Horrifying Email

glossyhair

I received this horrifying email this morning . . . read to the end!
Surely this is taking advantage of the most vulnerable and desperate and should be outlawed. My chin is still on the floor! :eek::eek::eek:

If you are the legal owner of a car that is free of outstanding finances,
you can get a loan! Having bad credit is something that can prove to be a real struggle, especially when someone is looking to borrow money for home improvements, holidays or any other purpose. Logbook Loans recognizes this fact and has found what it believes to be an ideal solution. You can apply online and have your money within 24 hours, even if you have bad credit. A Logbook Loan now caters for all those people who may have bad credit and are in need of a secured loan or payday loan. Apply Now 437.4% APR Typical

laura2481

:eek::eek:

Extant

It's sub-prime lending, secured on your car - are you surprised it's so high of a cost, really?

glossyhair

And another SPAM email from a company in Milton Keynes offering payday loans at, wait for it, 1737%

Surely this cannot be legal? Can it? :eek::eek:

I have just worked out why I am getting these emails . . . I filled in a survey and one of the questions was about employment status and I answered unemployed. Talk about targeting the vulnerable :mad::mad::mad:

I am not one to be taken in by these things, however desperate I might get, but it appalls me that there seems to be no safeguard for the less savvy.

Does anyone know if I can email Martin direct with these ?

_Andy_

No-one's forced to take a loan with a high APR. And yes it is legal.

never-in-doubt

As _Andy_ stated, you're not being forced into taking the loan and as such, they could charge you 20,000% APR - if you say no then the rate doesn't matter too much and so shouldn't be illegal - maybe if they'd been mis-sold it then that's a different story....

I'm more surprised you even read the emails - if you don't know the sender then surely the best way forward would be right click, send to 'spam'

As for emailing martin, why? What do you think he'll do? he's a journalist for crying-out-loud. He isn't the head of finance for the UK......

glossyhair

_Andy_ wrote: »

No-one's forced to take a loan with a high APR. And yes it is legal.

As I said, the desperate and vulnerable often consider anything to get themselves out of a hole, and possible future costs/consequences are not always thought about or even understood at the time; not everyone is money savvy or blessed with foresight.

I think it is a sad statement about the state of our society that the people who find themselves in hardship are the ones targetted. Surely it is the role of those of us who are aware to help those who aren't so well equipped?

'Nuff said from me before I get really angry. :mad::mad::mad: (not with anyone on here particularly, just the situation and lack of governmental / legislative care of the vulnerable.)

never-in-doubt

glossyhair wrote: »

As I said, the desperate and vulnerable often consider anything to get themselves out of a hole, and possible future costs/consequences are not always thought about or even understood at the time; not everyone is money savvy or blessed with foresight.

I think it is a sad statement about the state of our society that the people who find themselves in hardship are the ones targetted. Surely it is the role of those of us who are aware to help those who aren't so well equipped?

'Nuff said from me before I get really angry. :mad::mad::mad: (not with anyone on here particularly, just the situation and lack of governmental / legislative care of the vulnerable.)

Hey I think you'll find we all see what you're saying but you have to realise it's the risk that comes with it that generates high APR's. Lets say for instance, I know you and you're skint and you say to me 'lend me a tenner til payday and i'll buy you a beer'.

That £10 would be charged at a rate of 250% - 300% APR as a pint is likely to be £2.50 - £3.00.... same difference but you don't look at it like that.....

If the customer was genuinely mis-sold then they wouldn't be expected to pay it back and the courts in the country do have some sympathy and would not expect someone to pay back a loan at say 2000% APR regardless of the contract.

glossyhair

never-in-doubt wrote: »

As _Andy_ stated, you're not being forced into taking the loan and as such, they could charge you 20,000% APR - if you say no then the rate doesn't matter too much and so shouldn't be illegal - maybe if they'd been mis-sold it then that's a different story....

I'm more surprised you even read the emails - if you don't know the sender then surely the best way forward would be right click, send to 'spam'

As for emailing martin, why? What do you think he'll do? he's a journalist for crying-out-loud. He isn't the head of finance for the UK......

There's no need to bite my head off!!!!!

I'm not even considering taking out such a loan. My concern is for those people who may be tempted with what looks like their only way out of a desperate place. I've been in that place and I know how it feels.

My email filters spam and shows a preview window . . . I just scrolled my mouse across it out of curiosity before deleting and was simply horrified at what I saw.

I have a heart and a social conscience. I care about more than just ME ME ME and what I can get! I am grateful for the savvy that I have acquired and feel that it is my responsibiity to do all I can to help those less fortunate than I am. We live in selfish, greedy times and I believe that the world would not be in such a mess if everyone considered the impact of their actions on everyone else. That might be an idealistic view but it is the truth nonetheless.

Finally, I know Martin is a journalist and who better than a journalist to bring such matters to light and continue to press for better financial "consideration" for those who are less able to judge and cope. For example, people who are deep in debt with mental health issues; I have read Martin's thoughts on these matters before and I know he shares my views.

never-in-doubt

glossyhair wrote: »

There's no need to bite my head off!!!!! .

See my last post ( #8)

Snakeeyes21

And the payday loan bashing continues.
payday loans are meant for short term lending, a week to a month.
so the APR isnt relevant as they arent loans over a year.
for many people who havent got friends / family / credit lines to be able to borrow short term cash at a reletively low cost is a god send.
having that £100 or £200 to tie you over untill payday could mean the difference between starving and making it through the month.
what about bank overdrafts? Go over by £1 for 1 day and get charged £35 plus interest on top.