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Legal 2356% loan rate on TV
Comments
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There is such a scheme for families on benefits and people with an immediate crisis, it is called the Social fund, and is woefully underfunded.
Which is why I was suggesting that it should be universally available and the only form of emergency credit. It shouldn't take hoops to get it either - providing you have a social security number it should be a right and would prevent the 'debt poverty' created by doorstep lending and payday loans with extortionate rates of interest.
R.Smile
, it makes people wonder what you have been up to.0 -
perhaps something to help the people who take out a £300 loan from provi and pay back £546 over 52 weeks. not short term to those paying it back. not a lawmaker that is what politicians are for. I thought this may be a way to help publicise something.
Do you think that these people should be stopped from taking out these loans, and driven into the arms of the legbreakers?0 -
I like the way they always try to lull people into a false sense of security by saying that they will "send round a local friendly agent to collect your repayments"
Yeah, right...Will they be so friendly when you crash and burn into a mountain of debt?"Don't blink. Blink and you're dead. They are fast. Faster than you can believe. Don't turn your back. Don't look away. And don't blink. Good Luck" - The Doctor.0 -
Do you think that these people should be stopped from taking out these loans, and driven into the arms of the legbreakers?
It's a tough one. I think its unethical to sell financial products to people who are unable to understand what they are buying, including all the implications, costs, etc. But if those people, rather than taking the hint that loans are not for them, instead decide to go to legbreakers then that's certainly a problem. Do we want to see high interest loans continue because "at least its not the legbreakers" or do we have to make it as clear as possible how bad an idea it is to go to people like that, ban the high risk high interest loan companies and accept that sooner or later you can't save people from themselves if they refuse to listen to you? Aren't the high risk high interest loan companies who prey on desperate people little better than "legalised legbreakers" so to speak?
I don't have a good answer to that question myself. Part of the problem, I think, is that too many people regard credit as their birthright.If you don't stand for something, you'll fall for anything0
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