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uncle_monty

Unbelievable Stupidity From A "property Developer"

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http://www.timesonline.co.uk/tol/money/con...et=0&page=1

[sNIP] Pawnshop first, then showroom

Property developer Mary Unwin bought a new Aston Martin V8 roadster worth £98,000 by taking out a loan from Borro.com, a pawnbroker.

She pawned bracelets and three diamond rings worth £10,000 to receive a loan of £5,000 at a rate of 4%. “I had some savings, a car to trade in as well as credit cards, but I was slightly short of what I needed,†she said.

“I’d fallen in love with the car and wanted it arranged quickly, so I didn’t bother approaching a bank.

“The Aston Martin dealer was offering interest-free credit on half the price if I paid a deposit of £49,000.â€

Unwin, who lives in Bideford, Devon, received her £5,000 loan from Borro within two days of applying. She repaid the loan and retrieved her jewellery a month later with money she received from her investments.

“I could manage perfectly well without my jewellery for a month,†she said. [sNIP]

1. Paying top-whack for a brand new (!) Aston in recession (not seeing much "cut-price" action here)

2. Taking finance on half

3. Pawning possessions for another 5%

And this women is held up as a paragon of financial wizardry by The Sunday Times Money Section.

"Debt is Wealth"

Monty

Edited by uncle_monty

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1. Paying top-whack for a brand new (!) Aston in recession (not seeing much "cut-price" action here)

2. Taking finance on half

3. Pawning possessions for another 5%

And this women is held up as a paragon of financial wizardry by The Sunday Times Monet Section.

"Debt is Wealth"

But she had fallen in love with the car. Surely that makes it OK?

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an intensely stupid way to go about tackling a recession. also shes too old for an aston martin. woman mid life crisis alert. also if you do have an aston martin, its supposed to be a reward for hard work and success. not done on a fly by night pawn loans. wtf ?? so now were to think this woman is all success and brains ?

btw: were all paying for this you know through QE and the theft of savings to lend to morons like this.

what an amazingly naive newspaper. population and government.

it just gets more surreal every week !!

Edited by right_freds_dead

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I'm sure she said over and over to herself...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

... Coz I'm Worth It ...

A true paragon of sheepleness. She is simply being held up as a shining example to the Mew Generation who think their houses are a cash machine with a never-ending supply of cash.

What are the odds than in 12 months time a follow-up article will have her bemoaning the fact that it's worth a sh!tload less than she paid...

Edited by Wannabe

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It offers loans at a rate of 4% secured against the pawned item

It is an appalling placed advert and terrible journalism.

That is a 4% rate PER MONTH which it doesn't mention.

Loan Amount Monthly Interest APR Equivalent

Up to £1,000 6% 85.0%

£1,001 to £5,000 5% 69.0%

£5,001 and more 4% 53.8%

There are fantastic bargains to be had as the wealthy rein back their spending or sell off their trophy assets at a discount

:blink::blink::blink:

Where is the fantastic bargain in the quoted Aston Martin purchase? She's going to be losing around £20-30k p.a. probably more, and has paid an APR of at least 53.8% to borrow the deposit because she couldn't wait a month.

Edit: On top of which a couple of blokes in balaclavas carrying shotguns will no doubt be taking it off her as soon as she stops at lights

Edited by Red Kharma

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