Chris_Sleeps Posted February 21, 2012 Share Posted February 21, 2012 If your mate is short the following week though, do you start adding the compound interest? ... or take him to court 4 months later for the sum of £700+. Link to comment Share on other sites More sharing options...
cgksheff Posted February 21, 2012 Share Posted February 21, 2012 If your mate is short the following week though, do you start adding the compound interest? Hardly a fair comparison. No. It is an illustration to show that APRs are not a tool to look at short-term loans. Usury by loan sharks as described in the OP is unforgiveable and should be erased from our society. However, desperate people can lose their common sense. Link to comment Share on other sites More sharing options...
Chris_Sleeps Posted February 21, 2012 Share Posted February 21, 2012 No. It is an illustration to show that APRs are not a tool to look at short-term loans. It's one way of measuring financial agreements. It isn't an exact fit, but it does allow us to compare. You're perfectly entitled to defend them with the "mate lending you money" tag, but Wonga and co. are not friends. They are selling a financial service. This is interesting: Why Britain needs usury laws. Link to comment Share on other sites More sharing options...
Phanerothyme Posted February 21, 2012 Share Posted February 21, 2012 Sounds like you've got yourself into a bit of a mess here. The bad thing with this is that the loan company won't be breaking any laws by forcing you to continue your payments. When you signed up for the loan, it will have mentioned this in the small print. I would go to this site, sign up and post this same thread on their forum. People know where stuff on there and a few will have gone through something similar to this. http://www.moneysavingexpert.com Seriously - the people who knew their shinola on that forum were told to go elsewhere -and they did. http://www.all-about-debt.co.uk/ http://forums.all-about-debt.co.uk/ Link to comment Share on other sites More sharing options...
Bloomdido Posted February 21, 2012 Share Posted February 21, 2012 Can people get advances on debit cards these days as I understand the cheque cashing facility has been withdrawn due to changing legislation? It used to cost £17 to cash a £100 cheque and then the same amount to extend it each additional month. Criminal. Link to comment Share on other sites More sharing options...
teenyweeny Posted February 21, 2012 Share Posted February 21, 2012 There is a set amount of interest they can charge you. once its reached its limit and then gets passed on to a debt collecting agency,you can actually offer a set amount, they either take it or leave it.To be honest you will get no common sense from these lending muppets.They have one mode of speach. Just ignore the idiots and wait for the debt collection letters. Link to comment Share on other sites More sharing options...
alex1985 Posted February 22, 2012 Share Posted February 22, 2012 Refuse to pay it. Link to comment Share on other sites More sharing options...
shadow11 Posted February 23, 2012 Author Share Posted February 23, 2012 Thanks for everybodies comments, i am going to citizens advice in a few days and they have said they can sort something with the company. Hopefully this stops here! x Link to comment Share on other sites More sharing options...
shadow11 Posted February 23, 2012 Author Share Posted February 23, 2012 My comment i just left is being edited and changed :S anyway thanks everyone! Link to comment Share on other sites More sharing options...
Phanerothyme Posted February 25, 2012 Share Posted February 25, 2012 Interesting story on the beeb: http://www.bbc.co.uk/news/business-17127951 Payday lender MiniCredit apologises over 'threats' A payday lender has apologised to customers who received emails threatening to contact their employers if they did not settle their debts. The National Debtline says it heard of numerous cases where MiniCredit acted in an overly aggressive manner. MiniCredit says it has taken steps to ensure it does not happen again The Office of Fair Trading (OFT) says companies should not act in a way that is likely to cause debtors public embarrassment. Link to comment Share on other sites More sharing options...
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