Pay day loans should be banned !!!

ViolaLass

I think the only person who could be called dangerously gullible is the one who can't afford to heat his home for his children and thinks getting them Christmas presents should be the priority.

ciscokid

Well whoever made that account at least I found it funny, and I found your double bluff against baileys very funny indeed.... (Unless of course it was a triple bluff and he was the one behind it all along??)

FWIW my family are now blasting out 3kw of electricity burning delonghi oil heater thanks to a charitable donation...everything is getting a little better (WHen I first postd I had just abruptly stopped my 80mg dose of citalopram, google the side effects of doing this, I think I survived quite well)....but every week i can't get this loan is another week I can't get the enjoyment of phoning up my creditors and walking into my bank and telling right we're even, now stick these accounts up your proverbial and never bother me or my family again...

The offer is still on the table however....I guess the fact that most of you have all burned up your credit for life is the reason you are rubbishing this idea because you're angry you can't get in on it....never seen people get so wound up over something that has no affect on them otherwise!!!!

Hax

ciscokid wrote: »

The offer is still on the table however....I guess the fact that most of you have all burned up your credit for life is the reason you are rubbishing this idea because you're angry you can't get in on it....never seen people get so wound up over something that has no affect on them otherwise!!!!

Keep deluding yourself about a loan being the solution to your problems... The real solution is for you to address your expenditure exceeding your income - and as you still don't have a firm grip on your outgoings, then I guess we'll see you back in the bankruptcy forum.

As for your offer - no thanks - I wouldn't want to touch you with someone else's barge pole. And no, I'm not angry because I can't get in on it - I simply don't want to get in on it.

I've far better things to do with my credit record and the credit I have available to me. Far from my credit being burned up for life, I've paid back every penny (and then some!) of the the £35K of debt I had - via a DMP - you know - those things that you claim just don't work?!

All my bad credit markers have dropped off and I'm now able to progress my life quite happily - back to "normality", using credit more wisely this time (not that I was particularly reckless last time - circumstances were "unfortunate" shall we say).

I have plenty of "new" credit thank you very much - but what I have is more than manageable - repayments taking up less than 50% of my "free" income (money left over after ALL bills are paid) and that will mostly be cleared by around April next year (apart from my car HP - that'll take another 12 months - but is far from crippling!)

So, for the moment, I have quite enough credit available to me and quite enough commitments TYVM. The only new credit I have any intention of taking out is a mortgage - hopefully in two years time when I've saved up at least a £15K deposit - which I hope to start saving at a rate of approximately £800/month from May or June next year and then at a rate of about £1200/month from May 2012.

All in all, facing up to my financial problems and dealing with them head on through a DMP has been a bit of a success (IMHO). It took seven years of hard work, but it's been worthwhile. You've been chasing loans for 5 years and are still struggling and still don't have an end in sight - despite blowing a £50K windfall from three years ago and then racking up the need for a £15K loan!

Instead, you keep trying to "hide" from acknowledging your debts, looking for ever increasing loans to try and fool yourself into thinking you have more money available than you actually do. Then, when that runs out, you go looking for an even larger loan - again with another buffer built in so that you can again try and live the life you think the world owes you, but which you are just financing through debts you are beginning to struggle with.

This £15K you were after, you said that some of that was a buffer so that you could afford "normal" living costs (buying oil for the boiler, travelling to and from work - oh and the most important thing to you at the moment - buying Christmas presents!) - when you start relying on a loan to extend your income and provide the essentials for living, you should realise that you are living way beyond your means. Time to stop trying to keep up with the Jonses!

Now to your "idea". I will happily rubbish it because I KNOW that you are incompetent when it comes to managing your finances. You don't currently know what your outgoings are. You say that if you had a loan you would be able to afford to travel home after work. You shouldn't be relying on loans for your day-to-day living expenses - that's where your problems have stemmed from. e.g. being unable to afford your previous £300/month car insurance and needing to tack that onto your loan.

