www.iva.co.uk

I've just got an email from Provident Personal Credit. Apparently they now have a Visa card with a Typical APR of.......wait for it......183.2%!!! If this is typical, only knows what the higher rates are!!!! [:0][:(!]
It's frightening to think that some may be so desperate what with the banks tightening up lending and especially with the way the cost of things are going up so much, that they will get sucked into this type of credit.....

scary ...big time isnt it??

And lots of people will, and probably already have done!

They should not be allowed to charge such exorbitant interest rates.

It's about time a ceiling was put on interest rates so that people do get a chance to pay back the original debt within a reasonable time.

i have had a few from several companies. I think i know the reason behind it, if you read the small print its for a credit card with a £500 credit limit, and the stanadard terms of an IVA is that you can not borrow more than £500 in an IVA, so these companies are actively targeting us in an IVA, they must go on the insolvency register and write to everyone in an IVA, then not bother with a credit check and charge an interest rate in the hope that some desperate people in an IVA take them up on the offer.

Also they want people to "repair" their credit rating!! But who would want credit after their IVA!?

I don't think I would ever be that desperate.

Times is hard, but I'll struggle with having to juggle the money, just to get peace of mind in 5 years time.

I dread to think what the minimum repayment is, and if you just make that, how long it would take you to pay off £500.

I noticed that James, goes for bankrupts also, we can't borrow over £500 while br. It boils my blood that this government are always piping on about making life easier for us and helping us this way and that, then they allow companies like this to exploit the less financially fortunate!!! Nothing but day-light robbery, they are as bad as the energy suppliers!!!

CJ, you may want to get a mortgage, or a car loan once you are solvent again, but there have to be better ways of repairing your credit - like waiting until the 6 years is up and the IVA has dropped off your credit file!

Yeah im looking at the poss of buying in like 5-6 years so when i can get into an iva on terms suitable for me i will do it!! It makes me sick people pick on the ones struggling with credit!! I had a letter from provident wanting to give me a cash loan of £500 with interest of 75% and then said min term to pay it back was 5 years!!! How bad was that!?

Correct me if I'm wrong (maths not my strong point), but you have got to take 5 years to pay back £500 at 75% interest - you'd be paying back loads![:0]

isnt that like 75% a year!? same with the 182%
Its all crazy!! Pre paid cards all the way!!

Whoa! That's criminal![:(!]

It ought to be Viki![:(!]

These sort of people make me sick - preying on the vulnerable. I don't know how they sleep at night!

i guess they drink horlicks

Should be laced with arsenic!