Sunday, February 28, 2010

Time Payment to the Jew

If this sounds offensive, it is not meant to. Different times and I am using the word that was used.

One of my exes, well I only have one, favoured a very personal way to buy on credit, especially when it came to electric appliances. The Jew would call, the ex would tell him what he wanted, say a new fridge, and the following week a fridge would arrive without any money up front.

Every week the Jew would call to collect money towards repayment. I imagine there was an amount of interest paid. Would it have been high? The ex's mother was a long time user of the Jew's credit facility. They both treated him like a friend, so I guess his interest rate was quite reasonable, especially for people who could not get normal credit at the bank.

Probably preferable to formal Hire Purchase. Anyone know what that interest rate might have been for HP, as it used to be referred to?

8 comments:

  1. just cultural diversity HR.
    I knew a family who decided to open a bistro in Lygon St.
    No real estate agent,
    no bank,
    no choice of location; instead, a very powerful gentleman told them which shop and how much he wanted and when he wanted it.
    At their opening night the place was packed and a total sudden hushed silence indicated His arrival, with his 2 Assistants. He spoke in his native language and sang some opera and everybody clapped and he left.
    To compete, Jewish finance needs to work up an act I reckon.

    When shopkeepers disagree on Lygon, one might go to his car at 1am to find it covered in ice cream though.

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  2. As a young married, I had an ongoing HP account with Walton's, always something else to buy until I really looked at their interest rates. The repayments were affordable but the longer it took to pay something off, the higher the interest. Once I'd worked that out I put up the payments and lowered the interest and the rep. was not at all pleased. HP was handy for the really expensive things like fridges and washing machines which even now I couldn't buy because my credit card doesn't have a huge limit.

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  3. Really MStacks? His name wasn't Gatto? Must have a predecessor.

    Nice colour and movement Jahteh. In 1980 R and I bought our first air con unit from Waltons. We fitted it into our double hung sash window in our Elwood flat, it went on to our East Malvern semi detached and even had short work out at our next place in Glen Iris. R had a Walton's account and still owed on a fridge.

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  4. The last time I used HP the interest rate was about four hundred million per cent. Which is why I don't buy anything on the 'Never Never' (as my old man used to call it) nowadays.

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  5. We called it the never never too Brian. I really am interested to know what the interest rate really was.

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  6. To be honest, I can't remember...but it was extremely high.

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  7. Anonymous3:44 pm

    But not as high as the Bank's charge on credit cards these days.

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  8. Anon, banks argue that it is because of defaulters and high credit risk. Shouldn't they be looking more carefully at people before handing out cards? A percentage must go to now covering fraud too, because they don't have better security.

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