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Personal credit troubles?

Shengis Avatar
9y, 1m agoPosted 9 years, 1 month ago
Ok, now i've conned you into looking in here, i'd like some comments on the rather unbelievable deal on this flyer that was put through my letterbox a while ago. ~Lights touchpaper and stands back....

http://www.shengis.net/eby1/con1.jpg
Shengis Avatar
9y, 1m agoPosted 9 years, 1 month ago
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#1
258.6% APR:w00t:

If people even consider this they need to be shot!

The website is even better, borrow £200 at 399.7% APR!!!
#2
I get a lot of junk mail from credit card companies etc and I play a game with the wife called guess the APR. This is the highest i've recorded, although the wife had one from Provident last week at with a 'typical' 183.2% (borrow £300, pay back £504 over 56 weeks they gave as an example).
#3
Its pure madness! How can they justify 399.7% APR and who the hell uses them. Even if I had major money problems the day I pay that would be the day hell freezers over!
#4
Well if you borrowed £200 at that rate you'd 'only' have to pay back about £430:whistling:

Do that on a 'typical' credit card for a year and it works out around £215-220:?

What I want to know is WHY the government allow such usary practices to exist:x

Heres the other one, this nice company has apparently been 'helping' people for 125 years....

http://www.shengis.net/eby1/con2.jpg
#5
There was something about this before and I think shops can only offer finance on there products upto 29.9% APR but this doesn't run to personal finance companies.
These deals pick out the poor and vulnerable people which makes things worse.
I stopped one of my friends taking out one of these loans. She was going to borrow £600 over a 3 years and have to pay back £1380! I lent it her and she is paying me back £50 a month over a year.
#6
This really P's me off.

Taking advantage of those who are broke and have hit hard times. Some parents are under pressure this time of year and this sort of company takes advantage of that.

I don't know how these guys sleep at night. I only wish there where laws to stop the sharks.
1 Like #7
I have used one of the above companies when i was younger and more ignorant. I used them for a few years, got a job after being out of work and having young children. We were definatly on the poverty line and the area we (still) live in is a target for these companies, i paid them off and never went back to them despite them knocking on my door monthly/sending letters and phoning me.

To combat these companies, i believe, is education! I never realised what i was paying them, i just thought, oh.... £5 a week? Thats a good deal!

I now sit on the local housing commitee and have got the Housing Assocation to operate in conjunction with Dunfermline Building Society (not sure if i can mention them) and tenants can now access loans but more importantly start saving too.

I still think its knowledge that is needed of the actual costs of borrowing off these people but some people see this as the only way out of a bad situation and to be honest.... it could be worse. Loan sharks etc.

Sugar xxx (Hope i haven't rambled too much!)
#8
That Greenwood one,I think they the people who knock on doors round here,or its a similar thing,mega rip off.
#9
This is legalised theft and as mentioned above, they pray on the poor. These thieves make me sick.
[mod]#10
Absolutely Disgusting !! At first when i glanced over the thread i thought it was a misprint!

Cant understand how this isnt illegal - it just takes advantage of people at a time when they feel most vulnerable ( coming up to Christmas)

To combat these companies, i believe, is education! I never realised what i was paying them, i just thought, oh.... £5 a week? Thats a good deal!


You're right sugarhunny, a lot of people dont read into the APR or fully realise what it actually means
#11
Mum2Connor&Cerys
That Greenwood one,I think they the people who knock on doors round here,or its a similar thing,mega rip off.

they knocked round here the other day when i turned that card down they tried to sell me a book of vouchers worth £50 for £2.50 for 27 weeks not as bad but when i said no he just wouldn't drop it :x
#12
Greenwoods/provident are what all the bums go for, they think wow we can afford that then start dodging the knock on the door every week to collect payment lol

Your right, its targeted at the low poverty places and because its running up to xmas, people shoule phone up the company if their being harassed. the people that are coming around your door are on commision so they have to sell, the companys might not know their doing it.
If they do come to the door ask their name (and surname) then say Bog off slime ball !! then give the company a call.
#13
I've had 3 letters in the past few days from Provident, opened one and found the same letter posted above (183% APR).

The other 2 will be "returned to sender".

The government should put in place a maximum APR of 100%. I know that in itself is high, but there are other factors to be considered. Once this has been implemented, maybe further max. rates can be reduced.
#14
lumoruk
I'm lending money to people in Cambodia http://www.kiva.org/lender/joseph3753 I think Kiva charge them something like 744232% APR but I'm all for it if it helps someone :santa:


Editted.

Seems like a good site, will probably look into it further. I like the idea of being able to help someone who is helping themselves.
#15
TRy looking for a "Credit Union" in your area if you need a loan, they charge just 12% p.a. and are really friendly.
http://www.abcul.org/page/index.cfm
I use them myself and have no problems with them.
#16
I headrd something on the radio today about a fast service loan company, in the speedy talking bit at the end i heard "typical intrest is 1140%" i almost crashed my car :lol:

if I hear it again ill post more details
banned#17
Thats about on a par to Littlewoods APR markup isn't it :whistling: :whistling:
#18
tracy013
they knocked round here the other day when i turned that card down they tried to sell me a book of vouchers worth £50 for £2.50 for 27 weeks not as bad but when i said no he just wouldn't drop it :x


you got him too :giggle:

it is bad, esp as they do seem to be around this time of year, it can be teempting to some, same as a lot of catalogue companies, i need a guitar for my eldest, only £40 on ebuyer but in my cat, they SAME guitar, £80 !! then theres the interest, ITS AWFUL but sadly if theres a shortage of funds sometimes its the only way :-(

Agreed that these loan companies should be banned, i have used them in the past, another terrible thing is they often encourage the taking out of furthter loans to pay off existing ones with them, to rack up interest for them and keep you on the books :roll:
#19
Yeah my mum has a Index account she only spent about £400 10 years ago but still owes over £200 due to of the £20 monthly minimum £15 of thats interest.
#20
index is a bad one, about 9 year ago i got a console, a nintendo, pokemon one, cant remeber exactly what but it was around £130, i ended up paying around 3 times that for it :-(
#21
They are owned by Littlewoods what do you expect!
#22
saxo_appeal
Greenwoods/provident are what all the bums go for, they think wow we can afford that then start dodging the knock on the door every week to collect payment lol

So you know my next door neighbour then :lol:

I once heard a fable that went something like this...

There was once a young bloke who was walking through town when he came to a place of worship, on entering he found a load of loansharks and he went doolally and trashed the place. He was of course arrested for his trouble , but if that sort of act is good enough for mr J, surely it's good enough for the useless government...

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