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Shopacheck
adv2008
Posts: 1 Newbie
Hi - wondering if anyone can help.
A friend of mine has got stuck in a Shopacheck vicious circle with ridiculous weekly payments to the "friendly" guy who comes to pick up the money and offers of additional "rebates". I don't know much about it but would like to know if anyone has experience of getting "uninvolved" with such a scheme. Have looked at their website which suggests an APR of over 200%. Is it possible to use to a 0% credit card to sort this out or are there any better options. The person concerned is on a low income and may struggle to get a credit card/loan even if this was an option for buying yourself out of this hideous situation.
If anyone has any experience of this situation would appreciate any advice.
Tks.
A friend of mine has got stuck in a Shopacheck vicious circle with ridiculous weekly payments to the "friendly" guy who comes to pick up the money and offers of additional "rebates". I don't know much about it but would like to know if anyone has experience of getting "uninvolved" with such a scheme. Have looked at their website which suggests an APR of over 200%. Is it possible to use to a 0% credit card to sort this out or are there any better options. The person concerned is on a low income and may struggle to get a credit card/loan even if this was an option for buying yourself out of this hideous situation.
If anyone has any experience of this situation would appreciate any advice.
Tks.
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Comments
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Well some suggestions would be to take advice from a debt advice charity, such as CAB or cccs..another would be a to see if there is a credit union in her area. The only problem is when you are on a low income you need extra's at times..when we were younger it was Provident cheques which kept my mum going..it is a very hard habit to break.
Has she ever applied for a 0% credit card? and more importantly would she be able to manage one?(not casting aspertions..just as we all know to our own bitter costs that it is easy to consolidate and then think we have more money than we actually do, my OH did this)
Forgot to add, welcome to the boards..lolBlackadder: Am I jumping the gun, Baldrick, or are the words 'I have a cunning plan' marching with ill-deserved confidence in the direction of this conversation?
Still lurking around with a hope of some salvation:cool:0 -
welcome to the boards.
Most 0% credit cards are for balance transfers from other cards and as far as I know shopacheck is a personal loan. Do you know how much is owing?? Maybe he/she could take a small personal loan with their own bank to cover the amount owed? generally consolodation isa bad idea but if the apr is 200% and shrinking to 15% with a bank loan then its better.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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Hi I would approach a credit union. If you don't save with them they will still give out loans.
Also why not point your friend in the direction of this site, we will soon have them debt busting for England!Find out who you are and do that on purpose (thanks to Owain Wyn Jones quoting Dolly Parton)0 -
I would also suggest your friend contacts a local credit union.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 20 months left.0 -
Doorstep lenders seem to start off by lending small amounts, say £100, being repaid at £5 per week.
They then offer additional sums. Before long the 'contractual' payments are taking half the borrower's income.
If your friend has reached the point at which she can no longer afford to pay for esential expenditure (gas, elec, food etc) and meet the contractual payments then she needs help.
The CAB are very used to dealing with these organisations, and vice versa. They can sort out a payment plan. IMHO I think this is the best option.0
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