Headline rate 'scam' - M&S Loans

gunsandbanjos

BenjaminClarke wrote: »

Thank you for your response. By not such a big deal I am assuming that it'll have more of a neutral to negative effect. So would you advise me to apply elsewhere for this loan? Or wait six months paying interest at 18% on our credit cards?

One search is not a big deal, BUT the lenders will look at it in relation to the overall state of your finances.

I've no idea on Tesco's loan strategy, if they're very risk averse like Sainsburys for example then yes you might be better elsewhere.

I agree with others that you should release funds from your ISA to pay off your unsecured debt. That's a more sensible course of action.

BenjaminClarke

gunsandbanjos wrote: »

One search is not a big deal, BUT the lenders will look at it in relation to the overall state of your finances.

I've no idea on Tesco's loan strategy, if they're very risk averse like Sainsburys for example then yes you might be better elsewhere.

I agree with others that you should release funds from your ISA to pay off your unsecured debt. That's a more sensible course of action.

Thanks for your response. We have decided to take the money out of our ISA to pay off the cards. We have also cancelled our overdraft facility. Therefore in a few weeks we'll be debt free. We'll save the £5000.00 over the next year and hopefully find a suitable house next summer to buy. Fingers crossed! I guess the only losers in the end are Tesco Bank...

andyfromotley

BenjaminClarke wrote: »

Honesty from lenders that's all I want. How is that not a liberal ideology? Please explain.

Well, liberalism as an ideology began to coalesce around the end of the 18th century, in the main as a result of the growth in the belief of Smithsonian economics, many people argue that political movements can only truly become ideologies with the development of an attached economic theory. Bang! The publication of 'The wealth of Nations' drew together the various progressive thinkers of the day. It was around this time that the word liberal started to be used. In particular these classic liberals were defined by their support of lassiez-faire economics, often to an extreme degree, which believed in no regulation or interference in the market. This only tempered from around 1850 onwards when the writings of Mills et al became much more influential in making a case for a slightly more interventionist approach. So your views on the regulation of lending decisions of private institutions (or indeed any regulation at all) cant really be described as liberal in any sensible way.

However you were probably using the word in a social context to describe yourself and your value system. In general esposing a belief in tolerance, justice and the rights of the individual? Given the repeated posts you have made insulting those that disagree with you it shows a lack of tolerance or empathy with others, which makes that use of the word liberal fairly redundant in this regard too.

Still what do i know? You are after all a politcal blogger.:rotfl:

BenjaminClarke

andyfromotley wrote: »

Back to the original point though, do you feel ripped off when you see a sign on a shop that says 'SALE!!!! up to 75% off' but then find that the particularly fetching purple cords you set your heart on only have 10% off??

Its a bit annoying but i feel that most people understand how these things work. I personally think that companies should have to publish their lending scorecards, i think the amount of fraud this would cause would be minimal and would in general enable people to be directed to an appropriate lender.

Intererstingly i am surprised that one of the CRA's hasnt devised a system where you apply to them for a loan, they use a generic lending scorecard (lets face it they are all going to be pretty similar) and then companies could bid for your business based upon the info you have provide, one credit search recorded lots of options and real competition.

I accept that shops do this on a regular basis, that's fine. Small businesses need all the help they can get at the end of the day. Big businesses should have more care towards potential customers though. Also, by walking into a shop and not getting the deal you were advertised you don't lose anything do you? In my instance we do. The search will sit on our credit files for six months, which, albeit small, is still a negative. That's all I'm saying. Well, that and the fact it took them two weeks to process the application!

I'm over it anyway. As I have said we are going to just use our savings to pay off the debt and rid ourselves of these credit cards for good.

BenjaminClarke

andyfromotley wrote: »

Well, liberalism as an ideology began to coalesce around the end of the 18th century, in the main as a result of the growth in the belief of Smithsonian economics, many people argue that political movements can only truly become ideologies with the development of an attached economic theory. Bang! The publication of 'The wealth of Nations' drew together the various progressive thinkers of the day. It was around this time that the word liberal started to be used. In particular these classic liberals were defined by their support of lassiez-faire economics, often to an extreme degree, which believed in no regulation or interference in the market. This only tempered from around 1850 onwards when the writings of Mills et al became much more influential in making a case for a slightly more interventionist approach. So your views on the regulation of lending decisions of private institutions (or indeed any regulation at all) cant really be described as liberal in any sensible way.

However you were probably using the word in a social context to describe yourself and your value system. In general esposing a belief in tolerance, justice and the rights of the individual? Given the repeated posts you have made insulting those that disagree with you it shows a lack of tolerance or empathy with others, which makes that use of the word liberal fairly redundant in this regard too.

Still what do i know? You are after all a politcal blogger.:rotfl:

I'm not sure what book you got that from but you do make a fair point. I just felt I was being attacked a bit. I haven't disagreed with anybody on here though. Please show one example where I have... I accept all ideologies but that doesn't mean I won't argue my own ideologies. I also accept democracy and that I was outvoted at the last election. I accept this government and the people who voted them in.

I have mainly just found it frustrating that people don't seem to understand what I was aggrieved about. People's general response has been, "that's the way it is, so deal with it." And for someone like me I find that stance hard to accept. Yes they are entitled to their opinion but I believe these opinions are more based upon ignorance than judgment. People don't care because it hasn't affected them directly. That tends to be a Tory ideology as most Tories think people get what they deserve in life, which is a closed minded point of view. Does me thinking badly of closed minded people make me a fascist? Or a liberal? Or somewhere in the middle? You tell me.

Gaz83

And he's still going on!

I see he's deleted his tears-strewn rant from a couple of pages back as well.

BenjaminClarke

Gaz83 wrote: »

And he's still going on!

I see he's deleted his tears-strewn rant from a couple of pages back as well.

HAHA, hello Gaz! I haven't deleted anything from this forum! Which rant were you talking about and I'll find it for you so you can have another read?

Gaz83

In between Post 72 and 73 on this thread you had a mighty toys-out-the-pram rant that isn't there any more. Hence my post in Post 74 (that's now Post 73).

Either you've deleted it or the forum police have.

BenjaminClarke

Gaz83 wrote: »

In between Post 72 and 73 on this thread you had a mighty toys-out-the-pram rant that isn't there any more. Hence my post in Post 74 (that's now Post 73).

Either you've deleted it or the forum police have.

Must have been the forum police I guess. I do not even know how to delete a post. I can see where to edit a post. I promise you though, I haven't deleted anything from this forum.

BenjaminClarke

Just checked and all of my posts are still there. You sure you're not on about the rants in posts 64, 65 and 67? They're all there for you to read again, don't worry.