Payday loans on BBC

Jeff_Bridges_hair

Get your Iplayer on when you get home and look how stupid this woman is.

Its on Rip off britain tv show

UnderPressure

Jeff_Bridges_hair wrote: »

Get your Iplayer on when you get home and look how stupid this woman is.

Its on Rip off britain tv show

Any chance of a link to the correct episode? I suspect it is ep 18 which for some reason is the only one not available Would be interested to see this.

Thanks in advance

UnderPressure

Found it, it is in fact episode 19 not mentioned at all until near the end of the show, an interesting interview with a numpty near the end..............

http://www.bbc.co.uk/iplayer/episode/b00wqck2/Rip_Off_Britain_Series_2_Episode_19/

nicolascowen

Pay day loans are scary

fozmcfc

At the end of the day, what the guy said is right. You clearly see how much and when you have to pay it back.

The only complaints we tend to see are from people who don't pay them back for whatever reason.

I personally would like to see them continue, there are many more customers happy with them than those that aren't and the vast majority of those that aren't are people who for whatever reason haven't kept to their end of the bargain.

Yes some changes could be made, such as maybe never allowing a roll over (or 1 at the most) and a limit to charges that can be applied to an account which falls behind and/or defaults.

Jeff_Bridges_hair

fozmcfc wrote: »

At the end of the day, what the guy said is right. You clearly see how much and when you have to pay it back.

The only complaints we tend to see are from people who don't pay them back for whatever reason.

I personally would like to see them continue, there are many more customers happy with them than those that aren't and the vast majority of those that aren't are people who for whatever reason haven't kept to their end of the bargain.

Yes some changes could be made, such as maybe never allowing a roll over (or 1 at the most) and a limit to charges that can be applied to an account which falls behind and/or defaults.

Exactly and Jennie Bond didnt seem to grasp that they have to show the APR for the year by law. Terrible reporting and shameful of them really.

Ive trawled the payday loan companies out there to research them today and everyone i came across tells you how much you will pay back and how much it will cost you to extend the loan. You have to be thick if you dont understand all that.,

hur575

Jeff_Bridges_hair wrote: »

Exactly and Jennie Bond didnt seem to grasp that they have to show the APR for the year by law. Terrible reporting and shameful of them really.

.,

I agree she seems to just read what questions she had without listening! Regarding the study about people borrowing from pay days loans, he said it was not quantitative study as it only asked 20 people, she couldn’t gasp what he is saying, and accused him of saying the results are fake!

Dingledoodie

Just in the last couple of days I watched a BBC news segment about Payday Loans. There was a representative from a loan company saying that his company only charged £400% APR rather than the usual 1000%+ APR that many other companies charged. He also said that on a loan of £100 it would only cost 50p a day in interest. I only need £100 until the 23rd of this month so this would be ideal for me at 50p per day. Did anyone see the segment and remember the company that the representative was from???

CHR15

Wonga appear the best of a very bad bunch.

If you have ANY doubts at all about being able to make the repayment on 23, DO NOT go near it. The consequences will be disastrous.

anchorless33333

Dingledoodie wrote: »

Just in the last couple of days I watched a BBC news segment about Payday Loans. There was a representative from a loan company saying that his company only charged £400% APR rather than the usual 1000%+ APR that many other companies charged. He also said that on a loan of £100 it would only cost 50p a day in interest. I only need £100 until the 23rd of this month so this would be ideal for me at 50p per day. Did anyone see the segment and remember the company that the representative was from???

probably pounds to pocket.

google search as i can't post links

145%

They give you a year to pay back, but according to their website you can pay back earlier without any penalties??

tell_it_how_it_is

To be honest, Wonga's representative APR appears to be amongst the worst. Their's is currently 4214%, whereas some of the others are offering at less than half of that figure.

However, I'd strongly suggest never touching these companies with a bargepole, and you really would be better advised to beg, borrow or steal the £100 from, say, friends or family who are willing to help out.