New loan company trend, good or bad?

lazy&indebt

Does anyone know if Martin has ever done an article on these?

It's just another sneaky trick from lenders to sqeeze extra pounds out of us - just like when credit card companies allocate your payments to the debt at the lowest rate of interest first!

lazy&indebt

I was thinking earlier - does anyone one how much you can borrow before the lenders start to say no? I mean, my debt at it's worse was £15k and I know for a fact I could've borrowed so much more if I wanted to.
I think there should be some sort of limit, you can only borrow as much as you earn in a year (obviously apart from a mortgage!) or something like that to stop people borrowing so much?!

MrsTinks

lazy&indebt wrote:

Does anyone know if Martin has ever done an article on these?

You mean other than his campaign against Carol Smilie? click here

MrsTinks

I HATE adverts for loans! I have always hated them for reminding me of not being able to cope and providing me with horrible reminders of the trouble I WAS in... Now I hate them because they are scamming people into loans they can't afford and encouraging them to spend even more! (like a well deserved holiday or that new car you've wanted...) BAN THE LOT I SAY!

oops_a_daisy

lazy&indebt wrote:

Does anyone know if Martin has ever done an article on these?

It's just another sneaky trick from lenders to sqeeze extra pounds out of us - just like when credit card companies allocate your payments to the debt at the lowest rate of interest first!

check out THIS thread which is sticky at the top of DFW threads

ceegee

There's all sorts in the small print at the bottom of the screen, but it disappears very quickly!

There's one with an arrangement fee of £1995 payable upfront (I suppose they could always add it to the loan amount and charge interest on it as well!:rolleyes: )

Also, the total amounts you have to pay back are eye-watering......approximately £49,000 on a loan of £25,000:eek:

They are like vultures. Whatever reasons people have for being in debt, these companies really do rub massive amounts of salt into the financial wounds!

Kevicho

tine wrote:

You mean other than his campaign against Carol Smilie? click here

Hes gone after her as well?

I thought he'd only had a campaign against Carol Vorderman

owessomuch

I hate these adverts as well!

If i'm ever off work and watch tv it seems to be every other advert especially on the sky channels!

They are the biggest rip off merchants around and if that wasn't bad enough the put the worlds worst actors in them too!!

lazy&indebt

I have seen (and signed!) the carol voderman petition but I mean has he ever done an article on the deferment thing? And the fact that you are still being charged interest during your '5 month payment break?'

It's the way they say, "you could borrow enought o consolidate your current debts into one easy payment....and even borrow extra for home improvements, a new car or that dream holiday"

People are constantly feeling pressurised by society to 'keep up with the jones' thinking about that car that they must have sitting on their drive or that conservatory they must have on the back of their house that's bigger than their neighbour's when in reality none of this stuff is important!

KatrinaC_2

The best one I've found recently was Ocean Finance trying to persuade users of Yahoo Mail that by taking out a loan with them you could "Eliminate Debts"...

Kat