MONEY MORAL DILEMMA. Would you take the job?

iainambler

If it were me, would I take the job...?

No.

I personally believe that we should follow our principles, no matter how difficult our circumstances in life become. I could not work for a doorstep lender who, basically, rips of those who are vulnerable or in need because such a job would be in conflict with my personal principles.

Someone else, however, may find this job congruent with their principles - it's a matter of sticking to your own morals.

Iain Ambler

Beechy164

cirene wrote:

Depending On His Circumstances: Not A Home Owner And No Assets -i Would Suggest He Consider Declaring Himself Bankrupt And Have A Fresh Start, Look For A Job Where He Wasn't Getting Other People Into The Same Mess As Himself!!

Bankruptcy is a big step and I would rather take the job than go through bankruptcy. Yes it has become easier to file for bankruptcy, but I dont think Sam should do it, s/he has been offered a possible life line. I have done doorstep collections and most of the people I can across were on lower income but they could not get credit anware else. They know the industry they are borrowing from, and to be honest i think that by refering all these people as vunerable could be taken as an insult by some of them.
As for getting into a mess you dont have to be reliant on doorstep collection to do this. I read some where that the average individual owes over 25k unsecured debt. GO FOR IT SAM!!!!!!!!

hopefulfooluk

Yeah without a doubt she should take it. If you don't look after number 1 first then nobody else will.

pizzaboy

Yes she should take the job,she has responsobilitys..large debt to pay.

Anybody over the age of eighteen is old enough to make their own decisions and if they have found them selves in debt then they must deal with their actions a lot of people are in jobs they might not like doing.

Coveredinbees!!!!

I took a job that nobody else wanted to tide me over, not selling loans door to door but I'm pretty unpopular. To be honest I don't like doing it but the money is OK and I'm still doing it after 2 and a half years.

jibberingwreck

I worked for a doorstep lender for a short time about twenty years ago - working in the office. Most people who borrowed from them could not borrow money from banks - their credit rating was so poor, so it was the only way they could borrow without going to illegal backstreet loan sharks. I agree their interest rates were very high but when I worked there, there was a loophole for borrowers. If they were contracted to repay say £50 per week, as long as they gave the collector something each time he called - even £1 - we could not take legal proceedings against them for non-payment of the debt. So some people ran up large debts and paid them off at 50p a week and there was nothing the company could do to recover more. This loophole may well have been closed by now - it would be interesting to find out?

Beechy164

:think:

jibberingwreck wrote:

I worked for a doorstep lender for a short time about twenty years ago - working in the office. Most people who borrowed from them could not borrow money from banks - their credit rating was so poor, so it was the only way they could borrow without going to illegal backstreet loan sharks. I agree their interest rates were very high but when I worked there, there was a loophole for borrowers. If they were contracted to repay say £50 per week, as long as they gave the collector something each time he called - even £1 - we could not take legal proceedings against them for non-payment of the debt. So some people ran up large debts and paid them off at 50p a week and there was nothing the company could do to recover more. This loophole may well have been closed by now - it would be interesting to find out?

If you do not pay your account in line with the contract you will be classed as defaulting. Currently the default will not be redgistered with a credit agency by doorstep lenders, this is about to change following the ruling of the OFT who is making doorstep lenders redgister payment profiles and share information.

The reason companies accept nominal payments is due to accounting and performance monitors

johnhoque

Beechy164 wrote:

The high apr % for door step collection is stated as a reason for not doing the job. I have a couple of questions
1. If a loan has an apr 195% (for example) and the loan term is 30ish weeks what is the flat rate apr?
2 What happens if someone with a loan of this type, when they miss a week, do they get charged more interest.

On TV this morning there was a report stating that the OFT was not going to cap the rates charged by door step lenders. Surely this must satify the moralistic writers that the current situation has been reviewed and the findings indicate that the industry is operating fairly.

Flat APR would be around 88%, I'm sure there'd get charged a missed payment cost and more compound interest

Beechy164

I have checked and most of the large companies do not charge for missed payments, and I think th apr% you quoted is wrong

jinkssick

I doubt this would be one for debate but if I was in a financial situation. 3 kids to feed, jobs left me out in the cold, no money for groceries, searching for jobs but not getting any. I would not even think twice about selling drugs.

Im sorry. I wouldn't. Police action with all this happening would be the least of my worries.