interestrateripoff Posted June 13, 2013 Share Posted June 13, 2013 http://www.independent.co.uk/news/uk/politics/how-the-fruits-of-financiers-highcost-loans-found-their-way-into-tory-coffers-8656356.html A top Conservative Party funder is revealed today as the man behind one of Britain’s biggest high-cost lenders. Financier Henry Angest – a friend of the Camerons and a former Tory Treasurer – gave the Conservatives a £5m overdraft facility shortly before the last General Election at an attractive interest rate of just 3.5 per cent. The high-cost credit company Mr Angest controls, Everyday Loans, charges members of the public interest at an average 74.8 per cent APR. The Conservatives clearly have a better credit score. Quote Link to comment Share on other sites More sharing options...
FreeFall Posted June 13, 2013 Share Posted June 13, 2013 Everyday Loans, charges members of the public interest at an average 74.8 per cent APR This isn't even a high cost loan these days compared to pay-day rates. I see adverts all over the place with interest rates > 1000% Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted June 13, 2013 Share Posted June 13, 2013 3.5% interest. Mugs. Quote Link to comment Share on other sites More sharing options...
R K Posted June 13, 2013 Share Posted June 13, 2013 Cut benefits, force people into arms of payday loan companies, fund Tory rentier party, rinse/repeat Quote Link to comment Share on other sites More sharing options...
zugzwang Posted June 13, 2013 Share Posted June 13, 2013 (edited) Cut benefits, force people into arms of payday loan companies, fund Tory rentier party, rinse/repeat The boyz must have picked up on the payday loans opportunity like sharks sensing blood in the water. A veritable feeding frenzy has been the result. . Edited June 13, 2013 by zugzwang Quote Link to comment Share on other sites More sharing options...
Venger Posted June 13, 2013 Share Posted June 13, 2013 Cut benefits, force people into arms of payday loan companies, fund Tory rentier party, rinse/repeat Not all of the quik/pay-day loan applications are on benefits. In fact I recall a bankruptcy story of a former millionaire overstretched in property who had gone pay-day loan route as he spiralled. Anyway what's to worry about. Some think wage-inflation is about to take off, easy lending about to return, with no correction in house prices in desirable areas for older owners with all the decades of HPI gains to worry about. Too much wealth in those areas, according to some. That 'Suck a Lemon' author, who loves to tell how she had nothing growing up, was with the same bank, except not the quik/pay-day loan section. People think they're entitled to debt, and some will get caught out, although maybe not her, as she can write another book ect. "I paid for everything by short-term borrowing secured against other properties I own and funded by my fabulous bank Arbuthnot Latham. But Arbuthnot doesn't do mortgages." http://www.standard.co.uk/news/loans-crisis-may-force-winterson-to-sell-her-22m-home-6398987.html Quote Link to comment Share on other sites More sharing options...
Venger Posted June 13, 2013 Share Posted June 13, 2013 To qualify reference to Arbuthnot. That is a fraction of the rates charged by Mr Angest’s Everyday Loans company, a probe by the Daily Mirror and the Bureau of Investigative Journalism found.Arbuthnot Banking Group chairman Mr Angest, with an estimated personal wealth of £45million including a farm in Perthshire, is one the elite group of supporters to be rewarded with intimate dinners at Downing Street and Chequers. http://www.mirror.co.uk/news/uk-news/legal-loan-shark-henry-angest-1949278 Quote Link to comment Share on other sites More sharing options...
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