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Company Info.. Anyone heard of..

  • 09-04-2003 9:28pm
    #1
    c0y0te
    Closed Accounts Posts: 931 ✭✭✭


    ... a company calling themselves 'MoneyPenny', proporting to be a financial services company, and offering to 'consolidate' loans for people?

    Basically I've got some relatives that were interested in making some changes to their debt situation, and they were going to just go talk to this crowd before I intervened, and asked them to let me check them out.

    So far I cannot find any reference to them, no details in any of the usual places etc.

    Anyone heard of them? Any info appreciated. Thanks in advance.

    c0y0te


Comments

  • #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    Can't find anything obvious about MoneyPenny. Sure it wasn't MoneyWise?

    adam


  • #3
    dmeehan
    Registered Users, Registered Users 2 Posts: 2,457 ✭✭✭dmeehan


    doesnt linda martin do their ad on tv?


  • #4
    boogie man
    Registered Users, Registered Users 2 Posts: 586 ✭✭✭boogie man


    Yep, Linda Martin does do their ad. It's usually on just before the 1 o'clock news on RTE1.

    Boog.


  • #5
    irlhost
    Closed Accounts Posts: 274 ✭✭irlhost


    You could check out the cro website for company details...
    http://www.cro.ie


  • #6
    b20uvkft6m5xwg
    Closed Accounts Posts: 2,695 ✭✭✭b20uvkft6m5xwg


    If Linda Martin is involved they must be a quality outfit....

    Afterall she is partly responsible for irish popstars "6" :rolleyes:
    ....And they're going places!


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  • #7
    davelerave
    Closed Accounts Posts: 1,712 ✭✭✭davelerave


    those kind of companies should be a last resort ,they do a bad deal


  • #8
    daveirl
    Closed Accounts Posts: 14,483 ✭✭✭✭daveirl


    This post has been deleted.


  • #9
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Loan consolidation, while in principle a good idea is fraught with difficulty. If you do it, it is best to do it with a reputable company that you know.

    The trick is they charge you a **higher** interest rate than you get elsewhere and repayments are often over a **longer** period, which make individual payments smaller. Bottom line you pay more. No doubt there are high enalties for late payments or defaulting. There may also be an arrangment fee that you have to pay up front.

    Mortgage interest tax credits are not allowed on the consolated amount - only the original portion.

    If this is a crisis loan consolidation, you are better off talking to www.mabs.ie or your own bank manager. Ask your bank manager how much it would cost for the bank to remortgage.


  • #10
    RainyDay
    Closed Accounts Posts: 6,925 ✭✭✭RainyDay


    There is no magic to MoneyPenny or other loan consolidation people.

    They simply stretch the repayments out over longer periods, so your monthly repayment drops but the amount of interest paid over the lifetime of the loan increases hugely

    So you end up paying interest for your car/holiday/extension/cashback for the next 15-20 years - Not very clever.


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