What they miss off from the adverts is this:

(To be read in a monotone Geordie accent) "I cleared all ma debts an' had enough left over for a holiday [this is where they edit it] and I've got twenny grand I can spend on me credit cards noo an' all"

Who else thinks the vv fat woman sitting on the sofa from Ocean Finance ad looks like Jabba the Hut........

aahhhh Solo.......

Deffo !

When you look into the small print on these it is not usually that simple. Where possible they arrange a secured loan and then add a MIG fee. You then pay interest on the loan and the fee. I have recently had a client who had a 'consolidation' loan from Welcome for 3k. The arrangement fee of £999.00 was added to this as well as the MIG at £2500.00. By the time she made her first payment the balance was £6499.00. The rate she was quoted was 3.0%. She was led to believe that that was annual rate. That was actually monthly rate. She had signed up the paperwork a couple of months before she found me. She wanted to change her mortgage to a fixed deal, and while going through her finances she showed me the paperwork for the loan. I suggested that it might be better to add the £6500 to her mortgage rather than pay 36% APR. She called them for a settlement figure - £30500 :eek: (basically all the interest she would have paid had she kept the loan for 10 years as scheduled)

Looking through the small print, all the info was there, but I had trouble understanding it, so I would think that most of the people who might be looking for a loan like this would have no hope.

Hopefully the FSA will clamp down of this when they take over. They are already making moves to do so..... fingers crossed

Sweet Mother of Mary!!! How can they possibly justify this - they borrow three grand and pay back thirty - FFS that is just obscenely criminal:mad:

Oh yes they will!

& anyway - waiting for the FSA to do anything, you will be in your grave before anything gets put in place :D