How do they get away with it???? - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HotUKDeals, you accept our cookie and privacy policy.
Get the HotUKDeals app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

How do they get away with it????

£0.00 @
Being a little bored as my hubby has GTA IV to play and has been for several hours - I have been faffing on the internet looking for loan to pay off credit cards and was quite simply astonished at the… Read More
Clairebeary28 Avatar
9y, 3w agoPosted 9 years, 3 weeks ago
Being a little bored as my hubby has GTA IV to play and has been for several hours - I have been faffing on the internet looking for loan to pay off credit cards and was quite simply astonished at the APR that they advertise on Welcome Finance.

I was in no way thinking of using them but find a rate of 64% APR just simply NUTS. I recognise that people using them are probably in a difficult situation but surely doing an IVA would work out better for people....

Anyway rant over just wanted to share that unless you really want to pay with your soul don't use Welcome Finance!!!
Clairebeary28 Avatar
9y, 3w agoPosted 9 years, 3 weeks ago
Options

All Comments

(34) Jump to unreadPost a comment
Comments/page:
#1
WOW, that's crazy!
#2
64% :w00t: that should be illegal
#3
Shocking ! !
#4
Like these companies who come to you door,have £100 High Street vouchers pay back £150 or something mad.
banned#5
Is your hubby havin fun?
#6
My sister was looking for one earlier and we saw one with 298.4% apr..
#7
The other one that makes me chuckle is the Brighthouse advert on TV where they tell you that you can get stuff with no credit check have £10 and pay weekly - all for a mere 34% apr in very tiny text!!! Sorry I really am bored of GTA now!!!

And yes he is very pleased with GTA..... early 30th pressie for him so I am the greatest wife ever at the moment!!!
#8
Very cheap compared to a lot of them.

http://www.shengis.net/eby1/con2.jpg
#9
This wins hands down me thinks....

http://news.bbc.co.uk/1/hi/business/7155642.stm
#10
wish the banks would pay that interest lol
#11
End of day some ppl who are desperate will get such credit plans as this. The ones who come round door to door with the leaflets will lend to anyone cos they come round to your house each wk for your weekly payment.
Like Xmas times comes,it be Nov and ppl will be desperate and don't think how mcuh they going be paying back when they get told they can have £100 worth of vouchers and pay back £2.50 wk.

Some guy my partner knows has a loan of some family loan shark thing operating in area,he usually borrows near to every Xmas,and the people come round for payment,and tbh he doesn't even know how much he is paying back. Feel sorry for these ppl they get taken advanatge of really cos they not fully educated.
#12
Got in there before me Shengis ... my OH got a loan out with them, against my better wishes!!!!
#13
Clairebeary28
This wins hands down me thinks....

http://news.bbc.co.uk/1/hi/business/7155642.stm

Bargain!!
#14
Shengis
Very cheap compared to a lot of them.

http://www.shengis.net/eby1/con2.jpg


Clairebeary28
This wins hands down me thinks....

http://news.bbc.co.uk/1/hi/business/7155642.stm



feel so sorry for anyone that has no choice but to take these loans :x

christmas time kids no money what choice have people got easy to get into hard to get out off
#15
Not everyone is eligible for an IVA so they have no alternative but to get horrendous APR loans. Thankfully im not in this situation, but do feel for those that are.
#16
Surely there should be some sort of cap on the interest rate that people are offered. I know the companies are just covering their backs incase they don't get it back but this is awful.

Hopefully Martin Lewis will make this side of the financial sector his next challenge after the whole bank charges thingy
#17
My OH deserves nothing short of a slap for getting loans out with provident for stupid things! They make it look so simple and convenient.... but the level of interest is nothing short of daylight robbery. He must owe, or should I say we must owe nearly 3 grand with them now!!! Not impressed, well who would be?
#18
I love the way provident is set up as 56 payments so they can charge you more interest :x
banned#19
okaydokey
feel so sorry for anyone that has no choice but to take these loans :x

christmas time kids no money what choice have people got easy to get into hard to get out off


people need to learn to cut back and live within thier means... my niece prefers to play with the box her toys came in...
#20
imranmaz
people need to learn to cut back and live within thier means... my niece prefers to play with the box her toys came in...


Gotta agree with you there,there is a lot of folk who live beyond their means,keeping up with the Jones' as my parents say.
#21
imranmaz
people need to learn to cut back and live within thier means... my niece prefers to play with the box her toys came in...


deffinetly agree. If people didn't want everything right now, then they wouldn't get into so much debt.

If they choose not to read the small print when taking out a loan, then tough.

