Norman Dog

iTrader: (1)

http://www.bbc.co.uk/news/business-29424351#

I can't be the only one who would love to see legal loanshark scum like this cease to exist?

riiidaa

iTrader: (2)

plus one

scoobygaz1

iTrader: (3)

+2 5000% apr

BBB3

iTrader: (7)

They only tell people what they want them to hear.

I'm sure they are still doing fine

Moley

iTrader: (9)

£30+ million profit isn't bad going, especially with all the competition in that market.

Still scum though.

Rusti

iTrader: (4)

Complete scum it should be illegal

Dirk Diggler 75

Scumbags profiteering on peoples misery .....

An0n0m0us

I think that sums up rather fairly what utter scum they are. The fake letters surely amount to fraudulent activity and they should have been dealt with a lot more harshly than a small fine.

hodgy0_2

the energy firms where also guilty of this too

warrenm2

Bit of knee jerk leftyism going on here. The high interest rates are a result of two factors. 1) A lot of their borrowers default and 2) the loans are for very short periods and hence come with an admin cost to the company to set up which gets passed on. That is then multiplied up over a year which in reality wouldn't actually happen. As to the letters, well in some ways, they are shooting themselves in the foot, because if a case did go to court it would count against them. They were trying to increase the collection rate from defaulters in a cheap way. The key being that the customers were defaulters. As for this ridiculous "profiteering from misery" nonsense, a) the company didn't force them to borrow money from them b) the customers could have budgeted properly and not need a short term loan c) if the customers went the illegal route, they would have been subject to violence if they defaulted, is that better?

If you cap the interest rate by law, then the business becomes uneconomic and closes and the punters go back to illegal loan sharks - be careful what you wish for, and the law of unintended consequences.

All in all, a mountain out of a molehill

ClassicEddie

^ Lets not forget the benefit to the tax man (and thus society?) as well from such a highly profitable business...