Headline rate 'scam' - M&S Loans

Caladan

Love this thread.

When it became illegal for car insurers to discriminate in favour of women, it didn't mean everyone was better off, it meant women were worse off (although in reality insurers have found ways round it, such as making certain cars cheaper (i.e. the ones more likely to be driven by women)). Same would happen if loan prices were fixed regardless of risk.

The numbers don't lie. You are not an individual to a bank, you are a set of probabilities. If the amount of people who match your 'profile' likely to cause the bank a loss exceeds the amount who'd likely cause it a gain, then you're not a desirable customer. It's harsh, but in a strange way, fair.

meer53 wrote: »

Making money on savings but losing MORE money in interest ? Makes no sense.

With reluctance I disagree with you here. This makes sense in strict financial terms, but not necessarily the right thing to do. I, for example, have some expensive credit card debt. I have savings I could use to pay it off but I might want to relocate/change jobs/start a family in the next year or so. It's less attractive to me to have to try and borrow the money again (at unknown terms) should I need it than it is to have that safety net sat there come what may.

andyfromotley

BenjaminClarke wrote: »

I'm not sure what book you got that from but you do make a fair point. .

That'll be them pesky books at Leeds University where i study politics. ;-)

I do get your point but you have been pretty chippy on here with people who disagree with you. but, meh, whatever.

Oh and you are mixing up your political parties with ideologies. Conservative ideaology has a strong tradition of paternalism and views it as a duty to help the poor and those in dire circumstances. Tories are generally viewed as operating to a (neo)liberal ideology, But yes i am being a tad pedantic here but thats just one of my many annoying traits!!!

Thrugelmir

What's your day job BenjaminClarke ?

Superscrooge

Thrugelmir wrote: »

What's your day job BenjaminClarke ?

He works for Tesco Bank

Thrugelmir

Superscrooge wrote: »

He works for Tesco Bank

I was thinking Sainsburys myself.

Westminster

What's your day job BenjaminClarke ?

BenjaminClarke wrote: »

I told Tesco Bank the truth. The loan was to consolidate our credit card debts. Maybe if I'd have said the loan was for a new bathroom then they'd have approved it on the rate being offered? The fact I was offered 15.8% instead of the 3.4% offered to me on the price comparison website says to me that Tesco didn't want the business. That's what the world has come to has it? Where you are better off lying through your teeth to get what you want? Just another superficial idea to go along with this superficial society we live in. It's the same in the world of work. I see companies hiring absolute idiots because of what's written on their CV. Young, inexperienced people don't get a chance to prove themselves. I know because I was once one of them. I tried for over a year to get a job in accounts but was knocked back due to a lack of experience. I knew that I could pick up anything easily and just needed an opportunity. In the end I lied and said I gained experience whilst travelling in Australia. I put down a fake Australian telephone number as a reference hoping they wouldn't bother phoning it. Sure enough, within one week, I had a job offer on the table. I worked for that organisation for 7 years and am now a fully qualified junior accountant. Unfortunately we don't live in an honest world anymore. You need to lie and cheat your way through life and that is what I will teach my children to give them the best chance of success, despite it being against my very nature.

Remarkably enough - an accountant.

Hopefully for your sake - you have not joined an anonymous forum posting under your real name and then gone on to admit you lied to get into your current position (in a job where you are explicitly required to be trusted).

The internet never forgets and it is extremely common for recruiters to type the name of someone they are considering employing into a search engine.

Pixie5740

That is priceless and quite a chip on the shoulder.

marc81

BenjaminClarke wrote: »

Thanks for the input but I don't care that I was offered 15.8% instead of 3.4% advertised. Most people on here seem to lack the basic capacity to be able to read and process information. I will say this for the last time: I was upset because Tesco Bank took two weeks to process our application for a loan, then offered us a joke interest rate. I am also slightly annoyed that the search they did will sit on my file, although I am not so bothered now because I have been told this won't really matter.

I guess this is just me throwing my toys out the pram though? Apparently I blame everything on everyone else... typical Tory blah blah if you ask me. I blame Tesco for taking so long as when I originally applied they said two working days... what is wrong with that? I am sure most of you are hypocrites too and have probably complained about the same thing during your miserable lives. Wouldn't you complain if you were told something you ordered online would take two days to arrive but instead it took two weeks? Honestly, some people on here have really amazed me. Clueless isn't even the word...

Wow, you really have got a big chip on your shoulder haven't you?! I hadn't even read any of your previous posts, my response was to the original posters point - it wasn't even aimed at you, but thanks for the abuse of being branded 'clueless' and unable to process information, I really feel part of the full debate now!

Cycrow

Caladan wrote: »

With reluctance I disagree with you here. This makes sense in strict financial terms, but not necessarily the right thing to do. I, for example, have some expensive credit card debt. I have savings I could use to pay it off but I might want to relocate/change jobs/start a family in the next year or so. It's less attractive to me to have to try and borrow the money again (at unknown terms) should I need it than it is to have that safety net sat there come what may.

But if you used the savings to pay of the credit card, then the credit card would be clear and you can use that as your safety net. It'll work out cheaper doing it this way.

You wont have to borrow again, as you already have the credit available on the credit card.

And the more months that pass before needing this saftey net, the less interest you pay and the more money you can save

Thrugelmir

Unfortunately we don't live in an honest world anymore. You need to lie and cheat your way through life and that is what I will teach my children to give them the best chance of success, despite it being against my very nature.

Then complains that a lender isn't playing fairly. Priceless.