Being on the CCJ register SUCKS!

laurajayne

To be honest, they are purely playing on people's desperation...if they'd sent it not long after i got the CCJ, then yes, I probably would have gone for it too.

Same for the "pay £50 up front" little bandits. - In fact I did! Never got the loan.....

I did apply to one not so long back; but when I got the paperwork and read 69.9% APR :eek: , it went in the bin...and it wasn't even for the amount I asked for, it was 1k when I wanted 5k! not useful in the slightest lol.

I feel like shouting from the rooftops...or founding a loan company

Daylight robbery, thats what it is.

Spirited_2

I thought it was bad when my DH sent off for an interest free till god-knows-when card from Egg with after checking he had a fairly good credit report (only a couple of late payments, one arrear) for several thousand pounds only to be offered £500 at 29.9% (a higher interest rate than his worst loans/cards that he was trying to avoid!).

Bloody adverts, it's no good having an interest free period longer than any other card when you don't offer it to anyone. Honestly I think he didn't have enough debt (would have a good chance of clearing it before the interest free period ended).

ZTD

bluezone wrote:

companies like that should be banned! thats a disgusting rate to pay

Unfortunately, I'm going to have to take the contrary position here. I can see you're all surprised... :rolleyes:

When you ban the Provvy - or whoever - from offering loans, the other side of it is that you also ban people from getting loans. You might think that an ursury law might force the Provvy into lowering its rates, but many times they will just not offer a loan. Desperate people then do desperate things and borrow money from people who break kneecaps for a living. :eek:

If I was in charge....

Loans would be referred to by the APR at all times, so it would be the 150% APR Provident Financial loan. (Able to be shorted to "The 150% APR loan"). This would focus in people's minds what they were paying.

I would only allow "fancy" loans (i.e. not fixed payment/term loans without PPI) if people could pass a short exam which would test their knowledge of the loan and various scenarios to do with the loan.

It would be amusing to see a saleman's frustration at trying to sell a "mousetrap" loan to someone too dippy to pass the test. :rotfl:

Broken_hearted

ZTD wrote:

Unfortunately, I'm going to have to take the contrary position here. I can see you're all surprised... :rolleyes:

When you ban the Provvy - or whoever - from offering loans, the other side of it is that you also ban people from getting loans. You might think that an ursury law might force the Provvy into lowering its rates, but many times they will just not offer a loan. Desperate people then do desperate things and borrow money from people who break kneecaps for a living. :eek:

If I was in charge....

Loans would be referred to by the APR at all times, so it would be the 150% APR Provident Financial loan. (Able to be shorted to "The 150% APR loan"). This would focus in people's minds what they were paying.

I would only allow "fancy" loans (i.e. not fixed payment/term loans without PPI) if people could pass a short exam which would test their knowledge of the loan and various scenarios to do with the loan.

It would be amusing to see a saleman's frustration at trying to sell a "mousetrap" loan to someone too dippy to pass the test. :rotfl:

Funny people use to live without loans. If you can't afford to live on what you've got you can't afford a loan.

ZTD

Broken_hearted wrote:

Funny people use to live without loans.

People still do. But even in times gone by (cue Hovis theme tune...), if a family needed money in a hurry, the gold watch/heirloom would make its well-worn trip down to the pawn-brokers.