Payday loans: Borrowers in crisis up 82%, debt charity says

Former_MSE_Michael · 27 February 2014 at 2:57PM

"The number of people experiencing problems with payday loans soared last year, according to a leading debt charity..."

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Payday loans: Borrowers in crisis up 82%, debt charity says

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mrs_rant · 27 February 2014 at 11:38PM

No wonder people are getting themselves in more debt with these pay day loan companies? i myself receive on average 50 emails/txt and phone calls from them offering me a loan! makes me so angry! something has to be done! im so fed up with being hounded daily by these companies and i feel its just going to get worse its praying on people that are already in financial difficulties.They took a total of £270 pounds out of my bank account and left me with nothing to live on. But i emailed them after doing my research on this website and told them i know what my rights were and how they hadnt followed procedures and thank fully a week later they put it back. Martin Lewis ur a Legend!!

dealer_wins · 28 February 2014 at 12:22AM

Good on you for getting your money back. I would suggest in future to stop companies taking money from your account to NOT input your card details into random websites offering you potential loans for a fee stated in their T&Cs.

And to stop your 50+ hounding incidents a day I would advise changing your mobile number, email address and if it is really bad your name by deed poll.

Pincher · 28 February 2014 at 11:52AM

dealer_wins wrote: »

And to stop your 50+ hounding incidents a day I would advise changing your mobile number, email address and if it is really bad your name by deed poll.

The mobile number just goes into a pool of unassigned numbers and gets allocated to another person. What's to say the new number you get allocated used to belong to a nun, and that the Payday loan companies don't ring up nuns?

I got a Virgin Media allocated new landline number that was hounded by debt collectors. Asked for a different number, a bit better, but still lots of calls for the previous owner.

Monkeyballs · 28 February 2014 at 2:53PM

Interesting info from Step Change there;

It says 66,557 people with payday loans sought its help in 2013, up from 36,413 the previous year – an increase of 82%

StepChange adds "irresponsible lending" has led to a typical payday loan client holding three loans with an average debt of £1,647, against an average income of £1,381 per month.

Irresponsible lending yes, but it's on both sides - the people borrowing (which includes me btw) "need" the money at the time and would be aggrieved if they couldn't get the money.

When I was borrowing money I knew exactly what the charges were, when the money would be taken from my account and fully expected to be chased and hounded if I failed to repay but did that put me off? Nope.

I know everyone has their own reasons for borrowing, some more valid than others but the blame for the stress and hassle resulting from not repaying as per the agreement you sign in my opinion should not be leveled solely at the lenders, they are filling a gap in the market.

I'm on a DMP now and the underlying cause of my irresponsible borrowing (gambling) is under control so I am confident that at the end of my DMP I'll have learned my lesson, repaid all of my debts and can move on with my life.

MB

Mr_F_Dorsetty · 1 March 2014 at 11:44AM

If you need pay day loans or imo, any loans for goods, services or responsibilities that you have taken on but cannot afford, you have to change your life.

It's no different to people 'dieting', dieting is a total waste of time, you have to change your dietary input. If you diet then go back to eating what you ate previously, then how can you not return to the same overweight position?

If one pays off the debts that one has but then resumes 'normal life', how can you not become indebted again?

Doing the same thing time and again but expecting a different outcome is a very good definition of insanity.

ampersand · 1 March 2014 at 11:53AM

tonnygrand wrote: »

thank you so much!!

spam and business promotion, already reported

TheUnderDog · 1 March 2014 at 3:07PM

Mr_F_Dorsetty wrote: »

If you need pay day loans or imo, any loans for goods, services or responsibilities that you have taken on but cannot afford, you have to change your life.

It's no different to people 'dieting', dieting is a total waste of time, you have to change your dietary input. If you diet then go back to eating what you ate previously, then how can you not return to the same overweight position?

If one pays off the debts that one has but then resumes 'normal life', how can you not become indebted again?

Doing the same thing time and again but expecting a different outcome is a very good definition of insanity.

Completely agree, I accept that people sometimes have circumstances that cause them to be in debt. However its not the lenders fault you have borrowed money you cant afford, it's their own.

Btw the reference to insanity is a quote from Albert Einstein and should be quoted as such.

Mr_F_Dorsetty · 1 March 2014 at 9:43PM

TheUnderDog wrote: »

Btw the reference to insanity is a quote from Albert Einstein and should be quoted as such.

You'll find it is a barstewardisation and paraphrase of that which Einstein is reported to have said, therefore as such it requires no reference.

Payday loans: Borrowers in crisis up 82%, debt charity says

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