We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

MSE News: Government to host payday loans talks

Options
Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in Loans
"Payday lenders, charities and Government ministers will be brought together next week to tackle the payday loan industry..."
Read the full story:

Government to host payday loans talks

OfficialStamp.gif

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
«1

Comments

  • Apples2
    Apples2 Posts: 6,442 Forumite
    They could start by agreeing to lend only to people who have a payday, reject the endless queue of unemployed clowns who keep applying.

    That would see an end to the "cash in your account in 30 seconds" lenders, which is also not a bad thing
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 25 June 2013 at 8:17PM
    Apples2 wrote: »
    They could start by agreeing to lend only to people who have a payday, reject the endless queue of unemployed clowns who keep applying.

    What about all of the the lenders create a database and borrowers can be searched via the db and if they are accepted it is dependant on if they are stretching themselves financially or not or just a maximum number of loans.
  • shinkyshonky
    shinkyshonky Posts: 2,782 Forumite
    What about getting rid of them altogether....scourge....or at the very least outlaw the high interest rate...similar to america...
    “When the debate is lost, slander becomes the tool of the loser.” Socrates

    Haters gonna hate
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Tenth Anniversary 1,000 Posts Name Dropper Photogenic
    Haven't they said all this before?


    Long live the PDL's that DO employ people to ring the prospective applicants workplace to make sure their not lying in the first place then!
    Perhaps that would really put a stop to half this nonsense that people unemployed still get loans or get such lengthy repayment plans when it suits then whinge on about their less then perfect credit report when it doesn't suit
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    shinkyshonky wrote: »
    What about getting rid of them altogether....scourge....or at the very least outlaw the high interest rate...similar to america...

    Or do that
  • RuthnJasper
    RuthnJasper Posts: 4,032 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Also a potential bonus - fewer trolls on the MSE PDL threads... :o
  • shinkyshonky
    shinkyshonky Posts: 2,782 Forumite
    A good start

    http://www.haringeyindependent.co.uk/news/10507966.Haringey_council_bans_payday_lenders_from_IT_Network/
    “When the debate is lost, slander becomes the tool of the loser.” Socrates

    Haters gonna hate
  • [Deleted User]
    [Deleted User] Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    The ones that phone employers up to check that the applicant really works there are quite strange. All my past employers never give out employee information to random callers.
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    They could also up their game with fraud detection. One easy way would be for applicants to upload a pic of their debit card, so that Name, bank account number could be checked.

    This would stop countless cases of people applying for loans with their bank details to receive the loan, but supplying a different fraudulent name/address/card number for the application.
  • shinkyshonky
    shinkyshonky Posts: 2,782 Forumite
    Payday loans industry to face competition probe

    Payday loans have led some people into a spiral of debt

    The Office of Fair Trading (OFT) has referred the payday lending industry to the Competition Commission because of concerns about "deep-rooted problems with the way competition works"

    http://www.bbc.co.uk/news/business-23065501

    Hmm...wonder how long that will take...

    20120418120245-62cbeff6.gif
    “When the debate is lost, slander becomes the tool of the loser.” Socrates

    Haters gonna hate
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture