Well....seen it all now

RichesToRags

dojoman wrote: »

Crazy, is there nothing that these cowboys will do to get people to lend money. On another note since we were declared BR, we are getting bombarded vial mail and email for these payday loans, do they trawl the insolvency register for the info, or is it coincidence?

Since going BR Provident have written to me offering me loans nealy every week. Never had any dealings with or mail from them before BR.

alastairq

I get bits an' pieces from Trading Floor...whoever thy are..and a company offering to let me trade in my pensions...which I cannot do, due to their nature...


The fact that these people are targetting BR's shows they have zero understanding of BR and what it means....like, no longer actually being short of cash for essentials.....may not HAVE much cash, but BR ensures we have to manage properly, without help form sharks.

Thatcher44

If you missed the programme you can still watch it online I think, just google Dispatches and the Christmas on Credit episode pops up.

dojoman

RichesToRags wrote: »

Since going BR Provident have written to me offering me loans nealy every week. Never had any dealings with or mail from them before BR.

Thats one of the idiots that keep contacting me..:mad:

philnicandamy

Thatcher44 wrote: »

If you missed the programme you can still watch it online I think, just google Dispatches and the Christmas on Credit episode pops up.

http://www.channel4.com/programmes/dispatches/episode-guide/series-44/episode-1

confused76

that looks interesting, think i'm going to watch it in a bit cheers thatcher & phil

nervousmother

Im a bit stuck as my pc does not have sound! hmmm i need some speakers (they only broke last week!)

philnicandamy

confused76 wrote: »

that looks interesting, think i'm going to watch it in a bit cheers thatcher & phil

Hmm watching it now....brighthouse getting a good hammering

although...they'll still come out the winners if people need goods yet cant get credit they'll use that as a first port of call :rolleyes:

d716ag

philnicandamy wrote: »

[i have removed a link to a bbc story as i am a new user and cant post links] and all for 997% apr....:rolleyes:

[The bbc story is about a txtloan . co . uk who lend £100 for a week, charge £10 interest and claim an APR of 994%]

Yep....loans by txt :eek::eek::eek::eek::eek:

and they say 90% of people pay the loan back within a week....wonder what they do with the rest?

Having done some calculations I think that the APR is atleast 14299% (yes 14 thousand %), calculated as follows:

(using a guide on the oft website called oft144.pdf as a guide - see page 9 to 11 - i can't put the url as i am a new user and am not allowed to add links - google oft144.pdf it's near the top)

Ak=£100
A'k'=£110
tk=0
tk'=7/365 (i.e. how many years in a week)

the APR is calculated by finding i in the following formula

Ak/(1+i)^tk = A'k'/((1+i)^tk')

to make the formula work i has to be 142.99 (interest as a decimal same as 14299% APR)

Does anybody disagree with my calculation? Can anybody show that it is 994% or 997%? (with working?)

PS A quicker calculation is 1.1^(365/7)-1=142.99 i.e. 14299% - gives the same answer

Thatcher44

philnicandamy wrote: »

and people wonder why bankrupts have a bad name :rolleyes:

I can see why you'd say that, it's clearly meant to be provocative. If it highlights the issues of debt I'm all for it.