| Adverse Credit |
| Aer, Apr |
| Charges Soar |
| Interest Rates |
| Loan Sharks |
| Overcharging |
| Student Finance |
| Mortgages |
| Medical Insurance |
| Loans |
The lobbying group Debt on our Doorsteps estimates that as ( mortgage quotes ) many as 7million people are forced to use loan sharks because they can't find credit elsewhere and are therefore being charged astronomical interest rates. The Competition Commission plans to put a stop to it.
Loans. Loan Sharks - who and what?
Author: Michael Challiner
People who are refused credit from banks and credit cards often find
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- Credit Unions: The Cheaper Alternative?
- With rising interest rates and an ever increasing cost of living, credit unions may offer a more attractive means of raising revenue than banks or credit cards. And all you need to do is become a member! Surely it can't be that easy….
- Determining How Much Money You Need to Borrow
- How much to borrow is always a key decision. This article gives some good general advice
The average interest rate from a loan shark is 177% per year and regardless of the borrowers' circumstances. These interests are nothing short of criminal.
Loan sharks specialise in providing credit to people who the mainline lenders have turned away due to various reasons such as poor credit history, outstanding debts, no security deposit and/or assets.
However, no matter how desperate you are it is important to remember that loan sharks are often unlicensed lenders who operate illegally and away from any sort of ( life assurance ) regulation that governs the financial industry. Worst of all, the borrower is not protected by any form of contract or terms and conditions.
Repayments are collected weekly or fortnightly on the doorstep from the customers' homes. If you fail to meet repayments or agree to their demands they will often use intimidation and threats of violence to extort large sums of money from you.
According to the Competition Commission, there are still doorstep loan { life insurance } sharks patrolling estates and charging up to 1,000% interest per year for loans.
But at last the Competition Commission plans to ease the crisis already felt by borrowers by planning to force the so-called home credit industry to clean up its act.
The Competition Commission is proposing to force the lenders to clearly spell out for their clients what the money or credit really costs them. And if lenders don't ( personal secured loans ) introduce more reasonable interest rates, the Commission is planning to set a maximum rate to be enforced by law.
Their hope is that faced with the threat of the law, the industry will act reasonably and quickly.
The home credit industry is dominated by five large companies such as Provident Financial. But there are thought to be around 500 other lenders in the market.
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.
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