19-09-2006, 12:22
|
#1
|
|
Dare to Say No!
Join Date: Jun 2003
Location: St Neots
Posts: 872
|
Scary CC offer.
I had one of those ussual unsolicted credit card offers through the post today, thought I'd have a look to see if they had an interest free period on offer or not because I'd like to move my balance to somewhere that I can clear it faster...
Anyway opened it up and OMG!!!
49.9% APR!!!!  Typical APR of 39.9%!!! apparently they do have a 19.9% APR but you have to dig to find that and its going to be judged on 'status' and not your choice.
I think its designed for people who haven't had a cc before or have a crap credit rating but as I'm in credit up to my eyeballs* and I can do basic maths I shall be declining.
The company is called Vanquis (never heard of them before) and I've yet to see anything in the offer thats of benefit to the consumer.
I don't know why they didn't just ask me to give them a couple of hundred pounds a month and not bothered with sending me a form to fill out, the result would be the same.
I wouldn't have said anything but I've never seena CC APR that big before its twice the size of my current bad one (19.9%) I'd be worried if people took them up on this.
Scarlett.
* okay mostly a mortgage but a couple of CC's as well.
|
|
|
|
19-09-2006, 12:25
|
#2
|
|
Happily insane
Join Date: Jun 2003
Location: Leeds
Age: 50
Services: Don't have a clue any more.
Posts: 7,460
|
Re: Scary CC offer.
I got one of those yesterday I couldn't believe the rates they were charging!
|
|
|
|
|
19-09-2006, 12:30
|
#3
|
|
cf.mega poster
Join Date: Jun 2003
Location: Milling around Milton Keynes
Age: 35
Posts: 12,969
|
Re: Scary CC offer.
I'm bankrupt and I still get junk mail offering me loans!
|
|
|
|
|
19-09-2006, 12:40
|
#4
|
|
Happily insane
Join Date: Jun 2003
Location: Leeds
Age: 50
Services: Don't have a clue any more.
Posts: 7,460
|
Re: Scary CC offer.
I am so sick and tired of asking companies not to send me junk mail that now I just tear it up and send it back to them in there own prepaid envelope.
|
|
|
|
|
19-09-2006, 12:59
|
#5
|
|
Inactive
Join Date: Nov 2005
Location: Cambridge
Services: 2 for £22 (Broadband Size: M and Phone Size: M), Free TV Size: M and fries!
Posts: 1,218
|
Re: Scary CC offer.
For more information see:
http://www.vanquis.co.uk/
|
|
|
|
|
19-09-2006, 13:04
|
#6
|
|
cf.mega poser
Join Date: Jun 2003
Posts: 14,718
|
Re: Scary CC offer.
Quote:
Originally Posted by King Of Fools
|
Quote:
|
Originally Posted by scarlett
but as I'm in credit up to my eyeballs* and I can do basic maths I shall be declining.
|
It does look like this card is targeted at people without basic maths skills. Presumably it's called the 'abacus card' for a reason? 
|
|
|
|
|
19-09-2006, 13:14
|
#7
|
|
Cable Forum Team
Join Date: Jun 2003
Location: South Wales
Posts: 29,871
|
Re: Scary CC offer.
I can beat all of this. I had a letter from Provident Credit this morning offering me a loan with an APR of 177% 
|
|
|
|
19-09-2006, 13:18
|
#8
|
|
Happily insane
Join Date: Jun 2003
Location: Leeds
Age: 50
Services: Don't have a clue any more.
Posts: 7,460
|
Re: Scary CC offer.
Omg!!! They have to be kidding surely!
|
|
|
|
|
19-09-2006, 13:30
|
#9
|
|
cf.mega poster
Join Date: Dec 2003
Age: 37
Posts: 7,099
|
Re: Scary CC offer.
177%...?!? I really hope that the decimal point character on their printer is broken or something.
|
|
|
|
|
19-09-2006, 13:35
|
#10
|
|
Cable Forum Team
Join Date: Jun 2003
Location: South Wales
Posts: 29,871
|
Re: Scary CC offer.
Quote:
Originally Posted by Gareth
177%...?!? I really hope that the decimal point character on their printer is broken or something.
|
Nope this is the actual wording....
"Cash loan amount £300. 55 weekly payments of £9.00. Total payable £495. Typical 177% APR.
|
|
|
|
|
19-09-2006, 13:41
|
#11
|
|
Cable Forum Team
Join Date: Jun 2006
Services: Triple XL (BB 30Mb), TiVo, V+
Posts: 22,902
|
Re: Scary CC offer.
They are both from the same group of companies - Provident Financial (also know as "the Provie".
They charge high interest rates because (they say) the people they are targetting are more of a "risk" than the mainstream borrowers; that is, bad debt history, lots of outstanding loans, or no credit history.
Unfortunately, what they then tend to do is charge you very high interest rates, with lots of add-ons (various types of insurance) that have so many caveats that when you come to try and claim, they have lots of get-out clauses.
My advice would be "don't touch them with a barge-pole" - try your local credit union.
__________________
Just to make it clear if a post is bold and is from a team member, it's a moderating decision. If it's not bold or not from a team member, it's not.
|
|
|
|
|
19-09-2006, 13:44
|
#12
|
|
cf.mega poser
Join Date: Jun 2003
Posts: 14,718
|
Re: Scary CC offer.
Quote:
Originally Posted by Russ D
Nope this is the actual wording....
"Cash loan amount £300. 55 weekly payments of £9.00. Total payable £495. Typical 177% APR.
|
Hang on... How is APR calculated? Total payable over approximately one year is £495, so the interest is ~£200 which comes to around 67%?
|
|
|
|
|
19-09-2006, 13:47
|
#13
|
|
cf.mega poster
Join Date: Dec 2003
Age: 37
Posts: 7,099
|
Re: Scary CC offer.
Their maths is a bit dodgy... those figures work out (if I didn't mess it up) at being 109%.... which is still outrageous, imo. I'm absolutely flabbergasted at such an intereste rate.
|
|
|
|
|
19-09-2006, 13:51
|
#14
|
|
Cable Forum Team
Join Date: Jun 2003
Location: between Portsmouth and Southampton.
Age: 59
Services: VM XL TV,VM 10MB,VM Phone and V+HD box.No VM Mobile
Posts: 32,433
|
Re: Scary CC offer.
Quote:
Originally Posted by Jules
I am so sick and tired of asking companies not to send me junk mail that now I just tear it up and send it back to them in there own prepaid envelope.
|
Try here.
http://www.tpsonline.org.uk/mpsr/
__________________
.Bold=Mod
|
|
|
|
|
19-09-2006, 13:59
|
#15
|
|
[CENSORED]
Join Date: Apr 2005
Location: Wolverhampton
Age: 33
Services: Virginmedia - BB:XL30 TV:XL V+ Phone:M
Posts: 3,413
|
Re: Scary CC offer.
Quote:
Originally Posted by Russ D
I can beat all of this. I had a letter from Provident Credit this morning offering me a loan with an APR of 177% |
Doing a bit of googling Vanquis IS provident credit, or a subsidary of. And by the looks of it, it's aimed at people with bad or no credit reference. 
Edit: foreverwar beat me to it
To be fair to them though, if you are unlucky to have had bad credit in the past, and want to repair your credit rating it seems like an ideal card to have IF you are responsible and can pay of the balance each month, which they do say on their website to give them credit (no pun intended)
__________________
Help save the world from loosers
Superhub, with a completely wireless network - speedtest result
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT +1. The time now is 15:15.
|
Join CF
You are here: 
