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MSE News: Payday loans investigation to happen next year
Former_MSE_Helen
Posts: 2,382 Forumite
in Loans
This is the discussion thread for the following MSE News Story:
"The Office of Fair Trading (OFT) is to carry out an investigation into the high cost credit industry in 2012 ..."
"The Office of Fair Trading (OFT) is to carry out an investigation into the high cost credit industry in 2012 ..."
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Comments
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Good News for a change :T0
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Its good in away, but may send people to shady loan sharks as they will refuse to lend to some going forward.Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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I can't see the problem myself, they are very clear with there terms and conditions and upfront about the costs.
What happened to people being responsible for there own actions?Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
It was a good year.
With me companies want to lend me money yet if I took it al and spent it all I wouldn't be able to pay it back, now if I do borrow it all is it my fault for taking it or the banks fault for offering it?
Horse, water, drink.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
Would you take the same view of a drug dealer?With me companies want to lend me money yet if I took it al and spent it all I wouldn't be able to pay it back, now if I do borrow it all is it my fault for taking it or the banks fault for offering it?
At some point you need to say that while the consumer needs to take responsibility for themselves (what this site is all about, really) the supplier shuold have some responsibility for what they are pushing.0 -
JimmyTheWig wrote: »Would you take the same view of a drug dealer?
At some point you need to say that while the consumer needs to take responsibility for themselves (what this site is all about, really) the supplier shuold have some responsibility for what they are pushing.
I would say the same, If offered drugs say no.
With that I don't see the payday loan companies pushing as you go to them and ask, they don't just make you an offer.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120
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