DSPUK Posted August 31, 2011 Report Share Posted August 31, 2011 (edited) Some people today have no idea what interest rate is -- I got stung at 15% and vowed I would never get stung again - I sold and put every penny I had into another house - got smallest mortgage I could get and stayed in and cut out holidays to pay it off early- I never upped mortgage to get a new car or washing machine etc- in fact most of our stuff was hand me downs - even had a 12" B/W TV for first 10 yrs of marriage. http://uk.finance.yahoo.com/news/Banks-tell-families-cut-back-tele-251796720.html Dave ps - I am now being stung again at 0.5% on my savings so people can have cheap money. Edited August 31, 2011 by DSPUK Quote Link to comment Share on other sites More sharing options...
al4x Posted August 31, 2011 Report Share Posted August 31, 2011 some of it stinks, my other half is a housing officer for our local council and the stories that come back are amazing. People never look at their overheads till after the eviction notice turns up, they all have sky and just think mobiles and the likes are essential more so than the roof over their heads. Then when the house goes just expect the council to house them. Then you have the ones that bought their last council house under right to buy and re mortgaged again and again for cars and holidays till they couldn't afford it. Then expect another house, so to an extent the banks are probably right in looking at the people they can see getting into trouble and trying to advise them. But it will go in one ear and out of the other Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted August 31, 2011 Report Share Posted August 31, 2011 I saw an advert on TV yesterday that promised loand from £500 to £1M with minimum background checks and a rate of.... hold on to something....... 69% Quote Link to comment Share on other sites More sharing options...
yankeedoodlepigeon Posted August 31, 2011 Report Share Posted August 31, 2011 That has to be upside down!!! Quote Link to comment Share on other sites More sharing options...
jacksdad Posted September 1, 2011 Report Share Posted September 1, 2011 Look at the easy to get 'payday loans' where, in theory, you borrow money as a short term loan, then repay on the next pay day...all well and good until you cannot pay, so leave it for another month, and so on.....try 2000% APR :blink: :blink: Quote Link to comment Share on other sites More sharing options...
Alpha Mule Posted September 1, 2011 Report Share Posted September 1, 2011 There are some that want over 4,000% - I jest not. Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted September 1, 2011 Report Share Posted September 1, 2011 I had no idea that this was possible. 2000% or 4000% interest? seriously? Quote Link to comment Share on other sites More sharing options...
Maidment78 Posted September 1, 2011 Report Share Posted September 1, 2011 People are dumb - FACT Quote Link to comment Share on other sites More sharing options...
Psyxologos Posted September 1, 2011 Report Share Posted September 1, 2011 People are dumb - FACT Dumb, OK. But how dumb can anyone be not to realise that if they borrow £100 they should not be expected to pay back £4,000, no matter what? This is mind boggling... Quote Link to comment Share on other sites More sharing options...
Bleeh Posted September 2, 2011 Report Share Posted September 2, 2011 I had no idea that this was possible. 2000% or 4000% interest? seriously? The rates of up to 5000% are not that bad when you consider the time the loans are borrowed for. It's going to be a large number when a 10 day loan is borrowed on a yearly scale (Annual percentage rate after all). It's the only reasonable way to make money on a short term loan. For instance, borrowing $100 for 35 days at 4200% will work out at about $140 paid. (or if the loan rate was 4.2% it would be 100.42p, you not going to make money on short term loans like that, are you?) They are very useful tools, and all things consider the rates they offer are expensive, but not extortionate, BUT BUYER BEWARE the real risk is missing a deadline, where that 4000% percentage will soon show up, miss the payment three or four times and you'll soon owe them a lot. The game is to get you to owe around a few thousand pounds, then cancel the account and force you to pay the amount you owed at the time of cancellation (without the amount owned getting silly, giving you the possibility of taking them to court saying it wasn't possible to pay). Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.