Join the most popular community of UK swingers now
Login
Loan sharks
I really cannot understand how this is legal, though it seems it is.
I had a leaflet through the door from a loan company who are a legitimate company. Their interest rates worked out at over 300%.
The very people they target are the ones who are least libel to pay it back. The poor and the destitute.
Yes I think there should be a set limit as to how much these loan sharks are allowed to charge their customers.
I thought the days of Dick Turpin were long gone?
With all the new laws that have been brought in over the last decade, this is a law that should be brought in to protect vulnerable people, in financial straights already.
I had a leaflet through the door from a loan company who are a legitimate company. Their interest rates worked out at over 300%.
The very people they target are the ones who are least libel to pay it back. The poor and the destitute.
Yes I think there should be a set limit as to how much these loan sharks are allowed to charge their customers.
I thought the days of Dick Turpin were long gone?
With all the new laws that have been brought in over the last decade, this is a law that should be brought in to protect vulnerable people, in financial straights already.
Doorstep lending and payday loans are two different businesses, and need to be seen differently.
There are times when a payday loan is cheaper than the alternative if the alternative is bank charges or charges from other creditors. The APR looks and is obscene, but it's cheaper than the alternative.
There are times when a payday loan is cheaper than the alternative if the alternative is bank charges or charges from other creditors. The APR looks and is obscene, but it's cheaper than the alternative.
Quote by mrmnmrsg
Aren't credit card and other credit companies the same though with their interest rates since the base rate has dropped to an all time low.... I think that low base rates should be passed on to all credit companies so that we all benifit ... my credit card still stands at 20+ %
Yes indeed. They trapped people in at very low rates, then banged them right up - it's legal and fair, at least to an extent as the punters knew the rates were variable without limit, but they are not very ethical - but then again moneylending (and that's what credit cards are if you don't pay them off reasonably quickly) never has been.
Plim :sad:
I paid my card off completely and then cancelled the account.
A month later they sent me a bill for
For interest on a cash advance nearly one year previous.
Ok: So I queried it...then paid it.
A month after that I got another bill for interest on the 31 quid for the 2 weeks it took me to pay it.
I'm still waiting for the bill for the interest on the interest on the interest.
I'm never going to be able to get rid of this card am I ?
AND Lloyds/TSB charge % interest per month (apr %)
A month later they sent me a bill for
For interest on a cash advance nearly one year previous.
Ok: So I queried it...then paid it.
A month after that I got another bill for interest on the 31 quid for the 2 weeks it took me to pay it.
I'm still waiting for the bill for the interest on the interest on the interest.
I'm never going to be able to get rid of this card am I ?
AND Lloyds/TSB charge % interest per month (apr %)
