Payday loans - excessive fees

grayselegy

@Rich Gold. I understand what you're saying, but how did we survive then 20 year's ago when we only had cheques, DD's and S/O's? Seems to me we can function without continuous authorities, and the banks invented it for their own reasons, then sold us a pup. Well, I'm sure we all trust the banks, don't we, especially these days when their judgement as to debt repayments seems so sound...;)

BTW, I've just checked a few other PD sites, eg. Wonga, and they seem much fairer. All the fees are stated on their website, not hidden in small print or vague, and their charge for a few hour's late payment is £20, which I'd consider fair enough. So even by the standards of Pay Day Loans, £34 is a rip-off.

grayselegy

vax2002 wrote: »

Thats the trouble sailing close to the wind, every now and then you get whacked..

That is the most succinct and best summary of my position I've read here, you've grasped the situation and made me smile too. Spot on!
Live and learn, eh?

RichGold

grayselegy wrote: »

...the banks invented it for their own reasons, then sold us a pup...

Now you're getting the idea......

A_nice_fellow

grayselegy wrote: »

Hi Guys,

Thanks for all your input, even Boris' - I know he means well really, even if he is patronising and lacks all compassion or understanding of human nature and frailty - so much so I am convinced he is tongue-in-cheek. You all seem to have a fair grasp of the situation

That is COMPLETELY UNTRUE.

His tongue is in fact in my cheek, byt which I mean we are having homosexual intercourse.

andyf3050

tell_it_how_it_is wrote: »

I completely disagree with you Andy. People need to have some common sense when managing their finances, rather than blaming others.

When I got paid on the 20th, I had most of my direct debits come out on the 25th. And when payday became the 25th, I moved them to the 1st.

If I did ever have something fail to come out on payday, I wouldn't dream of going to an employer expecting them to pay my charges. I'd consider it my own stupid fault. And I suspect quite a few employers wouldn't take too kindly to being asked anyway.

Why put yourself in such a potential position, when the minimum of organisation easily prevents it?

I wouldn't expect my employer to foot the bill either, for charges incurred if it was my oversight that insufficient funds were not available on the day the amount needed paying... what I'm saying is 'if my employer fails to pay me on time and as a result I incur charges for non-payment of bills etc then I would expect them to reimburse the charges. After all, it would be their fault for not ensuring I was paid on time, as agreed in my contract of employment'

I understand what you're saying and I have all my D/D's, S/O's and other regular payments set up to come out on or after the 21st at the earliest. But, are we expected to err on the side of caution just in case something is missed? No! In this digital age where money can be transferred at the click of a button there really is no excuse for employers failing to pay us on time, every time. If that happens, then I expect them to take the flak and put things right.

tell_it_how_it_is

No worries Andy, we'll agree to differ. There is indeed generally little excuse for employers paying late, but it does happen, and I just prefer to have an easy life and minimise the potentials for trouble wherever possible.

greenzombie

In my opinion, demand always create supply. As we can see, payday loan companies are getting popular nowadays because there are more and more people using them. Payday loan has it own advantage (and disadvantage) over traditional loan.

Before you agree to accept their terms and conditions, you know for a fact that their interest rates are high and penalty fee etc would apply if you fail to pay them on time.

So, you can't really blame the loan companies when you fail to pay them on time. Consider it as bad luck when you boss didn't pay your wages on time.

RichGold

greenzombie wrote: »

In my opinion, demand always create supply. As we can see, payday loan companies are getting popular nowadays because more and more people are financially inept [STRIKE]using them[/STRIKE].

Fixed that for you.