Doorstep Lenders profiting from FAREPAK fiasco

rog2

Just saw the BBC lunchtime news, where they reported that mothers are being approached by loan sharks at school gates offering 'loans'. Also that SHOPACHECK are going to have their best Christmas ever by offering loans at aprs of 140% and more! :mad: :mad:
I think it's only just beginning.

Broken_hearted

Why don't people realise christmas happens every year, not having the top toys will not hurt their children. Its wrong people are targeting them but even more wrong that people are taking such bad credit deals.

moozie_2

I hear what you are saying BH but sadly, while we've had our lightbulb fully switched on, some of those people have not.

Those APRs are disgusting but some people don't even look at that. They are only thinking of what they need short term.

I feel for them, being prey to pick on is not nice

rog2

Broken_hearted wrote:

Why don't people realise christmas happens every year, not having the top toys will not hurt their children. Its wrong people are targeting them but even more wrong that people are taking such bad credit deals.

I agree with you bh - in all honesty, the average Farepak customer was genuinely trying to pay up-front for something that would bring a little bit of pleasure without the need for debt. Now that the company has collapsed, these same people have become 'easy targets' for the same 'vultures' that they had been doing their best to avoid.

Serialdieter

rog2 wrote:

I agree with you bh - in all honesty, the average Farepak customer was genuinely trying to pay up-front for something that would bring a little bit of pleasure without the need for debt. Now that the company has collapsed, these same people have become 'easy targets' for the same 'vultures' that they had been doing their best to avoid.

Totally agree.

Jx

hole_in_pocket_2

Serialdieter wrote:

Totally agree.

Jx

me too ...vultures the lot of em!!

Broken_hearted

I know they were doing well and got screwed over. I just don't want them suffering all through next year for one day this year. They need to say NO.

nrsql

I can see people thinking:
I tried to save and be responsible and lost it all so what's the point - I might as well go into debt. Not much difference - save and end up with nothing, go bankrupt and end up with nothing.

Actually there is a difference -
1. Save, penny pinch, tell children they can't have things.
2. SPend, go into debt, have a nice house, kids have things, generally enjoy yourself.

If both lifestyles end up in the same place which would you rather do?

Don't like where this arguement is heading.
Probably doesn't take many Fairpacks to get people to ignore pride and responsibility - and that's the main damage this fiasco has done and why it's important to get some sort of rescue package together.

rog2

Broken_hearted wrote:

I know they were doing well and got screwed over. I just don't want them suffering all through next year for one day this year. They need to say NO.

I agree - they do need to say no, but most of us know that this is going to be easier said than done.

beanielou

This is yet another pressing reason we need to educate people about credit unions.
CU's are giving loans to FP peeps who can prove they saved which is just great

rog2

beanielou wrote:

This is yet another pressing reason we need to educate people about credit unions.
CU's are giving loans to FP peeps who can prove they saved which is just great

You are absolutely right beanielou - in fact they also interviewed a lady from a credit union, who said exactly that. The problem is that will these unfortunate people give that much thought when confronted by someone waving a wad of fivers at them, whilst concealing the baseball bat behind their back?