Question: earlier this week, I had occassion to go into a local finance company to make a payment in person. The friendly receptionist who took my payment said in her perky voice “Can we interest you in another loan or additional funds today?.
When I said no, she didn’t know what to do–She asked, “Aren’t you interested in getting more money. I replied, No!, I’m interested in owing less money.
To which she quickly replied, “Let us set you up with a debt consolidation loan”. When I said NoThanks to that option as well, she was shaking her head at me as I left.
Leaving her baffled as to how I could walk away from the “chance of having more money” made my day!!!
Hope you all get a chuckle out of it too!!!
Answer: a few years back, my sister was informed she was “undercredited” and ought to borrow some money right away. of course, there wasn’t anything in particular she wanted to buy… Tangentially related to this thread: there was an article in last Friday’s WSJ about “credit surfing”. An increasing number of people whom the banks had long thought to be clueless about (or at least indifferent to) the interest rates on their credit cards have started to wise up, taking advantage of the ubiquitous “teaser” rate offers to consolidate their debts and then jumping ship to another “teaser” offer when the first was about to expire. The article also mentioned a loan company that had profited handsomely for years writing above-market mortgages to mobile home buyers (under the assumption that they would be far less inclined to refinance than buyers of conventional homes), but took a major hit recently when the mortgagees bailed out for lower interest rates elsewhere. Good for them! BAck in 1969, I worked 6 months as a loans manager trainee fro HFC, here in Toronto.
The basic thing to remember, or to look at things, is that a loan company is selling _money_. They’ll sell you 100$ for 120$
I started to feel “dirty” after a while(BTW, my father had been a manager for 15 years, in Fredericton, N.B.) The dialy collection grind, and the number of people who were poorly educated in general, and about credit in particular – I felt we were taking advantage of them. Trying to collect from people on welfare!!! ANd thenthe hard cases – one guy I remember was already a judgement case – he had been taken to court for non-payment, been ordered to pay, and put on a lower 6% interest rate. When I called, he said he wasn’t going to pay – “What are ya going to do, take me to court!” he said.
Another sad case was some people who moved here from Newfoundland. We were trying to collect from them, and they wanted to borrow more money because their furniture was being held in storage untikl they paid the 1500$ moving expenses.
The worst thing I did was, when my girlfriend’s brother came in, sell him on taking a larger loan then he asked for, which was our job to try to do when an applicant had a good credit rating, as he did. I bothered my conscious, so when I was asked, based on test results, to become a programmeer, I jumped at the chance!
Related posts:
- Info on Timeshare companies ?
- Personal Loan to pay off Credit Cards?
- Bankruptcy an option?
- Senate Housing Bill Requires eBay, Amazon, Google, and All Credit Card Companies to Report Transactions to the Government
- URGENT: Home loan OR rent
- RFI: Online mortgage companies
- can I get bad credit for owing dr. bill?
- Reputable debt consolidation companies
- Pre-approved home loan OK? Was “Help me buy hpuse”
- Pay off 15.9% CC with 12.9% loan – worth it?
- Home Loan Mortgage Myths
- credit card debt