I'm no lawyer
but if you agree to enter into a contract where you agree to such terms as a huge APR, no matter how stupid you might be, then it's not illegal.

Surely?
(ConanTroutman thought we would free the vulture, Thu 22 Apr 2010, 9:10, 2 replies, latest was 16 years ago)

i see your point
but i mean how are the fsa/ oft allowing them to set the rates so damned high? knowing full well that the only people who take them will probably be the lowest 5% iq-wise, who have not one iota of a chance to pay it off?
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 9:12, Reply)

and anyway
if it went to court, can you honestly see a judge ordering someone to pay back 200k+ (assuming 1 year) from a 100 pound loan?
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 9:22, Reply)

In short, no.
You make a good point there.

It seems a bit extreme that the companies in question would use baliffs, etc. to claim back what they're owed, but it's the only other thing I can think of.
(ConanTroutman thought we would free the vulture, Thu 22 Apr 2010, 9:25, Reply)

they probably have baliffs called big baz
who kindly remind you your payment is due with a quick shot to the kneecaps. in all seriousness though, i'm really considering baiting an MD into saying something super-incriminating on tape under the guise of an interview and sending it to the tabloids
(hypnoticme is an anarcho-syndicalist commune, Thu 22 Apr 2010, 9:33, Reply)