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Has anybody borrowed from Iwoca?

Discussion in 'Money, Accounts & Finance' started by jims-hardware, Aug 5, 2012.

  1. Richasshit

    Richasshit

    Joined:
    Jan 13, 2012
    Messages:
    28
    I wanted to post my experience with iwoca

    Long and short of it was it was a waste of time.

    They wanted access to my business thorough Amazon via developer access so they can see everything , I reluctantly agreed as nothing to hide turnover is 4k at moment and only wanted to borrow 1k over 2-3 months to help boost growth.

    Then I got a call because there was a CCJ on one of my credit files that is not mine , its not even in my address that I'm disputing. Its only for £350 but I will not pay off money I dont owe. This is under dispute and I even said I was happy to send them the £350 over as a deposit on the loan if it meant so much ! The iwoca rep said they would need it settled/disputed and removed which of course I ahd to explain to him that these things dont disappear overnight. Never heard anything since a few days ago.

    Despite a 5 year old business on Amazon and excellent metrics , feedback and proven profit/turnover they have rejected us over a £350 CCJ that anyone can see is not even in my own address and they even said they could see this too.

    So much for looking at business and helping out, just lucky we were not desperate for a loan but just shows that all these claims of "understanding" your business yet again mean NOTHING when it comes down to it.

    Some may not like this post but it the truth and not all reviews can be "wierdly" amazing like I read online before I applied.
  2. mdsltd

    mdsltd

    Joined:
    May 20, 2009
    Messages:
    3,312
    So basically you have a ccj on your credit file & complain when turned down for finance! lol what did you expect!
  3. Richasshit

    Richasshit

    Joined:
    Jan 13, 2012
    Messages:
    28
    a £350 ccj that's not even mine and at a bogus address when my company turns over 4K plus month .

    Ill give you the £350 if you want - the point being its blatantly not mine and no-one would get a CCJ for £350.

    I'm just posting a honest review and showing its not just about "how good your business" is and all the marketing rubbish.
  4. mdsltd

    mdsltd

    Joined:
    May 20, 2009
    Messages:
    3,312
    To be honest I'm not the one looking to finance my business nor do I have a £350 ccj on my credit file so before getting all arsey with your replies think about how to resolve the issue you have in the 1st place that is the ccj on your file
  5. Richasshit

    Richasshit

    Joined:
    Jan 13, 2012
    Messages:
    28
    Look I only responded in the same manner as you did , your reply warranted that response if you re-read what you put. I have not "complained" , I have provided a review/feedback . Is it only meant to be positive reviews then?

    Also dont need your advice on "thinking about" how to sort the bogus CCJ out , where did I ask for advice from you or anyone on this as I know all about the process which is not over-night as iwoca expected

    Either way its a honest review of the service sorry if that's not what people want to hear, sorry if you felt offended very hard to get across points on a chat board in virtual space.
  6. eAuction

    eAuction

    Joined:
    May 27, 2007
    Messages:
    2,865
    There's gotta be some irony in a member called richasshit asking for a loan.
    Dave, MSFB, sport8866 and 1 other person like this.
  7. Dean

    Dean

    Joined:
    May 22, 2008
    Messages:
    9,441
    No one is going to lend to someone with a CCJ on their credit history. It might not be yours but they only have your word for that. It's up to you to sort it out. You can't blame them or anybody else for not lending you money while that's there.
  8. Gimme Pallets

    Gimme Pallets

    Joined:
    Sep 7, 2012
    Messages:
    39
    I also do not have a brilliant credit history but I had no problem using IWOCA and having had Two loans off them and hoepfully a third soon I will always say how amazing they were.

    Its unfortunate that the CCJ is showing for you even if it is not yours maybe you would have better luck if you could get it removed although not sure why you would need a small loan if your turn over would cover the whole thing in 1-2 weeks?

    In my opinion ANY financial body is obviously act on what they can see and as the CCJ is showing they would have to protect there business interests.

    I stand by my comments IWOCA are a breath of fresh air and totally transparent in what you borrow repay etc.
    For anyone reading this who maybe thinking about using them , the worst thing that they can say is no so give them a shot you may be suprised.

    I am always happy to recommend them on my experiences with them unfortunatly CCJ's are always going to affect any application with anyone.
    Cody likes this.
  9. toysandgifts

    toysandgifts Banned Member

    Joined:
    Nov 6, 2010
    Messages:
    2,452
    Do IWOCA offer interest free loans
  10. eAuction

    eAuction

    Joined:
    May 27, 2007
    Messages:
    2,865
    Why not look on their site? And why would they? All the risk for no return.
  11. Dean

    Dean

    Joined:
    May 22, 2008
    Messages:
    9,441
    What would be in it for them if they did?
  12. Gary

    Gary

    Joined:
    Aug 22, 2009
    Messages:
    16,358
    Do you sell products at cost?

    If there's no profit in it for them it would be a pretty poor business model ;)
  13. soldarite

    soldarite

    Joined:
    May 19, 2008
    Messages:
    8
    ive sold products at less than costs :mad: i bet i'm not the only one:p
    Cody likes this.
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