You might have heard of Compound Interest but you may not have had the benefit of it, unless you’re loaded. So you can relax, having £4.62 in your Post Office account isn’t going to make much of a difference to your financial year!
Basically it’s a great way of earning more wedge without actually doing anything, and in its simplest form its interest that’s added to the interest of a huge investment. Now, on the working class front this issue is reversed, hence one well worn phrase, born free – taxed to death.
But, there are those within the working classes who pray on their own for monetary gain, prompted by those in high finance. So, watch out, there are slugs about. No, not the ones that make a suicide run up your garden path as soon as it gets damp, I mean the ones that turn up on the doorstep and claim to have an offer you can’t refuse.
The Provident Financial Group (PFG) has the most amount of slugs working for them, and their sole aim is to visit people in cash-strapped areas and relieve them of money they haven’t got, on a regular basis. Correction: not people – targets – something to aim or shoot at, an object that’s to be kept in focus at all times. Now, PFG say they avoid targeting vulnerable people who can’t make an informed choice by themselves – hold on my bullshit alarm’s just gone off.
Rochdale is just one such cash-strapped area, and it’s there that the licensed bandits in the high street and the ‘door knockers’ make a rip roaring trade from the misery caused by the current economic climate. Hence my phrase – Vulnerable Interest, the very arse end of Compound Interest. But at least the high street leeches make some checks to see if you can make the repayments. The ‘door knockers’ approach is some what lacking in that department.
Case 1: a couple borrowed 500 quid 17 years ago and now they still owe £2,000!
Case 2: Norma’s house has a smell all of its own. There was rubbish all over the house and she clearly wasn’t well. But the collector from Provident gleefully took her weekly payment of £42.46, which no doubt came straight out of her benefits. And still the rep returned to ask if Norma wanted another loan!
Case 3: a pensioner, owing over four grand, was asked if he wanted another loan and in the space of one breath he said, no then, yes. And what’s the single most vital phrase past on to the ‘door knockers’ when training them up? “You don’t ever want them to pay up a debt, because they won’t borrow anymore money and you’ll lose out on your commission.” Nice people…
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