EXCITING NEWS!!! A peoples bank now being set up!

[nongeekywebdude]

Originally Posted by knightofthegrail

Bank A: we will charge you 10% interest on your £1000 loan. You will pay back £1100

Bank B: we will not charge you interest. Instead we will charge you a 10% fee on your £1000 loan. You will pay back £1100

Jesus wept.

That example does not make your point that fees and interest are the same when borrowing money you buffoon

In real life banks charge fees AND interest on loans as I have previously showed, therefore they are not the same thing, therefore you are wrong, here is your example modified to relect actual loans and mortgages

Bank A: we will charge you a 10% arrangement fee plus 10% interest on your £1000 loan. You will pay back a lot more than £1100 depending on how long you take to repay loan

Bank B: we will not charge you interest. Instead we will charge you a 10% fee on your £1000 loan. You will pay back £1100

Do you understand now? I doubt it

[hadabusa]

Originally Posted by britishnick

LOL Don't say it then!
I said "with a flat fee of 10%, no interest" quite clear what the costs are too who can read and who don't want to spread disinfo.



I won't be taking any finacial advice from you, thanks!!!! I'll stick to people who actually know what they are talking about and that I trust.

hey wannabe rockefeller junior......

hit the brakes and take deep breath, let some air flow through the vacuum between your ears.

labeling interest in stealthy ways as fees is an 800years old banker "trick", introduced by the medici family.

its dishonest, and 10% on mortgage is cringeworthy, every bank out there offers cheaper deals.

ok, ill sign up, i want a 1million gbp tmro, ill pledge and all.
can you arrange this?

[knightofthegrail]

Originally Posted by nongeekywebdude

Bank A: we will charge you a 10% arrangement fee plus 10% interest on your £1000 loan. You will pay back a lot more than £1100 depending on how long you take to repay loan

Bank B: we will not charge you interest. Instead we will charge you a 10% fee on your £1000 loan. You will pay back £1100

Do you understand now? I doubt it

You really are talking utter b*llocks. People are being charged an amount of money to borrow more money. It does not matter if you call it a fee, interest or pootleboink, its the same effect. Different banks will charge different amounts but the truth remains that you are paying to borrow money.

Feel free to invest in this bank if you are stupid enough to believe that paying a fee of 10% of the total borrowed is in any way different to paying an interest charge that is 10% of the total borrowed.

There's no small wonder the NWO think we are morons if this is a measure of the typical human being.

[copland]

It's a scam. Surprised so many people are signing up to it.

[hadabusa]

Originally Posted by britishnick

Thanks for asking so nicely... but you are attempting to spread DISINFO. simples yeah I am formerly accusing the user know as knightofthegrail of spreading disinfo!!!! If you don't spread disinfo I wont accuse you of it!!!



LOL so you've already gone from saying there's "zero" risk from banks lending mortgages to "miniscule"

Do you call a 15 - 20% fall in 2 years "miniscule or zero??? or both?
http://www.housepricecrash.co.uk/
http://www.thisismoney.co.uk/property-prices

knightofthegrail spreads disinfo, knightofthegrail spreads disinfo,
knightofthegrail spreads disinfo, knightofthegrail spreads disinfo,
knightofthegrail spreads disinfo, knightofthegrail spreads disinfo,
knightofthegrail spreads disinfo, knightofthegrail spreads disinfo.

Profits raised by the Lawful Bank wil be paid back to it's members and customers in the form of dividends - iit is owned by the people FOR the people, wooooohooooo!!!!!!

P.s. please feel free to call me childish... but at least I back what I say up with evidence ;-)

The lawful Bank sounds like a great plan.. from what I can tell there's still some details to work out but it needs people to know about it and people to register their interest. Great to see the positive posts agreeing

www.lawfulbank.com

peace

where will profit come from?

will it be inflation corrected?

carefull, its trap questions, im bit edgy today

[wise haven]

Originally Posted by copland

It's a scam. Surprised so many people are signing up to it.

A scam you say?

Please provide your argument to back up that statement or you lose - a fact is not a fact purely because it is stated......it must be proved

[hadabusa]

Originally Posted by wise haven

I see where you are coming from. But any fee can be expressed as a percentage of the principal amount borrowed, even if it was expressed in fish.

