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Log book loans to be outlawed?
incesticde
Posts: 466 Forumite
"I don't want to sound cold and un-caring, but I am those things so that's the way it comes out" - Bill Hicks
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It is, indeed, good news that these 'companies' are now facing extinction, although there are still some posters who believe that charging interest rates of between 200 and 600% is 'providing a service' to those in need :mad:.
I have been debating this issue on the following thread:
http://forums.moneysavingexpert.com/showthread.html?t=1732151I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
Its the vicious circle, if your poor/in need you have to pay more to borrow because you are a higher risk, but those that are a lower risk are the ones not usually needing to borrow.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
DarkConvict wrote: »Its the vicious circle, if your poor/in need you have to pay more to borrow because you are a higher risk, but those that are a lower risk are the ones not usually needing to borrow.
That's very true, dc, but these 'Bill of Sale' Loan Companies take it to the next level. :mad: :mad:
They hide behind legislation that is over 130 years old in order to 'fleece' their debtors with aprs often between 200% and 600%.
Nobody denies that the sub-prime lending sector involves a higher element of risk to the lender and should, therefore, attract a higher cost to the borrower, but some of the rates charged by these companies are nothing short of extortionate.
Even more so when you consider that they have already protected their risk by effectively taking ownership of the debtor's vehicle.
These companies are predators, getting fat by exploiting often vulnerable debtors.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0
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