If Martin Lewis gets involved, it will just end up worse. Martin Lewis is going to start costing jobs, if it hasn't started already
banned#22
Mum2Connor&Cerys
Gotta agree with you there,there is a lot of folk who live beyond their means,keeping up with the Jones' as my parents say.


its just a big game retailers have come up with recently... father crimbo is like 200 yrs old!

plus once christmas is over its mothersday, valentines, fathersday, easter, ect..

people cant keep up... and to be honest how many toys does a kid need? I certainly never got so much and i'm sure older generations didnt either and we grew up fine.. kids nowadays get whatever they want but its not good enough cause the retailers come up with a "special edition" of the same thing you got them last year so they will stab someone for it...


this is an extreme case but it definately does happen,
#23
While I've got a couple of credit cards,I rarely use them but I always pay off in full.
But usually if I haven't got the money then I don't buy simple as that,I only put stuff on a credit card cos I know it be paid off next time,and I don't make mega spends.
#24
check local firms you will find apr at twice that.

remember though they are takiing a risk lending to their customers.

Most people will use a regular bank, only those with poor credit would use these types of firms.

in some ways it is wrong, but it depends on why they have got such a poor credit history
banned#25
How is a short term loan any worse than a mortgage ? I'm paying back £2.38 for every £1.00 I've borrowed.
#26
lumoruk
How is a short term loan any worse than a mortgage ? I'm paying back £2.38 for every £1.00 I've borrowed.


Cos least you have a home at end.
banned#27
i'm a student and have worked for my own gear since i was 15. I come from a family that's not rich so if we really wanted something we earned it.. and the fact that i paid for it myself made me take so much more care of it too. The only reason I use a credit card is to pay for things online and i put the money back onto it even before the statement arrived.

My gf's family is heavily in debt as was she.. after talking to her and having a look at the details she was in 11k of debt.. when i asked her why she didnt pay it off in chunks the initial responses were "it wont make a difference, it will get replaced with more intrest" or "what if i need the money" well after a while she changed her mind and cut back her spending.. 18months later she has a £900 overdraft left! whoop!

PS: this will be ther first time she had savings since she was 13...(12 years ago)
#28
I'm pretty damn careful with cash,my partner is not.

My dad was strict with cash when I was a kid,really strict,he wouldn't even have a catalogue in the house,I used to take them off ppls steps lol,when I was about 11 or 12. Cos liked to look through them.
#29
Must be a bad trait in sensible folk like all us then.
We must be good with money, so seek out people rubbish with it as partners lol.

We werent well off growing up in comparison to others, but everything was always paid for and it sank in my head. Also having some great holidays as a result of it when younger.
Gf + her family are totally useless up to their eyeballs in debt and taught her the same.
Even try draggin her into it, had to stop her opening phone accounts for them as their credit wouldnt allow it.

Society now is a joke though.
When i was a student, i wanted a Maestro card for buying things online (as its cheaper),
"oh we cant give you one, but do you want a Visa?"
total joke, and yeah ok i had to get one, but always had the cash to pay into the card when i got the statement
(as you cant pay by phone straight away unless you have a Maestro grrrrr, and you need the statement apparently in the bank)

You just have to be careful, as no credit also means bad credit if you want those big purchases.
#30
Ummm.. PayDay loans anyone? http://www.paydayuk.co.uk/
1355%
!
http://www.portsmouthshow.co.uk/payday.jpg
#31
When I first tried to get a credit card to go to america I had to jump through hoops, once I had a credit card and credit history they were falling over themselves to sign me up.....luckily (in a strange way) my mum struggled to make ends meet when I was a child and I learnt the value of money, but I do understand how people end up in these traps...ease of loans, poor financial education and bad luck.
Credit Unions and Citizens Advice may be able to help people with difficulties....and the banks are supposed to help those who get into financial difficulties it is part of their code.
#32
Well... I don't understand people's attitude towards credit cards. Why is such a negativity?

Pretty much everything I buy paid by credit card. And that's including petrol, food, tickets, tv licence, etc. In fact, I am rarely carrying more than a fiver in my pocket as there is no need to.
At the end of the month I am getting detailed bill with all my spendings in it, so that it makes it much easier to control the money flow. And then, of course, I pay it in full, every month (I know credit card companies hate me!).
Also, if you do it this way, you can get cashback or loyalty card (such as Tesco clubcard or Marriott Visa) and get some of your spendings back.
The only thing you must not allow to yourself in such scenario is "OK, I'll pay it off next month, I promise... and meanwhile I'll pay just the minimum required payment" - you'll be asking for trouble.

So why people are regarding credit cards as an absoulte evil?
#33
I think most of this thread is about intrest rates on loans, not credit cards
#34
I know this, it's just seems to be commonly accepted that cc are evil and all that...

As to the loan rates I posted it here some time ago:
http://www.hotukdeals.com/forums/showthread.php?t=154672

Now, in response to those who is demanding capped rates - it'll work in theory but not in practice, IMHO. The banks can still refuse to give a loan and if someone is desperately need money he/she will get in touch with sharks (grey/black market) and could end up in much bigger troubles that he/she is now.

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!