The best thing is to wait for the terms and conditions to be formalised and then we can test our premise against that.

But if you are honest, and look at how lending organisations really work out interest, you will find that it is hidden and obfuscated so the average Joe public do not, or can not work out what that supposed 10% really works out as once you figure out what APR/AER or PA really mean.......one thing is plain - it is way above a flat 10% rate that is stated.
So, a plainly stated one off CHARGE for a SERVICE is much more honest than hiding the real cost behind a magicians smoke and mirror system of arcane and esoteric methods of calculating interest.
Also don't forget there is a difference between a loan repaid in seperate components (principal+interest) as opposed to paying a fee then repaying the capital.....it is fundamentally different, believe me - I used to sell this finance, for my sins. IPeople used to beg me for them but I would try my hardest not to sell because they would be paying through the nose. Even after explaining what a scam it was - people needed their consumer shit more than being prudent with their cash

Anyhow, don't forget the key part - the fact that the members will receive a dividend and there will be no Bosses, or shareholders to cream off a huge bonus (before dividend are issued)

Everyone is a winner

opposite is true.

rothschild banks straightforward charge interest.

lawfullbank hides interest behind wordtwist labels.

[knightofthegrail]

Originally Posted by wise haven

A scam you say?

Please provide your argument to back up that statement or you lose - a fact is not a fact purely because it is stated......it must be proved

They require you to deposit £100 of actual currency (whatever you think of it, being debt based and all, it is accepted as a trade medium). In return you get to borrow their made up currency, for which there is no perceivable acceptance in shops and businesses...and they still charge you to borrow their currency (despite particularly guilable people thinking a charge isnt a charge if you change its name).

If you want to avoid paying into globalised finance and trade, use a Credit Union rather than this half-arsed notion from the people who think your name is different if you use capital letters.

[nongeekywebdude]

Originally Posted by knightofthegrail

You really are talking utter b*llocks. People are being charged an amount of money to borrow more money. It does not matter if you call it a fee, interest or pootleboink, its the same effect. Different banks will charge different amounts but the truth remains that you are paying to borrow money.

it would have been easier and quicker for you just to say oops I was wrong and admit fees and interest are seperate things, both involve costs pertaining to borrowing money, both are similar in many ways - but they are different, its simple really

Originally Posted by knightofthegrail

Feel free to invest in this bank if you are stupid enough to believe that paying a fee of 10% of the total borrowed is in any way different to paying an interest charge that is 10% of the total borrowed.

I have not made any mention of whether or not I would invest in this "bank" or even if its a good idea, I merely proved you are wrong thats all Feel free to continue trying to muddy waters though if you like

Originally Posted by knightofthegrail

There's no small wonder the NWO think we are morons if this is a measure of the typical human being.

Yes, when you cannot argue with the logic and points being made then just continue with personal attacks and hope nobody notices you are digging even deeper into that "I am totally wrong but dont want to admit it" hole

[wise haven]

Originally Posted by hadabusa

where will profit come from?

will it be inflation corrected?

carefull, its trap questions, im bit edgy today

Good point - My first question was similar.

If the tokens are to be relative to pounds sterling - When the bank starts operation it needs to peg itself to sterling on the first day of operation. Otherwise, when the pound devalues(imagine a hyper inflation scenario) so will the token system.
What needs to happen is that on day one the rate is 1 to 1, thereafter the token should increase or decrease in proportion to its value against the pound.

How they will do this needs to be sorted otherwise there will be no benefit for the token system and will become victim to the fraud system we all wish to abandon.

[knightofthegrail]

Originally Posted by nongeekywebdude

it would have been easier and quicker for you just to say oops I was wrong and admit fees and interest are seperate things, both involve costs pertaining to borrowing money, both are similar in many ways - but they are different, its simple really

I'm not wrong, you're an idiot, and anyone who buys into this scam after I've set out clearly just how much drivel you are speaking really deserves what they get.

