Well, since we started providing debt consolidation advice at work i thought we'd seen it all with regards to the wonderful people in the banking world.

 

That is untill a little application form dropped on my doormat today from that large well known bank - Vanquis

 

With such lines as

 

"No surprise Charges!"

 

"We wont set your credit limit any higher than we think you can afford!"

 

"Cut your interest - build your credit rating!"

 

"Up to £1500 credit"

 

and

 

"Apply now - even if you've been turned down elsewhere!"

 

it would seem like an offer you can't refuse!

 

The thing that caught my eye though was the "little detail" of the cost of such an amazing card....

 

 

 

 

 

 

 

wait for it...........

 

 

 

 

 

 

 

 

 

 

 

 

its good this............

 

 

 

 

 

 

 

 

 

58.6% TYPICAL APR!!!

 

that's at £250 credit - for £150, the APR is 69.1%!!!!!!

 

 

 

So, would you like to borrow £150- it'll only cost you £90.56 in interest !!!!!

 

 

 

FFS, and they wonder why people get so much in debt!!! :headvswal :headvswal :headvswal :rant: :rant: :rant:

:nelson: :nelson: jesus glad i aint got one

I,d better not let the misses see that card she,ll want one !!!!!!! another way to blow money !!!

Well, since we started providing debt consolidation advice at work i thought we'd seen it all with regards to the wonderful people in the banking world.

 

That is untill a little application form dropped on my doormat today from that large well known bank - Vanquis

 

With such lines as

 

"No surprise Charges!"

 

"We wont set your credit limit any higher than we think you can afford!"

 

"Cut your interest - build your credit rating!"

 

"Up to £1500 credit"

 

and

 

"Apply now - even if you've been turned down elsewhere!"

 

it would seem like an offer you can't refuse!

 

The thing that caught my eye though was the "little detail" of the cost of such an amazing card....

 

 

 

 

 

 

 

wait for it...........

 

 

 

 

 

 

 

 

 

 

 

 

its good this............

 

 

 

 

 

 

 

 

 

58.6% TYPICAL APR!!!

 

that's at £250 credit - for £150, the APR is 69.1%!!!!!!

 

 

 

So, would you like to borrow £150- it'll only cost you £90.56 in interest !!!!!

 

 

 

FFS, and they wonder why people get so much in debt!!! :headvswal :headvswal :headvswal :rant: :rant: :rant:

 

They must think people are stupid! there should be a law against things like that, if people have a poor creadit rating then getting a card with that much APR will just make there lives worse!

Fook, i'll send it back LOL..............................................jokin by the way. As said above, no wonder FFS and the govenment say they are doin somthing about it. Yer right!!

I,d better not let the misses see that card she,ll want one !!!!!!! another way to blow money !!!

Get her to blow something else ;)

Surely that MUST be illegal!

Get her to blow something else ;)

 

 

What you mean her own trumpet !!!! :rofl: :rofl: :rofl:

What you mean her own trumpet !!!! :rofl: :rofl: :rofl:

:rofl:

Not quite ;)

Well. I have recieved one of those offers and bumped it. But I will tell you this, as someone who has been bankrupt, the only way to build up a credit rating is to get a loan/ credit card or something similiar and pay it regularly. Now if youve been bankrupt which, in a lot of cases is a sound financial decision, you cant get a cheque account, mobile phone account or a lot of other stuff without credit scoring, which shows up your bankruptcy. So for some people the only way to get back on the right track is to knock on the door of using b@stards like those above. Think about it, how many things do you need to be credit scored for? Renting/ buying a house, opening a bank account/ hiring a car/ season ticket loan/ credit card the list goes on. It annoys me that the people abovve take advantage of that position tho

Well. I have recieved one of those offers and bumped it. But I will tell you this, as someone who has been bankrupt, the only way to build up a credit rating is to get a loan/ credit card or something similiar and pay it regularly. Now if youve been bankrupt which, in a lot of cases is a sound financial decision, you cant get a cheque account, mobile phone account or a lot of other stuff without credit scoring, which shows up your bankruptcy. So for some people the only way to get back on the right track is to knock on the door of using b@stards like those above. Think about it, how many things do you need to be credit scored for? Renting/ buying a house, opening a bank account/ hiring a car/ season ticket loan/ credit card the list goes on. It annoys me that the people abovve take advantage of that position tho

 

 

very true bud, thats why i wanted to share this - its fookin wrong!

Vanquis.....aka Provident Personal Credit...

 

doorstep lending and this card has seen the Provvy go into the Footsie top 100....!

 

but in terms of the wider issue they operate in areas banks have quit...so if you want competition and better rates the banks should get back in there

 

BTW there is no cap on % rates you can charge what you like

- aah, makes more sense now, just noticed the provident bit. i remember my dad talking about getting 'provident loans' as a youngster, always been nasty!

Sadly the western world is run by banks. If you lend money to the bank, they'll invest it and make money, if you borrow from the bank, they'll make money through high lend-rates. It's so easy to borrow money nowadays which is why so many people are turning to these preying tw@ts.

I couldn't work for a company like that. I'm sick of seeing Carol Dobermann on TV too with that false grin pretending that the world of debt is a lovely place. :rant: :mac1:

yep they used to mint their own money years ago....mind you the credit card deal is good for those who can work it....as no late payment charges...and if you pay 2 or 3 statements on the trot off in full you qualify for a 30-50% cut in the APR never seen Barc Card do that....!

you think theirs is bad just check the 0% bal transfer deals offered by many others....the moment you spend anything on it that stays accruing interest until you clear the bal transfer in full....or better still miss the min payment of say £5 by even 1 day and the automatically do you for a) £35 or b) change the 0% deal into the cards noraml APR usually 15%-25%

Money is magic...:D