Jock's Place - The World's Local Loan Sharks - Comments

Well you are not the first

gordman — Mon, 29 Oct 2007 10:27:04 +0000

Well you are not the first to go through this and I agree some of the banks act a little bit unethical because they tend to hide the bad part of the story and they let the customer discover it by himself. But we can't reject loans whatsoever, they have an important contribution overall for the economy. There are so many types of banks, so many times of loans, they all have their share of criticism but they also have their functionality. The thing is that we have to be aware of everything we are doing and give our consent when we are fully sure it's the right decision. I am actually preparing to attain approval for some unsecured loans and these are the principles that guided me here.

Paperwork?

Jock — Fri, 09 Mar 2007 21:49:08 +0000

Que es?!

Seriously though, I think it was probably destroyed in one of my floods. I've torn the flat apart (not that that took much doing) and can find canvass cards from my election in 1999 but not for this. Which is odd because I thought I was getting more careful about that sort of thing. But I have had to throw some stuff out.

Nevertheless, CAB is a good idea. I ought to get something out of them before I step down as a director/trustee on Tuesday! I have checked out, however, some of their responses to the recent Consumer Credit Act implementation order where it seems to imply that this sort of front loading of interest and protection premia does go on quite a lot and they quote many examples of how people have been surprised to find that they actually still owe more on settlement than theyborrowed in the first place.

It's one of their big criticisms of the new CCA regime - that the government has stopped short of making it a rule that settlement automatically means the proportion of the capital expressed as a propoertion of the time left on the loan.

It's apparently perfectly legal - and of course if so enforceable by the contract I signed. But absolutely bloody outrageous, especially for a subsidiary of someone supposed to be a respected global banking institution (sic!).

It doesn't cause me financial discomfort. It's just bloody annoying and were I able to reschedule as I was expecting I could be debt free inside 18 months. But it's likely I'll just have to grin and bear this one, and intensify my campaign against the banking system in general as a result!

If the various figures

Neil — Fri, 09 Mar 2007 15:26:38 +0000

If the various figures you've uoted are correct that estimate looks wrong.

Have you been to CAB for advice Jock?

And do you have all the relevant paperwork?

I learned about loans and

David Nikel — Fri, 09 Mar 2007 12:38:25 +0000

I learned about loans and credit cards the hard way, but through hard work and avoiding the "easy option" I am well on the way to being back in the black.

My best wishes to you in sorting out your situation.

The World's Local Loan Sharks

Jock — Fri, 09 Mar 2007 12:00:44 +0000

Here starteth the saga of my dealings with a bunch of sharks who are a subsidiary of "The World's Local Bank". I don't want to bleat too much - the usual rebuttals that "you should have read the small print" apply and I've been foolish. But I do want to warn others if I can to take a more circumspect view of dealing with HFC Bank.

Sine I live in halls of residence, and have done now for over ten years as a warden, getting credit is sometimes difficult. In fact getting anything that requires some nit-wit to rely on the electronic vomit coming out of an automated search using postal details. The Post Office and the local electoral roll office have never, in all that time, got my and my fellow wardens' addresses quite right.