[andyh]

A question for the OP, how are mortgages meant to work?
I can certainly see loans being possible for tokens but not for UK sterling and certainly not the size of mortgages for a 10% flat fee.

Jesus if I could get a mortgage for a 10% flat fee I'd be queueing at the door tomorrow lol.

So I'm guessing that mortgages are only going to be available if the seller accepts a huge amount of tokens instead of sterling?


I'd rather see small local time banks than something of this scale first imho.

[wise haven]

Originally Posted by hadabusa

opposite is true.

rothschild banks straightforward charge interest.

lawfullbank hides interest behind wordtwist labels.

Not true - The Rothshcilds are not high street banks and only deal at merchant bank/national bank level where that is true......to a certain extent.
However, this system will be operating in a totally different market so there is no comparison.(apples and oranges)
It is early days yet - and the terms and conditions have not been formalised yet so all we have at the moment is the basic idea and no detailed information in the form of terms and conditions.
We are, at the moment, in pure speculation mode - methinks

[nongeekywebdude]

Originally Posted by knightofthegrail

I'm not wrong, you're an idiot,

Yes, even though I provided examples showing that interest and fees are seperate with their own legal definitions you are still correct in saying they are not, bless

Originally Posted by knightofthegrail

and anyone who buys into this scam after I've set out clearly just how much drivel you are speaking really deserves what they get.

Still trying to muddy the waters I see about "buying into this scam", as i said all I am exclusively talking about your bullshit statement re fees and interest, nothing more. The bank may be total bollocks as far as I know - but you would still be wrong

[wise haven]

Originally Posted by knightofthegrail

They require you to deposit £100 of actual currency (whatever you think of it, being debt based and all, it is accepted as a trade medium). In return you get to borrow their made up currency, for which there is no perceivable acceptance in shops and businesses...and they still charge you to borrow their currency (despite particularly guilable people thinking a charge isnt a charge if you change its name).

If you want to avoid paying into globalised finance and trade, use a Credit Union rather than this half-arsed notion from the people who think your name is different if you use capital letters.

Look - ALL our arguments are moot at the moment because we do not have the details so all this is speculation.
Everybody is making ASS U ME (assumptions)
So, nobody has anything to lose at the moment by expressing an interest - there is no commitment to anything.
Signing up is just an expression of an interest to receive further information - so what is the big deal - being informed never hurt anyone.

[knightofthegrail]

Originally Posted by nongeekywebdude

Yes, even though I provided examples showing that interest and fees are seperate with their own legal definitions you are still correct in saying they are not, bless

Yes, I'm wrong, I admit it. Amplifier A, which goes up to 11, is so much louder than amplifier B, which only goes up to 10.

Excuse me whilst I go buy coastal property in Coventry.

[wise haven]

Originally Posted by andyh

A question for the OP, how are mortgages meant to work?
I can certainly see loans being possible for tokens but not for UK sterling and certainly not the size of mortgages for a 10% flat fee.

Jesus if I could get a mortgage for a 10% flat fee I'd be queueing at the door tomorrow lol.

So I'm guessing that mortgages are only going to be available if the seller accepts a huge amount of tokens instead of sterling?


I'd rather see small local time banks than something of this scale first imho.

Glad you are here Andy.

If anyone can give an objective, informed, opinion on this - you are it.

My ears and eyes are open

[nongeekywebdude]

Originally Posted by knightofthegrail

Yes, I'm wrong, I admit it.

There, that wasnt so difficult was it, dont you feel better now

Perhaps now you understand some basic terms re banking and finance you could wait for full details before boldly announcing its a big scam! Dont get me wrong, it might well be the biggest load of bollocks since global warming. But on the information supplied so far its impossible to know for sure

[wise haven]

Originally Posted by knightofthegrail

I'm not wrong, you're an idiot, and anyone who buys into this scam after I've set out clearly just how much drivel you are speaking really deserves what they get.

Ad Hominem - a prime example of a fallacious argument.....Logical fallacy= YOU LOSE.

I have a thread somewhere on here, search: "How to argue - Logically" you might find it useful before you continue.

[theabominablephenomenon]

Originally Posted by knightofthegrail

Yes, I'm wrong, I admit it.

At last...