Jump to content
House Price Crash Forum
Sign in to follow this  
grumpy-old-man-returns

Rip Off Britain

Recommended Posts

just sat watching the tv & this advert comes up:

http://www.quickquid.co.uk/tv

here is there fee-schedule:

http://www.quickquid.co.uk/fee-schedule.html

"Finance Charge

Your loan finance charge will be £25 per £100 borrowed per pay period. The finance charge will be paid in two (2) equal payments on your next two (2) payment dates. Listed finance charges include any applicable taxes and bank delivery charges.

Sample QuickQuid payday loan for a customer paid monthly:

QuickQuid Payday loan Payment to Customer Payment to QuickQuid

Loan issued on 03/05/2007 £200 Fund loan

Paydate 1 £50 Finance Charge

Pay Date 2

30/06/2007 £250 Finance Charge & Principal

Total amount payable to QuickQuid £300 Finance Charges for Payment Dates 1 &2 and Principal

APR 1576.6%

Sample QuickQuid payday loan for the same customer with early payment option exercised:

QuickQuid Payday loan Payment to Customer Payment to QuickQuid

Loan issued on 03/05/2007 £200 Fund loan

Paydate 1 £250 Finance Charge

Pay Date 2

30/06/2007 cancelled cancelled cancelled

Total amount payable to QuickQuid £250 Finance Charges for Payment Dates 1 &2 and Principal

APR 1733.5%

Typical APR

Typical 2356% APR."

what a disgusting country we live in. :(

Share this post


Link to post
Share on other sites
what a disgusting country we live in. :(

I find that less disgusting than the teaser-rate credit cards that positively encourage significant unsecured debt amongst those least able to repay - with the clear intention thereafter to keep the borrower in a state of perpetual debt.

At least with these 'payday loans' there will be exit strategies - for example, with an advance from a new employer to break the cycle of debt... With card debt, the sums are so large that the lenders have a significant hold over the borrower - who can then be locked into 35% APR for many years.

The more I think about debt, the more I come to the opinion that it is low interest rates that I find vile... though, of course, that's not to say that I'd chose this sort of loan-shark as a friend.

Share this post


Link to post
Share on other sites

And to think that a few months ago we were on the threshold of becoming BOGOF Britian, but that's all slipping away as we seem to be heading back to July 2007 but with a bigger tax bill!

Edited by blankster

Share this post


Link to post
Share on other sites
just sat watching the tv & this advert comes up:

http://www.quickquid.co.uk/tv

here is there fee-schedule:

http://www.quickquid.co.uk/fee-schedule.html

"Finance Charge

Your loan finance charge will be £25 per £100 borrowed per pay period. The finance charge will be paid in two (2) equal payments on your next two (2) payment dates. Listed finance charges include any applicable taxes and bank delivery charges.

Sample QuickQuid payday loan for a customer paid monthly:

QuickQuid Payday loan Payment to Customer Payment to QuickQuid

Loan issued on 03/05/2007 £200 Fund loan

Paydate 1 £50 Finance Charge

Pay Date 2

30/06/2007 £250 Finance Charge & Principal

Total amount payable to QuickQuid £300 Finance Charges for Payment Dates 1 &2 and Principal

APR 1576.6%

Sample QuickQuid payday loan for the same customer with early payment option exercised:

QuickQuid Payday loan Payment to Customer Payment to QuickQuid

Loan issued on 03/05/2007 £200 Fund loan

Paydate 1 £250 Finance Charge

Pay Date 2

30/06/2007 cancelled cancelled cancelled

Total amount payable to QuickQuid £250 Finance Charges for Payment Dates 1 &2 and Principal

APR 1733.5%

Typical APR

Typical 2356% APR."

what a disgusting country we live in. :(

If people are stupid enough to borrow this way then why should we stop them

(there are far worse scams in personal finance that ought to be stopped first)

tim

Share this post


Link to post
Share on other sites
Guest KingCharles1st

Its obvious Brown is behind these schemes- he has worked out that if everyone in the country were to take out a scheme like this, then everyone would be as much of a **** as he is. He is in effect, trying to deflate away his stupidity.

Edited by KingCharles1st

Share this post


Link to post
Share on other sites

Nowt wrong with that. It's a business proposition, with details published openly up-front. Noone is forcing you to take it.

Neither are the charges excessive, given that the lender has both admin and risk costs on what is, after all, a very small sum.

It's like, if someone pays my company £100 by debitcard then Worldpay takes 95p leaving me with a decent proportion of the money. But if someone pays £1 by debitcard, Worldpay still takes 95p, so we might as well forget it: the low-value transaction attracts a high percentage charge.

Share this post


Link to post
Share on other sites
Nowt wrong with that. It's a business proposition, with details published openly up-front. Noone is forcing you to take it.

Neither are the charges excessive, given that the lender has both admin and risk costs on what is, after all, a very small sum.

It's like, if someone pays my company £100 by debitcard then Worldpay takes 95p leaving me with a decent proportion of the money. But if someone pays £1 by debitcard, Worldpay still takes 95p, so we might as well forget it: the low-value transaction attracts a high percentage charge.

Clearly you suffer from a lapse of moral judgement.

If a person is desparate enough to take a loan for a measly £100 at 2000% interest then he is in need of help, not a target for a vulture that will prey on him until only his bones are left.

A country that allows this kind of usury is sick and needs to fail.

I'd rather the poor failed early than be given false hope by a bunch of vultures who profit by it.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   289 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.