Payday loans

[mrsblue]

I know of a single mum who borrowed £80 then decided to ignore any future payments with the debt rising to an eye watering £5000!.Yes she was mad going to these people and even madder to ignore the debt yet the interest these sharks charge is way over the top.

Glad to see steps are taking place to limit the debt for those taking it out these time bomb loans.

 

[chapperzUK]

Heard they are doing tougher regulations for Payday lending now, which is great news.

Makes you wonder how much money they actually make when companies like Wonga can sponser several sports teams.

 

[blues_r_best]

Why can people not just take responsibility for their actions?

 

[mrsblue]

Heard they are doing tougher regulations for Payday lending now, which is great news.

Makes you wonder how much money they actually make when companies like Wonga can sponser several sports teams.

Think I read Wonga made 100 million in profit.

 

[chapperzUK]

Think I read Wonga made 100 million in profit.

Not far off, just remembered I downloaded their accounts for 2012. Year ending 2011 they had pre-tax profits of £59.2m and in 2012 it was £78.3m, so wouldn't be surprised to see it near the £100m mark for this year.

Looking at the employee expenses, they must have done something dramatic as the Wages and salaries figure is down 40% from 2011 to 2012.

 

[Pubey]

Why can people not just take responsibility for their actions?

Because a lot of people are complete ****ing morons, sadly. Payday loan companies exploit stupid people.

 

[mrsblue]

Because a lot of people are complete ****ing morons, sadly. Payday loan companies exploit stupid people.

Agreed,

Some people are so stupid it's frightening ,Payday loan firms can fleece these fools again and again.

 

[Jam_Man]

Whilst the amount is horrific what do people think will happen if they dont pay money back ? The money fairy will come along and wish it all away?

 

[mrsblue]

Whilst the amount is horrific what do people think will happen if they dont pay money back ? The money fairy will come along and wish it all away?

Unless people understand the interest rate these things will ultimately occur .

 

[C C Csiders]

This is where it pays to be dyslexic as I managed to get a £500 loan off Terry Wogan at a very low interest rate.

 

[londonblue]

Because a lot of people are complete ****ing morons, sadly. Payday loan companies exploit stupid and desparate people.

Edited for accuracy...

 

[Clinton Baptiste]

Or perhaps these companies are exploiting the fact that taxes and bills have risen at an alarming level over the last decade or so and people cant cope? BT, British Gas, the rail companies, oil companies these are the companies the government should be targeting. OF course they wont as most of them are owned by Tories or friends of.

 

[bucket&spade.f.c]

I know of a single mum who borrowed £80 then decided to ignore any future payments with the debt rising to an eye watering £5000!.Yes she was mad going to these people and even madder to ignore the debt yet the interest these sharks charge is way over the top.

Glad to see steps are taking place to limit the debt for those taking it out these time bomb loans.

What really pi55es me off is why should the lender have to crack down? Why cant us the public be to blame?

I have zero sympathy for people like your friend I understand time may of be hard but I know plenty of single mums who budget and have no need to borrow.

I also have a pet hate for payday loans as they have made my job much much harder

 

[bucket&spade.f.c]

Because a lot of people are complete ****ing morons, sadly. Payday loan companies exploit stupid people.

Agreed,

Some people are so stupid it's frightening ,Payday loan firms can fleece these fools again and again.

I would have to disagree there as the lender dont force people to take out these loans - They have high interest due to the fact the applicant is soooooo uncredit worthy.

Some lenders are looked at credit repairers but its all down the borrower is they really wish to re build there credit rating

 

[mrsblue]

What really pi55es me off is why should the lender have to crack down? Why cant us the public be to blame?

I have zero sympathy for people like your friend I understand time may of be hard but I know plenty of single mums who budget and have no need to borrow.

I also have a pet hate for payday loans as they have made my job much much harder

She ain't no friend of mine!,Just know her because of a mutual friend.

I agree with your every word though.

 

[callan]

Any lender has a duty to be responsible, sadly pay day loan companies haven't.

 

[Pubey]

I would have to disagree there as the lender dont force people to take out these loans - They have high interest due to the fact the applicant is soooooo uncredit worthy.

Some lenders are looked at credit repairers but its all down the borrower is they really wish to re build there credit rating

Their interest rates are far higher than the amount needed to cover the risk of their customers - which is why they're making massive profits.

It's like RM deciding to charge £1000 to use the toilet at Roots Hall. Some people will be smart, and plan ahead and drop the kids off at home, some will use a back alley, some will be so desperate that they promise to pay the £1000 and then find out that they can't, or can't be bothered. Payday lenders are exploiting people's desperation as well as those who are financially illiterate or just generally stupid.

 

[Mad Cyril]

Payday loans companies have made a conscious decision to target the poor and desperate and should be very heavily regulated.

 

[callan]

What really pi55es me off is why should the lender have to crack down? Why cant us the public be to blame?

I have zero sympathy for people like your friend I understand time may of be hard but I know plenty of single mums who budget and have no need to borrow.

I also have a pet hate for payday loans as they have made my job much much harder[/


Out of interest do you deal with many defaults from credit unions?

 

[bucket&spade.f.c]

What really pi55es me off is why should the lender have to crack down? Why cant us the public be to blame?

I have zero sympathy for people like your friend I understand time may of be hard but I know plenty of single mums who budget and have no need to borrow.

I also have a pet hate for payday loans as they have made my job much much harder[/


Out of interest do you deal with many defaults from credit unions?

No, Sorry I dont