SCAM ... It's cheaper to just suck up the overdraft fees
Looks like a manual repay option when you can afford it you click repay but its not. They will debit the full repayment amount as soon as your account has enough funds. Ignoring any future or scheduled bills to go out. They have CPA (Continued Payment Authority) to your bank meaning they have you bank feed and totals and direct debit amounts/dates etc but they clearly ignore this.
Essentially i had JUST enough in my bank account to last until payday and cover my mortgage and other bills due to leave without going into overdraft. Safety Net decided to withdraw their full repayment the very same day my standing order for my mortgage is due out WITHOUT notifying me or consulting me in any way beforehand they just did it, so once again im back in overdraft despite this "help" and i have paid their loan fees PLUS my bank overdraft fees which they put me into to by taking a repayment. DO NOT use this company it would have been cheaper for me to just take the overdraft fees, now i have overdraft fees AND theirs due to be paid.
Reply from SafetyNet
Hi Melissa,
Thank you for taking the time to review SafetyNet.
Given the content of your review we would like to take the opportunity to explain how SafetyNet works, particularly in relation to repayments.
One of the features that makes SafetyNet unique is that there is no set repayment date.
When your balance increases in your linked bank account by £50 or more, an automatic repayment will be applied for. This reduces your SafetyNet balance, minimising the interest you pay.
When an automatic repayment occurs, we make sure the repayment will not leave you with less than £30 above your SafetyNet Level.
If for any reason we cannot access your bank account information, automatic repayments will not be applied for. We will then try to take full repayment when your salary is next paid into your account. The repayment will be taken via your debit card by using continuous payment authority.
Whenever a repayment is applied for you will be notified via email and text confirming whether this was successful or not.
SafetyNet is best described as a revolving credit facility, meaning the service can be reused whenever you need to and is not removed on a set date or after a fixed number of withdrawals.
If you wish to withdraw funds again after a repayment has been made, you simply log into your dashboard at any time and request your available funds. These funds are then deposited into your bank account, usually within 15 minutes.
We will notify you by email, SMS or telephone call at least 48 hours before attempting to take payment on the target date. If for any reason you cannot repay the amount due, please advise us of this and make alternative repayment proposals.
Our repayment system was explained in the credit agreement you electronically signed prior to your acceptance with SafetyNet.
We hope this information helps to improve your SafetyNet journey, however, if you would like to discuss any aspect of your account or how the product operates in more detail, please call us on 0800 180 8400. Lines are open Monday to Friday between 8am - 7pm and Saturdays 9am - 5pm.
Alternatively, email us at reviews@safetynetmail.co.uk
Kind regards,
SafetyNet Reviews Team