APR?? What's that?? - Page 2

BMC123 · 28th November 2007, 20:47

Its real allright, that lot have been around for some time, I know a few people that used them for holiday money before we sent them in the direction of our local credit union.

the fact that people need to use them in this day and age is a disgrace though, and at least Richard Turpin wore a mask.

edit:

I see the swear filter is a bit over zealous. somehow "Richard Turpin" does not have the same ring to it.

tourerfogey · 28th November 2007, 21:17

RAISTLIN said:

I was always under the impression that the "Prov" was on the side of the poor.

I think you're possibly confusing 'Friends Provident' with the company in the ad.

carlpenn · 28th November 2007, 21:32

Now the real Rip Off is, Last Month their APR was 177% they have clearly Bumped it up for Xmas, knowing that this is the time of the year when People with low incomes etc need the money the most.

I will refrain from getting on my Soap Box, but this kind of behaviour is one of many that brought me to serve on the "Other" Site I go to.

This APR rate is nothing short of Legal Loan Sharking, and how the FSA / FOS allow this to happen, I will never know.

This Country thrives on helping people get into Debt and does nothing to prevent that.

Sorry............Time to dismount..........

Raistlin · 28th November 2007, 21:37

Quote:

Originally Posted by tourerfogey

RAISTLIN said:

I was always under the impression that the "Prov" was on the side of the poor.

I think you're possibly confusing 'Friends Provident' with the company in the ad.

I think you're right TF

JP53 · 28th November 2007, 21:37

Quote:

Originally Posted by carlpenn

Now the real Rip Off is, Last Month their APR was 177% they have clearly Bumped it up for Xmas, knowing that this is the time of the year when People with low incomes etc need the money the most.

I will refrain from getting on my Soap Box, but this kind of behaviour is one of many that brought me to serve on the "Other" Site I go to.

This APR rate is nothing short of Legal Loan Sharking, and how the FSA / FOS allow this to happen, I will never know.

This Country thrives on helping people get into Debt and does nothing to prevent that.

Sorry............Time to dismount..........

What a bunch of low life's

JohnDotCom · 28th November 2007, 21:48

This Company has been offering Money to poor unfortunates for many years.
They also offer Provident Cheques which you can buy Clothes, Furniture etc at selected (expensive) stores.
The Trouble was for a Colleague who I am now helping, used this system for purchasing his Children's School uniforms (he was out of work, wife gone and ill) the Interest rate worked out at 258% APR. I went to CAB with him and it is perfectly Legal, so I borrowed the £500 on my Credit card at 6.9% for life to let him pay back at more Manageable rate over what ever time he wanted.
There was Wait for it, Cancellation Fees and Early repayment charges of £110.80p!
That bit hasn't been paid and a Case is going to County Court the week before Christmas, that charge of £110.80 for 5 Days loan on £500 is daylight Robbery, and means they get their whole years Interest, for trying to clear a debt.
They feed off the People that can't afford it, How can you pay back a Loan with No Income and on Income Support?
The loans just shouldn't be given.
If its for essential items why can't it be borrowed from Social Security and then pay it back from Their Income Support direct. Guaranteed repayments.
Don't say you can't use Tax Payers Money for this, they can find £25 Billion Pound for a badly run Bank!!
If this system was used we could close down these Loan Sharks overnight.

carlpenn · 28th November 2007, 21:59

I am glad to see that People see what I see, These Companies are purely loan sharks.........I actually tried to make a Complaint to the FOS stating the Obvious, as you all have said, their reaction ????

"People know the APR rate and agree to it, therefore legally we can do nothing"

Now, sorry..........But I am getting the Soap Box out.............

The FOS / FSA and the OFT all have legal responsibilities to ensure that these companies work in a fair and just manner......

Where, oh where in their above comment, do they take into consideration that these Companies are preying on the poor and desperate?

They don't, because the couldn't care less.

Once upon a time our wonderful, honest and hardworking Government (sarcasm intented) - Stated they where looking into the legalities of this type of Company, with excessively High APR rates............Well, they didn't look too hard did they and have done little to help people who are caught in the Grips of these types of companies

- On a lighter note, the CAB have been given a massive amount ( £xxx Million) to employ Debt Counsellors to help victims of Credit abuse.

