Originally Posted by Lime n Soda
I was wondering though about the 20k that you had loaned from various websites, at which point did you pay this back and how? Surely the added interest is huge especially spread over the course of a year.
The way it works (or at least worked in 07) is that you can pay it back interest-free if you do it in two weeks. If you won't they insta add like 100%+. (It's all in the small print I didn't read, and had I read it I wouldn't have cared anyway) And from then on it's again pretty steady, like 10% more per month or something. I think I borrowed like 10k which immediately (2 weeks) turned into ~20k. I don't have the exact details without going through my records but it was approx like that.
edit: i also got a 6k bill early this year from an unpaid loan that I had accidentally missed and they hadn't sent me letters for two years. The amount was like 500 originally. I'm pretty sure I originally borrowed 10-15k and paid back 25-30k.