I will also rubbish your idea because I took responsibility for my own debts whereas you're looking to offload your responsibility onto someone else and as such, I don't believe that you are responsible enough to be trusted.

Learn to live within your means and then you'll have half a chance of tackling your debt problems. Neglect this and you will spend your life falling behind on your payments and chasing credit that you'll never get or be able to afford.

I really do hope that you finally see the light and realise that you need a long term solution and not a quick fix - if only for the sake of your OH and kids!

ciscokid

You might have missed this one...sort of negates every point you made...this is how my life would look if I was repaying debt at £450 per month....If i could get 15k loan mainstream with decent apr that repayment might drop to 350 or less, then you can recalculate the disposable income (READ: real disposable income, after essentials AND debt AND expenses)....

Income 1............1907.30  
income 2............1200.00  
Total...............3107.30  
 
Mortgage............750.00 (changing to 550 soon) 
Council Tax.........180.00     
Home Insurance......35.00  
Electric............70.00  
Cenral Heating......50.00  
Phone...............50.00  
Internet............20.00  
Sky.................25.00  
TV License..........12.00  
TOTAL...............1192.00  
 
Car Insurance.......45.00  
Petrol..............250.00  
Breakdown Cover.....15.00  
Road Tax............15.00  
TOTAL...............325.00  
 
Food/Shopping.......350.00  
Mobile Phone........35.00  
Child Care..........100.00  
School Meals........60.00  
Misc................100.00  
TOTAL...............645.00  
 
 
Total Cost of Living......2162.00  
 
Propsed Card Repayment....450.00  
 
Total Proposed Outgoings..2612.00  
 
Disposable Income.........495.30 (changing to 695.30 soon) 

FWIW...I don't DO quick fixes...not in my job, not in life....DMP looks a quick fix that doesn't solve the problem...which is taking charge of my own debts, taking charge of my own financial plan, and being and to live and learn just what that entails.

ciscokid

Hax wrote: »

I will also rubbish your idea because I took responsibility for my own debts whereas you're looking to offload your responsibility onto someone else and as such, I don't believe that you are responsible enough to be trusted.

No you didn't, a DMP did it all for you. I'm not looking to offload the responsibility to anyone. I had someone assume the responsibility for my debt once before. What did it teach me. Nothing. They also weren't so forgiving on the repayments as my current situation at that time was so I ended up far worse in the long run living life on the breadline every month...they made our life hell.

Do you not realise I have found a loophole here...in that...the amount I am going to lose over the next 5 years (and am losing every month), is a hell of alot more than it would be with a normal loan, so much so to the extent that even borrowing 20,000 and giving 5000 would still mean i am better off, give me far more "disposable income" each month (which ensures no need for debt in future as it allows for changes in circumstances and allows us to save) I really don't know what is so hard to understand....Obviously the last thing I would want to do is just give 5k away in dead money to someone....but it just highlights my point that while it might not have worked for anyone else here, a loan really is the best option for me. When something makes this much sense to me, I can't just back down from it, I will scream it from the rooftops until someone listens.

And stop ratting on about the 47k (3k is a lot of money, never round up) 25k was a deposit, 10k went on debt, 4k went on cars, we were effectively starting our life from scratch as we were kicked out our council home and lost EVERYTHING we owned in the process (which wasn't very much in either case)....do the math, it didn't last long....life was going fine for a year or so and then bang....some life changing events and the problems started....

Hax

No I haven't missed it. What you have missed however is your blatant inability to live within a budget!

Five years ago, you were after a £10K loan and didn't get it. BUT, three years ago, you DID get a £50K windfall. That vanished in three years and you are now in need of a £15K loan.

You didn't learn the first time round - I very much doubt you would learn a second time round should you have another "magic" fix.

Regardless of that, you have also missed the point that you are struggling financially NOW - you posted in another thread about having a debt collector (CapQuest) calling you so your credit record is now trashed and you are NOT going to get a £15K loan to magically solve your problems this time.

