OMG is this for real???

Mike_St_Helens

Im on a good income,at the momet its all eaten up very very fast ! at month end, sometimes I need £100 or so...

I think th social fund is pretty much non existant !

charlie2309

i live on a housing association estate and we get them knocking for business a lot. someone mentioned a credit union that would be much better or if you were in receipt of certain benefits you can get a loan from the social which is interest free, i too cannot get credit but would never touch these loan sharks im lucky to have family with good credit ratings and in the past if i had needed something expensive ie washing machine/fridge freezer my mum has come with me to the store and brought it on 1 yrs interest free credit in her name and i have given her the money each month i appreciate not every one has family or friends that could do this for them but if there was someone you could ask you will save a fortune.

In_Search_Of_Me

While appreciating peoples point also cannot believe that people find it OK that these companies prey on the most vulnerable & charge such hight interest rates but guess we'll just have to agree to disagree!

Chrismojam

fishface-69 wrote:

While appreciating peoples point also cannot believe that people find it OK that these companies prey on the most vulnerable & charge such hight interest rates but guess we'll just have to agree to disagree!

I'm sure it's not that people find it ok at all.............but sadly if people can't get credit elsewhere.....rather these than a loan shark....?

I personally hate the fact that these companies know full well that anyone with a half decent credit rating wouldn't touch them with a barge pole...therefore, only those who are really struggling are likely to use them....and they charge such rediculous rates.....really annoys me....:mad:

In_Search_Of_Me

ZTD wrote:

They serve a function, and it's a pretty important one. The APRs do look horrendous, but APRs are misleading over short periods of time. Think of it this way: You borrow fifty quid off a mate a week before payday to tide you over. The next week, you repay it and buy them a drink as a thanks. Would you like to calculate the APR on that?

Under £2 - its a pint off a mate!

Ursury laws always drive people into the arms of the loan sharks. It's not like the provvy where they'll come back next week and nag you a bit more, the next week the sharks come back, your loan has doubled and they've brought a bat for company.

And if you dont pay this one its a legal bat...may be physically less terrifying but the long term stress & worry can have devastating effects on vulnerable families who are already in an impossibile position...robbing Peter one week & no more money off Paul the week after to pay & thus the vicious cycle & increased interest begin...

As long as they make their costs plain and transparent, I don't really have an issue with what Provvy-a-likes charging. Yes it's a lot, but if you're going to the Provvy, then you are by definition "high risk".

Yes true. I dont have issue with high risk people being asked for higher rates but think that there should be legal limits on this. As I said before I can understand how & why people find it necessary to take these loans out & have great compassion for the situation they find themselves in. I just think its wrong of companies to take advantage of the most vulnerable people in society like this.You are of course free to disagree!

ZTD

elantan wrote:

i used to workfor one of these companies a few years ago(needed the money for family)

"I was young and needed the money..." Didn't you use that excuse for those "art" photos? :rotfl:

elantan wrote:

i used to beg people not to take loans out (i was on a set wage of £80 a week for 4 hours work) but to go to the credit union ..i had a few people beg me for the money and i would sit in their houses and explain exactly how much it was gonna cost and try and talk them out of it (can you tell i didn't last long in that job)

You can't save people from themselves.

Did any of them become abusive because you weren't giving them "their" money quickly enough?

pink_phantom

mummyyummy wrote:

and i also know for a fact they dont offer to lend you more money a few weeks down the line like so many of you assume. Yiou gotta be with them at least a few months, and even then, you gotta pay off your first loan before they'll give you another one......look at yourselves

are yous the fortunate ones???

Rubbish. I was offered loans to pay off old loans time and time again and they ended up on my bankruptcy.

ZTD

fishface-69 wrote:

And if you dont pay this one its a legal bat...may be physically less terrifying but the long term stress & worry can have devastating effects on vulnerable families who are already in an impossibile position...robbing Peter one week & no more money off Paul the week after to pay & thus the vicious cycle & increased interest begin...

So choose one: Which do you prefer - the baseball bat or the courts?

Or do you believe that if you make credit illegal, that people won't seek illegal credit?

seven-day-weekend

I can understand people being so desperate if a cooker or washer has broken down, but why borrow to buy kid's presents? You can get really cheap second-hand or free home-made things, and the kids couldn't care less whethr they are new or not.

dlb

I agree with everything most of you have said, but at the time i used them i was young and had no knowledge of things like freecycle and similar places.

It is true though that they offer you a`renewal` on your loan, which is basically get you to owe more to us loan, if you accept you pay of the loan you already have and get whats left in cash. Thus paying even more for the money originally borrowed!!!!!!

As i said i would never go near them again.