APR?? What's that??

Raistlin · 28th November 2007, 19:11

Food for thought.

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

That interest rate must surely amount to usury

How cynical to target it at "low income areas" at this time of year as well.

"Make your Christmas more affordable" REALLY???

Tim · 28th November 2007, 19:15

Criminal

I thought it was a miss print until you look at the repayment figures.

ragitty · 28th November 2007, 19:20

Unfortunately people do not look at the apr when they are desperate for money bless em, they just look at the re-payment figure and decide whether or not they can afford to repay that.

stocktake · 28th November 2007, 19:24

Quote:

Originally Posted by ragitty

Unfortunately people do not look at the apr when they are desperate for money bless em, they just look at the re-payment figure and decide whether or not they can afford to repay that.

Absolutley true. Further trouble is it will probably be squandered rather than spent on what is needed.

JP53 · 28th November 2007, 19:31

A friend of mine who, through no fault of his own, had a very bad credit rating was once quoted an interest rate of 125%! I loaned him the money he needed at 0% and the pleasure of watching him write the get knotted letter.

A lot of banks etc make it far to easy and indeed encourage people to get into debt over their heads. Stupidpercent rates of interest do not help. Credit cards in particular are terrible. I have 3 credit cards that I only use occasionally and always pay off, however if I wanted to I could plunge myself into £48,000 worth of debt which I would struggle to make the minimum payments on.

stocktake · 28th November 2007, 20:15

Quote:

Originally Posted by John Phillips

I loaned him the money he needed at 0%

Dear John..................................

JP53 · 28th November 2007, 20:19

Quote:

Originally Posted by stocktake

Dear John..................................

Oh flipping heck I missed several 0's off the end and a 5 in front of my post

GreyGhost · 28th November 2007, 20:23

I believe you are right in using the term usury. This is the worst kind of loan sharking, purports to be something it very obviously is not and that is a Provident Society. Street door collections. I wonder just what kind of collectors they employ.
Should be laws to prevent this type of operation but this seems to be just within the law.
http://www.provident.co.uk

JP53 · 28th November 2007, 20:28

Quote:

Originally Posted by Grey Ghost

I believe you are right in using the term usury. This is the worst kind of loan sharking, purports to be something it very obviously is not and that is a Provident Society. Street door collections. I wonder just what kind of collectors they employ.
Should be laws to prevent this type of operation but this seems to be just within the law.
http://www.provident.co.uk

They use the excuse that they have to charge high interest rates because a lot of the people they loan to do not pay them back. Well derrr! 183.2% interest, THEY CAN'T AFFORD TO!

JP53 · 28th November 2007, 20:34

In answer to the origionl question APR what's that? In this case A Positive Ripoff

28th November 2007, 19:11	#1
Raistlin Banned 75 CDT Connoisseur SE Auto Join Date: Nov 2006 Location: Wolverhampton Posts: 8,450 Thanks: 0 Thanked 3 Times in 3 Posts	APR?? What's that?? Food for thought. I was always under the impression that the "Prov" was on the side of the poor. That interest rate must surely amount to usury How cynical to target it at "low income areas" at this time of year as well. "Make your Christmas more affordable" REALLY??? Last edited by Raistlin; 28th November 2007 at 19:23..

28th November 2007, 19:15	#2
Tim Feel the size of my Quads MG ZT 440SE, MG HS PHEV & MG3 Join Date: Nov 2006 Location: Addlestone Posts: 1,735 Thanks: 0 Thanked 128 Times in 85 Posts	Criminal I thought it was a miss print until you look at the repayment figures. __________________ Member 23 or 63 depending on what you look at. https://www.two-sixties.co.uk/mgoc26...0rum/forum.php http://two-sixties-blog.com/ http://www.youtube.com/user/TheTwoSi.../1/1wPt2rhd_Ps

28th November 2007, 19:20	#3
ragitty I really should get out more....... Jeep Cherokee Orvis Join Date: Oct 2007 Location: Leicester Posts: 2,666 Thanks: 0 Thanked 1 Time in 1 Post	Unfortunately people do not look at the apr when they are desperate for money bless em, they just look at the re-payment figure and decide whether or not they can afford to repay that. __________________ [SIGPIC][/SIGPIC]Dance like no-ones watching

28th November 2007, 19:31	#5
JP53 I really should get out more....... 2004 Rover 75 1.8 Connoisseur SE saloon. 'Eliza' Join Date: Nov 2006 Location: Kidderminster Posts: 2,466 Thanks: 0 Thanked 0 Times in 0 Posts	A friend of mine who, through no fault of his own, had a very bad credit rating was once quoted an interest rate of 125%! I loaned him the money he needed at 0% and the pleasure of watching him write the get knotted letter. A lot of banks etc make it far to easy and indeed encourage people to get into debt over their heads. Stupidpercent rates of interest do not help. Credit cards in particular are terrible. I have 3 credit cards that I only use occasionally and always pay off, however if I wanted to I could plunge myself into £48,000 worth of debt which I would struggle to make the minimum payments on. __________________ [SIGPIC][/SIGPIC]Rover 75, dignity, quality, charm. "Eliza ... Where the devil are my slippers?"

28th November 2007, 20:34	#10
JP53 I really should get out more....... 2004 Rover 75 1.8 Connoisseur SE saloon. 'Eliza' Join Date: Nov 2006 Location: Kidderminster Posts: 2,466 Thanks: 0 Thanked 0 Times in 0 Posts	In answer to the origionl question APR what's that? In this case A Positive Ripoff __________________ [SIGPIC][/SIGPIC]Rover 75, dignity, quality, charm. "Eliza ... Where the devil are my slippers?"

28th November 2007, 20:23	#8
GreyGhost Banned 180+ Sport Auto Join Date: Oct 2006 Location: Bedford Middle Level Posts: 17,787 Thanks: 0 Thanked 18 Times in 5 Posts	I believe you are right in using the term usury. This is the worst kind of loan sharking, purports to be something it very obviously is not and that is a Provident Society. Street door collections. I wonder just what kind of collectors they employ. Should be laws to prevent this type of operation but this seems to be just within the law. http://www.provident.co.uk