A judge today wiped out a couple’s debt of Ãƒâ€šÃ‚Â£384,000 which had spiralled out of control from an original loan of Ãƒâ€šÃ‚Â£5,750 due to “extortionate” interest rates. Tony and Michelle Meadows, from Southport, Merseyside, faced losing their home after they were taken to court by London North Securities for failing to keep up with repayments on their loan, which had an APR of 34.9%.
Hot damn… 35% APR…. on approved credit of course. Haha… talk about arm and leg interest rates. And I thought the car salesman down the street was working the customers.