Do you remember Amigo loans from a few years ago, they were all over the tv at 49%.Just watching a tv advert (which is being shown repeatedly) and I noticed that the small print shows APR 99%.
So, if some poor soul has to borrow eg £20K for 1 year......do they have to pay back £40K?
If so that is very scary.
So, if some poor soul has to borrow eg £20K for 1 year......do they have to pay back £40K?
If you took out a loan of £20k and didn’t pay anything back for a year, then pretty much yes. But you’re paying back, say monthly, and thus reducing the loan amount, and thus interest payments as each month goes by.
If you borrowed that over 5 years, monthly payments, you’re looking at close to £100k. You can see why people already in trouble, sink in desperation, should they take on such terms.
Or worse the "nice friendly" money lender i've seen the tactics they use.
Good evening,
I am contemplating changing my one and only credit card because the provider has delusions of grandeur and I found this;
View attachment 705751
Youch, I am so desparate to appear succesful!
£575 annual fee!
Wonga originally filled a need, like Provident, it is very easy to be smug when you are on a good income, Provident was effectively outlawed, it became Vanquish, so did all of Provident's customers suddenly get a £10k salary rise?
Of course not, they now borrow from someone totally unregulated and as the lender is unregulated there won't be any official stats.
Bye
Ian
I am surprised that American Express do any business in the UK. A lot of retailers won't accept them here and most UK credit cards don't charge fees.
I am surprised that American Express do any business in the UK. A lot of retailers won't accept them here and most UK credit cards don't charge fees.
I am surprised that American Express do any business in the UK. A lot of retailers won't accept them here and most UK credit cards don't charge fees.