Stopping paydayloans

MonkeyMad · 20 April 2012 at 6:27PM

jon1965 wrote: »

Yet payday loans and their so called associations say they are responsible and do checks. Well they may do but not sure what notice they take of them. PDL companies need regulating and hopefully now the OFT are investigating they will be

I'm no PDL fan, but don't turn it round and blame lack of regulation for your son spanking away his cash. If they take the risk of not checking Electoral Rolls thats their business and risk. I don't want this country to turn into a financial police state where it takes 6 months to get a loan whilst all known databases are checked to assess my situation brought about because of a steadfast band of numpties who cannot run their finances themselves.

jon1965 · 20 April 2012 at 7:44PM

MonkeyMad wrote: »

I'm no PDL fan, but don't turn it round and blame lack of regulation for your son spanking away his cash. If they take the risk of not checking Electoral Rolls thats their business and risk. I don't want this country to turn into a financial police state where it takes 6 months to get a loan whilst all known databases are checked to assess my situation brought about because of a steadfast band of numpties who cannot run their finances themselves.

Maybe read the start of the thread, this guy was not even 18 when he first applied and he wasn't on the electoral register. There was probably an element of deception on his part but the PDL companies are equally responsible.
That was my issue, clear breaches of guidelines and their own policies yet as the OP said, they didn't give two hoots so long as they got their money.
Not doing identity checks should be enough to jhave their CCL taken away

LLouiseR · 20 April 2012 at 8:17PM

Its not illegal for someone to borrow money under the age of 18
Its not illegal for a company to lend money to someone under 18.
It is not advisable for either parties in my opinion, but thats not my decision.
Your son could still be held liable for the debt - see the CAB's website.

You can report them to the Office of Fair Trading, but they wont do anything in individual cases. They may, if they get enough complaints, start investigating their behaviour.
There will always be someone somewhere willing to lend money to anyone at a price. I don't think that its possible for you to protect your son from them all. I would agree wholeheartedly with the other posters - don't bail him out, if he's not realsed the consequences of his actions then he will keep making the same mistakes. Its a steep learning curve.

jon1965 · 20 April 2012 at 8:26PM

Actually the OFT are taking complaints about PDL companies as part of their investigation. They won't act on the individual cases but the more the merrier

iaintw · 20 April 2012 at 8:50PM

http://www.oft.gov.uk/OFTwork/credit/payday-lenders-compliance-review/ << go here

MonkeyMad · 21 April 2012 at 2:19PM

jon1965 wrote: »

Maybe read the start of the thread, this guy was not even 18 when he first applied and he wasn't on the electoral register. SNIP

I did read it. I see nothing to deflect me from my original assessment. Sometimes you just have to face the fact that 50% of the population are of below average financial intelligence, and the only way they could be protected from themselves is removal of their bank accounts from their own control. But then that would be an infringement of their liberty wouldn't it?

Stopping paydayloans

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