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Jacamo perpetual debt
Comments
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74.9% is the actual APR
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74.9% !!! WOW!!! that's appalling.
I believe they should have been sending you something at least annually if not monthly. Not leave it for nearly 2 years or more.
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That's the rate for you. The majority get the 44.9%.
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So not the rate that is advertised then…
So they pull a rate out of the air to get people signed up and then just choose whatever they want once they got you into debt?1 -
That was the basis of my complaint the FO. That's an insane interest rate, I would have never borrowed the money if I had been aware of it.
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No. They use a representative rate that 51% or more of successful applicants get, as per the regs.
No air rates are allowed to be pulled.
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Well you may find this interesting. When I took out the credit account it was not 74.9% APR. I would have never agreed to a credit account with a 74.9% interest rate - that's insane.
I've just read in my account that Jacamo reserve the right to makes changes to the APR whenever they want. All they have to do is let you know, they don't require you to agree with it. I never received anything from them saying that my APR had been raised to 74.9%.
They are acting like loan sharks within the system legally.0 -
Again, standard. But they will have advised you of the rate change.
If you weren't accessing your account or statements, you probably missed it.
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So bumping a rate from 49 to 79% and "just sending notification" without any requirement for agreement, or even response that the notification had been received is legal?
Our financial system is so corrupt.0 -
Yes, completely legal, and standard practice. You have the right to reject the change in APR and carry on repaying the debt at the original APR - but your account would be frozen such that you can't put any more spending on it. And you still have to repay any outstanding debt at the original APR.
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