IDGM Posted September 15, 2008 Report Share Posted September 15, 2008 Just been struggling to come to terms with "new" Facebook and saw a little ad at the side of the screen for Logbook Loans. Never heard of this type of lending, but the APR rate was...427.7% Although I'm not in a position to need a loan, surely to the Lord on High, that's just plain wrong. Quote Link to comment Share on other sites More sharing options...
BridLupo Posted September 15, 2008 Report Share Posted September 15, 2008 They've been advertising on the radio. You're basically going to lose your car Quote Link to comment Share on other sites More sharing options...
LoopyLing Posted September 15, 2008 Report Share Posted September 15, 2008 Why's Carol bad? Quote Link to comment Share on other sites More sharing options...
Nicki Posted September 15, 2008 Report Share Posted September 15, 2008 Oh my ......... God.Loan: £1,500Weekly Repayment: £53.60APR: 437.4%Total Payable: £4,180.80 How the blooming heck have they managed to get away with that with the FSA?!? Quote Link to comment Share on other sites More sharing options...
cardaft Posted September 15, 2008 Report Share Posted September 15, 2008 (edited) Crazy The worst thing is, some people will actually take a logbook loan out Edited September 15, 2008 by cardaft Quote Link to comment Share on other sites More sharing options...
Putney Posted September 15, 2008 Report Share Posted September 15, 2008 i going to get one sounds a smart move especially on a highly depreciating car! carole is good with numbers... she wouldn't be doing it if it was bad! Quote Link to comment Share on other sites More sharing options...
IDGM Posted September 15, 2008 Author Report Share Posted September 15, 2008 Why's Carol bad?She fronted a homeowner loan thing for people who had spent more than they had in the Grattan catalogue, Duffer and Greggs.And she's an old hag. Quote Link to comment Share on other sites More sharing options...
dougless Posted September 15, 2008 Report Share Posted September 15, 2008 (edited) Why's Carol bad?There is something not quite right about someone who is supposedly bright, good with numbers and well educated to boot, promoting the products that she is associated with. She is helping to impoverish the less well off and less well educated. To me she is a reminder of the selfishness prevalent in the eighties which is coming back to bite us big time in the noughties.Our economy is too dependent on debt and CV is a peddler of debt. She seems to be someone who should know better, shame on her! Edited September 15, 2008 by dougless Quote Link to comment Share on other sites More sharing options...
SiiMo Posted September 15, 2008 Report Share Posted September 15, 2008 That's insane!!! Quote Link to comment Share on other sites More sharing options...
Alex_225 Posted September 15, 2008 Report Share Posted September 15, 2008 Unbelievable isn't it!! I'd never heard of it before but I did a bit of Googling and found this - http://www.simplefastloans.co.uk/APR in big letters at the bottom. Quote Link to comment Share on other sites More sharing options...
LoopyLing Posted September 15, 2008 Report Share Posted September 15, 2008 She is helping to impoverish the less well off and less well educatedI would imagine that said company pays out loans mostly for consolidation purposes, so the debt is already there... Quote Link to comment Share on other sites More sharing options...
bossjohnc Posted September 16, 2008 Report Share Posted September 16, 2008 These guys are even worse for APR - unfortunately in this country there's no cap on the amount of interest anyone can charge (unlike other countries), so sharks like this get away with it. Quote Link to comment Share on other sites More sharing options...
Silver! Posted September 16, 2008 Report Share Posted September 16, 2008 Bloody hell! I can't believe people are so desparate for 'stuff'!These guys are even worse for APR - unfortunately in this country there's no cap on the amount of interest anyone can charge (unlike other countries), so sharks like this get away with it.Short term load of 31 days. £25 for £100 doesn't sound bad. Just don't miss the repayment. Quote Link to comment Share on other sites More sharing options...
Silver! Posted September 16, 2008 Report Share Posted September 16, 2008 ...also pisses me off: 2 of my guys at work are on Sottish Trust Deeds. http://www.debtadvisorycentre.co.uk/trustdeedsSeems you need to owe in excess of 15k, go to the Govenrment approved agency and register.They are paying about a third of what they owe over a 3 year period. The rest is cleared.They are still both driving around in decent cars (one has one brand new Roomster and a 3 year old Fabia), taking foreign holidays and spending heaps on christmas presents.Really fecks me off! If you can't afford it don't buy it. Quote Link to comment Share on other sites More sharing options...
bossjohnc Posted September 16, 2008 Report Share Posted September 16, 2008 They're on IVAs - their credit rating should be severely affected in the future. If they have mortgages they'll have trouble remortgaging, if they rent, they won't be able to get a mortgage for a while.It is annoying though, and I totally agree with you. The only reason these people aren't bankrupt is because the creditors know they'll get next to nothing if they do that.Unfortunately I think we've only just got to the tip of the iceberg as far as IVAs and bankruptcies go in the UK, and if it happens to a lot of people it'll turn the economy upside down. Quote Link to comment Share on other sites More sharing options...
