why didn't i listen!!!!!!!!!!1

bigblue2

hi folks , been reading through the various threads on here regarding the sub prime lenders and for some reason still screwed up , the basics are we have recently had a child so we needed a different car as ours was 2 door, anway ours was worth hardly anything but spoke to a dealer who offered us a deal of 1200 pounds to change so with nobody else to ask i stupidly tried yes loans they contacted me straight away and after paying 69 pounds they gave said a 1250pound loan was agreed with a figure of about 84 pounds per month over 2 years , this fell within our budget , great i thought, they then contacted one of thier loan providers who asked us to go in and sign all the paperwork (everyday loans), so we arranged with the car dealer to pick the car up that afternoon as we were assured money would be transfered straight away , all great so far despite a apr of 60 something percent, anyway there we are filling all the paperwork out and the guy is processing his part , then after 2 hrs there he drops the bombshell he asked if we had a prefered day for money to go out and then told us "ok so thats 46 .50 , i was pleasantly suprised as was quoted over 80 before, he then said no thats weekly:shocked: --186 x24 for a 1200 pound loan and we were lold due to one disputed 40 pound default we nearly didnt pass thier cheecks !!!!!!!!! we have one satisfied ccj and 1 disputed default

70 pounds down and a worse credit file than we stared with =why didnt i listen:mad:

CH27

Sometimes we have to learn the lessons for ourselves for them to be effective.

bigblue2

too true but guess you think when peolpe who are controlled by so many bodies they will tell you the truth
hard lesson learned

Malky

How refreshing to hear from a new poster admitting they made a mistake rather than come on here all guns blazing and blaming everyone else but themselves.
As mentioned, you will learn from this not to do it again. In the grand scheme of things it's better to be down £70 than over over £4K in debt.

Apples2

I think it is about £70 for a consumer Credit License.
+
20 mins with Frontpage to build a cheesy smily website
=
Wham!, the money comes rolling in.

bigblue2

the one strange thing i found was how come if we wanted to buy a 3k car companies will finance that for 30-40% apr
and also our experience today was tough we had everything checked etc yet provident dont check anything and are half that apr , to say i was shocked at thier apr was a understatement to say the least not worked it out yet but must be over 400% ,iwas expecting it to be high but nothing at all like that , hence why weagreed to the 60 or so percent in the 1st place
still as they say keep calm and carry on

Tixy

Give or take about 170% apr. Frightening hey. At least you realised in time and didn't go ahead. Losing the fee is bad but not as bad as being saddled with that size of debt that you probably couldn't afford to repay.

KingElvis

Not to metion the actual "car" would've been a hunk of junk and you'd have been stuck with those horendous payments for ever and ever while trying to keep your banger on the road.

A lucky escape which you should deffo learn from.