(Pushes Soapbox back under desk)

28th November 2007, 20:47	#11
BMC123 Posted a thing or two 2004 1.8 Connoisseur SE, 1999 XJ8 Join Date: Nov 2006 Location: Northern Ireland Posts: 1,163 Thanks: 0 Thanked 1 Time in 1 Post	Its real allright, that lot have been around for some time, I know a few people that used them for holiday money before we sent them in the direction of our local credit union. the fact that people need to use them in this day and age is a disgrace though, and at least Richard Turpin wore a mask. edit: I see the swear filter is a bit over zealous. somehow "Richard Turpin" does not have the same ring to it. __________________ [SIGPIC][/SIGPIC] Last edited by GreyGhost; 28th November 2007 at 20:50.. Reason: Sorry about the swear filter. :-)))))

28th November 2007, 21:32	#13
carlpenn This is my second home 2000 Wedgey Blue 2.5V6 Beauty Join Date: Jul 2007 Location: Bilston Posts: 4,486 Thanks: 36 Thanked 29 Times in 16 Posts	Now the real Rip Off is, Last Month their APR was 177% they have clearly Bumped it up for Xmas, knowing that this is the time of the year when People with low incomes etc need the money the most. I will refrain from getting on my Soap Box, but this kind of behaviour is one of many that brought me to serve on the "Other" Site I go to. This APR rate is nothing short of Legal Loan Sharking, and how the FSA / FOS allow this to happen, I will never know. This Country thrives on helping people get into Debt and does nothing to prevent that. Sorry............Time to dismount.......... __________________ 2.5V6 Auto: Work carried out so far: Crankcase Breather Pipe replaced, O/S CV Joint replaced, Starter Motor Repair Kit Fitted, Front Suspension Overhauled.

28th November 2007, 21:59	#17
carlpenn This is my second home 2000 Wedgey Blue 2.5V6 Beauty Join Date: Jul 2007 Location: Bilston Posts: 4,486 Thanks: 36 Thanked 29 Times in 16 Posts	I am glad to see that People see what I see, These Companies are purely loan sharks.........I actually tried to make a Complaint to the FOS stating the Obvious, as you all have said, their reaction ???? "People know the APR rate and agree to it, therefore legally we can do nothing" Now, sorry..........But I am getting the Soap Box out............. The FOS / FSA and the OFT all have legal responsibilities to ensure that these companies work in a fair and just manner...... Where, oh where in their above comment, do they take into consideration that these Companies are preying on the poor and desperate? They don't, because the couldn't care less. Once upon a time our wonderful, honest and hardworking Government (sarcasm intented) - Stated they where looking into the legalities of this type of Company, with excessively High APR rates............Well, they didn't look too hard did they and have done little to help people who are caught in the Grips of these types of companies - On a lighter note, the CAB have been given a massive amount ( £xxx Million) to employ Debt Counsellors to help victims of Credit abuse. (Pushes Soapbox back under desk) __________________ 2.5V6 Auto: Work carried out so far: Crankcase Breather Pipe replaced, O/S CV Joint replaced, Starter Motor Repair Kit Fitted, Front Suspension Overhauled.

28th November 2007, 21:17	#12
tourerfogey Banned Join Date: Nov 2006 Posts: 2 Thanks: 0 Thanked 1 Time in 1 Post	RAISTLIN said: I was always under the impression that the "Prov" was on the side of the poor. I think you're possibly confusing 'Friends Provident' with the company in the ad.

28th November 2007, 21:48	#16
JohnDotCom * Rover 75 FaceLift Tourer CDTi 170BHP Auto ConnSE 2005 Model Starlight Silver Join Date: Nov 2006 Location: Abergele Posts: 28,735 Thanks: 0 Thanked 6 Times in 5 Posts	This Company has been offering Money to poor unfortunates for many years. They also offer Provident Cheques which you can buy Clothes, Furniture etc at selected (expensive) stores. The Trouble was for a Colleague who I am now helping, used this system for purchasing his Children's School uniforms (he was out of work, wife gone and ill) the Interest rate worked out at 258% APR. I went to CAB with him and it is perfectly Legal, so I borrowed the £500 on my Credit card at 6.9% for life to let him pay back at more Manageable rate over what ever time he wanted. There was Wait for it, Cancellation Fees and Early repayment charges of £110.80p! That bit hasn't been paid and a Case is going to County Court the week before Christmas, that charge of £110.80 for 5 Days loan on £500 is daylight Robbery, and means they get their whole years Interest, for trying to clear a debt. They feed off the People that can't afford it, How can you pay back a Loan with No Income and on Income Support? The loans just shouldn't be given. If its for essential items why can't it be borrowed from Social Security and then pay it back from Their Income Support direct. Guaranteed repayments. Don't say you can't use Tax Payers Money for this, they can find £25 Billion Pound for a badly run Bank!! If this system was used we could close down these Loan Sharks overnight.