Great Champagne 'highest Apr' Credit Card Hunt!

124

Comments

  • Aliss
    Aliss Posts: 141 Forumite
    144%, two years ago!!! I put the leaflet in the recycling. We got loads of silly offers when we first moved into our (ex-council! :rolleyes: ) house. Most were around 35% but after the 144% one we joined the mailing preference service!
    Aiming to pay off mortgage by my 30th birthday... £39438 to go!

    "Had a documentary made about me" non-clique No.1, PM me to be added!
  • Mozette
    Mozette Posts: 2,247 Forumite
    Blimey, this all makes the one I got sent at 67% seem like a good deal!!!
    Mind you, I sent it back in the reply paid envelope, rather descriptively expressing my opinion of them!
  • ravenk
    ravenk Posts: 152 Forumite
    I'm sure I remember the goverment were giving spin about stamping down on loan sharks. Did anything ever come of this ?

    Criminal.

    But as many of the forum members who side with the banks will no doubt reply.

    "No one forces you to apply for the card/loan" ..."It's all in the terms and conditions you read and memorised the details of"
  • Dylanwing
    Dylanwing Posts: 2,015 Forumite
    The Money Shop will loan £1,000 for just £99 per Month, or 123.8%. I have used the Cash Til Payday service, cash a cheque for £100, you get £87, fee of £13, they bank the cheque a Month later. Can any clever person work out the APR?:eek:

    I used the cash to cover a Direct Debit, as the charge was less than my Bank would charge if unpaid, and I don't get hassle from the DD originator. Well, and as my Bonus is paid on 31/8, it is beer money for Bank Holiday. Well, and it has been used to afford am away football trip just before payday. Ok, I know, it's a bit of a rip off, but who cares? :p
    Red card for Dylanwing????wave:
  • ravenk
    ravenk Posts: 152 Forumite
    Dylanwing wrote: »
    The Money Shop will loan £1,000 for just £99 per Month, or 123.8%. I have used the Cash Til Payday service, cash a cheque for £100, you get £87, fee of £13, they bank the cheque a Month later. Can any clever person work out the APR?:eek:

    I used the cash to cover a Direct Debit, as the charge was less than my Bank would charge if unpaid, and I don't get hassle from the DD originator. Well, and as my Bonus is paid on 31/8, it is beer money for Bank Holiday. Well, and it has been used to afford am away football trip just before payday. Ok, I know, it's a bit of a rip off, but who cares? :p
    Red card for Dylanwing????wave:

    I have seen these places that cash cheques etc.

    How do they protect against you giving them a cheque that will bounce say for 300 pounds and walking away with a whole load of cash...and they are left with a rubber cheque ? ...or is this why they charge such a large margin.

    Also how do cash convertors (Pawn Shop ?) know that the goods they buy are not stolen ?

    Short story follows...

    I had an old ID braclet. It was a real kick back from the 80's and I no longer wore it. Tried to sell it on e-bay but no luck.
    While in London I visited a scrap gold buyer in Hatton Garden. Cooksons.
    Gave the chap behind the counter the gold braclet. He tested it was 9ct gold. Weighed it ...how would you like the 375 pounds sir ...err cash please.
    gave me a receipt for the transaction and the cash and I walk away. I asked if he required any form of ID from me ...answer no.
    What an eye opener.....
    However I was on CCTV of course.

    I did ask what would happen with the braclet. He said it all just gets melted down.

    If someone robs your house or mugs you ...thats how easy it is for them to turn the stolen property into cash.

    :eek:
  • spring85195
    spring85195 Posts: 56 Forumite
    ravenk wrote: »
    I have seen these places that cash cheques etc.

    How do they protect against you giving them a cheque that will bounce say for 300 pounds and walking away with a whole load of cash...and they are left with a rubber cheque ? ...or is this why they charge such a large margin.

    Also how do cash convertors (Pawn Shop ?) know that the goods they buy are not stolen ?

    Short story follows...

    I had an old ID braclet. It was a real kick back from the 80's and I no longer wore it. Tried to sell it on e-bay but no luck.
    While in London I visited a scrap gold buyer in Hatton Garden. Cooksons.
    Gave the chap behind the counter the gold braclet. He tested it was 9ct gold. Weighed it ...how would you like the 375 pounds sir ...err cash please.
    gave me a receipt for the transaction and the cash and I walk away. I asked if he required any form of ID from me ...answer no.
    What an eye opener.....
    However I was on CCTV of course.

    I did ask what would happen with the braclet. He said it all just gets melted down.

    If someone robs your house or mugs you ...thats how easy it is for them to turn the stolen property into cash.

    :eek:

    Think it need to be backed by a cheque garentee card.

    So the bank will never bonus the cheque, it will put the account into debt if not enough money inside.
  • Dylanwing
    Dylanwing Posts: 2,015 Forumite
    They also cash third-oarty cheques, handy if you are OD and don't want the Bank to swallow all of the cash, or you cannot wait for cheque clearance. They are very strict on taking ID, normally needing copies of bills etc.

    As regards bad debt, I dealt with their recovery Department once, when an ex-employee used an old cheque book that he had in his drawer. Lets just say that they are 'robust', and he repaid the money very quickly!

    These places may be expensive, but are useful if you need a quick, short-term financial fix.
  • pusscat
    pusscat Posts: 386 Forumite
    Best I can do is

    http://www.greenwoodpersonalcredit.com/products/easyshopcards.aspx

    It is a credit card you can only use in Argos - lovely typical APR of 399.7%

    However there is good news - if you actually apply the rate for £100 over 28 days is only 258.6% so a bargain really.......
  • ravenk
    ravenk Posts: 152 Forumite
    pusscat wrote: »
    Best I can do is

    http://www.greenwoodpersonalcredit.com/products/easyshopcards.aspx

    It is a credit card you can only use in Argos - lovely typical APR of 399.7%

    However there is good news - if you actually apply the rate for £100 over 28 days is only 258.6% so a bargain really.......

    I'm lost for words. Now that does not happen often :D

    Just checked the Web site. It's criminal. 399.7% ...does sound and look cheaper than 400% ...now that would put me off ..Credit due ...they managed to keep it under 400% :j

    It's frightening that people use this or have no choice but to accept this interest rate.

    Still I suppose if you can get away with it why not ?
  • ukdutypaid
    ukdutypaid Posts: 346 Forumite
    First Post Combo Breaker First Anniversary
    Yes you've read that correctly 365.1% APR...
    Before you think you can't beat that, remember it's from our mutual friends
    Provident Personal Credit, as mentioned above and it's for Cash Advance
    http://www.providentpersonalcredit.com/products/LoanCalculator.aspx

    So if you want to pull it off here Martin, then go ahead. Come on give me a break though, one doens't get the chance to actually type out 365.1% APR, every day..
    Oh and if you do it through Quidco there's
    "£7 for valid applications completed online
    £3 for valid applications completed online"

    Yep spot the diff between those two....
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