this company to obtain a car . I found 6/8 dealers AA or RAC inspected . But no not on there trusted dealership list . I had to look way out of London to a dealership 200 miles away . Not my preferred car but a car was badly needed . I’m no car expert gave it a good once over . Happy with a year’s clean MOT . Drove 200 miles home all seamed ok . 5 weeks later discs and new breaks all round 800 pounds . MOT lol where and Who ??? Since then failed MOT 500 pounds of works another 990 break sensors. Never ending . They take no responsibility for anything . Please this is only half the story . I beg you no mater how desperate you find your self in stay away from this company . Please I beg you”
“Worst company ever... Falsely sold the credit agreement to me. it was all a lie. then forced me to pick a car from some dodgy dealer. when the car started having issues and these scamsters wont listen I new I was in trouble. Now my credit is ruined. I had to get rid of the vehicle. And moneybarn is a waste of time to call or email. absolute nightmare and the worst part it. I cannot do anything about it legally.”
“Avoid this company like the plague seriously what a joke of a company. I got my car and had non stop issues but the main being my engine over heating. I got told I had head gasket failure even tho the car had only been in my possession for less than a year. Moneybarn said this was due to “wear and tear” and that they would not be helping me by letting me change my veichle. I was quoted £1300 pounds to replace my head gasket. Whilst money barn were still quite happily taking my monthly finance of £238 a month I also had to save for a new head gasket. Bear in mind I only have a Vauxhall corsa. For the price im paying plus extortionate interest rates i may as well of got a Ferrari!!! Long story short they were not willing to help me so I fell into debt and instead of helping me like a normal financial company should they took my car off me and are making me pay 9 grand back to them. Absolute jokers. Credit score is also shocking now because of them. Whole building needs blowing up. And all the people that have been massively affected by them need compensating. Horrible people. AVOID AVOID AVOID.”
“I have had my car now for about 1 & a half years & paid £7000 for it & not really happy with it can I hand it back but need to know what will happen as definitely not going to pay for it anymore??”
“Absolutely dreadful , I have sent endless emails complaining about the state of my car having 4 bald tyres a broken locking wheel nut etc etc and have also spoken with someone on the phone , I have had no response at all so have not been happy to continue paying the finance taking that the car has cost me so much in repairs until someone had communicated with me !
All I have had is an email to say they’re going to come and take my car away and I will have to continue paying them ??
This has really affected my mental health very badly”
“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!”
