Payday Loan Petition

annieapple

Hi

I'm not sure if this is the right place to post this but I have started a petition against payday loan companies. Their rates are extortionate and they trap people in a cycyle that it is nearly impossible to escape from.

You can sign it here http://petitions.number10.gov.uk/PaydayLoans/

Jackie235

Think everyone should sign this even if you have never had the misery of a payday loan.

Silver_Rocket

Signed.

:beer::beer::beer::beer:

ILW

Why?
They are pretty up front with their rates.
If you do not agree with them don,t use them.

CHR15

People that use them are already in a cycle they are unlikely to escape from.

I dislike them but they do seem to advertise their interest rates fairly enough.

Silver_Rocket

ILW wrote: »

Why?
They are pretty up front with their rates.
If you do not agree with them don,t use them.

Because their charging horrendous interest to some of the most vulnerable working people in society maybe?

That might be a good reason to protest.

CLAPTON

annieapple wrote: »

Hi

I'm not sure if this is the right place to post this but I have started a petition against payday loan companies. Their rates are extortionate and they trap people in a cycyle that it is nearly impossible to escape from.

You can sign it here http://petitions.number10.gov.uk/PaydayLoans/

The petition draws atttention to the USA where caps on the interest rate have been implemented.

What are the reseach findings post implementation?

want2bmortgage3

I wonder - is it possible for somebody who knows full well they intend to file for bankruptcy, to get several 'pay day loans' before adding these to the bankrupt statement/list. Does it matter exactly what amount of debts somebody has, as to whether they get written off or not?

iolanthe07

want2bmortgage3 wrote: »

I wonder - is it possible for somebody who knows full well they intend to file for bankruptcy, to get several 'pay day loans' before adding these to the bankrupt statement/list. Does it matter exactly what amount of debts somebody has, as to whether they get written off or not?

Try this on, and you'd probably get done for fraud. The OR isn't stupid.

tuggy

I dont understand the problem. They offer a service, you accept the service...everyone is happy. They are quite open with what they charge and operate within the law.

I personally do not want a loan at the interest rate so i choose not to give them by business. I also do not want a cigarette, so I dont give tobacco companies my business. Its my choice.

If you are complaining at the "mark up" on the loan then look arond you! What do you think it costs Tesco to make a loaf of bread? 5p? approx? Thats a guess...but it must be close as they make in such huge quantities. What do they sell it for? £1.20? approx?

Whats the mark up on that? Are you going to start a petition about that?

How much does it cost a hotel to let out a room. Say the cleaner is on £6 an hour and it takes them 30 mins to clean. Thats £3. Then the cost of heating lighting etc...say altogether £15 a night and thats very generous. Then you pay £100 for 2 people to stay in the room?

Life is full of mark ups, its called BUSINESS. If you personally think its too expensive then dont do business with them its simple.

I think people who spend £10,000 on a luxury weeks holiday in the Caribbean are mad. I think people who spend £500 paying back a £300 loan are mad too but people make their own desicions. It's up to them, they're over 18...

Surely this whole petition is ridiculous?

crazyfj

tuggy wrote: »

I dont understand the problem. They offer a service, you accept the service...everyone is happy. They are quite open with what they charge and operate within the law.

I personally do not want a loan at the interest rate so i choose not to give them by business. I also do not want a cigarette, so I dont give tobacco companies my business. Its my choice.

If you are complaining at the "mark up" on the loan then look arond you! What do you think it costs Tesco to make a loaf of bread? 5p? approx? Thats a guess...but it must be close as they make in such huge quantities. What do they sell it for? £1.20? approx?

Whats the mark up on that? Are you going to start a petition about that?

How much does it cost a hotel to let out a room. Say the cleaner is on £6 an hour and it takes them 30 mins to clean. Thats £3. Then the cost of heating lighting etc...say altogether £15 a night and thats very generous. Then you pay £100 for 2 people to stay in the room?

Life is full of mark ups, its called BUSINESS. If you personally think its too expensive then dont do business with them its simple.

I think people who spend £10,000 on a luxury weeks holiday in the Caribbean are mad. I think people who spend £500 paying back a £300 loan are mad too but people make their own desicions. It's up to them, they're over 18...

Surely this whole petition is ridiculous?

Not everyone can manage there money, its all down to responbile lending.