'Payday lender Smart-Pig’s student targeted ad hides its 1,089%...' blog discussion

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in Martin's blogs & appearances & MSE in the news
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.


Read Martin's "Payday lender Smart-Pig’s student targeted ad hides its 1,089% APR – I’m reporting it to the FCA and the ASA" Blog.


Please click 'post reply' to discuss below.

Comments

  • Lenny_Bumps
    Lenny_Bumps Posts: 3 Newbie
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    These people have recently taken to requesting information from individual universities, under the Freedom of Information Act, regarding institutional arrangements for the emergency funding of students. The aim of this request is undoubtedly to enable them to further target vulnerable student groups, however, they claim they are helping to improve student retention.

    They see themselves as part of the solution - in reality, they are part of the problem.

    This has been raised and discussed by members of NASMA, the National Association of Student Money Advisers, of which I am a member. I would strongly suggest that MSE contact NASMA to discuss how we can work together to stop Smart Pig from profiting further from an already impoverished group.
  • emweaver
    emweaver Posts: 8,419 Forumite
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    They still charge less than Wonga and give you 10 days after your due date to repay before they charge a late payment fee.
    Wins so far this year: Mum to be bath set, follow me Domino Dog, Vital baby feeding set, Spiderman goody bag, free pack of Kiplings cakes, £15 love to shop voucher, HTC Desire, Olive oil cooking spray, Original Source Strawberry Shower Gel, Garnier skin care hamper, Marc Jacobs fragrance.
  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
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    Are bank overdrafts still considered to be over 1000% APR?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    Grace Period. Get 10 days without incurring extra fees if your payment is delayed
    Is this misleading?
    On first glance this suggests that you will pay back the same amount if you repay on time or if you are up to 10 days late.
    But on further thought I believe it means that there will be no extra _fees_ but there will be extra interest added.

    Is this the case?
    If so, is this misleading?
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    Hi Tom. Glad you're interested in a dialogue here. Hopefully you'll find ways to improve your company. You can be pretty certain to find posters who aren't too happy with what you are doing.

    Note, however, that you need permission from MSE to post on behalf of a company. Not sure, offhand, how you get this but without it your post will be removed.
  • Penelope_Greaves
    Penelope_Greaves Posts: 5 Forumite
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    Paul_Herring wrote: »
    Are bank overdrafts still considered to be over 1000% APR?

    I'm not sure - but currently, even an AGREED overdraft with the Halifax incurs fees of between £1 and £3 *per day* (dependant on amount) - for me, that's now gone up to as much as £31 per month , just in fees, for the using the same overdraft of *just a few hundred pounds* that I was offered/used since opening the account, previously charged at a flat rate of £5 a month... that's over SIX TIIMES MORE!

    But what you've really got to watch out for is going over your limit - their *unauthorised* overdraft fees currently run at - wait for it - £5 PER DAY! But they oh-so-kindly cap that to a maximum of £100 per month...? (gee, thanks!)

    Hmm... maybe time to change bank account?

    I know it's a bit off-(this)topic - sorry guys, I'm a bit lost and a complete newbie! - but could anyone please advise/redirect me as to which account would be best suited to someone currently overdrawn, whose sole income is disability benefits (but over £1000/month), pays for everything by d/d or debit card, has an OK credit history, and has little utilisation of credit elsewhere (one credit card)? Ideally it would have a 'welcome bonus', but it's just got to be easy to switch to, have good customer service, can supply a visa debit card, a decent low-cost overdraft facility, and can be managed by phone/online - surely I'm not asking too much?

    Thanks - and apologies again for the off-topic follow-up!
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
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    Penelope_Greaves wrote: »
    I know it's a bit off-(this)topic - sorry guys, I'm a bit lost and a complete newbie!
    It's best practice to start a New Thread. But we're kind to newbies here...
    could anyone please advise/redirect me as to which account would be best suited to someone currently overdrawn, whose sole income is disability benefits (but over £1000/month), ... Ideally it would have a 'welcome bonus', but it's just got to ..., have good customer service, ... a decent low-cost overdraft facility
    Have a look at the MSE guide here: http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#warning
    I've deleted all the stuff from your post that's common to pretty much all accounts and left in your requirements.
    The First Direct account in the guide I've linked to seems to tick all your boxes, especially if you are less than £250 overdrawn for mot of the month.
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