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homedaq

Sign Of The Times - Desperate Borrowing Rates

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Welcome Finance

This is a top of the page Google advertiser. It is interesting to see the sharks circling the Brits that are up to their eyes in debt.

I think this is a good, if indirect measure of the state of the financial health of the country but should such usury* be illegal?

I guess they must just throw money at people, but surely an IVA is better than borrowing at these rates?

[Edit: *Imho of course, any trawling legal eagles.]

Edited by homedaq

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Welcome Finance

This is a top of the page Google advertiser.  It is interesting to see the sharks circling the Brits that are up to their eyes in debt.

I think this is a good, if indirect measure of the state of the financial health of the country but should such usury be illegal?

I guess they must just throw money at people, but surely an IVA is better than borrowing at these rates?

OMG! 47%apr? Illegal, anyone who works for this company should be dragged thru the streets by their ankles.

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Google has an "ethical" policy that prohibits gambling advertising for example. Surely this kind of ad is far from ethical?

I know some will say that if someone is desperate enough, but surely IVA is the way forward for those in that situation?

(no connection with an IVA company etc)

Edited by homedaq

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OMG! 47%apr? Illegal,  anyone who works for this company should be dragged thru the streets by their ankles.

I think the Debenhams credit card is about 30% APR, what ever happen to the customer comes first.

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Welcome Finance

This is a top of the page Google advertiser.  It is interesting to see the sharks circling the Brits that are up to their eyes in debt.

I think this is a good, if indirect measure of the state of the financial health of the country but should such usury* be illegal?

I guess they must just throw money at people, but surely an IVA is better than borrowing at these rates?

[Edit: *Imho of course, any trawling legal eagles.]

I suspect that the risk presented by some borrowers justifes that rate, huge as it is. Let's face it, if you can get a 6.4% loan from Alliance and Leicester, you're unlikely to go for this one. Not to say that some people shouldn't be allowed to borrow due to their sheer ineptitude.

Even at these rates it is possible they could make a loss on their loan book if the economy goes t*ts up.

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I used to work for this company (I am ashamed to say) and they are really nothing short of loan sharks who prey on the poor and desperate who are unable to get money anywhere else. The rates are extortionate, but not also that we had to sell all sort of useless 'insurance policies' which also cost a fortune. The thing is these people who apply really are so desperate that they accepted whatever you tried to sell them, they just wanted the money. Delinquency figures were obviously very high as most of the people we lent to couldn't really afford to pay back. I got out after a year as I had a conscience and I didn't even have another job to go to.

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I used to work for this company (I am ashamed to say) and they are really nothing short of loan sharks who prey on the poor and desperate who are unable to get money anywhere else.  The rates are extortionate, but not also that we had to sell all sort of useless 'insurance policies' which also cost a fortune.  The thing is these people who apply really are so desperate that they accepted whatever you tried to sell them, they just wanted the money. Delinquency figures were obviously very high as most of the people we lent to couldn't really afford to pay back.  I got out after a year as I had a conscience and I didn't even have another job to go to.

Yes, fair play to you. If more people acted like this these barstewards could not operate - or at least they would have to do their dirty work themselves.

High time the credit industry was regulated.

If you have a Debenhams store card, and you don't pay it off in full, i.e. you incur interest charges of 30% p.a. ....

you are a moron

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Google has an "ethical" policy that prohibits gambling advertising for example. Surely this kind of ad is far from ethical?

I know some will say that if someone is desperate enough, but surely IVA is the way forward for those in that situation?

(no connection with an IVA company etc)

Yes IVA's are the way foward, there are some great companies like DebtMatters that specialise in IVA. I think thier SM tag is DEBT.

(no connection with an IVA company, honest :P )

:lol:

See my earlier post to find out why i find that funny...

:)

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My link will beat all those high rates hands down, check out these

APR's!

http://www.bristol-finance.co.uk/Loans_and_Hire_Purchase.htm

also check out their FAQ where they try to justify their way of business.

My god.

Don't see the problem. They are open about their rates and business practices. Noone is forced to use them. Good luck to them.

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Jesus!  What a load of robbing bastards.  As for the office manager - is that really the best they can afford?

I don't believe Jesus was a robbing ba$tard, quite the contary.

Jesus, turning over the tables of the money changers in the Temple, and demanding of the vendors of doves, "Take these things out of here! Stop making my Father's house a marketplace!"

It's a story recorded in all four of the Gospels, so it must have at least some basis.

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Yes, fair play to you. If more people acted like this these barstewards could not operate - or at least they would have to do their dirty work themselves.

High time the credit industry was regulated.

If you have a Debenhams store card, and you don't pay it off in full, i.e. you incur interest charges of 30% p.a. ....

you are a moron

Don't knock it. This is what has been keeping the British economy bouncing for the past 10 years. The only thing that is shocking is that more people haven't gone bankrupt. Expect chickens to roost.

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In that case even more reason to knock it, if an entire economy has to rely on this to keep it going.

VP

....and as a second thought....this reprehensible company is still making less on its loans than millions of homeowners made (tax free) out of their property per annum up to last year.

So all you STR's-waiting-to-get-back-on-the-bandwagon types should proceed with caution before sounding off!

VP

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What's an IVA?
An IVA is a legal process introduced in 1986 as part of the insolvency act that allows a person struggling with debt the opportunity to make a formal proposal to their creditors in order to clear their debt.  The purpose of an IVA proposal is to demonstrate to creditors that it would be of greater benefit to themselves and the debtor, in comparison to the debtor being made bankrupt.  A creditors meeting is held and if the proposals being made are accepted by the required majority of creditors then they become legally binding on all creditors notified of the proposal. Once accepted, creditors have no alternative but to stop any further interest and charges accruing on the outstanding debts.

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LOL. ROFPMSL.

Quick calculation.... if you WERE to borrow, say £25,000 over 15 years at 47% APR, to "solve all your financial problems"... then the total amount payable on your £25,000 would be:

£259,152,881.80 (edit: corrected below)

...assumng it's compound interest (which it almost certainly is).

Guys, it's late and my head hurts... can someone check my calculation.... does £25k really turn into well over a quarter of a billion pounds over 15 years at 47% APR.... doesn't sound right but I can't find an error there...

Edited by RJG18

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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