We're All Very Bad at 'Shopping' People - But Some People Need to be 'Shopped' to be Stopped

There are very few things upon which the Irish, the Welsh, the Scots and the English can all agree, but the ban on 'shopping' anybody for anything less than the abuse of small children or multiple homicide is taken very, very seriously by most of us. Perhaps too seriously, sometimes, and in some cases.

An estimated 165,000 households in the UK are using unlicensed moneylenders - most of them in Scotland, the north of England and the Midlands - who offer cash loans without paperwork, may take benefit money or bank cards as security, and often threaten or use violence to get money.

The Office of Fair Trading has joined a campaign to warn people of the dangers of loan sharks who use violence to enforce exhorbitant interest on debts. As part of the Stop Loan Sharks campaign the OFT and the Trading Standards Illegal Money Lending Teams have released a video urging people to report loan sharks and will be distributing posters throughout Scotland, Wales and England.

Additionally, the Stop Loan Sharks campaign website (and we've provided the link above) allows people to learn more about loan sharks, report loan sharks in confidence by telephone, e-mail or text/sms, and talks about different and safer ways to borrow money.

So far, the Stop Loan Sharks project has helped more than 11,000 people, written off more than £31 million of illegal debt, seized £1 million in cash, and successfully prosecuted a number of people, one of whom will be serving an indefinite sentence for the protection of the public - and that last little nugget of information says it all, really, doesn't it?

I don't like the idea of 'shopping' anybody - actually it's a repulsive idea - but loan sharks need to be stopped. They prey on people. They cause enormous misery and pain and exacerbate poverty.

So it's either 'shop' to stop, or turn a blind eye. Either way, you're going to have to come to terms with your conscience and live with it. I know what I'd choose to do.

Emily - http://www.therapypartnership.com

How interesting is 0% interest for 14 (or more) months?

I was looking for something else entirely when I fell across a Virgin credit card advertisement. It was all about transferring an existing balance from another card and it was offering 0% interest for 14 months. There was a 2.98% transfer fee (minimum £3.00) and a balance transfer limit of 95%.

I immediately became very curious about 0% interest rates at that point, because it struck me - actually not for the first time! - how very useful this loophole in the credit system could be to a determined and disciplined debtor.

I went to 'Credit Cards on Google' where one can compare credit cards with a 0% introductory balance transfer and their purchase rates. Purchase rates are much the same for all of them - but only Virgin was offering 0% for 12 months on purchases, as well as 0% interest for 14 months.

APRs differed widely - but determined and disciplined debtors would not be interested in APRs, because they would not be interested in making any purchases or incurring any interest at all.

Taking advantage of 0% offers like this - always supposing you are accepted, of course! - is a very good way of getting rid of credit card debt. IF!

• You don't use the new card, but simply use the time available to pay off as much of the outstanding balance as you can.
• You shift the remaining balance to a new 0% lender directly prior to the end of the interest free period - and then don't use that card either, but simply continue to pay off the then outstanding balance.
• You go on moving the diminishing balance to fresh 0% per cent lenders, until no balance remains.

One can actually go on transferring diminishing balances to interest-free lenders - paying, of course, diminishing transfer fees for the privilege - almost world without end, because 'interest free for a given period' credit cards are not new phenomena, and are not likely to disappear any time soon.

The good news is that by working this system one can end up with a valid credit card and excellent credit record at the end of the day. IF - and only IF - one never uses any of the the cards until one has a nil balance.

Playing this system is worth a thought - if you have the good sense and fortitude to cut up and render the lovely, tempting, new cards useless the instant they fall through your letter box...

Geoff - http://www.metlissbarfield.com/

Tell The Truth and Shame The Devil

A few days ago I wrote a very long post about fraudulent recruitment, and published an e-mail I'd received from M. Jean-Pierre Zunino, who had been a victim of it.

I think it cost Jean-Pierre quite a lot to come out on Monster France, LinkedIn, Twitter - and this blog - to tell the world that he'd been taken for a fool by unscrupulous people, and I admire and applaud his willingness to do that in an effort to warn other people of a potential danger.

He's been rewarded, in a roundabout sort of way. His honesty has pulled a lot of other victims out of the closet.

If you've been a victim of this kind of fraud, it's difficult to advertise it - but it would be kindly and generous to do so. Other victims feel less foolish, and more able to relate their own experiences fully, if one person is prepared to speak out - and many witnesses can build an evidential mountain that might lead to a conviction and the end of at least one fraud.

Falling for a scam isn't anything to be ashamed of - but keeping quiet about it might be.

Geoff - http://www.metlissbarfield.com/