Debtbuster loans, contradiction in terms?

[chris watton]

Yep, just seen this ad for debtbuster loans on the kids channel, borrow up to £75K and all your problems will be solved! This country is really going down the pan!

[Dakkon]

Really, cool, got their number?

[victormeldrew]

There are any number of these insidious ads on daytime TV, and the worst has to be the one with Carol Vorderman, who really ought to know better.

You can ignore them for a while, but they play over and over and over. Its a brainwashing thing. Eventually your resistance is worn down, and the whole idea of borrowing from Peter to pay Paul takes on a wholesome glow of redemption.

It's evil.

[dick dastardly]

There was some new advert on last night talking of their low APR (8.5% or something crap ) and how borowing £25,000 would only cost two hundred and something pounds a month. Only in the small print did it say that after the 15 years is up you will have repaid £43,000! Preying on the stupid.

[Plotloss]

Thats just the surface.

Household door to door lending is where the real preying occurs.

Need £100 to pay the gas bill?

Certaintly, £10 a week for the next 12 months...

APR's of well over 200% are not at all unusual.

[nervous]

well, theyd better not cancel football.

[MrsRotty]

My sister-in-law recently got offered a cc with an apr of 58%!! Needless to say, she told them where to stuff said card.

[JonRB]

dick dastardly said:

There was some new advert on last night talking of their low APR (8.5% or something crap ) and how borowing £25,000 would only cost two hundred and something pounds a month. Only in the small print did it say that after the 15 years is up you will have repaid £43,000! Preying on the stupid.

Don't ever look at a mortgage illustration then. I have one right here in front of me: For a 2 year fixed discounted rate of 4.49% followed by a standard variable (currently 6.59%), the total cost of borrowing is £1.86 per £1 borrowed, so you end up paying back £372k on a £200k mortgage. Makes you think.