I don't know if any of you saw the TV porgramme "Dispatches" last night? It was looking at financial exclusion and how the poorer you are, the more credit costs you. They highlighted the huge interest rates and dubious methods of doorstep sellers and internet PayDay loan companies.
I was wondering if any of you have personal experience of this?
I think provident come to my village every Friday evening and set up shop in the town hall, it's some sort of money lending thing anyway.
My parents always told me that if you cant afford it save for it or don't get it.... my mum used to refer to credit as getting it on the 'never never' I'm not sure why but it's always stuck in my mind.
You only have to look at the APR s to see why these are a bad idea. I have worked with people who have got into awful debt with them. Alisoncam I think you mean Bright House?
If anyone needs to borrow money, I would recommend they find out if there is a Credit Union in their area instead.http://www.abcul.org/page/members.cfm
Has anyone got any more stories to tell?
I have seen a loan company advertising on Tv over Christmas, offering payday advances, in other words you borrow the money only until your next payday. The APR is 2300% :!:
Yes that's right shortie2.
Mind you, I have stopped buying a lottery ticket as I was so fed up of not even winning a tenner!
Hi Louise
I caught some of that programme. A while ago, I was going to get some furniture from that shop that was named (can't think of the name right now, something House I think) Last nights programme gave me a true insight into that one!!!! To help me with the phone bill etc, I was seriously going to use Provident (also spoken about last night). A friend told me definately not to use them! Trading Standards also advised me not too as well. (So glad I'm a person that listens).
:)