Petition to end legalised loan sharks

mightyroyals

I hope i can post this here if not i do apoligise.

http://epetitions.direct.gov.uk/petitions/20219



Please sign this petition to help try and stop legalised loan sharks.
I think its well worth signing especially if you have been caught up with these payday loan companies

Thanks

FireWyrm

This was posted a few weeks ago....

headachesrus

Well I didn't see the last posting, so thanks for posting again. I have signed it, I think the payday loan companies desparately need to be regulated. I'm very glad to say that I haven't been caught up with them, but if they had been around years ago, when I was younger and more foolish, I could see me being sucked in.

Buy_It_Now

mightyroyals wrote: »

Please sign this petition to help try and stop legalised loan sharks.
I think its well worth signing especially if you have been caught up with these payday loan companies

Thanks

This is the stupidest thing i've read today...what would you rather have...unlicensed illegal loan sharks? Some people have nowhere else to turn to. You are not forced to borrow from these Pay Day loans, it's your own free will. The individual has to control their own finances!!!!!!!!!

mightyroyals

Buy_It_Now wrote: »

This is the stupidest thing i've read today...what would you rather have...unlicensed illegal loan sharks? Some people have nowhere else to turn to. You are not forced to borrow from these Pay Day loans, it's your own free will. The individual has to control their own finances!!!!!!!!!

Its not about getting rid of them its about them being regulised in the correct way and people who do need to use them are protected in the ways they should be.

So get off your high horse. Im guessing you have a perfect credit rating and never been in a situation where you have no place to turn and have to goto these people like some people have too.

I do apoligise that we are not all as perfect as you

MrsTinks

I have to say I'm still in two minds about HOW you can control them more than they are now... until I hear some constructive suggestions then I'm afraid I'll be sitting on the fence on this one - if you get rid people will go to real loan sharks, if you don't then people will continue to use them as a long term borrowing solution if they struggle - if they are used as they are intended (short term lending) then actually they are not a bad concept, although the method of operation does at times disagree with me...

mightyroyals

New figures released today by R3, the insolvency body, will show 3.5 million Britons expect to need a payday loan to make ends meet in the next six months. This is nearly equivalent to the entire adult population of Scotland. The data also shows 32% of those taking out payday loans are doing so to pay for other payday loans- highlighting the spiral of misery this unregulated market is causing across our country. Capping the costs of credit as they have in many other countries would offer protection to milions of Britons from these extortionate rates in these difficult economic times.


That's why I'm asking for your help to tackle legal loan sharking by doing three things.

• Please sign the petition calling for a cap on the total costs of credit - if 100,000 people do this Government will be held to account for delaying action on these problems. You can find the link here: http://epetitions.direct.gov.uk/petitions/20219
• Please take a moment to tell your MP you think enough is enough and we have to stop personal debt spiraling in the UK. There is a suggested text below to use and you can find out who your MP is here: http://findyourmp.parliament.uk/
• Share this email with everyone you know and ask them to do the same three actions - in the face of a well funded legal loan shark industry campaign against these proposals only through the help of people like you can we get the message out about what would tackle these problems.

The Debt Advice Foundation charity research shows one in four people who take out a payday loan need the money to buy food or essentials for their household, with 44% using them to pay off other debts. In addition, Citizens Advice have recorded a fourfold increase in the numbers of people getting into debt problems as a result of borrowing from payday lenders in the space of just two years. Today's evidence is further proof that without regulation millions of Britain's will suffer financial hardship as the Government delays taking action.

Tell the Government enough is enough - join this campaign by taking on these three tasks and send a message that you want your Government to stop feeding the legal loan sharks.





Stella Creasy

Gordon_Hose

They should definitely be more regulated. However they should be got rid of. In the right hands they are very useful.

We definitely shouldn't be pandering to the minority who can't control their own lending.

the_cat

The problem as I see it is that in order to offset the very real possibility of defaults when lending to those of a bad credit risk, the interests rates will always be very high in order that a company can ensure a profit. I agree that the rates are extortionate but unfortunately if the 'sharks' are prevented from charging a high rate, they will simply refuse to lend to those that are most in need............... which kind of defeats the purpose, doesn't it?

MrsTinks

The government will not be held to account for anything! They will have to debate the issue but that is about it.
More importantly although objecting strongly in that mail I still see no constructive suggestions on how to solve the problems...

Maybe a better petition would one to address the issues resulting in people ending up needing these loans in the first place?

Tixy

I'm along the same lines as MrsT and the-cat.
I won't sign that petition because it doesn't give anywhere near enough detail for me to decide if I agree with its sentiment.

I wouldn't want the maximum cost to be so low that they cease lending to their current customers. As if they do all this will do is push people towards illegal lenders, which would be a massive step backwards. I also disagree with the phrase legal loan sharks. They are very expensive loans absolutely, but they are not loan sharks.