Silver! Posted September 16, 2008 Report Share Posted September 16, 2008 their credit rating should be severely affected in the future.They've been promised a clear credit rating by the agency.But at 50 and 33 if they turned up at my door with a 0 credit rating and no checkable history I would tell them to politely go away.The plus side is (with one of them at least) I no longer pick up their office phone to be met by credit companies and and tell the 'chasers' that "this is a work telephone, your calls are not welcome. Call them on their personal number."You wouldn't believe the argument's I have had with pushy acount managers. I've also threatened my team with disciplinary if they give work no's away to such people in future and get chasing phonecalls. Probem is most companies ask for a work contact. Quote Link to comment Share on other sites More sharing options...
IDGM Posted September 16, 2008 Author Report Share Posted September 16, 2008 (edited) These guys are even worse for APR - unfortunately in this country there's no cap on the amount of interest anyone can charge (unlike other countries), so sharks like this get away with it.!?!?!?!?!Amonst my duties for my glam job, I do the payroll. I'm bloody sick of doing Earnings Attachements for simple bills that don't get paid. We can't refuse and say "f*ck 'em, let them sort their own miserable lives out" otherwise we get hauled before the judge. It's the same guys every time and these are the ones who come upstairs asking for £20 until payday.I'm setting myself up to lend the money at a reasonable 700% APR. Edited September 16, 2008 by IDGM Quote Link to comment Share on other sites More sharing options...
Jay_whitt Posted September 16, 2008 Report Share Posted September 16, 2008 These guys are even worse for APR - unfortunately in this country there's no cap on the amount of interest anyone can charge (unlike other countries), so sharks like this get away with it.1286.1% !!!!funny thing is theres probably people who dont think about these things...just want money...then get screwed over Quote Link to comment Share on other sites More sharing options...
Alex_225 Posted September 16, 2008 Report Share Posted September 16, 2008 1286.1% !!!!funny thing is theres probably people who dont think about these things...just want money...then get screwed overHit the nail on the head. The kind of person who would need a 'Payday loan' is mostly likely to be a desperate idiot who doesn't know what they'll have to pay back anyway!! Taking out credit and loans has become easier and easier and its only now that there is a slight turnaround. The number of people I know who want to a live a lifestyle thats beyond their means is inbelievable. A guy I know and his wife have debts galore, married but live with parents. What was almost a £20k car outside yet owe more and more, still taking out loans and credit cards. Quote Link to comment Share on other sites More sharing options...
Jay_whitt Posted September 16, 2008 Report Share Posted September 16, 2008 To qualify, you need to: * Be over 18 years old * Be employed fulltime * Take home more than £750 per month * Have a bank account with a valid debit cardoff paydays website. Quote Link to comment Share on other sites More sharing options...
heartagram Posted September 16, 2008 Report Share Posted September 16, 2008 Companies who lend money really are ruthless mother ****ers. Thats why I try and avoid lending if I can. I've only ever bought two things with credit which were both interest free for the first 12 months and I paid them off well before that. So I only actually paid what you would have paid if you went in and paid cash. I have never bothered getting a credit card either.I just don't like the idea of loaning money of a big company. At the end of the day they are in it to make money and if your situation changes they couldn't give two ****s cause the bottom line is you have to pay it back now or pay back more later.I only have a £500 over draft and thats just in case of emergencies. But even then I keep a couple of hundred quid cash in the house in case I'm away from home go over my overdraft and then I can pay it straight back in when I get back home. Quote Link to comment Share on other sites More sharing options...
IDGM Posted September 16, 2008 Author Report Share Posted September 16, 2008 The kind of person who would need a 'Payday loan' is mostly likely to be a desperate idiot who doesn't know what they'll have to pay back anyway!!A lad at work has just asked me if he can cash in 10 days holiday. He can't, so he asked what other avenues were open to him. As a joke, I said I'd lend him the cash at 700% APR (much cheaper than the other payday loans currently being highlighted here). He seriously said OK if he could repay it at £10 a week.What a knob! God knows how much I could have earned on that. Quote Link to comment Share on other sites More sharing options...
Alex_225 Posted September 16, 2008 Report Share Posted September 16, 2008 A lad at work has just asked me if he can cash in 10 days holiday. He can't, so he asked what other avenues were open to him. As a joke, I said I'd lend him the cash at 700% APR (much cheaper than the other payday loans currently being highlighted here). He seriously said OK if he could repay it at £10 a week.What a knob! God knows how much I could have earned on that.See told you!! lol F*cktards the lot of em!! haha Quote Link to comment Share on other sites More sharing options...
Nicki Posted September 16, 2008 Report Share Posted September 16, 2008 Its really no surprise people end up in the mess they do sometimes. I really do think important things like these should be taught in school... Quote Link to comment Share on other sites More sharing options...
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