Pay-Day Loan Self Exclusions?

Proppo

Hi Everyone,

I've recently had to help my brother out, due to these ludicrous companies offering "Pay Day Loans", but part of my offering, was that he doesn't use them again. Is there anyway a Bank could block any/all of these companies or any way he can get himself "blacklisted" from all of these types of companies?

I find it so frustrating how easy these companies make it sound, with such insane repay rates (I paid my brothers loan off like a week or so early, and it saved him around £55!... for a week!).

Any help would be greatly appreciated, as he isn't very good with money and I want to try and make sure he doesn't end up in his predicament again. These companies seem unlawful to me, absolutely disgusting these companies exist in my eyes.

Thanks!

WRINKLES

Proppo wrote: »

Hi Everyone,

I've recently had to help my brother out, due to these ludicrous companies offering "Pay Day Loans", but part of my offering, was that he doesn't use them again. Is there anyway a Bank could block any/all of these companies or any way he can get himself "blacklisted" from all of these types of companies?

I find it so frustrating how easy these companies make it sound, with such insane repay rates (I paid my brothers loan off like a week or so early, and it saved him around £55!... for a week!).

Any help would be greatly appreciated, as he isn't very good with money and I want to try and make sure he doesn't end up in his predicament again. These companies seem unlawful to me, absolutely disgusting these companies exist in my eyes.

Thanks!

If someone on a councill estate gave out loans at half the rate of interest these vultures do , the police , trading standards , fraud squad , the newspapers , would all be warning people of the dangers of doing buisiness with unlicensed moneylenders , but then unlicensed moneylenders dont pay tax .:eek:

GeorgieFTB

There isn't as far as I know a blacklist.

You might not want to hear this but it might be time for some tuff love... if your brother won't sort his own affairs out then you will have to let him struggle. If he can't look after his own affairs then you might need to set up his affairs to limit his access to his accounts.

Gx