The Loan sharks are alive and swimming, and so far, ( mortgage quotes ) they have been left to carry on ripping people off left, right and centre. The Competition Commission is finally making a stand.

Loans. Interest rip-offs for those with no other choice.

(remortgages)

Author: Anna Mayo

(mortgage deals)

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Its hard to believe in this day and age where there are as many lenders as burger bars on our high streets, but the Competition Commission has revealed that there are still doorstep loan sharks preying on people that have no other way of getting credit. There are reports that they are charging up to 1,000% interest per year for loans - the average is 177% - still incredibly high. Thankfully, the Competition Commission is finally making moves to stop these practices.

Its about time, as it is reported that as mortgage quotations many as two million Britons are taking out loans with these companies, usually because they have a very low income and the high street lenders wont give them a second glance. They are forced to get credit at extortionate interest rates because they have no other way of getting it, and in our opinion, theres no way that rates of 177% can be justified. (loan quotations)

The Commission has a few plans up its sleeve to bring the doorstep life insurance loan companies to justice. Firstly, they will force them to clearly state to the customer how much the loan will cost them. The idea is that if the borrower realises that the £100 borrowed will swiftly turn into £200 to pay back, they will think twice. Also if these lenders dont start dropping their rates considerably, the Commission has threatened to set a maximum legal limit, so if they go above it they will be committing a criminal offence.

Hopefully the home credit lenders will sit up and take notice, and stop preying on those who have no other options.

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Loans. Interest rip-offs for those with no other choice.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.Loans may be secured on your home or other property.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.
Loans may be secured on your home or other property.