Usury In Devon's Second City.

Just seen this article about payday leecheslenders in the Scrolls Of Akkeron and the comment about Argyle.

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As I understand it Baron Nikkk, Lord Lucre is a payday lender - is that correct? Curiously, given his prominent sponsorship of your club, I haven't been able to find First International Lending's website to check.

Anyone care to comment (either here or on the Scrolls of Akkeron?)

He's not a 'pay-day lender'.

knecht wrote:

He's not a 'pay-day lender'.

What is he then?

A lender to people who have/want to pay higher interest legally and all compliant. These people use Nikkk for many reasons and I've never seen anyone complaining about Nikkk's companies.

Is that ok to keep the lawyers letters from someone else's door Nikkk?

Pls feel free to slate the auctions, the muriels, the FFS Demport End, the lowlife company he keeps, but do be careful about what you describe his company as.

(Or he'll send a letter to someone else). Seriuzzly, tho...

His companies offer high interest, compared to other secured loan outlets, to people with adverse credit history. Examples I saw a few months ago were at interest rates of around 24%.

And that's for secured loans which are basically second mortgages meaning defaulting could cost you your house and of course someone with an adverse credit history may well be in danger of defaulting, hence their adverse credit history.

It looks like you can only obtain these loans through a mortgage broker or "introducer" and from my own experience of working in this field these brokers get a commission for every new customer they introduce or at least for every loan that is successfully given and these people are liable to do and say anything to make the customers appear as though they would be in a financial position to afford the loan repayments.

I walked out of a well paid position in the same field around twenty years ago because I thought the companies involved were unscrupulous to say the least.

Nikkkkkkkkkkkkkkk's companies may well be entirely different to the ones I experienced I suppose. The ones I experienced had clients kill themselves because of the burden of trying to make repayments they could no longer afford.

I also witnessed financial advisors blatantly alter paperwork and advise clients to make statements such as they earned another £200 per week on top of their salaries from car boot sales or home businesses like Avon or similar things.

The person I worked for started that business by stealing all of the files about their current clients and starting a new business on his own where he contacted all of those customers and offered them new loans to pay off the existing ones and it left over an amount of money like £1000 which would be the customers to keep. This meant starting a new loan when in some cases the clients had almost finished paying off a ten or fifteen year loan, but the lure of enough cash for a holiday is pretty enticing.

These new loans looked an even lower interest rate but that was only if you made all of your payments on time, and these are people with adverse credit histories remember, the sting in the tail was if you missed a payment then the interest all but doubled.

Dual rate loans or step up loans.

The company my boss obtained his database from was his own fathers and brothers company he used to part own.

This person now makes money from people in financial trouble from taking out loans etc by offering them solutions such as cva's so he's taking on his old clients all over again.

I will stress again that this was s different company from nikkkkkkkkkkkkkkk's and they may well be entirely ethical in their practices. I'm just offering my experiences of the kind of company that offers adverse credit loans.

Of course interest would be much higher for these customers because they have a history of having problems in the past so they are a risk even though you have the safety net of knowing you have a charge against their home So if the worst comes to the worst you can always sell the house, along with anyone else who has a charge against the house.

Nikkk's company isn't a payday lender like Wonga. He clarified that a number of times on here and on Pasoti.

I believe he offers loans to people with lower credit ratings and people who would struggle to get credit from a "proper" bank.

His company charges higher APR than most high street lenders.

Pokesdown wrote:

A lender to people who have/want to pay higher interest legally and all compliant. These people use Nikkk for many reasons and I've never seen anyone complaining about Nikkk's companies.

Is that ok to keep the lawyers letters from someone else's door Nikkk?

I only asked the question. I'm happy to learn that Baron Nikkkk is solely interested in the welfare of the poor and is anxious to offer them much needed credit when none but high-interest lenders have the social conscience to do so.

Mock Cuncher wrote:

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Is that the only website? It seems you can only get full access if you're already a client and login. Isn't there a site he uses to market his business? how does he attract new custom?

Anyway, just to clarify - is the difference between what is normally described as a payday lender and Nikkk's firm the fact that he only offers secured high interest loans, rather than unsecured ones, or is there some other reason?

jabba the gut ecfc wrote:

Mock Cuncher wrote:

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Is that the only website? It seems you can only get full access if you're already a client and login. Isn't there a site he uses to market his business? how does he attract new custom?

You have to be one of the aforementioned credit brokers to get onto the rates and terms for Nikkkkkkkkkkkkkkkkk's loans.

Of course my mentioning the type of loan companies that have been unscrupulous in the past in the same post as one's about Nikkkkkkk's companies is Newell-esque in it's mischievousness, similar I suppose to Newell constantly harranguing Damon about his previous financial mishaps and using it as a reason why he should not be listened to.

That is of course deliberate on my part as it is Ok for Nikkkkkkkkkkkkkkk's best mate to use those tactics against people and even look down on someone who has had financial problems, even though they make up 100% of Nikkkkkkkkk's potential customers  

Of course Nikkkkkkkkkkkkkk could argue that Fatty Arbuckle's behaviour is nothing to do with him, except of course that Newell is an official employee or is the public face of Nikkkkkkkkkkkk's business, his sponsorship agent I believe the term used was  

That's why I have a big problem with Nikkkkkkkkkkkkkkkkkk and any potential involvement he could possibly have in Argyle somewhere down the line. He associates with complete cnuts and is proud to call them his close personal friends. If he were to ever own Argyle there is no doubt in my mind whatsoever that Newell and Webb would have an even bigger role at the club and I'm sorry but those two have been proven to be rotten apples and the games and shenanigans they have played previously would taint the club in my view.

