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APR will be 80,000%......

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Joined: 28 Apr 2009
Posts: 676

PostPosted: Wed Dec 02, 2009 5:39 pm    Post subject: APR will be 80,000%......  Reply with quote

.....and it's entirely fuckin' legal.

Ah'm involved in a coupla organisations and wiz at a AGM recently. Wan o' the speakers wiz a Greenock wifie whit wiz tellin us aboot a hunner-yard-or-so stretch in that toon.

A pawn shop whit claims (accordin' tae a notice on its front door) to be the most successful in the UK.......... No' the fairest, no' the maist honest - jist the maist "successful".

A cheque cashing shop...... Some is wurse than ithers. This wan fer example.

A furniture shop whit sells shite furniture on HP. Here's the tricky bit. If ye buy a three-piece suite, that's three seperate HP agreements. Three seperate administration fees and three seperate wee income protection policies. Clever, eh?

And she mentioned ither bastards whit huv foond ither ways o exploitin' the desperate.

The friendly doorstep "pay day" loans stuff wiz the wurst.

There was a pensioner wifie wi' a weekly income o' aboot 104 whit wiz huvin' tae pay oot 96 per week.

There wiz a bloke whit borrowed 200 but couldnae repay a' it by the due date. (Which, of course, is exactly as the lender had hoped.) So he has tae get anither loan (fae the same source) which he also cannae fully repay on time. So he has tae get yet anither. Soon, very soon, even after repaying a bit here and there, he owes 1700.

When they worked out the speed with which the debt had grown, taking into account that he had made some repayments, the APR worked out at 80,000%.

And it's entirely legal.

This is poor people effectively being forced to waste money- that's money that should be used to buy food, clothes heat, drink, a few wee luxuries - money that should be circylating in the economy and gettin' you and me oot o' recession is being stole and took oot o' circulation.

Forget they thievin' bank executive crunts. How much is bein' stole fae the real economy fer want o' a bit o' thought and legislation?
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Joined: 28 Apr 2009
Posts: 483

PostPosted: Thu Dec 03, 2009 1:15 pm    Post subject: Reply with quote

Ah've seen een o they pay day loan cumpnies advertisin on the telly. The nae sae sma print on the screen says the APR is aboot 2500%. Oh aye, an the pawnbrokers advertise on the telly anaa an their APR is in the hunners.

Ah'd hate tae be that desperate.
Any society that would give up a little liberty to gain a little security will deserve neither and lose both.
Benjamin Franklin
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Fey Hag

Joined: 29 Apr 2009
Posts: 749

Location: Sealainn Nuadh Dawn's Birth Place

PostPosted: Mon Dec 21, 2009 8:57 am    Post subject: Reply with quote

Wurld wide disease. Yea kin git credit over ra bluidy net fra so cryed respectable lending agencies.
Being that poor is only an accident awar fra many uv us.

This Bothy's Clachan a Choin
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