Loans

Mick

Mick

Resting in Peace
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Entwisi started a thread about "Interest rate rise"
the same day a guy came to my door with a leaflet in his had and said would i like some vouchers i can spend them at most shops .
i said no thanks and he said well can i give you this just incase you change your mind i said fine and he left
On looking at the leaflet you can borrow £100 worth of vouchers but just look at the APR on this :)

if you cant read it it says APR 440.03%
 

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HOLY SHI7! Hope he doesnt come on to monk st mick lol. i would have thrown it at him. And why the hell would i want vouchers? If i did want anything from them stores id use the cash in my wallet.
 
ive never ever had one of those loans, or any loan at all in my life, there's just no need for them, if i want something that bad, i save up for it or do without
 
A few times i've taken out a loan,but only if the circumstances were extreme.I've always gone to my bank though,and taken out the appropriate insurance should i be ill or lose my job.At least with a high street bank you know you wont get the heavies coming round if you default on the payments,and the intrest rates are'nt extortionate.As for the vouchers,Tadah says it all.
 
That should be against the law Mick, some unfortunate person wouldn't notice that, I think its disgusting.
 
Its probably some legal way round the law for loan sharks, probably legal to sell vouchers but not lend you cash :confused:
If you want it save for it, if you cant afford it dont buy it, only good credit is interest free credit as long as you DO pay it off within the time scale, keeps your cash in your account a bit longer. same with credit cards, use them to get your points/airmiles or whatever and pay it off within the 28 days.
 
It's not against the law not to pay them back either, you should have took the £100 and then let them whistle Dixie for their money, as mentioned Greenwoods or any of the other dear money merchants work on the theory that 30% wont pay anyway, hence the high interest rates.
 
Ianto.W. said:
It's not against the law not to pay them back either, you should have took the £100 and then let them whistle Dixie for their money, as mentioned Greenwoods or any of the other dear money merchants work on the theory that 30% wont pay anyway, hence the high interest rates.
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Unless the company is one of those that sends the heavies round to encourage you to pay up.
 
garinda said:
Unless the company is one of those that sends the heavies round to encourage you to pay up.
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Those type of 'firm' garinda would want 1000% interest, the firms mentioned plus another local mini shark have already had the treatment off yours truly, as my old man said we are fair game, so are they.
 
that is so scary, especially if they knock on the door of someone who is desperate and doesn't look too closely at the APR!! :mad:
 
Unfortunately i have been the position & still am to a point of these loan sharks, when u have little income, dont have a good credit score & cant get loans of other means, banks etc dont want to know a low income person - gee cant even get a switch card with no over draft facility, ok to be able to save up for things if u have the spare to do so but alot of what started me on by prey of these company types was that i desperately needed to get stuff, like furniture as i started from scratch a few times when marraige broke down & was no other alternative - plus at least with one of these companies the offer of minimal weekly payment & that now i have a good credit with them that if something brakes down like fridge, washer or sofa i can replace it if i need to as long as i can afford the payments per week. These people abuse a market of desperation but a way of getting a loan where many of us wouldnt have a chance & definately would do without a need & to some puts a temptation there of money, vouchers or catalogue to those that dont need & cant afford to resist, its quite a viscious circle & the only people that really win is the company plus they have good sales tactics that can hook. Unfortunatley the realisation hits in when things go wrong or u get more than u can keep up with, i got a sofa thro them & its not lasted 11mnths which should of gone back & replaced - they have dragged their heels so much i was the one sending the heavy letter to get it resolved & im still waiting.

Rindy is so right the poorer end of people pay out a hell of a lot more than those can afford it, like pay as u go stuff, eleccy & gas cards, u are charged more than getting into a bill situation that not well off try to avoid only to be stung anyways, even as far as debt if u own your own home u can get a lot written off in right channels, not many companies with good apr rates want to know a tenant for loan or debt help other than cab.
 
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Do not misunderstand me accymel or garinda, due to ill health all my money has now gone, the only thing of value my wife and I have left is our house, and we can't spend that. We have prepayment meters for gas and electricity which costs 12% more than if you pay by direct debit, the only banking facility I now have is my 'pension' money current only a/c with a 'hole in the wall card', this has just been upgraded to a debit card for shopping purposes and the banks convenience not mine. If you are over 60 you can do a deal through age concern and pay one bill per month for both utilities, I am at present just setting this up so I do not know how much a month it will cost yet, yes life is tough at the bottom. It currently cost on average £45 per wk for gas and electricity, for two of us, My incapacity is £92 per wk, the economics of Mr Micawber.
 
I don't misunderstand you at all, I agree with your point.

If you have money, things are cheaper. Loans, utilities bills, etc.
 
Ianto.W. said:
It's not against the law not to pay them back either, you should have took the £100 and then let them whistle Dixie for their money, as mentioned Greenwoods or any of the other dear money merchants work on the theory that 30% wont pay anyway, hence the high interest rates.
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It is not against the law as such, but it would still affect your future credit rating if you didnt repay the debt. and possibly a CCJ.

These loan companies know that people on benefits cannot get credit and offering them £100 cash now at only £5 per week for 30 weeks + sounds good when its a scandalous rate of interest.

I would hate to be a collector, the amount of people that 'arnt in' when you call must be high.:D
 
I have a Provident Loan, I know it is a huge APR but at the time I really needed some money. I pay it back at £6 a week, I dont even notice this anymore, and it does go down quickly because I dont think about it.
 
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