Mags_cat

Hax wrote: »

Keep deluding yourself about a loan being the solution to your problems...

If I could thank you thank you multiple times I would.

That was a post with the most relevant, first hand, sensible advice.

Unfortunately, I'm not sure the intended recipient has his senses tuned to receive just yet. From what I've seen, the ears are firmly turned away from helpful stuff and there's a lot of "la, la, la, I can't hear you because I know much better" going on.

It's a shame, if he stopped to listen there are so many people on here who have been in that position. Learning from experince has much to be said for it.

I'm all for the cutting edge, entreprenuial approach......but when it keeps on failing even Alan Sugar would have re-evaluated his approach

ciscokid

Look, I can list far too much incidents in my life where I have missed out because we couldn't borrow the money we needed when we needed it.

You can't start to imagine because your borrowing looks to have been over 3.5 times what I have borrowed, so !!!!!! were you doing???

The biggest grouch I have right now is that I am seeing the flat next door to our old council is currently for sale, for 125k.

If we had gotten then loan we needed 5 years ago, we wouldn't have got kicked out of the place.

Come the windfall of 2007 we could have bought the place OUTRIGHT and done some work on it. Then in 2010 the house could have been worth 125k. Do you see what I am saying? This is the sort of foresight that was always in my mind when explaning my reasoning to expand my borrowing ever so slightly, but its obvious to me now that I drew the short straw, all the money was borrowed by everyone on this board and there must have been none left for me. You lot all messed it up for everyone else and now you think you know better about how to manage it all??

Look at the support this moron on the bankruptcy forum is getting, he has !!!!ed away 35k in 2 months gambling....i like a little gamble now and then but you cant tar me with the same brush as this guy....that is just insane....likewise, everyone on here seems to have a tale to tell of "oh, i took a consolidation loan, just made things worse...." WHY?!?!?! And because you failed, why do you automatically I will....

at the end of the day, there is no one I know who survives without credit. no one I have ever worked with at least (ie. people in the samep position financially on paper as I was). Yet I have had to suffer like a second class citizen....and the only people who seem to think there is nothing wrong with this are the people who have been there done it all and got the tshirt and messed it up for everyone else, i can't stand hypocrites....

ciscokid

Hax wrote: »

Regardless of that, you have also missed the point that you are struggling financially NOW - you posted in another thread about having a debt collector (CapQuest) calling you so your credit record is now trashed and you are NOT going to get a £15K loan to magically solve your problems this time.

Yes, I can't get a loan...so what did I suggest....I suggest anyone who has debt in the region of 5k and is able to take a loan of 20k can pay off their debt and have me pay the entire lot off. SOA above proves how feasible that is on my part. We've seen johnny gambler on here who was able to take 7.5k of debt up to 35k of debt....and now can't afford to repay any of it....its someone in a position like that I could have helped....but because its too much of mindfk to you why someone would offer this, you'll rubbish the idea as much as you can in order to prevent anyone from taking me serious. But not one of you have convinced me that I'm offering a bad deal...

Mags_cat

ciscokid wrote: »

at the end of the day, there is no one I know who survives without credit. no one I have ever worked with at least (ie. people in the samep position financially on paper as I was). Yet I have had to suffer like a second class citizen....and the only people who seem to think there is nothing wrong with this are the people who have been there done it all and got the tshirt and messed it up for everyone else, i can't stand hypocrites....

Well there we go....you don't know me but I have happily survived without credit (except one loan for a car that I took from my main bank lender about two years ago and overpaid to halve the term and it's been paid off) since I left school.

I've never had a credit card. Never had HP. The only thing on my credit report is a mobile phone contract.

I operate three bank accounts none of of which have overdrafts. I know I'm lucky - I have a good job which is well paid. However, I've worked bloody hard to get and keep it.

I'm not expecting any praise for this state of affairs, all I'm saying is that it's possible. Credit is not a "right" and in my experience it certainly isn't the norm.