Desperate people do desperate things in desperate times.

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Brucewb241's review of Evolution Money www.evolutionmoney.co.uk

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“Desperate people do desperate things in desperate times.”

Written on: 03/02/2019 by Brucewb241 (1 review written)

Desperate people do desperate things in desperate times. Circa 3 years ago I borrowed £20k secured, never missed a payment until now. My DD was taken last working day each month, however in November 2017 I changed employer, where my salary does not hit my bank account until around 4pm on last working day. No use for a DD then and I obviously can't change DD to the 1st, otherwise payment will be late and affect my credit score, so I would borrow the funds from family the day before and pay them back when my salary hit the following day. This became tiresome and inconvenient to manage though. Evolution therefore said they would call me each month instead and take payment by card after 4pm. Things worked fine for a while, then late morning on 31/12/18 I got a call advising they were closing half day and needed to take payment. No prior warning and obviously I hadn't been paid yet. Frantically I had to phone around family again to borrow some funds for a couple of hours to pay Evolution, then pay my family back when my salary hit late afternoon. Very stressful and unnecessary. Then on 31/01/19, I had travelled from the midlands to the north west for a family funeral, no call came to take payment and due to the circumstances it had completely slipped my mind. I woke up next morning and in a panic realised, called them immediately, the same girl as usual took payment, all apologetic she had never called me the day before and assured me this won't affect my credit file being a day late. I don't believe them. I have no blips on my credit file these past six years and now looks like I will have. As a general warning to people whom are desperate and in need of financial assistance, be wary, I borrowed £20k over 10 years, so in all I will pay back £40k due to their 50% rate. In the last three years I have paid them circa £12k and as the interest is front loaded, I would still have to pay them back circa £20k now if I settled early, working out at £4k interest per annum over the past three years. If I carry on with monthly instalments over the next 7 years and see out the remaining term, I will pay the remaining £28k on top of the £12k I have already paid. I am more savvy and less naïve than when I took out this loan. I still feel a complete mug though.

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