Thought Id start this one going because its rather dead on this board at the moment and I suppose all my usual muckers are either at the Stella tennis event watching Dim Tim (lose again) or at Henly Regatta eating cucumber sandwiches (they wish,...NOT).

Anyway please feel free to just talk to yourself blast away and let it go on any company or subject you wish. Just wish Id thought of this one before.

cheers GF.

Manuel,

"cynic Send an email to cynic View cynic's profile - 20 Apr 2014 13:47 - 39757 of 39759

universal morality - the simple dictum of do as you would be done by works pretty well"


I am a masochist that is why I read your posts.

8-)

I find it difficult to credit anything that the Daily Wail prints!

All your problems solved.




Representative Example: Borrow £550 and pay £98.54 per month for 12 months at a fixed interest rate of 172% per year.1 The total charge for credit is £632.50 (all interest). The Total Repayable is £1182.50. 399% APR Representative.



https://www.poundstopocket.co.uk/

That's not bad considering the default rate of loans to bad risk customers. These types of providers are third line credit. First line credit is typically banks, second line are consumer credit such as credit cards and hire purchase. Third line credit loans go bad at a very high rate. They are usually unsecured. If you subtract the bad debts and cost of debt collection and write offs the profit is not that high. I used to work in designing and developing computer systems for second line credit in the UK, Holland Germany. The default rate in second line credit is pretty bad as well, especially in times of recession. If these third line credit companies have their charges capped then the majority will close up. That may seem to be a good thing, but it will mean no access to credit for large numbers of people.

no access to credit for large numbers of people -which is almost certainly a good thing .... i'm afraid there are an awful lot of people who do not regard debt as being real money, which of course is why their problems easily go from bad to worse to dire

I agree with you about many people's attitude to debt. That is the reason that these credit companies have to charge very high rates of interest. If you slap down this type of credit, you will drive people into the hands of loan sharks, which will be a much worse proposition.

399% APR IS loan sharking, what else would you call it?

A loan shark would be much more. That's what high risk credit costs.If people don't want to use the service then that is up to them.

I begin to wonder what type of person would willingly use this type of service.

They must be truly desperate.



Which leads to another possible solution, cos paying that sort of interest rate means people staying in debt forever.


Why cant the gov lend money at a sensible rate to people who find themselves in a tight spot. Anyone going for a loan like whats offered in likely to be on benefits of some sort. A loan could be made and recovered by a small deduction from the handouts they receive.

No way of avoiding repayment with that arrangement.

max - one of your truly preposterous preposterous pronouncements i'm afraid

Max,

I agree with you and the debt companies are stoking up trouble.

Hays and Manuel are too feeble minded to understand that.

It would in the end be more efficient for have a government agency control such lending arrangements,

But again it is profiting those who have.

It is a wonder that Hazy one doesn't ask for tax relief on money that is lent.


That is a tory's morality for you.

oh do stop talking such absolute rubbish
what a spiffing idea to have the taxpayer funding high risk debt

Manuel,

Why not?

How, from whom and at the expense of did many make their gotten gains which the cling on until their graves!

=======

Dreams.

Self portrait of yourself.

Far more intelligent looking than I would have expected!

You didn't read my post properly c.

I said "a loan", to be repaid out of benefits or wages in small increments, not free!


The present situation invites usary, and that's no way forward.

go and find another wind-up toy .... i really cannot and indeed do not believe you two are such total idiots

We're not c, just people seeking alternatives to the present arrangements.


btw. Do you have a solution?

Nigel Farage must throw open his books to an independent auditor if he is to remain a “credible” politician, the former head of Westminster’s sleaze watchdog has said.

The Ukip leader is under pressure to explain what happened to almost £60,000 in EU funds which The Times revealed he said that he spent on a West Sussex office given to him rent-free.

Farage could face investigation into EU expenses

A former senior Ukip official has filed a formal complaint about Mr Farage to the EU anti-fraud office OLAF

max - gov't to help people get even deeper into debt with dirt cheap loans too? ..... totally irresponsible and absolutely nuts, and you know it

if you get yourself into serious debt - i've done it - then it is for the individual to dig himself out, and most assuredly it is not for the taxpayer to act as the bank of mummy and daddy

for those who get into difficulty through no or even little fault of their own, we have the benefits system, regardless of how flawed that may be - and of course it always has been and always will be despite some of the rantings and similar nonsense put about here