british credit trust not lending at the moment!!!

revolu

Still a rip off rupert, if they changed the laws regarding credit this is what it should be

Congratulations, your loan has been agreed

Summary of the loan you chose

Loan Amount
£25000.00
Credit to )
APR
1%
Number of monthly repayments
60 months
Amount you pay each month for your loan
£416.76
Take from )
The name of this Direct Debit will be Loansdirect
Total amount repayable for the loan
£26,345.60
Loan Protection Insurance per month
Not Selected

Total amount you pay each month for your Loan
£425.76
Date you pay each month
1st

What happens next

QuickSign my agreement online and get my loan instantly*
Choosing the Quicksign option will mean that you agree to complete your loan online and the funds will be transferred to your bank account instantly*. A paperless Direct Debit will be set up for your monthly payments shown above and you need to sign and return any paper documents.


On the following screen we will provide you with a copy of your loan agreement.
*Your loan will be transferred to your account instantly between the hours of 9:00am and 7:00pm, or within 24 hours outside these times.
Complete my application by post
Once we have completed your loan application by phone, we will send your pre-filled loan application forms to the address below:


If this address is incorrect then please save the application and contact your branch.
Change my application
Choose this option to change your application. This may mean you are credit scored again.
Return to Account Overview

Apples2

revolu wrote: »

I was not suggesting you can get a loan over 50 years:rotfl:, what I am saying is if the lender is 100% guarnateed the money back then there is no excuse for high interest rates.
.

That bit puzzles me (sorry I simply don't get your point).

revolu wrote: »

Why not tie a debt to the borrower for life so the risk is zero, then everyone can have low rates.

So the debt is tied for life.... define life..

If a debt is tied for life, a lender would be limited to a decent apr because they know they will get their money back (correct??)

When will they get their £2,000 (example) repaid (plus the interest)?

The way I read is that they will definitely get their £2k back, sometime during the life of the borrower (which could be sometime in the next 50yrs).

Or have I misunderstood?

What happens to those who go bankrupt?

You could rack up a mountain of debt and make no repayments, instead you intend to start repaying it in say.. 10 years time when you are back on your feet?

~Brock~

If some of the crackpot ideas on this thread ever got implemented it would be more practical to go back to bartering with goats, because that's about the level that trade and industry would be reduced to.

You gotta love the internet........everyone is seen as equal no matter how barmy they are..........take some of this fella's ideas for example

---

> :money: (just a joke btw....)

revolu

apples2

i dont pretend to have all the answers, my original point was 42% apr for a car is insane when it is meant to be secured(on the car)

I just think we need radical changes to the lending system, lets face it the lenders just create the money out of thin air and only pay 0.5% interest on it and lend out at 40%. I understand they could loose the lot so lets change that, just my 2 cents worth.


Also £200 spent today on a goat that will be worth £20000 this time next year what with the hyper inflation coming our way, I'm in!!!:rotfl:

~Brock~

revolu wrote: »

i dont pretend to have all the answers, my original point was 42% apr for a car is insane when it is meant to be secured(on the car)

Your original point, as described above, simply shows how little you know about what you are talking about.

Do you really think that the company mentioned (which isn't a bank btw) that lends at 40% apr actually borrows its funds at 0.5%.

Do you have any idea what levels of bad debt they have to cope with before spouting your rhetoric? Secured on the vehicle often counts for jack if the vehicle never gets recovered.

Do you really understand all the factors that are involved in making such a business work.

If you are so sure how easy it must be to make a profitable business out of this market but also charge no more than (say) 15% APR then please be our guest and prove it to the rest of us. If not, then at least give some acknowledgement to the fact that very very few lenders remain in this market and those that are need to protect their margins.

If you were to cap their rates then they would also disappear due to their business being unviable. That may be OK in your book but it displays a certain arrogance if you would be happy to be the one that took away the choice that others can make for themselves as to whether to use their services or not.

No monument has ever been erected in memory of a critic.

revolu

-brock-

I would take away the choice of credit over 20% apr because if you are prepared to pay this rate it shows you are capable of making detrimental descisions to your wealth./life.

With the current setup, yes making a profit would be impossible, so lets CHANGE the laws so the risk is negligble

Further more Canadian artist Joe Fafard made a statue of critic clement greenberg:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl: