Loans

Mick · 13-01-2007, 09:56

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%

tadah · 13-01-2007, 10:21

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.

flashy · 13-01-2007, 10:26

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

***Mr D*** · 13-01-2007, 10:38

Provident, ELML, Greenwoods.

All Cons stupid interest, to get people who cant afford debt into debt.

maxwell silver · 13-01-2007, 10:46

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.

grego · 13-01-2007, 10:49

That should be against the law Mick, some unfortunate person wouldn't notice that, I think its disgusting.

K.S.H · 13-01-2007, 10:57

Its probably some legal way round the law for loan sharks, probably legal to sell vouchers but not lend you cash

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.

Ianto.W. · 13-01-2007, 12:18

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.

garinda · 13-01-2007, 12:24

Quote:

Originally Posted by Ianto.W.

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.

Unless the company is one of those that sends the heavies round to encourage you to pay up.

Neil · 13-01-2007, 12:28

Quote:

Originally Posted by flashytart

....if i want something that bad, i save up for it or do without

After reading your other thread I thought you would have paid for things with sex

Ianto.W. · 13-01-2007, 12:42

Quote:

Originally Posted by garinda

Unless the company is one of those that sends the heavies round to encourage you to pay up.

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.

WillowTheWhisp · 13-01-2007, 13:00

That interest rate is appalling !

harwood red · 13-01-2007, 13:04

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!!

garinda · 13-01-2007, 13:06

The poor get poorer, and the rich get richer.

accymel · 13-01-2007, 13:30

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.