Payday loans

[Wardy]

What is wrong with the idea of if you cannot afford it, save?

If people are really getting to the end of the month and have no money to eat etc, then maybe they need to look at their outgoings. It never ceases to wind me up when people on low incomes say how hard it is. A lot of them still manage to have a large TV then me, full Sky, a iPhone etc. Maybe lose the Sky and the top range mobile then use that money to buy food for your children.

 

[Tom Hark Preston Park]

I like to check things out so i took out one for a £100, said it would cost £25 per £100 so £125 on next payday, charged me £18.50 for same day deposit which they took off the loan so they only put £81.50 in my account, and if you payback early they charge you £5.50.

So i cancelled my debit card and waited to see what would happen if i didn't pay, they charged me £50 then 3 days later another £25 and every 3 days when they attempt to the money from your card and it fails another £25, i let it go on until it got to £500 and after having an email game of tennis with them i told them my final offer was the £125 or nothing go get a ccj if you like, they finally accepted.I don't think these will ever get to court because of the extortionate charges, it just would not stand up, they did leave a mark on my credit file though, Callcredit if you can call that a CRA.

Shine on you crazy diamond!

 

[pseudonym]

[video]http://www.guardian.co.uk/commentisfree/video/2012/jan/16/stella-creasy-pay-day-loan-companies[/video]

 

[Dirk Gently]

what makes any of you think its unregulated. i'd have throught its quite highly regulated, believe you need a licence, have to comply with credit act whateve its called. its certainly alot more regulated that blokedownthepub loans.

Regulation is minimal - they just need a Consumer Credit Licence (easy to get) and that's it.

Stella Creasey MP is trying to get a bill through parliament regulating them properly but getting no government time or assistance in this. http://www.guardian.co.uk/society/2010/dec/08/socialexclusion-debt

 

[WATFORD zero]

There is of course another alternative - only spend what you have already earnt

 

[pseudonym]

There is of course another alternative - only spend what you have already earnt

So are you suggesting that no one should take out a mortgage and we should all save up until we have enough money to buy a home?

 

[WATFORD zero]

So are you suggesting that no one should take out a mortgage and we should all save up until we have enough money to buy a home?

I wouldn't think a lot of payday loans are for mortgage purposes, but on the subject of mortgages i see that following the wonderful 100% + mortgages that were on offer (can't afford to pay off your credit card, simply increase your debt by taking on a mortgage !!!), the latest idea is for 'negative equity mortgages' (So if you are unable to pay off the debt that you incurred last time you bought a property, simply increase it by taking it to a new more expensive property).

Despite what the financial sector claim, it didn't take a genius to figure out what would happen

 

[pseudonym]

At last something is being done about this scourge on society.

http://www.bbc.co.uk/news/business-17153544

 

[surrey jim]

Has anyone seen the latest advert, done in the style of a news reporter with a girl who wanted to borrow £750 to take her other half away for the weekend! Unbeleiveable - its hardly an emergency to have the funds before pay day.