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 Post subject: Loan Sharks!
PostPosted: Thu Nov 13, 2008 8:21 pm 
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Hawleytastic!
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Joined: Wed Dec 27, 2006 4:38 pm
Posts: 3506
Location: Cheshire
I was on Facebook earlier this evening and this is an extract from an ad that appeared on there. I was really shocked to see 'logbook loans' beind sold at the exorbitant rates below. Surely no-one would enter into one of these? The figures shown relate to a £1,500.00 loan over 78 weeks ...... :shock:

Please note, you can make significant savings if you choose to settle your loan early:

Settling after 1 month : £1,845.27 (total payable)
¼ of the term (20 weeks) : £2,601.90 (total payable)
½ of the term (39 weeks) : £3,408.18 (total payable)
¾ of the term (59 weeks) : £4,060.00 (total payable)
Typical 437.4% APR

Logbook Loans Ltd
Bridge Studios, 34a Deodar Road, London, SW15 2NN

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 Post subject:
PostPosted: Thu Nov 13, 2008 8:29 pm 
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Hawleytastic!

Joined: Wed Apr 19, 2006 12:14 pm
Posts: 13446
Oh my god! :shock: Over 400% interest? :shock:


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 Post subject:
PostPosted: Thu Nov 13, 2008 8:33 pm 
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Hawleytastic!
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Location: Cheshire
Surely that must be illegal?

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 Post subject:
PostPosted: Thu Nov 13, 2008 8:33 pm 
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Hawleytastic!

Joined: Wed Apr 19, 2006 12:14 pm
Posts: 13446
If it isn't it bloomin' well should be! :shock:


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 Post subject:
PostPosted: Thu Nov 13, 2008 8:35 pm 
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Site Admin
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Joined: Tue Sep 06, 2005 6:10 pm
Posts: 12340
Location: Usually to be found at a computer
I suspect it's legal so long as they show the figure - if anyone is daft enough to take them up on it is another matter. But if people see in black and white what they would re-pay then they should steer clear of them.

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 Post subject:
PostPosted: Fri Nov 14, 2008 9:20 am 
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I.....Need.....A.....Life
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Joined: Mon Mar 10, 2008 1:33 pm
Posts: 1471
I used to work with a learning disabled couple..who got involved with loan sharks........................jesus christ..it was a right mess dealing with it all..it was a nightmare dealing with these guys..........ruthless..that's for bloody sure..........


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 Post subject:
PostPosted: Mon Nov 17, 2008 2:39 am 
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Hawley Super-Groupie

Joined: Sun Jul 15, 2007 2:45 pm
Posts: 301
Awful. There are probably a lot of people desperate enough to take them up on it as well.


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