Peachy Loans APR - Inredible!!

[BrownEggs]

I couldn't beleive my eyes when I read this, so I just had to share it with you!

 

"REPRESENTATIVE APR 16 381 %"

 

What a world we live in

[citizenB]

Agreed, unbelievable..

[BRIGADIER2JCS]

Looking forward to the new regulators take on these interest rates:madgrin:

[Gaston Grimsdyke]

Shows how pointless it is to use APR as a measure. Annualising an interest rate for a loan designed for a few days is daft and a meaningless indicator.

[BRIGADIER2JCS]

Agreed, the whole pdl field is designed to

confuse and complicate short term borrowing

should be simple and transparent.

[Gaston Grimsdyke]

They only quote the APR because advertising regulations require them to - I am sure they would rather not have to quote an APR in the 1,000's. It's down to legislation to conceive a better advertising regime which consumers can actually understand.

[BrownEggs]

Another Company, 12 day loan I believe, stands at APR: 293,767%

 

The more I look at these 'Annual' rates in relation to a non-annual repayment, the more confused I become.

[42man]

Application / Licence Details

 

 

 

Licence Number:0637962

Licence Status:Current

 

Current Applicant / Licensee:

 

Business NameCompany Registration Number Cash On Go Limited07306662

 

Categories:

 

Consumer credit

 

Right To Canvass Off Trade Premises:No

 

 

Trading Name(s) (Current):

 

Cashongo Peachy.Co.Uk

 

Issued Date: 16-Aug-2010

Date Maintenance Payment Due: 15-Aug-2015

 

 

Legal Formation:

 

Body Corporate (incorporated inside UK)

 

Current Individuals that run the organisation:

 

NamePosition Kristjan Novitski

 

Nature of Business:

 

Credit Agreements/loans (linked)

 

Current Address(es):

 

Address TypeAddress Correspondence12, York Gate, London, London, NW1 4QS, Uk Principal Place Of Business12, York Gate, London, London, NW1 4QS, Uk Registered Office12, York Gate, London, NW1 4QS, United Kingdom

 

Historic Address(es):

 

Address TypeAddress Correspondence1, Canada Square, Canary Wharf, London, London, E14 5DY, UK Principal Place Of Business1, Canada Square, Canary Wharf, London, London, E14 5DY, UK Registered Office29th Floor, 1, Canada Square, Canary Wharf, London, London, E14 5DY, United Kingtom

[42man]

They seem to be owned by an Estonian entrepreneur...

[asmilecostsnothing]

Looking forward to the new regulators take on these interest rates:madgrin:

 

Sadly not all payday loan companies will be governed by this new regulator so I can't see it working ?

My source is ref Mail on Sunday - Sunday 29th January

Financial pages no 71

 

It's going to be interesting that's for sure,

Half a regulated payday loan industry.. does it mean the others who aren't governed then become illegal loan sharks?!

Edited January 31, 2012 by asmilecostsnothing
change of word

[BRIGADIER2JCS]

The mail has another article today on the customer profile

for PDLs.

I think until the full remit of the new regulator is known

(not newspaper speculation) we cannot tell what will

be the situation.

[asmilecostsnothing]

Well the Martin Lewis site had already announced the start to, the new regulator type and I guess we only have newspaper speculation to go on as sad as that is

 

Think I'll give today's paper a miss then!

Edited January 31, 2012 by asmilecostsnothing
.

[BrownEggs]

The remainder will probably be 'regulated' by those pap organisations that the companies themselves set up in partnership with each other, to better serve their own interests. It'll have a nice abbreviated name and will look Kosher when read quickly, but will really mean nothing. I came across one the other day on some loan site or the other which, at a glance, made you think they had some type of affiliation with the FSA, but in fact was some other non-nonsensical organisation instead. I'll have to dig that one out for you all.

[BrownEggs]

I've currently moved into that placed known as 'Payday Hell'. Lovely neighbours, shame about the Landlords though.

 

I just wanted to share this reply I received today from "Peachy Loans". It was in response to my request to cancel the agreement between ourselves for as PDL I recently took out:

 

"Dear BrownEggs

 

thank you for the email.

Please let us know the exact date when you will be able to repay the loan in full. We will then tell you the amount of interest that will be added."

 

FYI, they didn't actually refer to me as 'BrownEggs'. In case you were wondering.....

 

How Peachy is that? I was expecting death threats, or in the very least no response at all!

 

I could be jumping ahead of myself, it's early days yet. But as I say in a lot of my posts, I'll keep you updated.

[asmilecostsnothing]

lol! so you going for the penthouse then!!

Your witt has defo made me smile for the 1st time today so cheers for that!

 

Watch them with their interest won't ya, now is time to get out that agreement and go through it with a fine toothcomb

hope it works out.

it's not the brake legs threats it is more the 'mind games' these PDL's can sometimes play!