Pay-day loans to be capped

[Berrichonne shrimper]

I think that requires a different cream! :stunned:

What more like a cream of broccoli you mean ?

 

[Crabby Shrimper]

But were they turned down because of the loan, or for another pre-existing reason that the loan may well have also been a by-product of?

and no, I'm not in favour of pay-day loans as they stand

How many of those that were turned down were turned down because they had a payday loan and solely for that reason? It doesn't say, it just puts 2 and 2 together with the suggestion of the cause.

If you were to find out the real affect that a payday loan might have on a mortgage, there are several factors that need to be considered.

So TUIB, still waiting for an answer :winking:

 

[Tangled up in Blue]

I doubt anyone is denying that a payday loan, much like any other debt, it going to affect your ability to borrow...

Yet you suggested that my claim that it would or could was "absolute rubbbish."

More economic illiteracy if you ask me.Just like when you claimed that Spain was "bankrupt."*

*Incidentally, ex-Spanish President Zapatero was hosting a press conference just last week (with Tony Blair on the same platform)to promote his new book, which highlights how he refused a bailout from Merkel in August 2011.

 

[Pubey]

Yet you suggested that my claim that it would or could was "absolute rubbbish."

More economic illiteracy if you ask me.Just like when you claimed that Spain was "bankrupt."*

*Incidentally, ex-Spanish President Zapatero was hosting a press conference just last week (with Tony Blair on the same platform)to promote his new book, which highlights how he refused a bailout from Merkel in August 2011.

your claim was that a payday loan would make it impossible to get a mortgage. a claim which has been rubbished by several posters, and a building society.

 

[Tangled up in Blue]

your claim was that a payday loan would make it impossible to get a mortgage. a claim which has been rubbished by several posters, and a building society.

:nope: That's the way you chose to interpret it you mean.

I'm happpy to go with Newsnight's figures which assert that 2/3 people who've taken out a pay day loan are likely to be turned down for a mortgage.

Not going to justify your previous claim that Spain is "bankrupt",btw? :winking:

 

[Pubey]

:nope: That's the way you chose to interpret it you mean.

I'm happpy to go with Newsnight's figures which assert that 2/3 people who've taken out a pay day loan are likely to be turned down for a mortgage.

Not going to justify your previous claim that Spain is "bankrupt",btw? :winking:

That figure also proves you wrong. If we interpret that figure as you have (even when you temper it with 'likely) - does that mean that 1/3 of people with a payday loan were accepted?

Stop trying to divert the debate.

 

[Tangled up in Blue]

That figure also proves you wrong. If we interpret that figure as you have (even when you temper it with 'likely) - does that mean that 1/3 of people with a payday loan were accepted?

If you don't think payday loans are a serious problem in the UK then you're living in cuckoo land.

The Government will shortly be taking action against them (measures could be announced in this week's Autumn statement).

Even Vince Cable didn't rule out forcing organisations like Wonga to carry a warning on their websites, to the effect that taking out a loan might prejudice borrowers chances of getting a futute mortagage.

 

[Yorkshire Blue]

If you had taken out a payday loan you would have been knocked back for any future mortgage.

What utter rubbish.

:nope: That's the way you chose to interpret it you mean.

I'm happpy to go with Newsnight's figures which assert that 2/3 people who've taken out a pay day loan are likely to be turned down for a mortgage.

Not going to justify your previous claim that Spain is "bankrupt",btw? :winking:

Run after those goalposts Pubey, don't let them get away!

ps http://blogs.telegraph.co.uk/finance/jeremywarner/100024476/spain-is-officially-insolvent-get-your-money-out-while-you-still-can/

 

[Tangled up in Blue]

Given that Wonga was set-up in 2006 (with even more inflated/injurious rates than they offer now), I'm curious why his party didn't do this when they were in power and when they had the chance?

"Payday loans in the United Kingdom are a rapidly growing industry, with four times as many people using such loans in 2009 compared to 2006"

http://en.wikipedia.org/wiki/Payday_loan