Whose being Disingenuous? Spot the Industry Spokesperson...
16th June 2003

Lenders hide behind APR vagaries...total charges still disgraceful

In Sunday's Observer, John Lamidey - the spokesperson for Consumer Credit Association UK (an industry body established to speak on behalf of home credit lenders) accused Debt on our Doorstep of being "disingenuous" by referring to high APR's charged by companies such as Provident and Cattles plc (Shoppacheck). Instead, Lamidey urged us to consider the actual costs of borrowing - the total amount due on loan agreements.

We agree - because when this is done you find that home credit companies charge up to £300 on a £500 loan. So, come on John - stop making out that because the APR's are skewed against short term lending that this makes your members loans a fair deal. We know the APR calculations don't help, but it's really misleading to maintain that your members loans are no more expensive than mainstream lending..