Quick Quid Warning

gtspeed

Just had a alarming time of things with my son. He stupidly took out these suppose cheap loans with huge interests to tide him over which put him in a bigger hole. When I found out I cleared his debts as they were just growing beyond his payments, but what is alarming is they refuse to close accounts when they hit zero and have in the last 3 days bombarded him with emails saying click here for a quick £1000. What happened to responsible lending when they have just being told he cannot afford to pay and yet they try and pile more on, just makes me boil

brightonman123

report this to OFT, if anyone- harrassment!

FreshPrincess

There is a place for loans like this, but it should NOT develop into, or be marketed as, a lifestyle choice. It should be there for that time when a mate's birthday comes around and you forgot. For when you need that new fridge cos your old one gave up. The problem with the adverts is that it makes out like it is a legitimate way to "fill the cash gap". Ok yeh- until next time, when you owe it back, and then some? There should be legislation covering how they advertise these products and also the way they then solicit one-time customers like your son. It is legal loan sharking.

happy_bunny_2

gtspeed wrote: »

Just had a alarming time of things with my son. He stupidly took out these suppose cheap loans with huge interests to tide him over which put him in a bigger hole. When I found out I cleared his debts as they were just growing beyond his payments, but what is alarming is they refuse to close accounts when they hit zero and have in the last 3 days bombarded him with emails saying click here for a quick £1000. What happened to responsible lending when they have just being told he cannot afford to pay and yet they try and pile more on, just makes me boil

Write/email them opting out of all marketing.

If they refuse, you can take to the FOS I believe which will cost them money.

I would report to the OFT also.

HB

Swans1912

Set his email account to auto bin and delete any comms from this company? Assuming everything is fully paid off.

That said... if a couple of emails are a worry... may need to have a harsher word with him!

immoral_angeluk

If he took out loans and they were repaid, then why wouldn't they offer him more?
Irresponsible lending is often banded about but people have to take onus on themselves to not irresponsibly borrow also.

cottonhead

I agree that the way these laons are marketed is wrong. They make it sounds so simple and a better alternative to a conventional loan. The truth is they cause more trouble in the long run. If you didnt have tje money in the first place how will you suddenly get it to pay them back ? You have to keep taking out a new one each month for months on end....... I wish there were tighter controls.