Pay day loans should be banned !!!

pink_princess

ciscokid wrote: »

Yet again people are quick enough to try and point out how wrong I am rather than add anything worth reading to the debate.

I posted info about their overheads ,profit margin and loss ie debt margins plus the name of the most world wide successful pay day loan company .Which has been in business since 1994 and now has nearly 2000 branches world wide.I also have read alot of posts on this thread offering advice on sorting debt out rather than use pda companies.Which is very good advice and very worth reading .

ciscokid

Hax wrote: »

I thought it was interesting - certainly more so than some of your choice comments...



Said the person who would rather leave his other half and kids in a freezing cold house whilst frittering money away gambling...

Ciscokid - you really do need to recognise that you are in financial trouble, accept responsibility for your situation and look for a way of finding your way out of it. Look to the long term solution instead of looking for a quick fix for Christmas.

As others have said on here, stop begging for someone else to take on your debt because, as your financial situation (as documented on these forums by yourself) has proven, you are incapable of managing your money and living within your means. If someone was mad enough to "help you out" then in no time at all, you would be right back to your current situation - except, this time you would have brought someone else down with you - no doubt saying it was their fault for so easily obtaining the money you need.

For chrissake''...I don't know why I give in. But its obviously what you want...

You honestly think I would rather leave my children at home freezing? I would not have bothered coming here if I didnt realise I was in a financial mess and wanted to get help. One of the biggest driving factors (and I made this clear from the start) was that raising the money to pay for the heating and my kids xmas was my main concern. So kid yourself all you like.

And I am in no way begging. You do not beg to give someone £5000. I am simply saying, I'll put my money where my mouth is....and that frightens too much people here "we had to live on beans on toast and do this and do that blah blah"...well tough on them, I am always looking for the alternative.

"I subscribe to the law of contrary public opinion... If everyone thinks one thing, then I say, bet the other way..."

ciscokid

pink_princess wrote: »

I posted info about their overheads ,profit margin and loss ie debt margins plus the name of the most world wide successful pay day loan company .Which has been in business since 1994 and now has nearly 2000 branches world wide.I also have read alot of posts on this thread offering advice on sorting debt out rather than use pda companies.Which is very good advice and very worth reading .

Thats fine, but I think its obvious we were all talking about the Mark III payday loan company who have only existed these past couple of years, circa 2007 onwards...

Mojogone

Wouldn't these Pay day loan companies be governed by the FSA?

zppp

Mojogone wrote: »

Wouldn't these Pay day loan companies be governed by the FSA?

No the OFT governs consumer finance.

Bmth100

I think they're fine if the borrower ues them for something important and knows they can pay it back on the day stated. I used Wonga a couple of times to bridge the gap between paydays and only paid back an extra £10 on a 10 day loan. It's quite good.

Hax

ciscokid wrote: »

You honestly think I would rather leave my children at home freezing? I would not have bothered coming here if I didnt realise I was in a financial mess and wanted to get help.

So, if you have come on here looking for help, why have you consistently poo-pooed all of the ideas on here - the ones that would help you get out of the mess you are in?

You haven't come here looking for help - you've come here looking for a way to borrow more money - which isn't the solution to your problems.

You need to understand where you are going wrong. Understand why your outgoings are exceeding your income to the point where you have run up £15K of debt just 3 years after allegedly having £50K in the bank.

ciscokid wrote: »

One of the biggest driving factors (and I made this clear from the start) was that raising the money to pay for the heating and my kids xmas was my main concern.

Christmas should NOT be a priority. You need to be concentrating on the more basic and essential things in life - heating, food and keeping a roof over your family's head.

ciscokid wrote: »

And I am in no way begging. You do not beg to give someone £5000.

No matter how you want to try and wrap it up, you ARE begging - you are desperate for a quick fix for Christmas and are begging people to help you out.

ciscokid wrote: »

I am simply saying, I'll put my money where my mouth is....and that frightens too much people here "we had to live on beans on toast and do this and do that blah blah"...well tough on them, I am always looking for the alternative.

Well, now it is tough on you. You have reached the end of the road. You have no more options - NO-ONE is going to lend to you. Unless you look for alternative solutions such as a DMP, then you are going to fall flat on your face and lose everything.

ciscokid

Do you have any life besides this message board? I am stuck 60 miles away from my family. Whats your excuse?

pink_princess

ciscokid wrote: »

Thats fine, but I think its obvious we were all talking about the Mark III payday loan company who have only existed these past couple of years, circa 2007 onwards...

There the same thing ,most pda companies are interlinked ,ie cash n go own cheque centre and cash generator .They make a huge profit off the back of people who don t know how to live within there means.I ve researched them alot since I started buying my currency on the high street (crown etc ) .They are very good at what they do .The answer is not to spend more than you earn .

ciscokid

fair enough, you were right,i was wrong, i wont lose any sleep over it but defend your point to death all you like.