49% apr loan !

jiggerypokery_2

I have just been accepted for a loan of £3000 by a company who specialise in credit repair - it wasnt until I checked the repayments and rates that I realised the horrid truth!
On a loan of £3000 the monthly repayments were £160 over 48 months - total repayed £7680 !!!
Thankfully I hadnt agreed to anything

I know companies take advantage of people with a poor credit rating and there are going to desperate people out there who will take on loans like this.

Surely this isnt allowed????

Its horrendous - I am still in shock

Murphy_The_Cat

ouch ! that was a close call.


well done on spotting the rate before signing up.

As far as i am aware, there is no regulation on interest rates, as long as the rate is clearly shown. It truly is a case of buyer beware.

MTC

jiggerypokery_2

In fact I got it wrong - the apr actually works out at 75%!!!

BaritoneUK

What was the name of the company? It's important to name companies such as these, so that other people don't get into trouble because of them!

jiggerypokery_2

The name was

Citi financial

I think they have offices all over the place, they specialise in 'credit repair' loans

cifpower

Yes, it used to be The Associates before Citibank took them over. Last year I used Welcome Finance for a Car Loan with an APR of 42%. The only add-on I took was Gap Insurance. The following month I was involved in an accident and the car was written off. I had only made two payments and the credit was paid off for me. Then last month I got £3500 comp! NOt bad overall!

dawnylou

OMIGOD!!!

This company are badgering me and my fiance!

They phone almost on a daily basis asking of we still want a £3,000 loan. Sometimes they want to speak to me, and sometimes to my partner.

We keep telling them we do NOT want a loan and they say they'll strike us off the records etc.
But this morning a letter arrives for my partner asking him to phone them re his loan application!

I don't even know where they got our no, we are ex-directory!!

When will they just leave us alone???

Anyway we are not phoning them back and making our phone bill even higher just to tell them exactly what we tell them every time they phone us!
Hmph!

Economikrisis

Applied for a platinum Citicard last August and got accepted for a classic card with a crappy credit limit of £500. Was surprised as I have a excellent credit history. Called them up and was promised that they would look into it in another 3 months. So kept the card.

December last year had a phone call from a Citibank officer in Reading. Told me that I have specially selected for a credit limit increase and would like my authorisation for another search on my credit record. He then told that if the credit limit increase does not go through then he might be able to offer me loans at special interest rate. This is where I became suspicious and said no. Cancelled my Citicard the next day.