I will never use a bad or 'slow' credit company again. I bought a 2002 Venture van for $10,999 in 2008 which was way more than it was worth. Lost my job last month that has put me behind four bi-weekly payments. I sent one payment in last week I told them I will catch up this month. It's $460 and there is $4000 owing on the loan. I also told them, and showed them on the net. National newspapers where my wife was killed by a drunk driver almost two years ago. I expect the liability to be settled in July. Regardless a repo bailiff showed up. Van is only worth $2000 max as it's a lemon. So when the cheque for my bike comes through next week. I am just going to buy a vehicle for $2000 and tell them to come get their van. They will be lucky if they get $1000 for it out of auction. What's sad though is this was the second vehicle I had bought from them and prior to this, I have never had a late payment.

ya this company will rip you off...i know first hand..but when there is no where else to go to cause of credit problems, they will lend out...sure you pay double of what they give you but in most cases they are the only ones that would help!!

I don't understand why anyone would have an issue with what two voluntary competent individuals agree to. Banks are not a public service -- they are corporations that exist with the intent to make a profit for their shareholders. People with bad credit are higher risks so they need to pay higher interest rates to make the expected return positive for the lender. If someone doesn't like the terms no one is forcing them to borrow money.There is no right to credit -- it is a business transaction between two competent and free-willed individuals.

The one issue I have with the system though is that in Canada we over-regulate the financial industry and so risky capital comes at a higher premium than if we had a more open market. It is also too easy to escape debt which again leads to a higher risk premium. The way the Canadian system works most financial institutions maximize profit by being risk averse so the few players that are willing to lend to high risk individuals can ask for more.

I also think that manual underwriting should be encouraged by the big banks. Credit scores have a good track record of predicting risk for large groups but are considerably less valuable when it comes to individuals.

TD and BNS are in the business of making money, Low risk or high risk. Its the same as an Insurance company charging double to someone who has 2 speeding tickets and a DUI. You can choose not to use them but for many of our clients its a decent option until we can re-finance their loan for a lower rate.

The web address you gave must be wrong.

my friend doesnt recommend vfc...he told me to try www.nationcreditpros.com

Probably better to see the banks owning institutions like VFC, then, say, The Mob owning VFC, etc.. Something tells me that you wouldn't be able to pull off a 10% settlement if it was the latter.

I don't disapprove of people using this service; it's their choice if they want to waste their money. I disapprove of banks like td and scotiabank buying businesses like VFC, just so the can get in on the legalize loan sharking business to gouge people, where they can’t get away with it with their own institutions.

Joe,

I sense you disapprove with people using the services VFC provides. No harm no foul at the end of the day, but why fault these companies for their attempts at bringing some form of order back to the lending industry?

My predicament has already been conveyed on the forums; regardless, I'd probably avoid using VFC's services at all cost (that's a pesonal choice). Who cares, some people need their services, and there are probably valid reasons for that. Views of exploitation in such a case are perception orienented only. We all have choices; as I did while going through remedying the tumor mess in my head. It’s simply a price to pay for earlier troubles and/or mistakes.

O.C.

It shows that there is a huge profit in legalized loan sharking with people that don’t have excellent credit and that's why Scotiabank and td are buying up these companies.