It's bad enough that Brent associates with these fuckers, he's close to them but nowhere near as close as Nikkkkkkkk is to these wankers.

Greenjock wrote:

jabba the gut ecfc wrote:

Mock Cuncher wrote:

[You must be registered and logged in to see this link.]

Is that the only website? It seems you can only get full access if you're already a client and login. Isn't there a site he uses to market his business? how does he attract new custom?

You have to be one of the aforementioned credit brokers to get onto the rates and terms for Nikkkkkkkkkkkkkkkkk's loans.

Of course my mentioning the type of loan companies that have been unscrupulous in the past in the same post as one's about Nikkkkkkk's companies is Newell-esque in it's mischievousness, similar I suppose to Newell constantly harranguing Damon about his previous financial mishaps and using it as a reason why he should not be listened to.

That is of course deliberate on my part as it is Ok for Nikkkkkkkkkkkkkkk's best mate to use those tactics against people and even look down on someone who has had financial problems, even though they make up 100% of Nikkkkkkkkk's potential customers  

Of course Nikkkkkkkkkkkkkk could argue that Fatty Arbuckle's behaviour is nothing to do with him, except of course that Newell is an official employee or is the public face of Nikkkkkkkkkkkk's business, his sponsorship agent I believe the term used was  

That's why I have a big problem with Nikkkkkkkkkkkkkkkkkk and any potential involvement he could possibly have in Argyle somewhere down the line. He associates with complete cnuts and is proud to call them his close personal friends. If he were to ever own Argyle there is no doubt in my mind whatsoever that Newell and Webb would have an even bigger role at the club and I'm sorry but those two have been proven to be rotten apples and the games and shenanigans they have played previously would taint the club in my view.

It's bad enough that Brent associates with these fuckers, he's close to them but nowhere near as close as Nikkkkkkkk is to these wankers.

That makes it a little clearer. So I assume he's essentially a kind of wholesaler of high-interest loans?

The nightmare scenario of a continuation of the current cronyism in some future Nikkk regime is just another example of the dangers of private ownership.

jabba the gut ecfc wrote:

Greenjock wrote:

jabba the gut ecfc wrote:

Mock Cuncher wrote:

[You must be registered and logged in to see this link.]

Is that the only website? It seems you can only get full access if you're already a client and login. Isn't there a site he uses to market his business? how does he attract new custom?

You have to be one of the aforementioned credit brokers to get onto the rates and terms for Nikkkkkkkkkkkkkkkkk's loans.

Of course my mentioning the type of loan companies that have been unscrupulous in the past in the same post as one's about Nikkkkkkk's companies is Newell-esque in it's mischievousness, similar I suppose to Newell constantly harranguing Damon about his previous financial mishaps and using it as a reason why he should not be listened to.

That is of course deliberate on my part as it is Ok for Nikkkkkkkkkkkkkkk's best mate to use those tactics against people and even look down on someone who has had financial problems, even though they make up 100% of Nikkkkkkkkk's potential customers  

Of course Nikkkkkkkkkkkkkk could argue that Fatty Arbuckle's behaviour is nothing to do with him, except of course that Newell is an official employee or is the public face of Nikkkkkkkkkkkk's business, his sponsorship agent I believe the term used was  

That's why I have a big problem with Nikkkkkkkkkkkkkkkkkk and any potential involvement he could possibly have in Argyle somewhere down the line. He associates with complete cnuts and is proud to call them his close personal friends. If he were to ever own Argyle there is no doubt in my mind whatsoever that Newell and Webb would have an even bigger role at the club and I'm sorry but those two have been proven to be rotten apples and the games and shenanigans they have played previously would taint the club in my view.

It's bad enough that Brent associates with these fuckers, he's close to them but nowhere near as close as Nikkkkkkkk is to these wankers.

That makes it a little clearer. So I assume he's essentially a kind of wholesaler of high-interest loans?

The nightmare scenario of a continuation of the current cronyism in some future Nikkk regime is just another example of the dangers of private ownership.

That's about the size of it. I guess what I'm saying is you judge a man by the company he keeps..................

Greenjock wrote:

That's about the size of it. I guess what I'm saying is you judge a man by the company he keeps..................

Exactly what I say about Brent and the amoral leeches at Citigroup.

Check out my Tagline.

jabba the gut ecfc wrote:

Isn't there a site he uses to market his business? how does he attract new custom?

I think he's got two. Home Park and Pasoti.

And it's amazing that nikkkkkkk's agent can continually slag off Damon for having previous financial problems when this is Nikkkkkkkks customers to a T.

jabba the gut ecfc wrote:

Anyway, just to clarify - is the difference between what is normally described as a payday lender and Nikkk's firm the fact that he only offers secured high interest loans, rather than unsecured ones, or is there some other reason?

I think in general terms the payday loan is only up to your monthly wages or a percentage thereof
with interest rates up to 2500%! FES or FIL will lend you a lot more but secured on your house with interest rates more like 25%, I guess it's the same as a bridging loan. I personally don't think that Nikk is in any way as bad as the payday loans companies but I treat any money lender as a parasite.