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Idle Banter For non SV and non bike related chat (and the odd bit of humour - but if any post isn't suitable it'll get deleted real quick). There's also a "U" rating so please respect this. Newbies can also say "hello" here too. |
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03-11-07, 11:41 AM
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#1 |
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Member
Mega Poster
Join Date: Mar 2004
Location: Not in Yorkshire. (Thank God)
Posts: 4,116
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outgageous interest
Heard this lot advertising on my local radio and could not believe it when they quoted their rate 1.1.5.9 % Not 1159 but each number as it makes it sound better. So checked their website www.credco.co.uk. Bloody heck, you must need your bumps feeling to go there
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Not Grumpy, opinionated. |
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03-11-07, 11:48 AM
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#2 |
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Guest
Posts: n/a
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Re: outgageous interest
WOW! perhaps we should start lending money?
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03-11-07, 03:59 PM
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#3 |
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Guest
Posts: n/a
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Re: outgageous interest
I'll lend ya 50 quid and next month you can give me a grand back, how's that sound??
Surely that can't be legal? If it is then it's making loan sharking legal! |
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03-11-07, 09:27 PM
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#4 |
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Noisy Git
Mega Poster
Join Date: Apr 2007
Location: Halifax/Leeds
Posts: 26,645
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Re: outgageous interest
They're very reasonable with their repayment plans, the most common one judging by that interest rate must be the "pay-by-this-evening-and-don't-get-murdered" scheme, and I presume they accept bank transfer, cash, cheques, pounds of flesh and postal orders.
The number of loan companies and credit cards catering for stupid people amuses me
__________________
Currently Ex Biker
Now rebuilding a 63' fishing trawler as a dive boat |
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03-11-07, 10:31 PM
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#5 | |
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Guest
Posts: n/a
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Re: outgageous interest
Quote:
How stupidly appealing. 
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04-11-07, 06:47 PM
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#6 |
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Guest
Posts: n/a
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Re: outgageous interest
Wonder what the real reason is why they're not trading till 1 December. I had a look at the T&Cs, they look home done to me. For example, if you're late in paying up they charge a 'penalty' - I've never known a lender openly describe their charges as a 'penalty' before. Plainly unlawful. I thought that the rate was actually quite reasonable given that they will have a shed load of admin costs and a sea of bad debt to cover. The APR calculation assumes that charges are interest, that's why it's so high.
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