You do not need to use a Claims Management Company. You can make the claim directly to the lender and if they reject your complaint you can take it to the Financial Ombudsman Service free of charge, but you must do this within 6 months of the lenders Final Decision Letter.
118 118 Money started life as a directory enquiries service charging people who were trying to find a telehone number of either business or a private individual. Not many peopel use their directory enquireies service now as it is easy to get a telephone number for free from the interest.
In September 2013 118118Money was created and started to provide unsecure personal loans. The cost of these loans is high, with the Representative APR being 49.9%. This rate of interest is not unique with a number of other lenders charging similar rates. These include Amigo Loans and UK Credit plus others. 118 118 will make loans between £1,000 and £5,000 with terms between 1 and 3 years. This is far more sensible that the "up to £10,000 over 5 years" that Amigo Loan offered.
In addition to the personal loans 118118Money also offers credit cards and while they charge no fees, the do charge 34.0% APR (variable).
Most of our customer who contact us regarding 118118Money are interested in making a claim for irresponsible lending on the loans side of the business and are seeking a 118118money refund. We do make complaints about the credit card prduct, but far less than the loan offering.