Pay day loans should be banned !!!

Desparate_wife

I am a desparate wife who's husband has run up dept through these quick cash and pay day loans.
He has never been good with money and we were helped out of debt by a family member last year but I have now found out that he has started borrowing from these companies again.

These companies make it to easy for people to get money and pray on the vunerable and weak.... they should be banned !!!!!

opinions4u

Your husband is the problem.

Not the loan compnies (much as I despise them).

BugsyBrowne

Desparate_wife wrote: »

I am a desparate wife who's husband has run up dept through these quick cash and pay day loans.
He has never been good with money and we were helped out of debt by a family member last year but I have now found out that he has started borrowing from these companies again.

These companies make it to easy for people to get money and pray on the vunerable and weak.... they should be banned !!!!!

Quick cash loans(pay day loans) are like tigers searching their prey and looking for the weak, which in this case unfortunately is your husband, I take it your husband has trashed his credit report hence the reason he has gone to these high APR companies, I heard these companies are not to bad if used correctly in the right way.
Sorry to sound harsh but I don't think Quick cash loans(pay day loans) are the problem, you have said it yourself your husband is not very good with money.

iolanthe07

Take over all the income and expenditure yourself, doling out pocket money to your husband as and when he needs it. If he has any sense he will not find this humiliating or patronising, but a logical arrangement that will ultimately save a lot of heartache. Some people just cannot handle money well - it's nothing to be ashamed of, but they need protecting from themselves.

Apples2

Fire should be banned !!
It causes untold misery when you put your fingers in a flame, it should be outlawed.

Surely they can't expect us to use a naked flame responsibly!!!

ciscokid

Instead of ridiculing this persons suggestion, why don't we ask some more fundamental questions such as, where have these companies come from? Who is bankrolling this operation? These companies are 10 a penny now and borrowing from them really is as easy as clicking a mouse, or, even more frighteningly, replying "YES" in a text message. Yes many people have the will or "common sense" to ignore these things, but other people will be sucked right in.

Do you understand why people abuse children?
Do you understand why people fly planes into buildings?
Do you understand why people murder?

Personally, I don't understand why people eat dead animals. Not everyones brains are wired the same (What a boring world it would be if we were) but some peoples judgments are clouded (albeit temporarily) and actions happen. Some of these are justifiable (borrowing money when you are desperate isn't really all that bad is it!) some aren't (see the three questions above!)

What I am getting at is, lets look at the root cause of this problem.

Somebody (or some collection of people) have seen the loophole in people who would like to borrow money being unable to do so thanks to the current "economic crisis" (which we are expected to believe) and have seen a way in which they could profit from this. A lot more people will be rejected for loans now, so set up a company that will loan absolutely ANYONE, charge whatever we like in interest, tart up the operation and bring it a bit more in the 21st century with good technology, disguising the fact that this is nothing more than a shady doorstep lender racket a la The Provident, then sit back and watch the money flood in when the inevitable happens (ie. people who were unable to afford to repay a loan in the first place are given as much access to credit as possible, the interest we receive from those who can actually afford to pay back their loans is more than enough to cover the short term losses we occur and assure the whole syndicate operates at a profit (wonga, quick quid, payexpress, blah blah...you're not telling me these companies aren't all just a franchise for one big masterplan, probably funded by the banks who refused you for the more honest APR rates), and by the time we finally are able to get money back from those who have defaulted, they will be due us back anything from 3x to 10x the original amount, £££££££££££

It is a scam, it should be illegal, but no one is asking enough fundmental questions....and johnny public will allow their smokescreen to continue by shfting the blame back to the borrower (you shouldn't have borrowed it)....do you think if you approach a serial killer and said "You shouldn't be killing people" they'd reply "oh yeah, right enough, thanks, didn't think of that!!!!" Wake up and smell the coffee...this whole thing stinks!

Apples2

ciscokid wrote: »

Personally, I don't understand why people eat dead animals.

You ever tried eating a LIVE one?? :cool:



Cisco - WHY should your inability to understand the reasonably simple fact that borrowing money means you have to repay it mean that NOBODY should be able to borrow?

Seriously, do you think EVERY SINGLE customer of payday loans fails to repay??

Please try not to drag the World down to your level, some people do have some common sense and find these companies very useful.

opinions4u

lets look at the root cause of this problem

The borrower? Removng the supply does not remove the demand.

Ban the companies, where will the borrower turn next? Pawnbroker? Illegal doorstep lender who'll kneecap him if he doesn't pay? There'll be more of them around if your idea of outlawing payday loans is implemented.

The individual needs to address his imbalance between income, spending and borrowing.

paulsad

Before them and still active are door to door loan sharks ...
Sympathies all round here from me - I know what its like to be desperate but I also know what a great feeling it is when you start to realise its you in the wrong and start to try to make things better - we all make mistakes - anyone who doesn't agree really must be Michael Jackson (RIP). We need freedom to choose - I hate these arsey politicians and their "not in the public interest" mentality - "lets have a kill the internet button". Sorry wandering a bit there, s'pose what I'm saying is we need the sharks out there to keep us on our toes. Best bit of advice I can give is keep coming on here and know you aint aloan (sorry!?)

bouncydog1

Oh dear, we hoped Ciscokid had gone away after your ramblings on the other post that was closed.

At the end of the day, the loan companies offer money, but people do not have to accept it. They need to address the fundamental issues of why they have ended up in this situation.

As the OP stated, her husband is not good with money, and they have already been bailed out by a family member.

OP, good suggestion for you to take over the finances - you will get lots of help from people on the debt free board with budgeting etc.

ciscokid

Apples2 wrote: »

You ever tried eating a LIVE one?? :cool:



Cisco - WHY should your inability to understand the reasonably simple fact that borrowing money means you have to repay it mean that NOBODY should be able to borrow?

Seriously, do you think EVERY SINGLE customer of payday loans fails to repay??

Did you actually read anything I wrote?