Every day loans

gallego_2

I got a loan with these guys because I was desperate. I had no other reason than that. I reluctantly got a loan of 4k. I pay 236 quid a month. for 4 years at 48% Apr. They also charge me between 45 and 49 quid a month insurance which I can't remember taking out if I am honest. However I do have a pretty crap memory and can´t find the policy and loan agreement as i moved house recently and god knows where I put it.

But this is my question, having read up on these guys (they are bank rolled by Barclays Capital) I noticed that they are in fact not regulated by the FSA for lending purposes. They are in fact only regulated for insurance purposes. Can they lend money at all if they are not regulated by the FSA? Their Apr is about as abusive as it gets (barring payday loans and the provident). :beer:

Apples2

You must have thought it was a good idea at the time, how can you reluctantly request and fill out all the forms for a £4k loan??

You cannot simply ignore it because you no longer want what you asked for.

Get another loan with a better apr than this one and pay it off.

gallego_2

If I could get another loan with a better Apr I would. You pick up on my language. I was reluctant but I did not have a choice. I never said I was having trouble paying the loan. Why would you assume I did? Your advice, while being much appreciated is unfortunately not helpful as it does not answer the question I asked.

Jamesf81

They would need a Consumer Credit Licence granted by the OFT under the Consumer Credit Act 1974 to provide credit services.

Ask them for their their licence number.

_Andy_

gallego wrote: »

I was reluctant but I did not have a choice.

Did they hold you at gunpoint?

Jamesf81

Maybe he had no choice like he said.

Do you know the outcome of what might have happened if he didnt get the money?

He never once mentioned he is considering not paying, he is asking advice regarding the insurance and if they are regulated as they should be